When starting a business it is sometimes difficult to know what to prioritize and going it alone can be overwhelming. But there are strategies you can use to avoid common pitfalls.
My job is to teach people how to make money from their passions. That’s what I did: I went from living on food vouchers to building. two online businesses.
I run a music blog today, Recording Revolutionand one entrepreneurship coaching company. I work only five hours a week from my home office and make $160,000 in passive income per month.
Here’s what I tell my 3,000 clients to think about in the first 30 days of starting a business:
1. Be clear about how you want to spend your time.
Many new business owners I meet know only one thing: how much money they want to make.
While this is a great starting point, it is incomplete. Your work should serve your life, not the other way around. So make sure it aligns with your hopes, dreams, and goals.
Ask three questions to get clear about the type of job and life you want:
- What does a perfect day look like for you? Don’t just think about your typical workday. Think about other life activities you want to fit into your day, such as exercising or spending time with your family.
- How many hours do you want to work per week? You don’t have to follow the standard 40-hour work week. Knowing exactly how many hours you want to work will help you prioritize tasks better.
- How important is free time? Some people don’t mind taking time off as long as they love what they’re doing. Others value extended leave. You need to have some form of passive income stream to keep money flowing when you’re not working.
2. Simplify your business model.
When I started the music education business, people said that to grow, I had to test my sales pages, organize launch parties, and pre-record a lot of commercials.
Rather than tire myself out doing things that didn’t make sense to me, I kept it simple and focused on three things: creating weekly content for my blog and YouTube channel, growing my email list from that audience, and promoting paid products. this list is created.
If you’re just starting out, develop content around your expertise to build an audience. It doesn’t have to be perfect. You can iterate over and over and design new products based on what your customers want more of.
3. Cut out unnecessary daily tasks.
Determine which daily activities will help you earn more. Don’t waste time or exhaust yourself focusing on unimportant tasks.
Especially in the early days when you want to feel like you’ve achieved a goal, it can be good to hit inbox zero or change the color of the buttons on your website. However, none of these will make you money.
Before starting a new task, ask yourself three questions:
- What is the expected result of doing this task?
- Does it lead to more money?
- Can I point out a direct link between doing this task and generating income?
- How much does it cost to do this instead of something else?
4. Prioritize fun.
People can tell if you’re doing something just for the money or if you really love what you do. This authenticity will connect you more deeply with your customers and will keep you afloat for a long time.
You don’t want to burn out because you’ve spent all your time doing things that don’t make sense to you.
I always frame my students as they begin their entrepreneurial journey: Build a business around something you’ve been doing and enjoying for the next 10 years.
Graham Cochrane Founder of The Recording Revolution and “How Do You Get Money for What You Know?He has helped more than 3,000 people start and develop their own businesses. instagram and twitter.
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