There’s nothing like the adrenaline rush that is felt when one has made the life-altering decision to use their gifts and talents by starting their own business. With over 22 million solo-preneur businesses (called non-employer entities by the IRS and SBA) and nearly 10-12% starting each year, there’s so much excitement at the thought of joining the ranks of the growing number of entrepreneurs in the US. With service-based businesses being the fastest growing segment of new businesses, I totally remember the feeling!
I think it starts as elation and quickly shifts to panic.
The panic is usually because they are unsure of how what they love to do is going to pay the bills. I totally remember when I got bit by the bug, just like Jodi, whose question I’m answering in the first Incredible Factor TV episode of 2015:
“Hi Darnyelle. I’m a brand spanking new entrepreneur and boy oh boy am I glad that I found your videos on YouTube. You offer so much insight, thank you! Now the one video I couldn’t find brings me to my question: What is the one piece of advice you’d offer to a brand spanking new entrepreneur such as myself?”
See my response to Jodi’s question in this week’s episode:
As I mention in the episode, I honestly couldn’t share just one! So here are FIVE tips for brand new entrepreneurs:
1. Get clear about WHY you decided to become an entrepreneur. Was it out of necessity? Passion? Frustration? Whatever the reason, make sure that it has staying power. I’m not going to lie and sugarcoat the entrepreneurial journey. It WILL get hard… but being clear about WHY you’re in it will position you to win it. So, I recommend that you do the next two things on this list.
2. Create your vision for your life and, as a result, your business venture. By taking the time to create the vision (and plan that will naturally accompany it) you’ll get ahead of over 80% of brand new entrepreneurs and you’ll increase the likelihood of surviving the first year.
3. Develop a financial plan. If you have a job (and I hope you do because business ownership demands money to operate) set your sights on saving 12-18 months worth of income BEFORE you step away. This will aid you while you are waiting to show profitability in your new business.
4. Ensure your business idea solves a SPPICCEE problem for those you intend to serve. SPICE is an acronym that stand for Specific, Pervasive, Persistent, Immediate, Conscious, Clear, Expensive and Expansive problem. The universal law of business suggests (and I agree) that you must find a group of people who have a problem that they are ready to pay for a solution to. So, as a new entrepreneur, don’t let the excitement stop you from making sure that you solve a real problem… one that others are going to be ready, willing and able to pay you to solve.
5. Get guidance, accountability and support from like-minded individuals and/or your own business coach/advisor. Entrepreneurship, despite the growing amount of new entrepreneurs, is a lonely place. Don’t believe the lie that you can do it by yourself. No matter what you’ve heard, there’s no such thing as a self-made business owner. While they may have worked hard to earn their success, they certainly didn’t do it by themselves.
Now I want to hear from you, what’s your two cents?: What tips would you share with Jodi and other new entrepreneurs? What do you wish someone told you as you were starting your business or better yet, before?
©2015 by Darnyelle A. Jervey. All Rights Reserved. Darnyelle A. Jervey, MBA, The Incredible Factor Business Optimization Coach and Mentor, is the founder of Incredible One Enterprises®, Incredible Factor University® and the Leverage Your Incredible Factor System®, a proven step-by-step program so you experience financial and spiritual abundance in your life because of your business. For more information and a FREE audio CD “7 Critical Mistakes Even Smart Entrepreneurs Must Avoid for Clients, Connection and Cash Flow!” just fill out the form below.