Since the pandemic, there has been a rise in entrepreneurship as people around the world have been forced to adapt to new economic realities. Many individuals who lost their jobs or had their income reduced turned to entrepreneurship as a way to create income and provide for themselves and their families. While others realized the importance of pursuing their passions, turning hobbies into full time careers or taking action on that one big idea.
The pandemic has accelerated the adoption of technology, making it easier for the entrepreneurial-spirited to launch and operate businesses remotely. As a result, entrepreneurship has become more than just a buzzword; it has become a viable option for many professionals who seek a healthier work-life balance without the confines and demands of a traditional job.
However, there are a few things you should consider before diving headfirst into the entrepreneurial journey. Here are 7 things to consider before starting your own business.
1. Your WHY
Whether you’re starting to consider entrepreneurship or already on your journey, it is crucial to start with and always come back to your ‘why.’ Starting a business demands a great deal from you: mentally, emotionally, and financially, and it is essential to be very clear on why you want to pursue this path. Your ‘why’ will serve as your driving force to overcome any doubt, fear, challenge, or obstacle that comes your way.
In our business mentorship program, we teach busy professionals how to launch, manage, and sustainably grow their own online business, and we believe in uncovering the true depths of your ‘why’ through a simple exercise we call “5 Levels Deep.” Consider this: if we asked you why you want to start a business, you might respond by saying “I want more freedom in my life,” “I want to be my own boss,” or “I want to transition out of my existing career.” While these reasons are all valid, we encourage you to take it a step further.
For each reason, ask yourself “why” at least five times to get to the root of your motivation. For instance, if you want to start a business to achieve financial stability and leave your current career, ask yourself why you want to leave that career. Perhaps it’s because you feel stressed, anxious, and overwhelmed. Keep asking why until you get to the root of your motivation. It is often at level 4 or 5 that you will discover your true driving factor for starting a business, which will carry you through your entrepreneurial journey.
Here are some examples of going 5 levels deep with your WHY
Initial Reason: Start my own online business and transition out of my corporate career.
- So that I can leave a career that is filled with stress, anxiety, and overwhelm.
- So that I can reclaim my life back.
- So that I can incorporate more outlets of joy and peace in my life.
- So that I can live a life of freedom, flexibility, and fulfillment.
- So that I can restore my health and happiness.
Initial Reason: Create financial freedom
- So that I can pay down my debt.
- So that I never have to live paycheck to paycheck again
- So that I can have a savings account that increases every month.
- So that I can create a retirement plan.
- So that I can feel safe and secure and not live in fear and worry anymore.
Remember to keep coming back to your WHY throughout your entrepreneurial journey to recenter your focus and continue moving forward with clarity and motivation.
2. Your Finances
Starting your own business requires careful consideration of your finances. Analyzing your financial situation can help you determine if you can afford to start a business right now and/or help you decide which business model is best suited for you. While the internet has made it easy to believe that you can start a business without any money, the reality is that all legitimate businesses have start-up and maintenance costs.
Consider whether you can start a full-time business right away or if it’s better to start a side business to supplement your income, making the transition to full-time entrepreneurship much smoother in a couple of years.
To do this, it’s essential to be honest about your monthly expenses and financial goals. Research is essential in this process. Every entrepreneurial path is different and they all require their own special tools, systems, software, and training etc. Make a list or spreadsheet of everything you need to begin your journey and keep track of each cost to calculate a rough “start-up” cost. If you’re unsure where to start, seek advice from people who are doing something similar to gain insight and clarity. This will help minimize any surprises as you start your own business.
If you have a strong WHY, you can’t afford not to start! Don’t let finances hold you back from building your dream life.
Call us biased, but one of the incredible aspects of starting a Bodi business is that it only costs $39.95 to get started – and of course we will walk you through any additional startup costs and maintenance fees you will need to consider to build a strong foundation and hit the ground running.
3. Your Personality & Work Style
Before embarking on this journey, it’s important to understand your personality type and work style to identify the appropriate business model that works best for you. For instance, a solo entrepreneur may prefer a business model that allows them to work independently, while a team-oriented individual may thrive in a partnership or a company with a collaborative culture.
One critical factor to consider when exploring your working preferences is your ideal working environment. Some individuals thrive in a fast-paced setting, where they can multitask and handle multiple projects simultaneously, while others may prefer a quieter, more reflective environment to focus on their work with minimal distraction. Additionally, as mentioned above some individuals prefer working independently, while others enjoy being part of a team and collaborating with others or perhaps a combination of both?
It’s important to take some time to reflect on how and where you work best to ensure that you’re creating an environment that supports your productivity, creativity, and overall well-being. All of these findings will help you make decisions that truly honor you as an individual and ensure that you are on a path that allows you to thrive both personally and professionally.
4. Your Core Values
Standing right alongside your WHY are your core values. Identifying your core values will help you make strong business decisions that remain fully aligned with your business and life. Core values represent the elements that are most important to you such as honesty or integrity, they are the fundamental beliefs and principles that guide your behavior and decision-making processes, and they are essential for both individuals and organizations.
For entrepreneurs, core values are extremely valuable, as they provide clarity and direction throughout all facets of your business. By defining what your business stands for and what you want to achieve, you can establish a clear sense of purpose and differentiate your business from competitors. Core values serve as a framework for decision-making, allowing you to stay focused on what truly matters and make decisions that align with your values, even during challenging times.
Core values also play a critical role in building a strong company culture, which is essential for attracting and retaining the right people into your business. By prioritizing core values, entrepreneurs can create a workplace environment that fosters trust, establishes credibility, and promotes a consistent brand identity. Entrepreneurs who prioritize core values are more likely to create successful, sustainable businesses that make a positive impact on the world.
5. Your Future Self
When it comes to building a solid foundation for your business, it’s important to think about the future. Take some time to do some introspection and allow yourself to dream.
Dream BIG, you were not put on this earth to play small.
Envision the kind of business you want to build, the kind of life you want to live, and the daily routine you want to have – the daily routine of a person who is pursuing their passion, living a healthy life, and making their dreams a reality. Does this future vision align with the business you want to create or the individual or company you’re considering partnering with? Think about whether you see yourself dealing with product inventory or whether you envision yourself making your way with just an internet connection alone and being location independent.
Essentially, what is your definition of success?
6. Your Target Market
We could argue that the one thing more important than knowing your WHY, is knowing your WHO. Considering your target market is essential when starting a business as it helps you identify your ideal customer and have a deep understanding of their wants and needs in the marketplace. By understanding who you are serving, you can tailor your products or services to meet their specific needs and preferences, making it more likely that they will choose your business over competitors. Additionally, it can also help you determine the most effective marketing and advertising strategies to reach and engage with them. Overall, taking the time to carefully consider your target market can set your business up for success and help you build a strong, loyal customer base.
7. Your Support System
Embarking on the journey of starting a business is rewarding but it can at times be a lonely experience, which is why having a strong support system is important. You don’t have to navigate this journey alone!
Although having the backing of friends and family is beneficial, it’s important to note that they may not always comprehend your vision – and that’s alright. It’s up to you to cultivate a network of support with individuals who have paved the way before you, share your values, and embody your definition of success. These sources of support can take various forms, including in-person or virtual mentors, business coaches, training courses, online groups, and podcasts. By establishing a support system, you’ll be able to stay motivated, maintain your focus, and overcome any challenges that may come with launching and growing a business.
Remember to stay focused, stay determined, and enjoy the process. You got this!
If you’re a busy professional seeking to create an online business that benefits your overall health and well-being, we’re here for you. Consider working through the above steps, and if you’re eager to dive deeper, explore our business mentorship opportunity.