Why are you looking to starting your own business? Is it because:
- No time with family and friends?
- Are you loaded with debt?
- Are you underpaid?
- Overworked with no raise?
- Bad economy?
If you answered YES to any of these reasons, you’ve come to the right post! We get asked this question all the time by our friends, family and even on social media. But when asked why they haven’t got started? The answer usually results to timing or fear of starting a business. Most people are stuck with their “full-time job,” which doesn’t allow them to have the energy or time to start a business. Also, they have other obligations to attend to such as family, friends, social life or other activates. Note, this post may contain affiliate links. Please read our disclosure for more info.
Typically, people don’t start out as business owners. They usually choose to start a business only after some level of work experience. We too didn’t start out as entrepreneurs. It took a level of time lost with our family and a deeper feeling of wanting more for our family before we got started. Since then we haven’t turned back and every day is a new adventure on the Entrepreneur rollercoaster we call life. We hope from this blog you understand:
- Why people start their businesses
- Why sacrifice and dedication is key to starting your own business
- Treating a business like a business
- Importance of making a schedule
What Sacrifices Are You Willing to Make to Get
What You Want?
Starting a business is by no means an easy task. It takes a lot of time, energy, patience and a little bit of luck, but we believe in our luck. 🙂 When running your own business it’s not like a job when you punch in and punch out and get paid no matter what the outcome maybe. At a job all you have to do is “show up,” instead you getting paid based only on performance. With a business, you only make money when you produce results. If you truly want to build a successful business you will have to make it your #1 priority. You have to be willing to give up some things. As Dr. Eric Thomas says, “When you want to succeed as bad as you want to breathe, then you’ll be successful.” The bottom line is, you have to be willing to make sacrifices to achieve your goal of success.
When you want to succeed as bad as you want to breathe, then you’ll be successful. Click To Tweet
When we decide to start an online business we did not know the amount of sacrifices it would take to succeed. That same year we started our business, the hit TV show Empire debut on Fox. We use to have a habit to bin watch all our favorite TV shows, movies, and Netflix series. Time was not a factor in our lives. Until we heard a successful business owner/mentor explain to us, that we could either sit and watch someone else build their own Empire or would we rather build our own?
After that, ahhh moment we understood the amount of sacrifices it would take to make and create a successful online business. We stop watching TV, listening music and going out to events. If it didn’t make us better, we ultimately did not attend. We began to focus on personal development and investing into ourselves by getting leadership training, social media/branding coaching and created a blog. From this sacrifice, diamondlegacygp.com was born and the rest is history.
With no prior online experience, by making these sacrifices we were able to see huge progress in less than two years. While we do have some prior business experience from our baking company Legacy Cakery. By the mental shift into investing in ourselves, we were able to increase our revenue by using the same tools that were taught to us.
Don’t Make This a Hobby
We all have hobbies like bowling, cooking, bodybuilding, basketball, music, etc.… but honestly we can’t think of anyone we know who actually sets goals with their hobbies to hit targets and deadlines. If you are interested in turning your hobby into a business it is very much possible. Hey, we did it with our cake business legacy cakery but we realize for us to be successful we had to now treat this hobby of baking like a business.
If you want your ideas and hobbies to flourish into a thriving business, you need to set realistic goals and hold yourself accountable to them. You should be planning out your next steps with dates and be specific to the smallest detail.
When we decide to plan out our month we saw a big difference in our businesses. We had more clarity to what was next on the list.
Yes, we understand you have a busy life with a job, family and kids. But at the same time don’t get caught up with procrastination or putting thing off until the next day. Set concrete goals that will help you get past putting things off.
We are NOT suggesting that you try to create a detailed plan for everything for each month but know the next few steps and force yourself to stick to a deadline will create a positive momentum and create clarity about the next few steps to follow.
You have to create a Schedule
If you want to manage your business effectively around your life, scheduling is highly important. The majority, don’t have a “system” in place to manage their life. We have spent numerous hours setting a plan on the best time to work on our different platforms and businesses. We have time and dates sets to work on baking, social media, going to the gym, networking and even when to relax. I know this may sound rudimentary but it’s really important to set out a schedule. So you become proactive, and not reactive.
In the beginning of our journey, we wanted to spend so much time focusing on our business and being with our kids, we talked about quitting our 9-5 prematurely, but when we talked to our mentors about going full-time with our business, he did not agree. He actually said, “ make sure you have at least 3 months of earnings as backed up security.” You don’t want to quit your job if you don’t have a backup or a plan B especially if you have a family.
Looking back at that time now, He was absolutely right! you need to have at least 3 months of earnings saved and make sure your business generate enough cash flow to live off of it for a few months first. After you accomplish that, then you can quit your job. In business, your income will always fluctuate month to month, as in an office job a weekly paycheck provides consistency and security.
Set realistic daily, weekly and monthly goals
Now, you understand the importance of creating a schedule and the reasoning behind why you shouldn’t make your business into a hobby. Now, let’s get started working on goals for your business. We struggled in this area in the beginning with our business but through trial and errors we finally figured it out. From our mentors, we discover the best solution is to create a daily, weekly and monthly goals.
Daily goals will be your smallest goals or to-do-list. Every evening before going to bed you should get organized by making a list of goals you intend to complete for the next day. This exercise should take no longer than 5 – 10 minutes of your time. You can use a daily planner like do it all mom planner or an online app so you can cross them off after completed. When we don’t right down our list on paper we use an app called Asana.
Weekly goals are somewhat larger goals and usually are things that you can’t complete in a day.
Lastly, monthly goals are your biggest goals and you want to set these for one month, three months, six months and a year. This might sound crazy to write down your goals for a year but it helps keep you accountable and on target for the year.
Goal setting will feel uncomfortable at first but with a little practice and patience, it will get much better.
Is Starting Your Own Business Worth It?
Absolutely YES, but it’s definitely not easier than a 9-5 job. Being an entrepreneur or owning a business actually helps you to grow and the potential is much greater. Since starting our few businesses we are able to make extra income, inspire, motivate, educate and empower other to follow their dreams. A Business also allows you to build passive income, which means you can make money while you sleep! A business can be very rewarding and fulfilling.“You need to JUMP like your life depends on it because it does if you truly want a life of… Click To Tweet
We don’t regret starting an online business. We truly feel we wouldn’t be where we are today if it wasn’t for us taking that leap of faith. A business is the ultimate training ground for you to go on that journey towards personal development, looking for more to life and of course Building Your Legacy!
If you’re considering starting your own business, we highly suggest you, JUST DO IT! Make sure you understand what it takes to succeed before jumping head first. It only takes one step, Like Steve Harvey said, “You need to JUMP like your life depends on it because it does if you truly want a life of peace and abundance.”
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