Five Must-Haves to Starting a Business

Building a business is tough. It’s a roller coaster of ups and downs and twists and turns. It will make your palms a little sweaty and keep you up at night. That’s because it’s a thrill. And thrills require a little risk. If you’re thinking about starting your own business, it’s not because you’re looking for an easy way out. But it might be because you’ve had enough with your 9-5 and you’re ready to set your own hours and determine your own income.

Hats off to you, my friend.

I’ve been doing this for awhile now, both in the world of multi-level marketing and in a traditional entrepreneurial model. The rewards far outweigh the risk and the cost, I work hard and I love the life that my small businesses have afforded me. In my years of building a business, I’ve learned that there are five non-negotiables for small business owners.

1.Hustle

That get-up-and-go. A little giddy-up. If you’re not willing to make some decisions and do the hard work, your business will fail. There’s no way around it. You’ll need to be ready and willing to put in the hard work, to do some things that take you out of your normal comfort zone. There is no, “that’s not my thing” when it comes to owning your own business because it all falls on you. You are marketing, public relations, finance, front staff, the cleaning crew, and everything else that goes into the business until you can hire others to step into those roles. And even then, you still have to oversee and be aware of what’s happening in every area of your business. This all takes some hard work and some energy. So chug a cup of coffee and get to work.

2. Flexibility

Before you take up yoga, I’m talking about the kind of flexibility that allows you to roll with changes and adapt when your plans don’t go your way. Smart planning is essential to building a business but it’s also important to recognize that many times, the plans will change without notice. And that’s ok! Be ready and willing to adapt to the situation, the marketplace, and the economy. There are plenty of businesses that have failed because they either refused to adapt to the changing marketplace or they made the change too late. Blockbuster comes to mind. Really successful businesses have their ears to the ground, listening and paying attention to what their customers are saying, doing, and buying and adapting their businesses accordingly.

3. A willingness to learn

You are smart and talented and innovative. You are also one of many to embark on a new business journey. Really smart entrepreneurs are learning from those who have gone before them, they can recognize where they are weak and and have engaged in some strategic business relationships where they can absorb the wisdom of other successful business men and women. Consider finding yourself a business mentor, someone who isn’t already a friend and who will be honest with you about your goals, progress, and blindspots. Set a schedule and treat the relationship with professionalism. Don’t cancel unless you must, set an agenda for each meeting, and be open to what they have to say.

4. Boundaries

If you really want your business to be successful, you’ll have to set some boundaries. Working from home or setting your own hours is so attractive. It can be tempting to fill your schedule with fun things and then give your business the leftovers. Lots of people do this and it may even work for a season, but eventually they either have to change their ways or fold. Set some hours that will be distraction free and protect those hours with your life. Don’t take personal phone calls, stay off your personal social media accounts, and turn down coffee dates unless they are business related. If you’re currently or previously a stay-at-home-mom, it’s new and a little awkward to turn down invites for playdates or tell people you can’t watch their kids because you’ll be working at certain times, but it’s important. If you don’t take your business seriously enough to build some boundaries into your life, no one else will take it seriously either. Start small if you must, make down-time your work time. When the kids nap, you work. No laundry, no cooking, no phone calls. Work. As you build your business and gain some customers and sales, look into hiring a sitter for 10 hours a week and spend that time either in a completely separate part of the house or leave and work somewhere else. Your time will be the most important investment you can give your business.

5. Integrity

You may find this one debatable. There are lots of business owners out there who are dishonest or gray in their business practice and they find great success. We aren’t those people and we don’t want to be. Here’s the thing about small businesses, they are founded on relationships you build one at a time with customers. Real people who will interact with you, the head of the business. There’s no hiding behind layers of hierarchy, you’re it. If you aren’t genuine and honest with your customers, they’ll see it immediately and cross you off their list. So wake up each morning with a healthy dose of humility, treat people the right way (including all your vendors and business partners), and be a consistently awesome person.

There you have it. Take stock of where you are on each of these five must-haves and get to work. Small business ownership can be one of the most rewarding experiences of your life, so do yourself a favor and set yourself up for success.

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Tagged With: Building a business, entrepreneur, MLM, multi-level marketing, success

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