You Will Fail in Entrepreneurship if You Don’t Have These 3 Things in Place
That's right! My ass is back in a 9-5. Before I get into this blog, I want you guys to know that there's absolutely nothing wrong with having a 9-5. Better yet, it's awesome to have a 9-5 in addition gaining income from your side hustle. It's solely up to you & how you plan to live your life. Entrepreneurship is a constant journey of lows & highs. There may be times where things don't work out as planned. That doesn't mean you failed. You just go back to the drawing board & re strategize.
"There may be times where things don't work out as planned. That doesn't mean you failed. Just go back to the drawing board & re strategize".
As some of you may know, I jumped out on faith and wanted to see what would happen if I depended on my photography and marketing business to supplement my 9-5 income. I had already been mentally planning this jump as I was gaining new clientele in my photography business and also generating a small income from selling old clothing and books on eBay. The job that I was working was unfulfilling and it wasn’t giving me the stable life I desired so I figured, "Why the hell not?"
Unfortunately, at the beginning of my 3rd month into entrepreneurship, I was already planning my jump back into a 9-5. What happened? Well, the first 2 months were great! I was excited because I was making money doing what I loved & I was paying my bills but suddenly I realized that there were a few things that I didn’t have together before I decided to jump out into the deep end only to realize I wasn't prepared for the wave.
Here are a few things that you need in place before you jump into entrepreneurship:
My strategy was to make money in fewer hours. What the hell was I thinking? Although that’s a cute way to think, I didn’t have an action plan. There were times that I woke up at 8 am just to sit in bed for another 2 hours thinking about ways to gain new clients. No boo. Having a set business strategy in place will save you time and generate income. If you don’t have a clue on how you are going to gain clients and monetize your services or brand then please stay at your job until you figure out an action plan that you know will work. Don’t quit just yet!
Making sure you've got your strategy covered can be difficult.
2. Solid foundation
Listen, if you don’t have parents who pay your car note or a great grandmother who left you a big chunk of change then please do yourself a favor and build a solid foundation for yourself first. I was watching a sermon the other day and the pastor said, “God gave man responsibility before he gave them a dream”.
This spoke to me in so many ways. If you were lucky enough to have had parents or grandparents who built that foundation for you, then you are blessed! But for those out here trying to chase a dream without a foundation, it’s going to super hard!
Back in the 9-5 life...
Building a business cost money!! Although I was making enough money to pay my few bills, I was still struggling! I couldn’t get my nails, hair, or eyebrows done let alone being able to afford a ticket to a networking event. No, you don't need any of the fancy stuff but what happens when you need to continuously promote yourself on social media? What happens when you need to take a few photos to promote your new project? You can’t even afford to put yourself together well enough to be the face of your business because you are still trying to get that 1 last client to pay the rest of your car note. It’s a struggle and it’s not a cute way to live. Trust me, I know! A solid foundation will grant you the consistency to continuously pay your bills, build your brand, and most importantly, put money back into your business.
3. Loyal Audience & Engagement
Building an audience is one of the most important things you need to have in place. How do you expect someone to buy one of your services if you barely show up on social media? Do your followers even know who you are? Have you engaged with your followers on any type of personal level?
This was definitely one of the things that I could’ve improved before going into entrepreneurship. I never sat down and analyzed my audience needs and wants. Ya girl somehow thought that everybody and their momma wanted photography when honestly, most of my audience consisted of women who weren’t even trying to be in front of the camera like that unless it’s a special occasion.
Definitely, take the time out to get to know your following before providing your service. You don’t want to be stuck stuffing your services down their throat when your bills are late and you are freaking out!
Transitioning into entrepreneurship can be a tricky situation. There is never going to be a perfect time but there are ways to make this transition as smooth as possible with having a good strategy, foundation, and a loyal audience in place.
Let me know if you are thinking about owning your own business in the next few years. If so, what type of business? Comment below.