7 Way to Start Your Own Profitable Business in 2023
Answering “yes” to all of these questions led me into the entrepreneurial circle over two decades ago, and I can honestly say I’ve never been happier. Or richer. Or rather, control over your life and career.
I started with just $100 in seed money and my experience as a registered nurse. After setting up long hospital shifts, I worked part-time from home for over a year before my business built up enough energy for me to give up my day job. I continued to work from home until the business income reached $1.2 million. Do I have a secret formula? No, I remain love, commitment, and intuitive vision, but now I have a formula.
If you also answered “yes” to the above questions, and if you have a passion for the excitement and independence of being an entrepreneur and the determination to follow that passion, this 7-part escape recipe will get you wherever you are.
First, you need to know where you are going, so research your chosen industry. Identify the types of companies that match your passionate vision and capabilities. Explore areas that show growth potential and use your experience and understanding to find a need that is not currently being met.
Find a successful business that is similar to the one you think you have and find out how it started and how it grew. Find out as much as you can about the entrepreneur behind it. Gobble up books and publications related to your business concept. Talk to other entrepreneurs and learn their best practices.
As an entrepreneur in training, you need to develop basic and advanced leadership skills. A successful entrepreneur is a bold visionary who sees what others cannot and is willing to pursue that vision despite those who cannot. Many entrepreneurs didn’t graduate from college, but that didn’t stop them from owning large companies like Dell Computer and small businesses like neighborhood restaurants and consulting firms. They rely a lot on their visions, not MBA programs.
Entrepreneurs are quick to deal with ambiguity. They enjoyed leading the way into unknown territory and pointed their noses at failure. Intrepid pacesetters are often confused when they discover that they are weak in traffic and driving.
It is well. Other people can manage it for you, but you must be the guiding force that inspires your managers and employees to follow your vision. You will be responsible and personally liable for the outcome. As a leader, you must focus on the big picture and trust others to focus on the details. People who do all this are self-employed, but not entrepreneurs.
You must be an actor. You move around and get things done by delegating, subcontracting, and using other people’s talents. You’re fresh and determined with compromises, ready to set fast-moving 16-hour days to reap the rewards of freedom, creative freedom, and unlimited financial gain. Learn to be a marketing genius. It’s all about selling, from how you say “good morning” to the connections you make on the plane to making the sales call. You sell ideas, products and services to potential buyers by entering their minds and creatively communicating the benefits.
Above all, you need to grow your business and make a profit. People who say, “I love this so much I’ll do it for free,” aren’t entrepreneurs—they’re volunteers. Most entrepreneurs are willing to start small and grow slowly, but they absolutely look forward to making money. There is no greatness in poverty or financial failure.
A two-pronged strategy
To create a strategic plan, think about your company exactly what you want. Then write down your goals and intentions to achieve that vision. Create a strategy and target date for each goal to achieve it.
You have all the knowledge, skills and experience for your business. One of my strengths is that I am persistent and will stick with it all the way. List all your strengths that can be used in your business.
Then look at your prompts. This may include market entry, profit, expertise, competition or location. Challenges will change as your business changes. My first task was to identify the clients’ need for a new type of consulting service. As my business grew, a new challenge arose: my weakness as a manager. Without paying attention to weakness, I could work alone forever, never achieving a greater vision. This challenge leads me to find the right directors to support my vision. How do your challenges affect your goals? He is finally acting as CEO. Create an income and expenditure plan. Know where your money is going, ask questions about every issue, and maintain a positive cash flow. This means you get a lot more money than you paid for, plain and simple. Make a budget and stick to it.
The CEO can do things through delegation, so create a framework of people who can help you achieve your business vision. Even if you work independently, you can benefit from many talented consultants, contractors and subcontractors. From day one I hired subcontractors to help me with client projects, I worked so hard that I stopped hiring my first employee after ten years. I finally realized that I needed employees to achieve a bigger vision. Expect your structure to change as your vision grows, but do as much as you need to.
I’ve always joked that I’m a working CEO, a style that makes things happen. But no company is immune – even the Titanic sinks the first time. I was hit by an iceberg in 1990 when my biggest client broke into their law office. Fortunately, I have the necessary lifeboats ready thanks to my vision, strategic plan and framework. My business continued to thrive and took a new course that changed my business forever.
Having been an entrepreneur for over two decades, I’m happier, more alive, and more often challenged than I thought I was when I started working in my one-bedroom apartment. Answering “yes” to a few simple questions about myself made a big difference. If you are open-minded, headstrong, independent and your desire for adventure leads you to business; I guarantee this proven formula will get you where you want to go.