Since 1980
How To Create A Business That Fits My Life
Figuring Out What Type Of Business You Should Start
Table Of Contents:
- A business that fits where I am
- Build your list of potential businesses...
- Set aside perfection, to start
- Focus on where profit will come from
- Continue to invest in yourself
- Don’t be concerned with being first
- Go and create your money mechanism
Wisdom is a shelter as money is a shelter, but the advantage of knowledge is this: Wisdom preserves those who have it. ~Ecc 7:12
Why build a business in the first place?
You need to ask yourself the question of the ages…what do I want? This question will help you cut through the delays and figure out whether having a business is the right path to take for you.
Some people will say “I don’t care what I do, I just want to earn some money fast”, that’s fine, but maybe a job would be better for you until you get some money behind you.
The purpose of a business is to create wealth and is best done as part of a bigger vision.
I’ve mentored and worked with many business owners over the last 20 years and the most common mistake I see is people that are building businesses around their passions without knowing where the money is coming in from.
Stay away from vanity projects!
They’ll leave you broke and steal your pride.
Milan Kundera once said that “Business has only two functions – marketing and innovation.”
I believe every entrepreneur should try and master marketing as a skill, as this is your fishing rod. That way you’ll never go hungry. Focus on SEO with companies like 'Ahrefs'. They offer unbelievable free training and tools that are affordable and will help you earn more quickly.
A business that fits where I am
If you’re under 5ft tall, there's a good chance that the NBA will not come knocking any time soon, no matter how good at basketball you are. You might get a call from the stables though, as you may make the perfect jockey!
You will have passions and areas of interest. Your job is to find the business that you can be passionate about whilst also being able to make money.
Three steps towards knowing what type of business you would suit?
1. Take the personality test here
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You need to know where your natural abilities will gravitate to
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Figure out the type of people you need to involve to complete your dream team
2. Calculate your time & energy limitations
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Are you a parent?
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Are you married?
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Do you commute to your main job (until you're earning enough to quit)?
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Do you spend time caring for a family member?
3. What your money limitations
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Do you have savings?
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Do you have poor credit?
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Do you have equity in your home?
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Can you raise money by selling your excess stuff?
Money limitations are there for everyone, regardless of who you are. There will always be limits on what kind of war chest you can put together.
If money is no issue then great, however, if you have little then start with little. You can start a business for less than $/£50 a month. Running a strategic blog or affiliate program costs less than $/£30 and you can earn thousands without any marketing budget.
Build your list of potential businesses to start
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Try and focus on, or at least utilise technology. There is too much upside to ignoring it if you have been. It’s often cheap and has unmatchable reach.
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Read through franchise sourcing websites, not to buy, but to get ideas of what’s out there. Avoid the temptation to pay out for a franchise at this stage unless you have significant reserves (over 6 months).
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Create a list of your passions. Now, create a sublist for each, sourcing the most profitable areas in those fields e.g. Passion: Fish, Most profitable as a small startup: Koi keeper, or Passion: Networking, Most profitable as a small startup: Network Marketer or Introducer.
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Read biographies. I know this might sound obvious, but you need to get exposure to new ideas and possibilities.
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Keep a running-idea-journal. If you pray, then now is the time. Once something drops into your mind, write it down, doodle with it, numbers, images - everything that you can in the moment to reflect on later.
Set aside perfection, to start
If you’ve been flip-flopping on the edge of doing something yourself for a while then reconsider your position.
If you desire to earn 10,000 per month but you currently earn 2,500 per month then every month you delay, you and your family are losing out on 7,500 per month. Can you afford to let that pass?!
Like getting fit, starting a business is best done with a little support. Look into assembling your team and maybe work together to create something. 2+ heads are better than 1.
Focus on where the profit will come from
OK, let's assume you now have your idea. Can you with laser precision, pinpoint where and how it will earn you money? If not let it pass.
If you know you are on to something special, calculate all outcomes:
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What will I earn if it goes perfectly?
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What will I earn if it goes half as well as I had hoped?
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What will I earn if I only take 25% of what I’d hoped for?
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What do I need to earn to live and cover costs?
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What do I need to earn for three months in a row to walk away?
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What do I need to earn to be content?
Remember, revenue is vanity, and profit is sanity. Ensure you are earning at least 30% from every order. Anything below this is not healthy. Anything over 30% is fine, as long as you feel that it is fair and ethical for the client.
It was the late great Jim Rohn who once said “you will only earn based on the level of value you bring to the market. If you want to earn more, bring more value”.
Continue to invest in yourself
Ok so at this stage I’m believing that you now have a business idea or concept and that you are preparing the framework for it.
Now you need to begin compiling a list of the most notable skills that you will need in your specific sector. Also, make sure to write down and look up later any words you hear but don’t recognise in your field.
The goal is to get ready within 90 days to 6 months to go live with your business. Some will need less - maybe a week. Invest in yourself in this time. Treat it like work and set clear achievable targets for completion.
Tony Robbins uses the acronym CANI. It stands for Constant And Neverending Improvement. Relating to you, start investing, this week, in the one thing, you have the most say over, you!
Don’t be too concerned with being first
I know this might sound contrary to many people out there, but I speak from experience.
To bring a brand new idea to market is something only those with maximum passion and energy should do. As you will 100% need a team (even if small), and access to plenty of investment. You will also need to be patient whilst you learn how to make money, refining the many processes needed along the way.
If this is a part of your vision, do not be swayed! Continue towards your goal.
However, there is no need for you to be ‘first through the door in a siege’. Those that enter second stand a better chance of survival!
I learned this the hard way after starting the first national property viewings company online. Supplying all of the top companies with viewings all across the country.
Sounds good, but it wasn’t. The moment we began to face challenges (more on that in another blog), the ‘enemy’ (our competitor, who’d arrived several years later) was primed to take over. We broke the ice, they sailed through.
There are so many ways to make wealth abundantly today, the majority of us can benefit from the low-hanging fruit instead of innovating from scratch.
Try innovating the last 10% to ensure you stay familiar and don’t need to re-educate the world on your new idea.
When you've made some good money, then come back and take another look at any ideas that would be revolutionary - typically those that will cost the most.
Go and create your money mechanism
This is your moment. All of your experience has been building to a point where you feel ‘ready’.
If starting a business is a way that you would like to build ethical wealth, then I applaud you! It will bless you, your family, and many others too. Whether through creating a better life for you, or providing jobs for others - this is a noble task.
Find your mechanism to create wealth. One that fits your personality and your level of good ambition.
If you still lack an idea, don’t panic or rush to start something before being fully happy, let it come naturally. It will if you stay open to an idea potentially coming from anywhere..
I look forward to your success beginning soon!
Legal Bit
Any financial strategy discussed is at risk of the potential loss. No past performance of any opportunity should be considered an indication of confirmed future benefit. Any financial strategy discussed should not be considered financial advice and is subject to your assessment/s before deciding to proceed. I am not a registered accountant or tax/financial advisor. Please also note that I may benefit from my advice through affiliate systems, however, I only share what I believe to be the best companies, and the commission made is second to that fact.
Jim Johnston
Jim Johnston is an award-winning entrepreneur. With a business banking background in London originally, he went on to create a national B2B start-up in the UK, for on-demand property services. A blogger, copywriter, and all-around creative, his vision is simple - to see people experience wealth in every key area of their lives. True wealth!
