We’re not talking today about writing a business plan or getting funding. We’re sharing about some mindset shifts and actions that will help you as you start a business.
Maybe you don’t know what type of business you want to develop but you are passionate about creating something for yourself. Something with endless potential that can create freedom for you and career opportunities for others. If that’s the case, you’re in the right place!
So how can you start when you don’t know where you want to go and how you can thrive as a business owner? There are a lot of steps to making it happen but here are 4 mindset shifts to get you started.
If you don’t have a clear direction that’s okay.
Start with the industry or type of work where you have had the most experience. What skill set did these jobs leave you with? What are you really good at? I get that you might not want to stay in your current industry at all but look below the career title itself and identify where you excelled. How were you bringing value to your team at work or customers? When you start with what you know there is less of a steep learning curve and you can build and expand on this current skill set.
Additionally, previous experience in the industry likely means you have a solid network. Whether you stay in the same line of work or not these people can likely still support you or become an advocate for you! Don’t leave your previous networks behind, you never know who they know or when you might need each other.
Your professional rates should be determined based on the business value you deliver to your clients. However, this can be a tricky and seemingly arbitrary number to come up with. There are no hard and fast rules with pricing. Of course you want to cover your overhead costs plus make a salary for yourself, but determining your salary or revenue as a percentage is where the grey area usually lies.
Start by putting a dollar figure on the problem you help people solve, and don’t overcomplicate it. Look for an obvious metric, such as lost sales or how much of people’s time (and thus salaries) is being wasted by dealing with the problem. Next, determine what kind of dent you can realistically make in the problem.
Ultimately you want to charge something that you can feel good about. A price where you don’t feel guilty for overcharging, but you still feel valued while doing the work.
If you underprice yourself it can lead to resentment towards the client or the work itself and might result in a drop in the quality of your work since you feel annoyed by the pay or lack thereof.
If your heart is dead-set on building this business, whatever that may be, you have to be committed to never stop learning. It is those who feel like they already know enough that quickly become outdated in their practices and product offerings.
Constantly wanting to grow and learn is a main pillar of success.
I challenge you to schedule professional development time on a weekly and quarterly basis. This can look like; hiring a business coach, subscribing to articles about your industry and having them email to you, reading industry related books, attending events, learning new skills to support and expand your services, being an early adopter of new techniques or products in your industry, or simply continuing to practice pitching your services for feedback.
Going into business is no easy feat. In fact almost everyone who does fails. But we believe if you are called to do something then you 100% have it in you to make it happen! Start by building off what you already know and continue to put in the work to turn your skills and expertise into a service offering. Price yourself based on what makes sense and what feels good. Know that you can and should connect with whoever you want, regardless of their job title. Make sure to bring value to the table, and never stop learning! If you’re passionate about something go become the BEST at it and don’t look back.
Giovanna Minenna is a Co-Founder of Simple Growth as well as the Founder of Brows by G and Browluxe. She has been recognized for her entrepreneurial accomplishments in national publications and with numerous awards. G has a passion for supporting young and first-time entrepreneurs.