The closer you get to the reality of being an entrepreneur the more your fear will kick in with all the reasons you should give up and go back to doing something less “risky.” Here are 5 tips to help you get out of your own way so you can start your business and create your ideal lifestyle.
1. Ignore that little voice telling you that you have nothing original to offer.
Unless you’re a computer programmer, it’s almost impossible to come up with something so unique it’s never been done before. Yet, only you can offer your exact service in your particular way because you have a unique set of life experiences and your own way of explaining what you do.
Your message will resonate with your ideal customer, it’s a matter of finding out who they are and ensuring they find you.
If you’re launching a product that’s completely new, you’ll have a harder time marketing because you’ll have to spend so much time educating potential customers about the benefits of something they’ve never needed or thought about before.
It can be done, but it may take longer to succeed as I learned when I built a business around hand-painted floorcloths and later home staging (decorating homes to sell).
The business upside of being “first” is it’s easier to establish yourself as an expert in your field and you may get more media attention. The downside is you have to convince people of the need for your product/service before you can convince them to hire you.
2. Embrace the idea of competition rather than being terrified by it.
If you have competition before you begin, that’s a sign that there’s a market for whatever you’re thinking of doing. For example, when serial entrepreneur Steven Smith came up with Stash and later Tazo Tea, there were already plenty of tea products in the market.
No doubt there were sleepless nights wondering if he could compete with the likes of Lipton, Bigelows and Twining. No one would have blamed him for giving up before he started because of such well-financed competition.
Not only did he sell his tea for about 400% of the usual price to consumers (thanks to a good product with really smart packaging and marketing), he later sold these companies for $5 million and $9 million respectively.
When I launched Staging Diva® and entered the home staging training industry in 2005, it was already dominated by a few very large companies. I saw an opportunity to focus my training on a different angle (the business of home staging) while everyone else focused on teaching decorating. I was also the first to offer online training when all my competitors were offering hands-on courses which forced students to take 3 to 5 days out of their lives and travel.
Had I spent too much of my time and energy looking at the competition, I never would have moved forward.
Instead I kept my gaze firmly on where I wanted to go and carved out my niche which has earned millions over the years.
Other competitors have come and gone. One company was financed by Ashley Madison (the website that helps married people have affairs), which meant it had way deeper pockets than I do. It lasted about two years, taking a significant chunk of my business thanks to non-stop ads on HGTV. They’re out of business while I kept going because I had a better product and superior customer service.
New business competitors jump into the home staging training industry all the time, many of them copying my lead. I stay vaguely aware of what they’re doing, but I don’t waste a ton of energy following their every move. As long as I keep being a leader in my field, my following will continue to grow. My competitors are a reminder to stay sharp and on top of my game.
3. Confront all your fears about the worst things that can happen if you fail.
If you’re starting a business that requires a big investment that will put you deep in debt, then you have to plan contingencies for failure. On the other hand, in today’s information economy you can probably find a business that requires little financial investment and that you can start on the side of another job. It’s no longer necessary to open a restaurant or storefront, buy a franchise, or start a manufacturing business to be an entrepreneur!
And, if you’re 40+, do you really want to work all the long hours those businesses would entail?
I love watching shows like Shark Tank and Dragon’s Den where would-be entrepreneurs pitch their ideas hoping to win financing from one of the “Dragons” or “Sharks.”
What’s amazing is how many of them have already put their entire retirement savings on the line or taken multiple mortgages on their homes.
Personally, I’ve never had the appetite for that much risk. I have always started businesses that required little investment (other than my time), with low overhead and high profit margins.
This way the worst thing that can happen if I “fail” is:
- I lose any time I put into the business that I could have invested elsewhere.
- I make less money and have to cut my expenses.
- I’m disappointed it didn’t work out the way I planned.
- I learn something that will help me in my next venture.
What about you?
What’s your biggest barrier to starting your business or what’s the worst that can happen if you fail? Or if you’re already an entrepreneur, what tips would you add to help people get out of their own way and move forward with their dreams? Please share your comments below!
Hi Debra,
I liked your article, especially the part about not focusing to much attention on the competition and the benefits of actually having competition which helps creates the market and awareness.
Great read!
Shelly
Thanks so much Shelly, I really appreciate your comments!
Hi Debra,
I’ve been following every article, posting and email you put out. I am 73 years old and very fit. Most people think I’m much younger. I was a loan officer for many years and spent two years managing events for a public figure. I have no savings left after taking care of my parents for five years and am now retired living on Social Security, so no start up money. I am passionate about starting a staging business but will be starting the business “on a very short shoestring”. I am one of those people who stages in my mind everywhere I go; front yards, houses, businesses, etc. Now I want to finally do what I love and have talent for, Staging! The town I live in is not using Staging but is sorely in need of it. I have no doubt I can do the actual work but am very stuck with the marketing end of it. What marketing pieces would be absolutely necessary to start calling on prospective clients. I’ve created a flyer but am now stuck.
Thank you Debra for the invaluable information I have received from you. As soon as I get a few clients, I will be able to start ordering training from you. Yeh!!
With appreciation,
Nancy Mills, Simi Valley, CA
Nancy, thanks so much for commenting and sharing your experience. I have at least 3 Staging Diva Graduates who are in their 70s (not everyone tells me their age), so you’ll be in great company starting a staging business and doing what you love at this stage in your life.
One of the advantages to a home staging business is you need next to no “start up” money because you don’t need to rent space or buy any inventory whatsoever.
When you follow the business model I share in the Staging Diva Home Staging Business Training Program all you need to start and grow your business are: business cards, online presence (which you can have in the Staging Diva Directory of Home Stagers to save you the cost/time of building your own website), digital camera with wide angle lens (to shoot your portfolio), a car (to get to your clients and shop for them).
You will not need to do any paid advertising in magazines or newspapers, or distribute door to door flyers and (contrary to popular belief) you will not be dependent on real estate agents for your clients.
You say, “as soon as I get a few clients I will be able to start ordering training,” the problem is that you don’t know how to get those clients, so without new information in a year from now, you’ll be exactly in the same spot. The only way to break this cycle is make some dramatic changes.
I know investing in training is difficult when you’re supporting yourself on Social Security. Your least costly way to get some in-depth advice from me is in our monthly Staging Diva Dialog calls. This is a small group coaching program, for only $47. You can get all the details at: http://www.stagingdiva.com/store
If that’s still beyond your reach, subscribe to my blog, Home Staging Business Report, which is free. You’ll find it at: http://www.stagingdiva.com/homestagingbusiness
Thanks again for commenting Nancy and I wish you every success in your new business venture!
Hello Debra, you have a nice article here. Please keep it up. I may have to bookmark this site. Currently, I am studying in India. Studying in India is not easy as Indians don’t give job to foreign nationals especially from Africa. I am studying Information Technology here on a self-sponsorship. I was wondering lately a genuine online business I can start and earn some money to be able to pay my fees and utility bills. Can you assist me by outlining some good and genuine online business I can engage in? Thank you.
Alex, I recommend choosing a business around something you’re actually interested in. Otherwise you won’t stick with it. Also stay away from any promises of an “instant” business that will have you driving sports cars and buying houses all over the world without any effort on your part. There is no such thing as turning your computer into a cash machine without constant efforts. Good luck!
Hello Debra, your articles are very inspiring. Is there any advice in overcoming the terror of leaving your job to follow a few ideas that may or may not succed. I mean i´m 25, just got my bachelor in architecture, but a life depending on a small Budget (im from Venezuela so the economy is never good here) is not a beautiful option. Sorry for my english but would love to hear what you think about this.
Daniel, Thanks for commenting. Have you tried the 3 tips I’ve given you here yet? I mean seriously tried them. If you just keep reading without taking action, you won’t be any closer to your dream of having your own business.
Since you’re only 25, I have to point out that you have not that much to lose right now. Your “perceived risk” of going out on your own only increases the older you get (because responsibilities like spouses, kids and mortgages only grow over time). I started my first full time business at the age of 29 and I was terrified. I gave up an income over $100,000 to do it, and I can honestly tell you I’ve never regretted it!
Only you can decide what is right for you. Consider also things that you can start on the side without totally jumping off your career path of working for others yet.
That’s interesting that you have an architecture degree, clearly we share a common interest. I don’t know if you’ve seen one of my other sites where I specifically teach people with creative talent how to make a living from it, over at StagingDiva.com. There are students in 22 countries, though none in Venezuela yet.
Thanks again for commenting and good luck to you!
mam
i have ideas but i need a startup capital…
from where can i get this
Narender, There are many ways to get start up capital, depending on how much you need of course.
I’ll tackle this question in more detail in a separate article. In the meantime, you’ll find some ideas here. I share how I funded my various ventures over the years.
Thanks for asking your question, you’ve given me a great idea for a next article!