I'm not sure where overcomplication all started in business.
I'm not exactly sure why people look at success then take so many different thoughts and paths in their mind, essentially, tangling up their own brain.
I think we all start with a basic understanding of business.
You start a company, monetize it, and you're successful.
When we make the decision to start our own business, we start to look for answers.
We look for any source of information thinking that our issue is the lack of information.
"If only I have the information, I would be so successful."
Better yet, "If only I had the money, I would be successful."
That's one I used to tell my friends and myself.
I thought that once I had £10,000 in the bank, there is nothing stopping me from turning it into a wildly successful business.
It's true... to a certain degree. £10,000 can make you much, much richer.
There are many things that £10,000 can be invested into to multiply infinitely over the years.
However, once I was in that position with £10,000 in cash on hand, I froze.
I didn't know what to do and I didn't want to lose it, I was scared to lose it.
I knew all about business, I had learned all about business for over a year, and now that I finally had the money and the knowledge, I just froze.
I thought that this was all I needed, but I couldn't do it, I couldn't take action.
Instead, I walked on eggshells, tried to save all my money, and it all led down a road of complications.
Something simple and straightforward eventually becomes this never-ending maze of confusion.
In reality, business is extremely simple.
When we stick to the principles, stick to what's proven to work, we start to see success.
However, when we overthink things, overcomplicate them, that's when we get lost in a heap of trouble.
In this article, I wanted to outline the simple recipe for success in business.
Everything you need to succeed in a given venture - the building blocks, the infrastructure of success in business.
This is an evergreen strategy and can be applied to any niche you enter.
Before you start a business, you need to make sure you're ready.
This is something, that if I'm able to go back, I would do differently.
That's a solid way to start as a lot of people might say.
There's nothing wrong with that.
However, I could have saved myself a bunch of pain and failure if I focused on my mindset in the beginning.
If I spent a few months reading books, preparing myself for what it really takes to succeed, I would have been able to knock it out of the park with my first business.
I was speaking to some friends yesterday and we got into a long talk about business.
They're friends that have nowhere near as much motivation as me and so when we get into these talks, they feel a surge of motivation for a few hours which dies down the next day.
We eventually started to talk about my first ever business, Flexiposture.
Had I known what I know today, it would have been a success.
My first business venture had the chance to be a success - but I failed to pull my weight.
Your business will only be as strong as its driver - you.
If you're unconditioned, brand new to the business, and fragile, your business is going to reflect this.
However, if you've gone through pain, experienced failure and defeat, and understand that you're also going to face this here, you're going to win.
Because when I started my business, although I focused on taking action, making decisions was very hard.
Every decision, I second-guessed myself.
I was so afraid to fail that I self-sabotaged myself before I could fail.
Even though I didn't technically fail, it registered as one in my mind.
this thought of failure then carried over to every other thing I did afterward.
Although it's normal to fail, the way you fail and the way you react to your failures are a massive indication of how successful you could be.
Reading Carol Dweck's book, 'Mindset,' I now realise I was stuck in a fixed mindset.
I was a smart schoolboy who was often praised for passing tests due to raw talent.
My ego and my mindset carried over to a wildly different field - business.
Here, it's not about being smart, it's about being able to take a punch and get up no matter how hard it is.
Here, it's not about brains - it's about brawns.
It's about being the best learner, the quickest to adapt, the most eager to get up after a defeat.
I was scared to fail and expose my shortcomings to the world and so before I could fail, I pulled the plug on the one thing I was so close to conquering.
Had I learned the difference between a fixed mindset and a growth mindset, I could have developed the grit and willingness to learn and grow after every failure early on.
The mindset is not only how you react to failure.
It's how you think of everything around you.
It's how you think of competition.
It's how you think of success.
Before you start a business, make sure you're primed for success.
Give yourself the highest chance of success by making sure your mind is ready for everything you're about to face.
Read my article on the 6 mindset qualities to help you succeed in business.
Once you've got an iron mind, you're halfway there.
Once you believe you can do it, once you believe you can be successful, you've won half the battle already.
The rest is going to come with blistering ease once your mindset is set straight.
If you've worked on your mindset, you would know all about identifying opportunities.
You'll understand that competition is a good thing, and that your competition is never really your competition.
Competition, in many cases, is the first identification of a good opportunity.
You'll understand that ideas and opportunities are not scarce, in fact, wherever you look there are hidden opportunities waiting to be discovered.
You would understand that to be successful, you must ditch the thinking of someone from a desperate point of view and think from the shoes of someone who is abundant in a world of abundance.
Once your mindset is ready, everything will be so much simpler.
Finding the right business idea to pursue will be so much easier.
That's exactly what we're doing in this section - we're looking for the right business to pursue.
After starting and failing my first eCommerce business, I felt stuck.
I felt like I let the one opportunity I had slip through my fingers.
How was I going to find another golden opportunity like that again?
Today, I'm bombarded by good opportunities that I can barely stay focused on one thing.
I've managed to train myself to see good business opportunities that my problem is no longer a lack of business ideas, but an abundance of them.
My problem has become dealing with shiny object syndrome, trying to fight it off.
Usually, you'll want to find a business idea that:
- You have strength or passion for
Pick a business where you can excel.
A lot of people choose something they enjoy because when the going gets tough, they know their passion or interest will prevail.
- Has proven success
You don't want to reinvent the wheel.
Although you could, it's completely unnecessary. Start a business that's already proven to succeed.
For example, an online marketing agency has been done successfully by hundreds of others before.
- Has high potential
Depending on your goals, you'll want to find a business that can fulfill those goals.
If your goal is to make six figures, almost anything can make you that.
If your goal is to make 7 or 8 figures, then you'll need a business that can reach this level of success.
- Has place for improvement
Although this is not necessary, it's much better to find a business where there's place for you to make an improvement on what's already being offered as a solution.
- Solves a problem
If your business doesn't solve a problem it becomes very hard to sell.
When your business solves a problem, you essentially guarantee that there is demand for it.
- Has good margins (minimum 30%)
Many companies may shock you when you hear how much money they make.
In reality, those businesses could be on the brink of bankruptcy.
You want a business that actually makes you profit.
Otherwise, you'll be running on a hamster wheel.
If you find a business with these criteria, you're destined to succeed.
If you've got the mindset for it, and the idea, then there is almost nothing in this world that can stop you from succeeding.
I've written many articles about finding business ideas worth pursuing.
You can sit down and brainstorm ideas.
Shortlist the ones that fit these criteria then start to test them to see which is worth pursuing.
Here's a little secret - don't start with an idea, start with a person or problem you want to solve.
Don't think of an idea then find an audience - find the audience then think of a solution for them.
Here's an article about finding an 8-figure business idea, quickly.
If your goals are a little smaller, then these 6 steps to a profitable business idea will help you out.
Don't want to sit down and think?
Here's another article that outlines 102 different profitable business ideas you can start working on today.
Remember, finding the idea is not difficult - it will be the easiest part of the process once step 1 is achieved.
Many 'engineers,' as Michael Gerber calls them in 'The E-Myth Revisited', start businesses in the hopes of becoming their own boss in a field that they enjoy.
Engineers are simply people who build businesses - this can be you or me alike.
A few months later, once the business is all set up and ready to go, they open the flood gates only to hear absolutely no noise.
No one, not even their family land on their website - never mind buy their products or services.
Absolutely distraught, they lose complete faith and blame the business for their own mistakes.
If you've followed this rather simple guide, you'll already know that this will happen to you eventually and so you're ready for it.
No matter how much you prepare or train your mind, failure or defeat will always burn a little.
However, when you expect it to come, you're in a much better place than someone who expected nothing but success along their merry way.
See, many people think having a business is where you start to see success.
As long as you have a business, you have your store set up online or physically, then you'll be successful.
All you need is a business and a place to accept customers, right?
Yes... to a certain degree.
But we're missing a very crucial part of the whole process.
We're forgetting that customers don't just flock to you as soon as you launch the business.
Unlike Apple, you're not going to have customers queueing up to buy your products, unfortunately.
It's definitely possible, but for 99% of businesses, this is unlikely to be the truth.
You don't have a bright, white Batman-type sign in the sky that tells everyone your business is up and running.
What I'm trying to tell you is that marketing is the most important part of any business.
The way you market your business dictates how customers see your business.
But before we worry about how people see your business, we need to worry about getting started with marketing in the first place.
If you don't do marketing, you don't own a business because you'll have no customers.
A good product is never the answer to bad marketing, however, good marketing is the answer to a mediocre product.
With the right marketing, almost any product (as long as it's good) can become wildly successful.
Why is Red Bull so popular amongst energy drinks? Because it gives you wings! (or so they say)
There are many ways to market a business.
Firstly, you have free methods of marketing.
- Content marketing
- Podcast marketing
- Word of mouth
Then we have paid methods of marketing which are:
- Facebook, Google, YouTube ads, etc
- Influencer marketing
- Affiliate marketing
I've written an article on 3 of the most underrated marketing channels all businesses should be leveraging.
It should shed some light or help you figure out what you want to try.
All of these methods can work very well for your business.
The common misconception many people fall into is the belief that to own a 7 or 8 figure business, you need to do everything under the sun.
That's simply not true.
You can pick one method of marketing and build a 7-8 figure business from it.
Simply doubling down on what is working for you is the best way to build a business.
Whatever marketing channel you end up using, make sure that you're capturing people's attention and bringing them onto a platform where you have control.
This could be social media or more commonly - emails.
This way, you don't have customers, you actually have real fans.
When a customer gives you their email, they're now a fan of your business.
Let's say you start running paid advertising for your eCommerce business - just an idea, don't take this as gospel.
You start to drive 10,000 people to your site per month.
Out of those 10,000, you are capturing 2% of those people's emails meaning 200 people are giving you their email per month.
This can easily be increased with pop-ups, rewards, and incentives.
As this compounds over time, you'll end up with thousands of fans who can help you market your business through word-of-mouth.
Many people, actually most people can start a business.
Not everyone can build a business.
To build, you are dedicated to the business' success over the long run, whereas to start, you're making the conscious decision to begin.
Don't be the latter - be the person who builds a business to whatever heights you wish.
Be the person who trains their mind, reads - maybe about Greek philosophy such as stoicism, has a great idea, and executes on it relentlessly.
You're only a few decisions away from success.
You're only a few months away from your dream life.
If this is what you want, you're going to go out there, start to implement what you learn, and reap what you sought.
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