When starting a business, it’s sometimes hard to know what to prioritize, and doing it alone can be overwhelming. But there are strategies you can use to avoid common pitfalls.
My mission is to teach people how to make money from their passion. This Is What I Did: I Went From Living On Food Stamps To Building two online businesses,
Today, I run a music blog, recording revolutionand a Entrepreneurship Coaching Company, I work just five hours a week from my home office and make $160,000 a month in passive income.
Here’s what I ask my 3,000 clients to think about in the first 30 days of starting a business:
1. Be clear about how you want to spend your time.
Most new business owners I meet only know one thing: how much money they want to make.
While this is a good starting point, it is incomplete. Your business should serve your life, not the other way around. So make sure it is in line with your hopes, dreams and goals.
To get clear about the kind of business and life you want, ask three questions:
- What does a perfect day look like for you? Don’t just think about your typical workday. Consider other life activities you want to fit into your day, such as exercising or spending time with family.
- How many hours a week do you want to work? You don’t have to follow a standard 40-hour work week. Knowing the number of hours you want to work will help you better prioritize tasks.
- How important is timing? Some people don’t care much about taking time off, as long as they love what they do. Others value extended time. In order for the money to come in when you are not working, you will need some sort of passive income stream.
2. Simplify your business model.
When I started my music education business, people told me that in order to grow I needed to test my sales pages, hold launch parties, and pre-record a bunch of commercials.
Instead of doing things I didn’t understand, I kept it simple and focused on three things: creating weekly content for my blog and YouTube channel, growing my email list from those viewers, and selling products I paid for. To promote Made for that list.
If you’re just starting out, develop content around your expertise to grow your audience. This is simply not true. As you grow, you can iterate and design new products based on what your customers need most.
3. Cut down on unnecessary daily tasks.
Identify which daily activities will help you earn more. Don’t waste time or burn yourself out by focusing on unimportant tasks.
Going to inbox zero or changing the color of the buttons on your website can be tempting, especially in the early days when you want to feel like you’ve accomplished a goal. But none of these things will make you money.
Before starting any new task, ask yourself three questions:
- What is the expected result for performing this task?
- Does it lead to more money?
- Can I tell the direct relation between doing that work and earning income?
- What is the cost of doing this instead of doing something else?
4. Prioritize fun.
People can tell if you are just doing something for the money or if you really love what you do. That authenticity will connect you more deeply with your customers and it will keep you around for a long time.
You don’t want to get tired because you spent all your time doing things that didn’t matter to you.
I always give my students this framework when they are starting out on their entrepreneurial journey: Build a business around something that you see yourself doing and enjoying for the next 10 years.
Graham Cochrane is the founder of the recording revolution and the author of “How to pay for what you know.” He’s helped over 3,000 people start and improve their businesses. Follow him instagram And Twitter,
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