Before You Launch Part I

“Own your business”, “be your own boss”…

If you have been paying attention, this is the message of the century and it is a good thing, really.

The problem is that many people who get caught up in the spirit of entrepreneurship do not fully understand how to get started. Some start one business or the other and fail, get discouraged and decide that it is not their thing. Others do not make any move because they think they cannot or do not know how to.

In my opinion, the people who succeed at running their own business(es) understand that foundation is key, they usually consider five major factors before choosing a business venture.

So, what is the first thing you need to consider before starting your business?

PROFIT

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Don’t get it twisted, profit is the most important reason for running a business. You are in business to make MONEY (Owo  Kudi,  Ego). Any business venture that is not designed to be profitable is a charity organisation.

Profit is the difference between your cost(s)-  This includes all the costs of goods, operational expenses, transportation,power, phone bills, rent, salary, tax, interest on loans, marketing expenses, any amount it cost you to either get products, customers, get your business running… and oh, the tea or coffee you serve guest or clients in your office-that too adds up to your costs, etc..

Lots of small and medium business owners do not take this into due consideration before deciding on the business to run. This is why it is advisable to learn how to write a business plan but based on my experience this is where most ideas die off-story for another day.

Here are the questions you need to answer before choosing any business venture.

a. Will I make profit?

b. How much profit will I make?

c. How long will it take before I start making profit?

Any Idea that can pass through these basic profit filters successfully can become a business.

Hint: Businesses with low startup cost, low operational and inventory cost are the most viable businesses. You have to always keep an eye on these factors even when your business is expanding, this why lots of companies burst after the boom.

Look out for my next post on the second thing you need to consider before starting your business.

PS: I recently shared why I decided to start my side business on my Facebook private group designed for those who are looking to start their business , where I shared my “Side Business Story”.

If you are interested in learning how to start, run and grow your business, click here>>http://bit.ly/2dy3C77 to gain access to my “Launch your Business” community.

Good luck!

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Build Relationships

There is a popular saying that you would be the same person you are today in the next 5 years but for the books you read, the places you go to and the people you meet.

Successfully people value networking because they know that their NETWORK- the quantity and quality of people they know is directly proportional to their NETWORTH.

You need to learn how to come out from your shell, mend old relationships and build new ones. You also need to learn how to add value to the people you know, either by finding a way to share your knowledge, products, services or opportunities that would make their lives better.

PROs do 3 things exceptionally well, I call it the 3.2.1 formular:

3-They talk to at least 3 people about their business or services daily.
2- They make at least 2 new friends daily- offline or online.
1- They add value to at least 1 person daily- This could be either by mentoring, helping out on a problem or sharing a life changing opportunity.
What you need to do:
1. Talk to at least 3 people today about your buisness or services.
2. Add at least two new people to your contact list and find creative ways of staying in touch.
3. Look for at least one person you can help today- add some form of value to their lives.

Hunger Games of Successful People

How hungry and passionate are you to learn about your buisness? If we check your browser’s history we can tell what you are passionate about.

Successful people are passionate about learning everything there is to know about their business. Their goal is to be an authority in the business. They learn about products, services, processes, best practices, etc. They buy books, follow blogs of seasoned authors or speakers, read articles, watch videos etc. that would help them become better at what they do.

Learning takes:
1.Energy- Learning is hard work. This is why professionals charge higher fees for their products or services and you can easily tell the difference between a professional job and that of an amateur. If you want to increase your value or that of your buisiness then, you’ve got to be ready to put in the work.

2.Passion- You need to have a burning desire to want to learn, this is why doing what you really, really love is important.

3.Time- Learning takes time. You need to have accumulated at least 10, 000 hours of study and practice to be an expert in any field- PROs are experts. Decide how many hours you want to put into becoming an expert in your business daily. If its important to you, you will make out time. if it is not,you will find an excuse!

Make up your mind to go for knowledge by investing in books and mentors today.

The Winning Mentality

How do you feel when you set out to achieve something and you don’t? Do you try again or give up? Many people fail to acheive success in life because they tend to see the reasons why an idea won’t work, why they can’t take advantage of an opportunity, why they can step up and take on a new task or project.

If you are going to be successful you need to have the mindset of winner- make it your goal to ALWAYS win, and if you don’t, try again until you do. There are three things you need to do to have a positive mindset:

1. Change your WHY’s to HOW’s. Instead of telling yourself why you can’t, start asking yourself “How” you can. How can you get the skills, money, infomation, people or whatever you need to make your dreams a reality.

2. Believe in yourself: There is absolutely nothing you cannot do if you make up your mind. There is a famous saying that if you think you can, you can; if you think you cannot, well..you are right. At the end of the day you are the only one standing in your way.

3. Make positive affirmations: You need to regularly and constantly affirm yourself and speak positive words to yourself. Be your number-one fan and cheerleader.

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What have you had in mind to do recently and have not done? Start a business, lose weight, learn a skill, start a project, etc?
Write down 5 reasons why you haven’t done it and change the WHYs to HOWs.

Find Your WHY

You must find out for yourself why you need to succeed in Life. Many people wait for others to push them or give them a reason to succeed but that is usually short lived.

For you to become successful in anything in life, you must motivate yourself, you must push yourself, you must constantly remind yourself why you decided to do a particular buisness or take on a career path or start a relationship. You need to know that if you succeed, you do it for yourself- to get self fulfilment, not for anybody else. If you succeed you do it for YOU and the destinies attached to yours.

When you find your WHY, you wil find:
1. The HOW- what you need to do to acheive it
2. The WILL- The discipline to keep you on track
3. The WORTH- The satisfaction of self fulfilment, I call it the  joy of Goal Crushing.

What does success mean for you?
What are the 5 things you desire most in your life that would mean success for you when you have achieved them. Find it and you would have found your WHY.

5 Things Successful People do With Their 24 hours

There is a very famous story about a professor who held up a jar of rocks to his class. He asked them, is this jar full?  They all agreed that it was.

Then he took a bag of small pebbles and poured it into the jar.  The pebbles filled in the space around the jar and he asked, now is it full?  Everyone again said yes.

He then took a bag of sand and poured it into the jar.  The sand filtered through the rocks and pebbles until all the space was filled.  What about now, he asked, do you think it is full?  For the third time the class said yes.

Finally he took a pitcher of water and poured the water into the jar until it was all the way to the brim and began spilling over the top.

Now, he said, we can say the jar is really full.  He then asked his class an important question:  Do you think, he said, if I had started with the water, then the sand, and then the pebbles, there would still be room for the rocks?

What you currently fill your time with and the order with which you do it determines how successful you will be.

The most successful people I know do the following with their time everyday:

1. They make time for their Relationship with God (Spiritual)
2. They make time for their Relationship with friends and Family (Fun)
3. They make time to Learn (Self Improvement)
4. They make time to Think (Dream, Set goals & Strategize)
5. They make time to Execute their Goals (Work/Business)

Take a moment to think about how you’ve spent your time from the beginning of the week till now, are you making time for these five things daily?

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A Little Girl’s Dream- Part 2

Congratulations! You are about to unlock the secret of some of the most successfully people in history.

Let me guess…

You wanted to know if the little girl from the last post acheived her dreams right because you had big dreams when you were a little girl or boy too?

Can you remember those dreams and fantasies you used to have? Dreams of living in a big house, riding the best cars, travelling the world, being RICH etc.?

Did you acheive them or did you abandon them? I’ll leave you to answer that while I get back to our story!

So did the Little girl from yesterday acheive her dreams???

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YES!!! She did!!!
She has acheived every single dream she had when she was a little girl!!!.

How did she do that? How was this little girl able to acheive all her dreams? Very simple…she set SMART goals for herself.

Yes! You read me right, she set SMART goals..the same type of goals all the successful people you’ve heard of set for themselves and businesses. She articulated her dream of having a better life and broke it down into clear cut SMART goals.

What are SMART goals?

S – Specific Goals: Are your goals specific? Instead of saying you want to be rich, you need to state exactly how you want to be rich- There are several ways to become rich (story for another day)

M – Measurable Goals- Can your goals be measured? How do you know if you have achieved the goal? If your goal is to be rich, how much do you need to have in your bank account or as assets for you to know that you are “Rich”?

A – Achievable Goals- I recently asked some friends what their 3 top dreams were and one of the hilarious response i got was:
“I want to have enough money such that they will need two or 3 rooms to load the money”…do you see a problem with that goal already?
Are your dreams realistic? Are they clear enough to break them down into plans.
An example of a realistic goal- I want to have 3 Million Naira in my account at the end of the year. This means I have to have a savings of 250k in my account every month or 1.5 million in six months… If it is not this clear, you may never acheive it.

R -Relevant Goals- Are your goals relevant to your dream? If your dream is to have 3 Million by the end of the year, one of your goals will not be “watching 3-5 hours of TV daily”. This can be your goal if your dream is to be a movie producer. Set relevant goals.

T- Time bound Goals- Your goals need to have start time and finish time. This is one way you can keep track of your goals and measure your success.

If you have any question or you would like to learn more about goal setting, open chat with me.

In the next post,  I’ll tell you about “5 Secret things Successful People do with their 24 hours” Stay tuned.

Short bursts of inspiration to keep you going