Working from home or any place in the world is becoming a new standard of dream life. Social media influencers show their laptop and margaritas on the beach lifestyle, but it is not all pink. So before you leave your nine-to-five hated job telling your employers what you really think about them, burning that bridge - make sure you have a proper plan and strategy to launch your business in 2023.
According to New York Post, the average American spends 19 days a year commuting to work. So it’s an extra holiday every year. So how to build your business so we can decide how often we can go on holiday? This guide will teach you how to start and set up for success.
Before you start
Most people are unwilling to take a risk and try to open their businesses because they are so afraid to fail. So let’s look at these scary statistics, which might keep you stuck with your job.
On Zippia.com, Caitlin Mazur shares that 22% of startups fail in the first year and 50% of new businesses in the first five years. So you have almost 50/50 chances to escape your nine-to-five and succeed in the long run. It is not that bad. Nearly the same numbers we can find in the European Commission report (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex:52007DC0584) - where 50% of new businesses fail in the next five years.
If the failure percentage is not that scary, let’s look at success stories.
CB Insights report shows that we will find 50% of Unicorn companies (private companies valued at $1B+ each) in the US. Additionally, in the Statista report from December 1st, 2022, we can find information that we currently have 590 unicorns globally.
Most successful companies were founded by not first-time business owners, aka serial entrepreneurs. So even if you fail with your first, second or third business, you still can succeed. On top of that, online space allows launching a business in weeks, and most things you can do online. It was never that easy and cheap to start your own business. So it may be worth it to try.
Overcome your fears
Many of us are scared of failure, but only because our business fails doesn’t mean we can’t succeed with another try. I met hundreds of millionaires in the US, Europe, and China. No one said that building a successful business for the first time was easy. Also, no one said that they had an exceptional talent or privilege, and most people succeed only because they took a risk and tried more than others who gave up.
Here we can look closer at the top reasons why small businesses really fail so that you can pay more attention to these things from day one.
Over 80% of new business owners have cash flow problems. This is a common problem. You can plan your budget yearly, quarterly and monthly. Make sure that your products and services will help you not only cover business expenses but also allows you to thrive. If you are the service provider and expert, create a High-Value (High-Ticket) offer. That can be 1 on 1, group coaching, or advanced masterclass. This way, you can reinvest in your business and hire a professional coach and team to help you grow. If you want to create a product, go with the prototype as soon as possible to get feedback. Don’t produce thousands of pieces before you are sure about market needs.
Lack of market need is recognized in over 40% of businesses that fail. It is the second biggest reason why you might not get desired results. Test your ideas, find clients before you launch, ask them for opinions, and check their results. Even if you feel that might be a genius product or idea, the market can have a slightly different view.
The third place for failure reasons is when your business runs out of cash. How many times do you spend more than you earn? Open Excel (or get a piece of paper) and list all your bills and expenses. Make sure you fully know how much your business costs and how much you need monthly to cover it.
Lack of the right team is in 23% of companies that fail. From day one, build relationships with clients or business partners and look out for people who can support your business. If someone is ready to join your business immediately, you should have some questions. If someone is perfect, why are they not working right now? What are references from previous employers? Sometimes we want to believe that business can be so accessible and that just the right people can find us and support our vision. But the truth is that it is sporadic. On average, we need to hire five times or more to find a perfect fit for a particular position. Building a team is a big part of a successful business; we should always see it as an investment.
Do this simple exercise right now. Get a piece of paper and write down all your fears. Next day in the morning, read them and rate how realistic this is and what you can do to avoid it. Then, prepare a plan that can help you handle your fears. For example, if your anxiety is you are afraid of selling, get five books or courses on improving your sales skill. Or hire a sales representative. There is always a solution to any problem. Get this growth mindset, and don’t let your fears stop you from achieving your dreams.
Write down your story and connect all dots…
Since you know what to pay more attention to so you lower the chances of your business failure, let’s focus on your story. Customers love brands that have real people behind them. Why? Because people trust people, and if you are planning to hide behind your brand, later on, you will spend a crazy amount of money on adding a face to your brand like big sports clothes companies do. If we follow the most successful brands, they all have a real person who promotes them. Why is it so important? People love stories, so connect with your customers by sharing your origin story. Why did you start this brand? Do you have a mission or vision? People love to support brands with missions and those who want to make a change and impact. Become one of those brands by sharing your story and inspiring others.
Build your first program, service or product
Create your service or product as soon as possible, and go to the market. Please don’t ask your close friends or family members. They want you not to be disappointed and probably don’t know about launching businesses (unless they are experts in that). Instead, go to your potential customers, and give them products or services at a beta price or even free. Make sure they will provide valuable insight so you can improve it.
Sell prototype
One pro tip that I have got from serial entrepreneurs is to sell your product or service to your dream client. That’s what I did with my interactive walkthrough 3D app for exclusive real estate. I went to one of the biggest developers and asked them to invest in that project. I was shocked when they offered me a multi-six figure payment when I thought it was something I could charge ten times less. If you doubt how to get ahead of your dream client, you should plan this in steps to ensure you will figure out this. You need to know how to get in front of your ideal clients to build a six-figure business.
Collect all valuable feedback from your dream client and work on your product or service to make it high-value to the market. Not believing in a famous statement like your offer or product does not matter, only marketing and sales. However, providing services that make a real difference is the best long-term strategy for the sustainable growth of the business.
Create investment plan
Creating an investment plan right before you start might sound weird, but you will appreciate that decision when you have to pay taxes. If you are setting yourself up for success, that means you will earn a lot of money. You can consider different scenarios. I remember how stressful the end of the year was when I made way more than I had planned in the best-case scenario. I had to invest money last minute to avoid paying massive taxes.
If you want a good cash flow, managing your finances is essential. I use a simple yet effective method from different financial gurus. You can adapt this to the stage of your business.
Every revenue from your business minus 20% (or any amount you pay tax) goes straight to the tax account. This 20% can be used for short or long-term investments. For example, if you are starting a business, you might start looking for rental apartments on Airbnb. You can begin with rented apartments. Investing in real estate and stocks will help you optimize your tax if you are longer in business.
You can split the rest of the money into two private and one business account in 50/50 or 60/40 (any percentage that works for you). It depends on how much you make and want to reinvest into your business.
Money from the private account can be your salary. I learned from Napoleon Hill to pay yourself first. It is excellent advice and helps you survive challenges in business.
Money on business account you can split into smaller accounts to help you with your cashflow:
60% business running costs (salaries, software, office, equipment, investments, etc.)
20% savings (can be used when you have a slower time, so you will never be out of cash)
10% education & mentorship - crucial one for your success
10% entertainment
If you follow it, you will always be safe and calm. It is vital to invest in yourself, so your business can grow as you grow. 10% on entertainment is a must-have that many forget. We run businesses to have freedom and fun. Travel, go on crazy shopping, or donate to foundations. Use this money to make this world a better, funnier place.
Setup your social media
Social media sound like a time-waster place, but use it for good. Get in front of the right people and attract your dream clients. Before officially launching your new product or service, set up your socials for success. Make sure to choose one of the leading and short attention platforms. Your leading platform can be YouTube, Podcast, or blog. Only these three platform allows your business to build long-term relationships with your ideal client. If you are an expert, share your expertise and invite people to your mailing list to nurture them. If you love the camera, go with YouTube, and if you love sharing stories and interviews but are more camera-shy, start with a podcast. In the long run, all these platforms can also become your source of income.
Once you choose your leading platform, plan high-value content and share it once a week. Don’t go with five content pieces a week if you have difficulty delivering one piece per week. In my experience, providing one high-value content weekly is enough to build a six-figure business, but you have to be consistent.
What platforms should you choose after your leading? Now is the time to set up platforms like TikTok, Instagram, Facebook page etc. On these platforms, you will share shorter pieces of content from your leading platform that can lead to your website. The main idea behind is to collect emails from your ideal clients and build a solid personal brand. People who will see you should immediately recognize you as someone specializing in your niche.
You can hire a content repurposing team to change your long-form content into smaller pieces and share it through social media platforms. Don’t try to deliver content to all social media by yourself, it is almost impossible. Instead, better focus on 1-2 platforms, master them and grow, and once you have a team to support it, look for more platforms.
If you are looking for content repurposing services, you can check out my services (ads on section - content repurposing) here: https://www.martynaboss.com/services
Make sure people can easily message you and get in contact. Add Calendly links or chat with your sales team if you are a service provider. Add links in bios, profile info, email footer, and YouTube description. If your prospects want to know more about your service, they should quickly contact you or someone from your team.
Launch with beta-testers
Beta testers can also be your first clients. Make sure to outline your service and pitch your idea. To encourage people to work with you before your brand becomes well-known, you can offer beta prices or special terms only for the beta group.
During this time, you will discover your niche, what you love in your business, and what you need help with. The first group of clients will also be your brand ambassadors. Ask them for video and written testimonials and offer a commission for recommending new clients to your business.
Plan everything and follow this plan
Running a business can be difficult, but with a plan in place, it can become more manageable. A plan is crucial because it makes the execution of your ideas more straightforward and efficient. It also helps you stay focused on what matters most for your business. Let’s take a look at some of the benefits of having a plan for your business.
Having a plan allows you to identify your goals and objectives for the future. This will help you narrow down which areas need to be prioritized and what strategies can be implemented to reach those goals.
One of the most creative things that I ever made was creating my own planner that is perfect for managing several companies and launching new projects without sacrificing family time. I was pregnant and wanted to have it all while having time for myself. You can check it out on my planner here:
The results? I’m setting up detailed plans so when I hit my home office, I’m opening my planner and know exactly what to focus on. More money and free time are guaranteed. Start planning ahead so you will never be overwhelmed again.
Having a plan is essential when running any kind of business - big or small - because it provides structure, clarity, accuracy, focus, accountability and tracking capabilities that are needed for an organization’s success. When creating a plan for your business, make sure it includes goals with measurable results along with timelines that provide deadlines for each person involved so that tasks can be completed efficiently without sacrificing the quality or effectiveness of output from employees/team members. With proper planning and execution of plans, you can experience growth over time while avoiding many potential pitfalls along your journey.
Create a self-development plan
Goals are the foundation of success. A self-development plan is a roadmap to get from where you are today to where you want to be tomorrow. It’s an actionable plan that helps keep you focused and organized so that you can achieve your goals. Whether it’s personal or professional, a self-development plan will help you get there faster.
Back then, in my early twenties, I was always focused on getting new clients, winning big projects, and earning more money. My focus was on numbers rather than on my skills. No surprise that I ended up in debt.
If you want to achieve specific results, you need to ask yourself what skillset is required and whom you must become. Of course, having more clients take you nowhere, but the excellent skill of closing high-ticket clients and building relationships help you build a sustainable business.
How do I work on my self-development plan? First, I use a simple yet effective workbook that you can get for free here
Monetize your knowledge
As a CEO or future business owner, you have the knowledge and experience that can help you bring in new revenue for your dream business. Knowing how to monetize your knowledge is essential to optimizing your business operations and increasing profits. Let’s look at three strategies that can help you do that.
The first strategy to monetize your knowledge is offering consultation and coaching services. This means providing advice or expertise on a specific topic or problem to an individual or organization in exchange for payment. Offering consultation services allows you to leverage the experience you already have in order to make money. For example, if you are an expert in marketing, you could offer consulting services on creating effective marketing campaigns for clients.
Another great way to monetize your knowledge is by creating content related to the topics you specialize in. Creating content allows you to showcase your expertise as well as engage potential customers who may be interested in what you have to say. You can create content such as blog posts, videos, podcasts, e-books, webinars, and more. This type of content will increase your website’s traffic and give customers an insight into what kind of services or products they can expect from your company.
Finally, consider creating online courses related to topics within which you specialize. This is a great way to reach more people and make more money simultaneously. You can use platforms such as Udemy or Teachable to create online courses that teach users something new while also giving them access to valuable resources like templates and worksheets that they may need when starting their own businesses or launching new projects. Plus, these platforms make it easy for customers to purchase courses - making it hassle-free for both parties involved.
Grow your audience
Growing your audience is an essential part of any business. With an engaged fan base, making a profit or launching any market program can be easier. But how do you grow your audience, especially when just starting? Here are four strategies to help you reach more people and create a successful business.
Utilize Social Media Platforms.
In today’s digital world, social media platforms are one of the most powerful tools for connecting with potential customers and expanding your reach. You can use platforms such as Instagram, Facebook, Twitter, and LinkedIn to promote your brand and connect with new people who may be interested in what you have to offer. If you are an expert, I suggest creating a Facebook group where you can share your expertise, collect emails and invite guest speakers.
Leverage Email Marketing.
Email marketing is another excellent way to grow your audience because it allows you to stay in touch with current customers and reach out to potential ones. You should set up an email list where users can sign up for updates on new products/services or special offers from your business and then use email campaigns (newsletters) to keep them informed about your company’s latest news. The best way to collect emails is to ask about email when people join your Facebook group or share freebies in exchange.
Develop an Engaging Content Strategy.
Content marketing is one of the most effective ways to grow an audience and increase engagement. It involves creating content such as blog posts, videos, e-books, podcasts, webinars, or even infographics that provide valuable information about your product or services to potential customers. The key is to produce high-quality content that will draw in readers and keep them coming back for more. This strategy takes time and effort but can pay off big if executed correctly. If your content is poor so you do - that is how it works. If you are starting and can’t afford a social media content strategist, try Tailwind - an app for scheduling content for Pinterest and Instagram. Tailwind, based on your goals, prepare your content strategy plan.
Collaborate With Other Brands or Influencers.
Partnering with other brands or influencers can also help you expand your reach and get more eyes on your product or service. Think about ways you could work together - such as engaging in cross-promotion campaigns or hosting giveaways - to benefit both parties involved mutually. This strategy can help you tap into new audiences while strengthening relationships with existing ones at the same time.
Delegate everything outside your zone of genius
Taking on every task can feel like the most cost-effective approach, but it’s important to remember that delegating outside your zone of expertise is essential for success. To ensure you generate quality leads and make successful sales invest in marketing professionals who will help you meet client demands regularly. Make a wise decision now; this could prove invaluable later.
If you are looking for a great platform to delegate small tasks, check out Fiverr.
How to Grow and Scale Your Business Effectively
Growing a business isn’t easy. It requires dedication, hard work, and an effective strategy. After all, you can’t just throw money at a problem and expect it to resolve itself magically. For your business to scale successfully, you need an actionable plan to help you achieve the results you want. Here are some tips for growing and scaling your business effectively.
Focus on Quality Over Quantity.
The first step in growing and scaling your business is to focus on quality over quantity. This means creating high-quality products and services that address customer needs. Doing so will attract new customers and encourage existing customers to keep coming back. As the demand for your products or services grows, so will your customer base - which is exactly what you want when trying to grow and scale your business.
Develop a Plan.
Another key step in scaling your business is developing a growth plan that outlines how you will get from point A (where you currently are) to point B (where you want to be). Your plan should include specific goals as well as strategies for achieving those goals. Additionally, ensure that your project considers any potential challenges or obstacles you may face along the way. That way, if something unexpected does happen, you won’t be caught off guard.
Invest in Technology.
The next step in growing and scaling your business is investing in technology that can help streamline processes and increase efficiency. For example, automated systems like customer relationship management (CRM) software can help you manage customer data more effectively while providing useful insights into customer behavior patterns and preferences. Additionally, automated systems can save employees time by automating mundane tasks like invoicing or filing expense reports, allowing them to focus on higher-value activities instead. I love Streak; we also use it to manage sales for our clients.
I hope this article encourages you to start your coaching or consulting business. Even though the market seems oversaturated regarding people with real business experience (not only marketing tips) you have so much to offer! So start 2023 with your new business and change others people’s lives.
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Martyna Boss ☕️
I was just planning to start a coaching business! And this is bang on. I'm so happy to read this!
Thank you so much for this invaluable information, I am so grateful to understand the breakdown in how to utilise money and how to spilt money so that you are always kept going.
Thank you - this is fantastic information! I never even thought of investment planning.
As someone new in this industry, this helped me so much! Thanks!
This is so helpful and comprehensive- there are a few items in here I definitely need to work on!