Starting a business from scratch, bootstrapping your own gig with limited funds, is the ultimate E-Ticket ride, the ultimate roller coaster ride. Only this 24/7 ride is more emotional than physical.
During their lives, most people will never take this roller coaster ride, as most are working for someone else. But for those entrepreneurs who have already gone down the entrepreneurial road, or are just thinking about it, here are some helpful tips that just may make this ride a bit smoother. And just as important, may help you avoid the start-up graveyard. And worse yet, having to go back and work for someone else full-time again.
MARKET & SELL 24/7
This will help minimize the entrepreneur ups and downs, which will be many. The more potential customers/clients you can find and sign up, the more revenue you will generate. And more importantly, the more bills you can pay, some of the best advice I got early on was this: you have to market and sell everyday otherwise you will fail. Remember, nothing else in business matters except customers, paying customers. Not the best mousetrap, not the best technology, not the smartest guys in the room, not intellectual property, only customers.
HAVE A SENSE OF URGENCY 24/7
This is one of my biggest, hardest lessons learned early on. After I got fired from the corporate world, (twice) I got nice severance packages and health insurance to fall back on. I think you know where this story is going. I just cruised along during the first two years of my business. I lacked a sense of urgency until the bills were starting to pile up, creditors started calling, utilities getting ready to turn things off. The startup experts were right, it will take you twice as long as you think, to get the “train going down the tracks.” Treat each day and every dime you got, like it is your last. Right from day one and beyond.
HUNKER DOWN 24/7
During the down times, which will be many, you really have only one choice, hunker down. You can’t allow panic to set in. This will only lead to inaction, and inaction may lead to small business failure. My dad was right; “A hungry dog hunts better.” When I was on the ropes (many times) I hunkered down, became even more focused, and always seem to pull another sale out of the hat, just in time. Try this: When you hit the down time, put on some Beethoven. This has always worked for me. Listening to his music helped clear my head and come up with solutions to my problems. Beethoven, despite being totally deaf, composed some of the world’s most optimistic music. In business, optimism rules. You have only one way to go, and that’s up.
TAKE NOTHING FOR GRANTED 24/7
This is the one that causes many quick, incredible highs. And at the same time, causes many quick, incredible lows. Never take a potential sale for granted. When a potential customer, or client says; “Let’s do the deal.” Don’t get overly excited right away. Don’t go out on a spending spree, thinking that the payment will soon be forthcoming. Only get excited when the check is in your hand. Or the funds have been electronically sent to your account, via Zelle etc. The moral of the story here: When you hear yes, thank them for the business, start smiling and immediately go out looking for the next sale.
EXERCISE 24/7
Starting and building a company from scratch will take energy. Entrepreneurs, small business owners will need to get some form of exercise daily. This is especially helpful when facing a problem. Some of my best solutions came up during short walks around the park, neighborhood. John Lennon was right, with his words to; “There’s no problem, only solutions.
Little things will help as well. Next time, park your car, walk into the coffee shop, restaurant or store. Not only will you get some important walking exercise, you may find it generating new sales opportunities for you. Just by visiting with employees, others. Save some gas money as well, important these days.
STAY AWAY FROM NEGATIVE PEOPLE 24/7
Time is precious for new entrepreneurs. Don’t be around people who are negative and will try to bring you down. You still need to stay positive and optimistic. People can be negative simply because, deep down, they are jealous that you had the courage to follow your own dream, not someone else’s.
HAVE A DAILY BUSINESS PLAN 24/7
In business, you have to know what you need to do, then do it. Having and executing your daily business plan will be your roadmap to success. The daily plan will force you to understand just exactly what you are doing today, and why you are doing it. Time will be scarce. In most cases, you are going to be the “chief, cook, and bottle washer” of the business. Don’t listen to others who say having a business plan is a waste of time. Especially since you are not trying to raise any money, investors. Your plan is to control your own time, income, and destiny. And not have to go back and work for someone else again. This will help you.
VISUALIZE SUCCESS 24/7
Entrepreneurs need to visualize success daily, not failure. You need to know upfront that there will be many ups and downs. But that a light does exist at the end of the tunnel. By visualizing success, your actions will become confident. And increased confidence breeds success. Remember, customers/clients prefer to do business with people who are confident. Knowing that by buying their products or services will indeed help them. Here’s some helpful advice from Dolly Parton Singer, Actress, Entrepreneur; “You can do anything you want, as long as you keep up a good attitude. But the minute you give up, you’re screwed.” So very true!
REMEMBER THE ALTERNATIVE 24/7
You need to keep telling your mind, especially during the down times, (which will be many) why you are doing this in the first place. Remember, you are trying to create a better future for you and your family. Just visualizing yourself at the mercy of others, controlling your life, playing corporate politics, reporting to incompetent bosses, should be sufficient motivation to keep your mind right.
Starting a business from scratch, totally on a shoestring, is not for the faint of heart. This will be one of the hardest things you will do in life. And the startup odds are against you. But for those that will be taking the entrepreneurial leap soon, buckle up. Then get yourself ready for one heck of an emotional roller coaster ride. The upside? Entrepreneurs can minimize the downs and maximize the ups, by learning, remembering these useful tips. Learn from others, who have been there and done that.