I hit a wonderful business milestone this month: I now earn more money through my coaching practice than I ever earned in a corporate job.
And that’s saying something since I used to be one of those ultra ambitious corporate ladder climbers who was always looking for my next promotion.
But you know what? I’m a thousand times more proud of the income I’ve made through my own business than for all the money I’ve earned working for someone else.
Most of my clients have their own businesses or are building them from the ground up with my assistance. I’ve worked with painters, writers, photographers, coaches, healers, fashion consultants, interior designers, jewelry makers, and yes…editors.
Some of them decided to start businesses and then quit their day jobs, while others love their current jobs and started their own businesses for extra income or vacation money.
I don’t want to give you the wrong idea—I actually loved my corporate jobs from back in the day, and I was happy to do the work.
Yet I couldn’t quiet the little voice inside that told me I could do more. And maybe…just maybe…you’re hearing those whispers too.
Should you start a business? Here’s my answer.
Done! End of article. That was easy. Now I’m off to watch some cartoons.
Just kidding! I’d never leave you hanging like that. 🙂
Just because I love the idea of entrepreneurship doesn’t mean you need to start a business. Seriously, you have my permission to tell me I’m crazy. Starting a business may seem so scary that it’s the last thing you’d ever want to waste your time doing!
But…if you’re a little bit curious (admit it, you are), then here’s a quiz to help you decide for yourself.
Should You Start a Business?
Answer yes or no to the following questions.
Spoiler alert: you should be answering yes if you want your own business.
Do you have an intrinsic motivation to start a business?
Before you and your business skip off into the sunset, you have to pin down why you want to start a business in the first place. Ideally, it should be an intrinsic motivation and not extrinsic motivation.
Intrinsic motivation is because you’re passionate about this field, want to spread joy and happiness, or are creatively drawn to the work. The desire comes from within.
Businesses flourish when the owners have a burning internal motivation. And I’ve seen countless businesses crash and burn when all the owners have is external motivation.
Sometimes your “why” is simply an ache in your heart for something more. That’s OK. It was the same for me.
Have you determined a need and an audience for your product or service?
I don’t care how much you think the world desperately needs purple sparkly unicorn footie pajamas. If you can’t find a customer base, then you won’t get any sales.
Do a bit of research online and see what you can find. Are there similar businesses out there? Are people complaining about a problem that your business could solve? Can you find the programs, software, and vendors that would make it possible to create and market your product?
Don’t get discouraged if you see a million business that are almost identical to yours. That’s a good thing! It means there’s a demand for whatever you’re offering.
Why do you think I became a coach?
Do you have a chunk of money saved up?
Even if you decide to keep your day job, you’ll need some money saved up to pay for all the odds and ends that come with entrepreneurship.
If you have a brick-and-mortar business (please don’t, I beg you), then you’ll have to pay for rent, utilities, signage, employee salaries, supplies, janitorial services, and more.
Online businesses need hosting, email providers, customer relationship management (CRM) programs, payment processors, social media schedulers, web designers, photographers, videographers, advertising budgets, etc.
And don’t forget training workshops to keep you up to date on advances in your field. Obviously, you don’t have to get all of these things at once, but the extra money will make it easier as your business grows.
Do you have a thick skin?
The honest truth: when it comes to your business, you will fail many, many times. I’m not trying to be a downer, but it’s better go into this knowing that sometimes things won’t turn out the way you want them to.
I had months of low traffic on my blog and zero clients. I received nasty comments. I took bad advice and stretched myself too thin. I hired people who didn’t work out. I launched programs that no one bought.
But I kept going.
You must have a thick skin when you start a business. There’s no parent company to protect you or take the blame when your mistake causes everything to blow up in your face.
Do you have support and accountability?
It can seem adventurous and daring to be a solo entrepreneur. “Look at me! I’m doing what others only dream about!”
But being a lone wolf gets old really fast. Not to mention all the mistakes you’ll make and time you’ll waste trying to figure out stuff on your own. Uh, what’s the difference between a VFO and a CTA?
Newsflash—you don’t have to go it alone! The most successful entrepreneurs are the ones who rely on other people. They hire coaches, form mastermind groups, get accountability partners, network, and find mentors who can lead the way.
Are you looking for some support as you build your business? That’s what I’m here for, yo.
My 3-month program, the Entrepreneur Editor Experience, has all the tools, resources, and training to help you get your business making money fast, whether you’re not earning as much as you want or if you only have an idea for a business. We’ll do it all from setting up your online headquarters to creating a repeatable marketing plan.
If you want to learn more (and finally get moving on your business!), then click here to set up your free Life Editing Strategy Call.
Do you want to start a business?
In the comments below, share your business idea and what’s motivating you.
This post focuses on Step 3 of the Life Editing Process, Add Good Habits and Routines. For more about life editing and what it can do for you, click here.