Dreaming ‘big’ is not a bad idea, but we must remember who and where we are and to realize what our limitations may be if any. It’s simple – what is feasible and what isn’t. When creating your business plan, two critical resources are time and money.
Determining how much you can squeeze out of your budget for your business start-up, it is all too easy to consider using credit. (“funny money”). This would be a bad idea unless it is an emergency. This is so not just because you are paying interest on that money. You also have to pay the bill each month. This adds up quickly and often we can lose control – even with the best intentions.
Consider your income, versus your expenses to live. The balance would be what you have to use for your business or whatever. If your business is a top priority, you may be surprised how much ‘extra’ money you actually have if you are willing to make some sacrifices. Are new clothes critical right now? Are they more important than your business? If not, then don’t buy it right now. Is that movie the most important thing? What would happen if you didn’t see it right now?
Analyze what you would need to start up a business online. There will inevitably be advertising and marketing expenses associated with any business. Online they are much more reasonable than you likely would expect. Advertising is probably the first priority since you need to find customers. If you are going to make sales, that is the way to do it quicker.
The free ways can also work but require a lot of effort and more time than if you are able to pay for advertising. There are many ways to go online to find what you need, and while much cheaper than offline, there are still expenses.
There are usually maintenance fees such as your Internet connectivity, hosting, domains and membership fees if you are an affiliate or distributor. These costs are necessary. These are not something you want to skimp on as reliability is important.
Again you will find that all things online are much more inexpensive than in the offline world. You can claim tax deductions on the money you spend for your business including a percentage of your expenses to run your home if it is used for business. Consult your government’s tax website each year as the rules do change.
You might exclaim that it is profit! Certainly that is the object and does indicate whether or not the business is successful. However what all determines if the business even gets to that point? Some of the main components of success beyond the obvious things like a good product are mindset, focus and presentation.
There is really a lot to be said for the ‘spirit’ of things. This has to do with mindset and extends to the environment in the business. Is it bright and shiny? Or is it dark and dubious most days? It is obvious that if the atmosphere is one of positivity and hopefulness that it will carry the business a lot farther than if someone is skeptical and just has a negative attitude. This can be about the time, money or duties required to conduct the business.
A positive mindset is so important that steps should be taken to create a positive atmosphere no matter what is happening or not happening. Remember wherever you are focused, that is where you will likely end up. That is why it is so important that you force yourself to be in ‘a good mood’ about your life in general as well as your business. Do not allow yourself to get off into self-pity or create reasons that you know you will fail.
You can accomplish this positive mindset by doing mental exercises whenever you feel a dark cloud hovering over you. Truly know and believe that you can succeed. Do not look at what you can see, but look at what you might not be able to see YET. Focus on what you HOPE to attain and believe that you can accomplish it. Keep telling yourself about that over and over until you actually believe it.
Here is where it is important to keep your goals realistic. Certainly somebody who tells themselves they know they can make a million by Friday is going to be sorely disappointed. Keep it real. Give yourself goals that you can actually accomplish. Don’t be afraid to under-estimate. You can increase your goal each time you accomplish a benchmark.
Another very important component of having a successful business is to be focused on the tasks at hand. It can’t be a half-way thing where you kinda, sorta pay attention to business. Treat your business just like you would a job where you are accountable to someone. In fact you want to be the type of person who ‘exceeds expectations’ – don’t just do enough to get by but do more any time you have an extra 5-minutes to invest in your business. Learn what ‘proactive’ means and go there often.