Starting a business is one thing; however, creating a legitimate, money-making company with a hungry base of customers is something entirely different.
While it may be true that the barrier to entrepreneurship is lower than ever, the fact remains that starting a long-term, profitable business is often an uphill battle.
But that doesn’t mean that you should give up on the six-figure dream. For example, the fact that lawyers have varying salaries depending on their niche should be eye-opening: any industry has potential for higher and lower earners alike.
Many budding entrepreneur falter because they simply don’t have the right set of expectations as they pursue a profitable business. From the planning stages to the first few months which can be “make or break,” it’s easy to want to give up and go back to a secure 9-to-5.
So, what expectations do you need to set to ensure that you don’t give up when the going gets tough?
You Can’t Expect Six Figures Overnight
Plain and simple, you should focus on a long-term plan versus assuming that overnight success is going to happen. In an era where it seems like tech start-ups and multimillion dollar IPOs are popping up left and right, it pays to stay grounded.
Don’t give into hype or get-rich-quick schemes. As long as you start with a consistent base of customers and a product that people can buzz about, you’ve at the very least sewn the seeds of a business with six-figure potential.
You Can’t Afford to be an Island
Whether it’s clients, colleagues or coworkers, you can’t afford to be a total loner if you want to make serious money. In short, you’re going to need to rely on others in some way, shape or form to grow your company like crazy. Consider, for example:
- Hiring effective content writers, freelance designers and marketers to help you look like a million bucks and drum up new business
- Prospecting potential customers and cold leads via email, constantly putting yourself in front of new people
- Promoting your business, positive results and hard work on social media
You Can’t Get Comfortable
You may think that everything is peachy once the cash starts flowing; however, losing that fighting spirit could ultimately sink your business. You should constantly be prospecting, coming up with new ideas in terms of products and marketing and raise your prices or rates accordingly. After all, the world of entrepreneurship is constantly evolving; likewise, you need to be on your toes as the winds of change blow.
You Can Still Have a Back-Up Plan
Having some sort of nest egg or “Plan B” will keep you from going into feast or famine mode. Whether this means having some cash saved up or a spouse or partner to support you in the early stages of your business, never put yourself in a situation where it’s “do or die.” Having some sort of plan to fall back on will give you peace of mind and some wiggle room when making tough decisions which could impact your livelihood.
Six-figures may not be as far out of reach as you’ve been led to believe. As long as you keep a level head and understand the legwork it takes to stake your claim, you’re much more likely to succeed.