Starting A Business? 5 Lessons You Need To Know
Starting a business is not always easy. In fact, people call the initial stages as birth pains: you will toil day in and out. You will encounter failures, which I don’t want to happen to you as much as possible. Thus, right now I want to share my guide to starting your own business. These are five things I wish somebody had told me during my early days.
My Tips On Starting A Business
1. Think Win-Win
When I was learning how to start a business, I was 21 years old selling insurance for New York Life. You know what I realized? I wish somebody had told me starting a business should be a win-win game. Instead, I ended up spending much of my time focused on getting the client and the commission.
A win-win solution means everyone, from you to your client and the company you’re working for and working at, benefits. Otherwise, you actually lose your power. Because I didn’t know any better on starting a business, it was all about the goal and going after it.
2. One Passion Will Not Save Your Life
Another point on starting a business is that there wasn’t just one passion that was going to save my life and that if I found this one passion or purpose in life, everything would change.
I believe that for so many years, probably for thirteen to fourteen years. When I got into the coaching and speaking business, I thought if I became a speaker, my life would change. This one thing of being impassioned and speaking would change everything.
I don’t believe that there’s one thing or passion, and it doesn’t matter what kinds of business you have in mind. I’ve learned today that you can have multiple passions, and the able person does many different things.
It doesn’t mean that the able person is scattered in their life. Rather, it signifies he or she can control many passions.
Based on this idea on starting a business, today, not only am I a coach, but I am also a speaker. I lead seminars and run big launches online and have lots of sophisticated marketing funnels. You can also call me an online marketer. I also have a live theatrical event, and I’m a performer.
One of my small businesses is a software company. I have the technology side we’re building, and I have the entertainment side. Furthermore, I’ve got the entrepreneurial side. I’ve got all these different passions because I enjoy the game.
3. Be Smart With Finances
One of the ideas on starting a business you should never forget is to get smart with money. Although I grew up in the financial services business, I wanted a great understanding of finances as it relates to growing a business and my life.
Now I have an understanding of being financially smart and intelligent, I wish I had poured more money into more vehicles when I was starting my business – vehicles for my dream fund, vehicles for my relationship fund with my beautiful sweetheart, vehicles for my wealth fund, vehicles for my business fund.
— Ted McGrath (@ted_mcgrath) August 2, 2017
A lot of people have hundreds of small profitable business ideas. As for me, I wish I understood sales and the ability to enroll people is really a huge part of the business.
One thing in particular that I wish I’d learned faster was how to say no to other people more quickly. Today, I’m getting much better at it. When somebody has a request, and it’s not aligned with what I want, I just say no. There’s power in saying no to the things you don’t want to do and yes to the things you do want to do.
Because it’s not enough that you’re just starting a business, you need to have the ability to inspire other people to say yes and to get them aligned with their yes. It’s not just a sales transaction. It’s like opportunities come along.
An opportunity is coming your way, and essentially somebody’s bringing you this ‘opportunity’ to try to enroll you in the opportunity. It could be a new business – it could be anything. You’ve got to learn how to say no to the wrong things. You can say no, not now, maybe later. Then say yes to the right things.
5. Go Deeper
One of the reasons why I love to go deeper is because it makes the game more exciting. It’s like you play something, and then you have some success, so you switch the game.
To go deeper doesn’t have to mean doing huge changes. I’m going deeper into certain areas to be more thorough and to see the little new details that create the shifts. But I am changing only minor things that help me go deeper.
For example, in Facebook marketing, which I am doing for all my funnels online, if I see something is working, I go deeper until we nail it. Then we duplicate the model.
Starting a business will never be easy, but these five things have been super helpful for me. I wish this guide to starting your own business will do the same for you.
On this video, I share the 5 things I wish someone had told me when starting my business. Watch this:
Did my list on starting a business serve you? Share this with somebody and make a comment down below.