The late, great Muhammad Ali once said, “Service to others is the rent you pay for your room here on Earth.” One way you can effectively serve others (and be the best you yet) is to start your own business. You provide something that people need while providing a good quality of life for you and your family—a real win-win situation.
Don’t think being a business owner is a big deal? The Small Business Administration (SBA) recently released some numbers that may surprise you. Did you know that there are 28 million small businesses in America that account for 54% of all U.S. sales? Or that small businesses have provided 55% of all jobs and 66% of all net new jobs since the 1970s? How about the fact that the 600,000-plus franchised small businesses account for 40% of all retail sales and provide jobs for some 8 million people? To stress how important small businesses are to our economy, the SBA deemed April 30th-May 6th Small Business Week.
But I know what you’re thinking: “How can I possibly start a business when I currently have full-time work, full-time school, or full-time mommy/daddy duties (or all of the above)?” Well have no fear, the good news is that you can have your cake and eat it too. Besides, isn’t that what cakes are made for? The following are four ways that you can start your own business while juggling other priorities.
Step 1: Use your time wisely
It’s a fact: you have the same 24 hours in a day as Beyoncé, Bill Gates and Oprah. However, it’s how you use those 24 hours that will determine if you are successful in your new business or not. Before you launch your business, make sure that that you put aside at least two to three hours a day to focus on your business. No matter how crazy you may think your life is, proper time management will help you find a few hours to contribute towards your goal. For example, even if you work or go to school full-time, that’s 8 hours in your day plus two to account for travel time plus another two to account for getting ready. That’s 12 hours out of your 24 hours with 12 more hours to spare. Even if you sleep for eight hours, you still have four hours left every single day to work on your business. That’s 28 hours a week or 112 hours a month, which is enough time to get something meaningful started.
Step 2: Set goals
Once you’ve fleshed out your ideas and have come up with a strategy to execute them, make sure you set goals for yourself and your business so you’re held accountable. Make sure your goals are SMART (Specific, Measurable, Achievable, Realistic, and Time bound). They should also be broken up into short and long-term.
Step 3: Learn more about your business
As you launch your new venture, understand that it’s not possible to have too much knowledge. One of the best ways to learn as much about your business as possible is to perform a SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis. Knowing each component will give you the information you need to decide whether your business is a viable option.
Step 4: Launch and spread the word
Once you determine you have a great business idea, it’s time to launch and start spreading the word. When launching your business, it’s imperative you tell your friends, family, co-workers, church congregation, classmates, strangers and anyone else you run into!
Bonus: Lower your cost of living
One of the main reasons businesses don’t get off the ground is because they don’t have the money needed to push the business forward. Since it is tough to get a business loan at the early stages of a venture, many people have to rely on personal finances, friends, and family. Lowering your cost of living will give you a well-needed cushion to infuse into the business, if needed. This means that you should focus on the things that you need rather than spending so much on your wants.
It is also wise to keep your money in a fee-free or low-fee bank account to help avoid any unnecessary fees. This will help during any monetary highs and lows (and trust me, they will happen) that your business experiences.
So what do you say? Are you ready to begin the exciting journey of starting your own business? If so, let us help you stay committed to your goal and provide you with empowering tools and resources to help you stay motivated through the process. Simply head over to our Best You Yet Experience page and take the pledge!
The views and opinions expressed by the author are not necessarily those of BankMobile. The blogs are intended as general financial knowledge that may or may not be applicable to your individual needs. Always contact your accountant for tax advice.
All company/product/service mentions in this post are not intended as an endorsement and the views of that company do not represent the views of BankMobile or Customers Bank.