In a world of entrepreneurial ambition, 42 percent of Americans dream of starting their own business. The allure of self-made success is undeniable. However, navigating the chaotic entrepreneurship landscape can be daunting, especially for those passionate but needing guidance on where to begin. The barriers to entry in the business world can be overwhelming, stirring doubt within even the most enthusiastic visionaries.
Let’s look at three tips to demystify the entrepreneurial challenge and pave a clear roadmap for aspiring entrepreneurs, ensuring they embark on their journey with confidence and clarity. So, if you’ve ever contemplated entrepreneurship but found yourself at a loss for where to start, read on, for your entrepreneurial odyssey begins here.
Tip 1: Use Job Stacking as a Vehicle to Your Ultimate Goal
To start a business, you need money. There’s just no way around it. Not to mention, if you want your business to grow and generate revenue, you need money to do so. The problem is that most people need more money to start their businesses. And you might be thinking, why not get a loan or line of credit? Well, most banks and lenders lend only a few dimes to businesses that are just starting out. Why? Considering around 90 percent of businesses fail within their first year, it’s risky. Some lenders will do some loans if a business has been around for at least six months; however, typically, there are minimum revenue requirements that follow, making it just as difficult.
These challenges often lead many people to work to save a certain amount of their paycheck from their full-time W-2 job to start their own business one day. That’s all well and good; however, the time it takes to be financially able to have enough not just to start but also to grow their businesses can take several years to over a decade. Not really the most ideal. This is when job stacking becomes the most viable option. Job stacking is when you are employed at more than one full-time job, and you’re earning more than one full-time wage.
Job stacking allows an individual to save money across multiple paychecks. And really, it’s basic math at this point: the more jobs you have, the faster the rate at which you can save, which, in turn, the faster you can start your business. That’s exactly how I did it. Not only that, but I also wanted to be safe, and really, because I couldn’t wait any longer, I even kept my stack of 5 jobs when I started working on my business. As time went on, I slowly began to reduce the number of jobs as I felt more and more comfortable letting those income streams go to be able to spend more time and replace those income streams with revenue generated from my business.
Job stacking is the most effective vehicle for starting a business worldwide. No alternative comes even close to the amount of income, consistency, security, and speed that job stacking offers. Additionally, my favorite reason why job stacking is the most effective vehicle is that it gives you complete autonomy over what your day-to-day looks like. It allows you to enjoy the journey and have fun doing so instead of suffering during the journey and only finally being at the destination. What matters most is the ability to enjoy the trip when leveraging job stacking as a vehicle to start your business.
Tip 2: White Label Some Services
The rule is you do it first, then you hire someone else to do it for you. You must do it first so you can adequately teach and then manage. The issue most new business owners face is not getting out of the weeds with tasks others can handle, which hinders them from focusing on things that will grow the businesses. In addition, they don’t treat their business as it should be treated. Your business is not your baby, as many think, or as the saying goes. Your business is your asset. When you treat your business as your baby, you end up working for your business, versus when you treat your business like an asset, you end up working on your business. See the difference?
Tip 3: Leverage Digital Tools and Resources
In with the new, out with the old. If you’re paying tens of thousands of dollars to learn about business or how to start, grow, and run a business by going to college, you’re doing it wrong and should drop out right now. Why? Because you can learn the same things online. Whether it’s by taking masterclasses, training programs, or mentorships, everything can be learned online. Now, of course, you have to conduct your research and make sure who you choose to learn from is reliable, but trust me, there are plenty of remarkable individuals and companies out there, and they will do it much cheaper than colleges. Do yourself a favor, and instead of telling your parents you don’t need college because you can learn online, show them. In my experience, I made the same mistake of telling, not showing. This led to me lying about being in school when I wasn’t. Hopefully, you’re reading this before doing it yourself because it can fracture relationships.
Embarking on the entrepreneurship journey can be daunting, but with the right strategies, aspiring business owners can navigate the challenges and uncertainties that lie ahead. These tips serve as a blueprint for those seeking to realize their entrepreneurial dreams. With these tips in mind, the path to entrepreneurship becomes more apparent, and the dream of business ownership is more achievable than ever. So, seize these insights, embark on your entrepreneurial journey, and transform your vision into a thriving reality.
