So you're looking for creative ways to make more money. You have a skill or a fantastic idea for a product or service. All you need to do now is unleash it upon the world! Right? Sorry to break it to you, but the likelihood of instant success is doubtful. But don't fret! This isn't bad news; it's simply reality. Whether you want to start a full-time business or a side hustle, it's there for the taking.
I've spent the majority of my life surrounded by entrepreneurship. As a child, my parents always owned and operated successful businesses. I was a lucky kid. Not because I was spoiled or entitled. Quite the opposite. No, I was fortunate because of the experience I received. I quite literally grew up encountering what it takes to become a successful entrepreneur.
By no means am I a millionaire. However, I live a comfortable life. I have made some smart investments in businesses and have a few side hustles which have proven incredibly helpful during the current COVID-19 pandemic. Here are some ideas on improving your chances of success.
Setting Expectations
First thing's first. You need to keep this in mind: There is no such thing as an overnight success. If you jump into a new venture expecting to earn a living on day one, week one, or even possibly year one, you're not setting yourself up for success. You're planning for failure. Keep realistic expectations, and your journey to success will be a much smoother ride.
Learning and not earning
The path to success is frontloaded. When getting started, don't primarily focus on making money. Instead, spend time learning. Of course, making money is likely your primary goal. But success comes from knowledge and experience. Take time to learn the industry, about best practices, and processes. Take time to learn and implement a system that will improve your chance of success.
Taking an iterative approach
Progress requires iteration. Failure is going to be a component of your eventual success. Great business owners and entrepreneurs reflect and learn from both what works and what doesn't. I believe this is why 70% of second-generation businesses fail. Many successful small business owners will claim to "feel" how their business is doing. That feeling is the culmination of years of experience within their company.
Doing it well
Let's face it. Some people have no business being in business. There is no room for an employee mentality in entrepreneurship. If you believe in fair pay for your efforts, no problem! Just anticipate working for someone else for the rest of your career. Being your boss, however, means working harder than most won't now, so you can live like most can't, later.
Being a business owner or having a side hustle takes time and determination. Remember that it's a marathon, not a sprint. Take time to learn about your industry and continue to build a process that best fits your needs. Lastly, keep at it! Don't give up too early. The majority of those who utterly fail, do so because they give up too soon.
First Union Lending loves helping small businesses with their success. For your financial needs, give us a call at 863-825-5626. Whether you're looking for a loan, or interested in potential ways to lower expenses, like credit card fees, we can help! Our specialists are standing by.