Have you always dreamed of being the one that makes all the decisions – the one that calls all the shots? Are you tired of working for someone else? Before you take the plunge and jump into the deep end of the pool have you done the market research – put a business plan together – and really thought it through? Have you thought about the impact it will have on your family and your personal life?
Before you quit your job and strike out on your own you might be interested in my answers to a series of questions I was asked by a former business student of mine. I hope my answers provide you with some valuable insight into what it takes to be successful.
What made you decide to get into business for yourself? Timing – it really boiled down to timing. I knew I wanted to make a career change. I was beginning to feel stuck and unfulfilled. For me – it’s never been about how much money I made. Now don’t get me wrong – money is important – but if it’s your only reason for getting into business for yourself – then you’re going to be disappointed – especially in your first few years. Make sure you have enough money saved up to pay your bills, put food on the table and keep a roof over your head for at least a year.
What are some of the challenges you faced in starting your own small business? I faced – and continue to face some of the same challenges everyone entrepreneur faces. Self-employed persons don’t have the luxury of a steady pay-cheque coming in. That puts a great deal of strain on your personal and family life. Everyone must give up something to get something. You need to decide what you and your family are willing to give up so that you can live your dream. Everybody needs to be on board. You need to be committed to doing whatever you need to do to be successful. If you and or your family aren’t willing to pay that price – then it’s best you stay where you are.
Any lessons learned that you can pass on to anyone wanting to start their own business? You need to be really passionate about what you are doing. You need to be prepared to work 80 hours a week for very little money. Have a budget and stick to it. Don’t spend money you haven’t generated yet. Find your niche Become an expert in something not a generalist in everything. What do you know or what product are you selling that someone else will pay you money to learn or have?
Food for thought: The two major reasons businesses fail are (1) Lack of management skills – and (2) Lack of financing. Most businesses fail within the first three years of start-up. (When I say most I mean over 90% fail) We have a tendency to overestimate revenue so divide your sales projections by half and run it by those numbers. You need to live and die by the numbers. Make business decisions – keep your emotions out of it. Always think worst-case scenario. That will help keep you grounded.
If I haven’t talked you out of getting into business for yourself after reading this article – then maybe – just maybe you have what it takes. Maybe you’ll make it to year five. I’ve been self-employed since 1998 and I’m still having fun. I wish you all the best.
Copyright (c) 2019. Brian Smith. Not to be reproduced without permission. To find out more about Brian and what he can do for you visit: https://briansmithpld.com
It’s that time of year again when we look back on the year that was and direct our attention to the year ahead. Instead of making resolutions the way you’ve always done – try something different this year. Write down 3 action words that will help you focus on your goals. Every action you take this year should be a reflection of what you want to accomplish. If they aren’t – then don’t do it. Resolutions won’t work unless you do. Your life is a planned event. Put a plan together and then work your plan.
Once you decide what you want to accomplish, you need to develop the how. Last year I wanted to improve my golf swing so I took some golf lessons and managed to take 15 strokes off my average score. I wanted to spend more time with my family and friends so I took some vacation time – rare for me because I’m a workaholic. The last thing I wanted to accomplish in 2015 was to expand my circle of influence so I spent one hour a day developing and executing a social media strategy on Twitter, Facebook, Linkedin and Google +. I accomplished all 3 in 2015 because I had a game plan and stuck to my plan.
My action words for 2016 are Health, Speaking and Finance. What 3 things would you like to accomplish in 2016? What 3 action words will help you stay focused and accomplish those 3 things that are most important to you? What 3 action words will give you the best return on your time investment? You only have 168 hours in the course of a week. No more or no less. Those who accomplish the things in life that are most important to them have learned to invest their time wisely. Spending your precious time on things that won’t get you closer to accomplishing your goals in 2016 is a total waste of your time. Any time is the right time to start a new beginning. On your mark – get ready – set – now go!!! – Make 2016 your best year yet.
Copyright (c) 2016. Brian Smith – Reformed Control Freak. Are you or someone you know looking for a keynote speaker who can entertain and inform on a variety of soft-skills topics? Visit http://briansmithpld.com
Every Friday night is date night with my 5-year-old grandchild. It’s our time to hang out and do what ever she wants to do. We usually start out at her favorite eatery and end up at the local toy store. I cherish the time we get to spend together. We where enjoying a fun moment when she playfully grabbed my hat and put it on. “Hey Poppa” she said – “I’m you and you are Mr. No Buddy”. It came as a shock to me because I’d never heard her say that before. I knew she was just repeating what she had heard at school. She didn’t realize how hurtful that saying can be.
Children are sponges. They soak up everything they see and hear. They are a reflection of the environment around them. Adults, especially parents, need to be mindful of the lessons they are teaching their children. Children aren’t born bullies. They learn that from others. Children aren’t born haters. They learn that from others. Children aren’t born racists. They learn that from others. You are the greatest influence in your child’s life. They take their lead from you.
What lessons are you teaching your child? Are you teaching them to be tolerant, compassionate and respectful of others? Do they know what it means to be a good citizen, to be kind to others and lead by example? Do they know that everyone you meet is somebody’s somebody? You have a very important job to do. I hope you are up for the task. The next generation of parents are counting on you.
Copyright (c) 2015. Brian Smith – Reformed Control Freak. Not to be reproduced without permission. Brian is available for key note speeches or conducting workshops on a variety of soft-skills topics. To find out more about Brian and what he can do for you and your organization visit http://briansmithpld.com
It’s that time of year again when you look back at the year that was and look ahead to the year that will be. I gave up putting a list of New Year Resolutions together a few years ago after reading a Chris Brogan post. Instead of taking the traditional route Chris suggested that you pick 3 action words to help you stay on point. Every action you take throughout the year should be a reflection of one or more of those 3 words. If they aren’t – then don’t waste your time.
If you’re having trouble accomplishing your goals give this method a try. It worked for me and I’m sure it will work for you. Concentrating on those 3 action words helped me stay focused and I ended up accomplishing more. Accomplishing your goals is a planned event, wishing and hoping won’t make it so. It’s not enough just to say it – you’ve got to live it.
Here are the 3 things I’m going to concentrate on in 2015.
Expand my circle of influence: I love what I get to do for a living. I get to work with people who want to learn how to communicate and interact more effectively: and who want to discover how to get the best out of themselves and others. I’ve grown my training and consulting business mostly by word of mouth. A satisfied client or someone who saw me speak at an event – mentioned me to someone – who mentioned me to someone – who helped grow my circle of influence by hiring me for their event or they passed on my contact information to someone else. If you’re self-employed and not marketing yourself, then chances are you aren’t growing. And if you aren’t growing you won’t be in business very long. One of my goals for 2015 will be to “Expand my circle of influence” by working with a marketing expert to help me reach more perspective clients.
Improve my golf swing: One thing that I was able to do in 2014 was play more golf. I love playing golf. It’s the one thing I like to do to get away from it all. You need to step back once in a while to recharge your batteries. It’s also a great way to network in a social setting and expand your circle of influence. For those who enjoy playing golf you know it can be a humbling experience. Just when you think you’ve got it figured out – it has a way of reminding you that you still have a great deal more to learn. One of my goals for 2015 will be to strengthen my core muscles and take golf lessons to “Improve my golf swing”. I want to be able to hit more consistent shots and lower my score. If you are going to spend your time doing something, you might as well take the time to learn how to do it right.
Spend more time with my family and friends: I have a son and a 4-year-old grandchild. One of my goals for 2015 will be to manage my time more effectively by blocking off at least one day a week to hang out with my son and grandchild. The older I get the more I realize how important family and friends are. When I first started out it was all about work. My family came second to my career. Work was a priority for me because I wanted to be able to provide for my family. Mission accomplished. It’s now time to shift priorities and “Spend more time with family and friends”. (Now if I could just get my son interested in playing golf that would be the best of both worlds :-))
What 3 things would you like to accomplish in 2015?: What 3 action words would you pick? What 3 action words will help you stay focused and accomplish those things that are most important to you? What 3 action words would you pick that will give you the best return on your time investment. You only have 168 hours in the course of a week – no more or no less. Those who accomplish the things in life that are most important to them, have learned to invest their time wisely. Spending time on things that won’t get you closer to accomplishing your goals is a waste of your time. Put a plan together and then work your plan. Resolutions don’t work unless you do.
Copyright (c) 2014. Brian Smith – Reformed Control Freak. Are you or someone you know looking for a speaker who can entertain and inform on a variety of soft-skills topics? Contact Brian today – http://briansmithpld.com