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- Do You Want More Out of Life?
So, you want to start a business (or you already have one)? Maybe you were mesmerized by the dream to:
Be your own boss.
Make more money.
Work the hours you pick.
Have more time with your family.
I always wanted to be a solopreneur. So much so that I researched every MLM coming and going. MLM (multi level marketing) businesses were the only way I knew how to do it. I didn’t know what a true entrepreneur was. I had no idea how to start a business from nothing. I needed someone to give me a business that I could run and scale. I thought MLMs were the answer.
I started my first business in my early twenties with a dream to be my own boss.
That business failed. Well, it didn’t really fail. It just didn’t make me consistent money that I could live on. By the time I left that business a few years later I was strapped with a few thousand dollars in product. I sold bits and pieces here and there, but it was more of a weight than anything.
I wasn’t my own boss.
I was working more hours, not less.
I was still working a full-time job while aimlessly trying to side hustle.
I wasn’t making the money I had envisioned. In fact, my “business” was costing me money.
I’ve started a few more businesses since then, learning a lot along the way. Each business had its pros and cons. Every business taught me two things:
What I wanted from a business.
What I didn’t want from a business.
I mulled over what I wanted to gravitate towards and what I wanted to avoid, and I came up with a short list of parameters.
The type of business I like to start has the following parameters:
It must be a business that allows me to work flexible hours so I can spend quality time with family and friends.
I must be a business that I can start with zero to less than $500 initial invested capital.
It must have minimal overhead expenditures.
It must be location independent.
It must be scalable.
Why are these my parameters?
Quality Time: I’ve had jobs where I regularly worked 70+ hours a week, and they were mentally and physically draining. Any time outside work was spent in recovery mode. Any time with family and friends was marred by my constant state of anxiety and exhaustion.
Invested Capital: Finances is one of the big life stresses. If you are financially strapped in your business it can be overwhelming and depressing. I make sure I feel 100% comfortable with the amount of money I’m investing and that I have a healthy cushion for any unforeseen needs. I use the concept of “flipping” when I start a business. I start with a low amount of invested capital and I reinvest any money, effectively growing my businesses by “flipping” up.
Low Overhead: If I have a business with inventory, the cost must be minimal. Depending on the business, I like to sell items with at least a 3x-5x return. Again, this all depends on the type of business, so it may be more.
Scalable: The business must be able to grow exponentially. I want to control the growth of my businesses.
Lesson: Know what you want, or you will take what you get.
Take Action!
Come up with your own list of parameters, even if you already have a business.
What do you want?
Why do you want it?
What do you think it will get you?
If you already have your own business established, maybe you can tweak your current model to more closely align to the type of business you are seeking. It takes thoughtfulness, reflection, risk, and the willingness to change.
This is about being intentional. Fall in love with the process.
Need guidance on any of the above? See my upcoming events below.
Upcoming Events
Do you feel like posting on social media has become an unintentional 2nd full-time job?
Are you flustered by all the steps?
Are you lost on what to post?
How do you even know it's working?
Are you clear on why you are even posting?
This event is on Monday, April 22 @ 6PM, La Femme Institute. $5 requested donation for non-members of La Femme. Register here.
If you are feeling . . .
Do you feel stuck?
Are you at the precipice of a life transition and don’t know how to navigate it?
Are you overwhelmed by the choices you have (or the lack of them)?
Has life gotcha feeling insecure and irrelevant?
I invite you to attend my DEEP DIVE 2.0: Tapping into YOUR potential on April 30 @ 6PM. This is a FREE CONNECT collective event. Register here.
Social Media 101: Curate Content for Your Business