image courtesy of Hasan Abdul @ flickr.com
When starting a business typically you have little cash available, and what cash you have, you need to stay afloat or make purchases you absolutely need. We cannot afford to hire the experts to do the work we are not good at and don’t really want to do. But a entrepreneurs, we want our businesses to succeed, so we make the sacrifice and learn to do the many jobs of our businesses.
We are the bootstrap business men and women who do all or most of the work in our businesses. We learn to do things that we don’t know to in order to make our businesses succeed. We hope to one day pass it on to someone else to take care of for us. Sometimes it is a struggle for us because we know it takes time away from other things we would want to do, but we make the sacrifice to accomplish our goals.
Here are couple things to remember about bootstrapping as you start your business:
- We will be in a better position to delegate the work we don’t want to do or feel shouldn’t be our focus because we did the work and know what we want. Not that we did it the best way, but that we can work with someone or a team of people to get the work done the best possible way with minimal time invested on our part.
- We want to be in business for a long time. This is a short period in our business life. Most of us have no plans to retire, but rather want to work and find joy in what we do. We don’t want to spend 80 hours a week the rest of our lives working; work and play tend to have blurred lines.
- We will learn to delegate the $5.oo per hour work and focus on the $1,000 per hour work. Money is a big part of business and we want to make plenty of it. We have tasks that we do when we have little or no money but learn to delegate because financially it makes no sense for us to waste our time on it when we could pay someone to do it and focus on the big earning parts.
Bootstrapping will cause pain and will force you to expand your knowledge of different subjects ranging from business accounting to website design and email marketing. The great thing is as your business grows you can delegate your work, and today with technology it does not cost much.
I have been listing and reading the book The 4-Hour Workweek: Escape 9-5, Live Anywhere, And Join The New Rich (Expanded And Updates) by Timothy Ferriss. Tim talks in his book about all the great resources available to help you delegate and outsource work. He takes it to the extreme but provides very helpful tools. It is not terribly expensive to start outsourcing work as you grow your business, and you don’t have to always hire people. He talks about the different services that you can contract with to handle parts of your business. You could get a virtual assistant or have a call center so you don’t have to take all the customer calls. I highly recommend this book. You don’t have to be an entrepreneur to use the tips.
I want to encourage you to stay focused on those long days and nights. As your business grows, explore and test the different services available and see if they can fit with your business. Some day in the near future you could be one of the growing seven figure single employee businesses. If you need any help or would like to ask me questions, contact me here.
image courtesy of uditha wickramanayaka @ flickr.com
Exploring a career change or thinking about starting a business? There is so much information available to help you. Find a method for processing it. You have people giving you different ideas about what you should do or what to look for in work. You have people who tell you to do what you are passionate about and others who feel not everyone can do what they are passionate about. I think a lot of people get confused about this when researching. I believe that you should identify what is your unique gift and follow your passion. The people who say we cannot all do what our passion is and love our work typically use statements like, “Just because you like to play golf you think you can become a professional golfer?” They miss the point of finding what you are passionate about and doing what you love. When exploring what you are passionate about, you have to look at other things to determine if you can make a career out of your passion.
Follow your passion. Be yourself, but check yourself before you wreck yourself.
Remember these questions when looking at your passions:
- Is there a market for your passion?
- Can you make viable products to sell to people?
- Is the market big enough to make the earnings worth it?
- Is there a unique way to use your passion to make a business successful?
When you explore what you are passionate about and want to do that for a living, don’t limit yourself to a conventional career pursuit. Look at golf. You don’t have to be a professional golfer to make money in the golf market. You have several options ranging from merchandise, books, how-to guides or videos, and so much more. Don’t look at the obvious ways people make money; explore different options and test them out. Try things, and if it does not work, learn from that to improve on the next business idea. We can all do work we are passionate about and love. We just have to make sure we know to look at the whole picture of a business when examining our passions. Now go out there and follow your passion.
image courtesy of Gary Quinton @ flickr.com
Podcasts are a great source of entertainment, information, and resources. You could listen to podcasts that are for entertainment like comedy or about hobbies. If you are interested in a particular subject like history, there are podcasts for you. If you are starting or thinking about starting a business, there are many podcasts that can be great tools to help you and provide you with the information you need or are looking for.
The great thing about podcasts is you can do something else as you listen. You can go back and re-listen, or many times the podcaster will have show notes to go with the podcast. I like to listen to podcasts while running or cooking in the kitchen if I am by myself. Today I want to share with you the five podcasts I listen to the most.
- Family from the Heart is a podcast hosted by Cliff and Stephanie Ravenscraft. This show is an honest look at their lives. They talk about how they live, including the mistakes they make and the successes they have achieved. You get to hear stories and transparent conversations between Cliff and Stephanie. You feel connected with them as you listen. Cliff is an expert in podcasting and teaches other how to produce their own podcasts.
- The Ziglar Show is a podcast that provides motivation and inspiration in becoming an entrepreneur. It is hosted by Kevin Miller and Tom Ziglar. Listeners get to learn more in depth about the legend Zig Ziglar and his wisdom. This podcast provides so much information and is great for a variety of audience members.
- Smart Passive Income is hosted by Pat Flynn. Pat provides helpful insight into growing your business and using tools to make money even when you are not working. He can teach you to work really hard on products that can keep producing income after the initial work is complete. He has great guests who talk about how they got started and how they built and are building their businesses. Pat is energetic and lively in his podcast, and I always enjoy listening to it.
- This is Your Life podcast is with Michael Hyatt. Michael provides wisdom in business and insight about what it takes to be successful. Michael really understands business and how to build and grow your business. He also understands the burnout that results from overworking and how to have balance in your life. I currently use a product for my website that is produced by Michael Hyatt. If you want to start a website, check out his Get Noticed! Theme for WordPress.
- 48 Days to the Work You Love Internet Radio Show hosted by Dan Miller is a top business, work and career podcast. Dan is a life coach and best selling author. He talks about finding your passion in work and getting out of that dreaded J-O-B. He provides information and celebrates people’s victories in their businesses. Dan answers listener questions each week on the show, which can be submitted at 48days.com. I really enjoy the experience of listening to this podcast. Dan also hosts live events. Tricia and I attended his Coaching with Excellence seminar this past May of 2015.
What podcasts do you listen to? Please share in the comment section below, and let us know why you recommend those shows.