5 Steps to Launch a Business You Love
If you have been around here long at all, you KNOW that I think launching a side-hustle or business is a GREAT idea for almost everyone. And I know with some hard work and determination you can crush those business dreams you have.
The great news is that creating your own business allows you to earn extra income, gives you an opportunity to explore your passions and can help you create a lifestyle you love. A lifestyle that isn’t dependent on a boss or job, which as COVID taught us, can be a REALLY good thing.
But I also know the idea of launching a business can be a little overwhelming and intimidating at the start, so if you are feeling a little unsure, don’t worry, you are doing it right!
Today we are going to talk briefly about the five BIG rocks you need to consider when you get ready to launch a business so you can get started on the right foot.
Decide if Launching a Business REALLY is a Good Idea for You.
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Okay, okay, I know what you are thinking….Lora you told me that EVERYONE should launch a business. Well, yes…but no.
The reality is there is a lot of freedom in launching a business, but it’s also a lot of work. Launching and growing a businesses is stressful and overwhelming and wonderful all at the same time.
I don’t want to deter you, but I do want you to be REALISTIC about the challenges that come with starting and growing a businesses.
Before you launch a business you need to think about the vision you have for your future. If you stop and think about how you want to spend your time and money in the future, you may realize that investing in a business isn’t really the right fit for you and your family.
Yes, starting your own business can provide you location independence so you can travel, or bring in extra income that your 9-5 job doesn’t, but it also takes time, energy, and motivation to keep going.
Even scrappy start-ups take an investment of time and money, so you also need to be realistic about what time and money you can invest as you start this journey. I teach my clients to plan on investing a minimum of $1500 for an online business launch. This pays for things like business registration, website hosting, and supply costs for most initial startups. I know you can do it for less, but it takes a lot of ingenuity and sometimes it’s easier to invest up front to get things right the first time.
I also teach my clients for side-hustle growth you need to plan on spending 5-10 hours a week on your business. Without that time investment it is really hard to see any growth or momentum with most businesses. And a lot of side-hustles take even more time, so think about what time you are willing to commit to this plan.
Finally, starting a business also requires you to master a lot of different skills. You have to work in and on your business. Meaning you have to provide your service or product, but you also have to build a business, which requires some level of entrepreneurial curiosity and enthusiasm.
Be HONEST with yourself about your motivation to start a business. I have worked with a few clients who have great ideas, but when the progress is slow they realize the motivation isn’t really there to sustain business growth. I know it’s hard to be realistic when you are excited about an idea, but tapping into the WHY of the business can help give you some clarity in this area.
So as you think about what business you might want to start make sure it fits in with your long-term vision and goals for your life as a whole. Make sure you have time and money to invest, and more importantly make sure you have the drive to stick with it when you are just getting started.
Decide What Type of Business You Want to Launch.
It’s important to think about what type of business you might be able to launch based on your skills, passions, and lifestyle goals.
Ask yourself the following questions to get clear on what you might be able to offer:
What skills do I have that I could monetize? (think crafting skills, teaching skills, software skills etc)
What am I excited about and interested in (this might be the topic you can’t stop talking about with all your friends and loved ones)
What problem do I want to help solve?
Where do I want to work on a day-to-day basis?
How much income do I need to earn?
I’m a HUGE proponent in starting small and taking incremental steps to refine your ideas. If you are looking for some inspiration check out the book $100 Startup by Chris Guillebeau. It offers great advice on how to think through your unique skills and lifestyle goals and then a launch a business that makes sense.
Another mistake I see some new entrepreneurs make is launching businesses that don’t really fit into their lifestyle goals. If you want to travel all the time, launching an in-person business or brick and mortar store at your current location might not be a great fit. Or if you want to work with clients face-to-face in the local area, spending tons of time growing on online presence probably isn’t the best use of your time and money.
Just think through what type of business appeals to you based on your personality, skills, and preferences.
Decide WHO You Want to Serve & HOW you Can Serve Them
In the business world we often talk about your Ideal Client (or Customer) Avatar also known as you ICA. By defining exactly who you want to work with the most (think your dream clients or customers), you can tailor your business to serve them well.
There are entire courses that help you define your ICA, but for now I just want you to think about the following questions:
Who do you want to serve?
Why do you like that market?
Why do you want to serve them?
Why does that matter to you?
Think about what your ideal client is struggling with and how you can serve them. Think about how they spend their time, what their struggles are, and what they need help with. Then decide how you are going to help them.
Who services or products would make their life easier?
What could you offer to help them save time or money?
How could you help them move towards a big goal?
Why does that matter to you?
It may seem a little silly to think about your ideal client BEFORE you launch a business, but knowing who you want to serve and why can provide some of that motivation I talked about earlier.
Even more importantly you need to remember for a business to be successful there needs to be a customer that is looking for the solution, product, or service you are offering!
Make it Official and Spread the Word
Okay, this is ABSOLUTELY the scariest step in business development.
Once you know what business you are starting and who you are serving, it’s time to make it official and spread the word so you can find some clients and start serving others.
First create a website for your business. It lends credibility and visibility to your brand. It also provides a platform where you can control the content and customer experience (unlike social media platforms). Luckily there are lots of great programs out there to create websites relatively quickly.
Next, create ONE social media account for your business. Yep start with ONE! Trust me on this. I know you feel like you need to be on ALL the platforms, but start with the one where you audience hangs out.
Think about where your ideal clients hang out and where they go for answers to their questions. Make sure you are using social media platform your potential clients use, not the stuff you love! You might love Tik-Tok, but if your ideal clients aren’t there, don’t waste your energy on creating content for the platform.
Finally, spread the word to your friends and family. This is SCARY, but send an e-mail, or text, or Facebook message that tells your friends and family what you are up to and ASK for HELP.
It doesn’t need to be complicated, but something along the lines of, “Hey, I just launched a business that helps xxx do xxx so they can xxx. If you know of anyone that might need my xxx (product or service), I’d really appreciate a connection or referral.”
The more specific you can be about who you help and what you help them with the easier it is for friends and family to refer you.
Trust me this is a process!
5. Take Baby steps! Keep going, pivot, and go some more!
You might not (okay you won’t) get this all right the first time, and that’s okay.
Sometimes we launch businesses that just don’t really quite fit with our goals or dreams. Or we realize we don’t really want to work with the clients we thought we did. Or we decide the service we were offering isn’t really quite what we want to be doing. (For the record I’ve done ALL of these),
Don’t let that stop you completely. If it isn’t working quite right, just pivot.
Building a business takes time, energy, and lots of missteps along the way. Go into this journey with a learning and growth mindset.
Even if something doesn’t work, a launch falls flat, a customer leaves a bad review, or you realize you hate what you are doing, look at it as part of the business development process.
Learn from the things that aren’t quite right and move forward.
Part of the fun of creating a business is that it can work for you! If you like change like me, you can create a business that doesn’t have to be the same every day. Or if you LOVE routine, you can create a process that works and stick with it! Both option are open to you when you are creating a business that is designed to fuel your passions and serve others.
I can’t wait to hear what you are launching! If you haven’t already, follow our Facebook Page for more training and tips.
