Are You Really Ready for Your Own Business?

Our Weekly 2 Minute Read

Edition 87 - March 1, 2020

 

In the age of social media, it seems like "starting your own business" or "a side hustle" is a social necessity.

Us millennials and Gen-Z's are encouraged by social media influencers to go against the "traditional" 9-5 job.

And for many different reasons.

There are many glamorous benefits to running a successful business - making your own schedule, potentially living a lifestyle that runs on passive income, or even buying your dream car or house.

I've been fortunate enough to not only start my own company, but continue to learn from others who have already led the path for years.

Since we started boomski., I've had many friends inquire about starting a business.

Here's the information I've relayed...

1) Do your homework on the industry.

Really learn to understand your industry.

Who are the top players in your industry and what makes them successful?

What are you going to introduce or do differently that makes you unique?

How are you going to get your product or service to scale?

Answer these and you've began the backbone of your business plan.

2) Do your homework on business.

We all know business can be easy or business can be hard.

It comes down to setting up the right people in the right system to make your business automatic.

But really get into the details.

Do you need insurance?

What kind of business should you open?

Where will your products be stored?

And so on and so forth.

Answer these and you're on your way to a logistical strategy.

3) Do your homework on you.

You find out really quickly what you are lacking.

You find out really quickly what you enjoy to do.

So how do you find the right people to complement you and take your game to the next level?

You have to learn to continuously elevate yourself otherwise your business itself will never be elevated.

Figure this out and your business will forever grow.

But it doesn't stop.

Ever.

You continuously have to stop to self-evaluate.

Warren Buffett spends hours every week just self-evaluating.

If he can do it, so can you.

Really take a deep dive into what you're doing and find the next step to elevate your grind.

 -BK