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Solopreneur or Entrepreneur – what’s the difference?

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When you hear about people starting their own business, they are often referred to as an entrepreneur. But there’s another term that although it’s not new, it’s become more popular as of late – solopreneur. Many entrepreneurs start out as solopreneurs, meaning they are the only “employee” of the company, but if you plan on working by yourself forever with no plans to add staff – Yup, you are a solopreneur. The terms are often interchangeable but there are some very distinct although subtle differences between the two.

To be clear, neither solopreneurship nor entrepreneurship is better or worse. Neither is easier or more difficult. These are two very different, but equally valid, ways to build a business.

Buying vs. Building. When it comes to building a business, many entrepreneurs are happy to put in the blood, sweat, and tears, but they usually aren’t as attached to the business as a solopreneur. Many entrepreneurs build their business with the plan of selling to a larger company or hiring someone else to run it so they can move on to the next idea. Entrepreneurs have no problem building a variety of businesses over the course of their career. Once it’s running smoothly, they often exit to start another venture.
Solopreneurs start businesses to fit their desired lifestyle and, in many cases, to pursue a personal passion. They usually have little interest in creating an empire or looking for a buyer to sell to. They are usually tired of working for someone else and want flexibility and control. Solopreneurs tend to work on just one company consistently.

Working In vs. On. While both types work hard on the business, solopreneurs are usually more focused on working in the business to get the work done. Entrepreneurs are usually happy to leave some responsibility with the team and spend more time out doing sales, networking, and just getting the word out. It’s not that solopreneurs can’t be great networkers, as well, they can and are, but they are solely responsible for the work getting done.

Delegating vs. Doing. Entrepreneurs enjoy managing others and building their team. Even if they start as a solopreneur, an entrepreneur is waiting for the day they can start building their empire – they are comfortable leading and relying on a team of people to accomplish their goals. Solopreneurs have a harder time outsourcing or delegating work, they prefer to handle most if not all of it themselves. They enjoy being knee deep in all the workings of what it takes to complete projects. Solopreneurs are workers by nature.

Entrepreneurs are more likely to also have an office outside of the home – a place to network, take meetings, and have employees work. Not that solopreneurs can’t have space outside the home, but most are more than happy to work from a home office. Unless you are at Red Barn – we are 100% virtual – no brick and mortar.

The distinction between a solopreneur and entrepreneur can be difficult to see, especially since so many entrepreneurs start out working alone. But the mindset of a solopreneur and entrepreneur are subtly different and noting those differences can help professionals determine the long-term direction they’ll take with their businesses.

Solopreneur or Entrepreneur – what’s the difference? Read More »

Solopreneur or Entrepreneur – what’s the difference?

Leave a Comment / Entrepreneur, Featured, Must Read Blogs, Operations, Small Business, Uncategorized / By / / , , , , , , , , , , , , ,

When you hear about people starting their own business, they are often referred to as an entrepreneur. But there’s another term that although it’s not new, it’s become more popular as of late – solopreneur. Many entrepreneurs start out as solopreneurs, meaning they are the only “employee” of the company, but if you plan on working by yourself forever with no plans to add staff – Yup, you are a solopreneur. The terms are often interchangeable but there are some very distinct although subtle differences between the two.

To be clear, neither solopreneurship nor entrepreneurship is better or worse. Neither is easier or more difficult. These are two very different, but equally valid, ways to build a business.

Buying vs. Building. When it comes to building a business, many entrepreneurs are happy to put in the blood, sweat, and tears, but they usually aren’t as attached to the business as a solopreneur. Many entrepreneurs build their business with the plan of selling to a larger company or hiring someone else to run it so they can move on to the next idea. Entrepreneurs have no problem building a variety of businesses over the course of their career. Once it’s running smoothly, they often exit to start another venture.
Solopreneurs start businesses to fit their desired lifestyle and, in many cases, to pursue a personal passion. They usually have little interest in creating an empire or looking for a buyer to sell to. They are usually tired of working for someone else and want flexibility and control. Solopreneurs tend to work on just one company consistently.

Working In vs. On. While both types work hard on the business, solopreneurs are usually more focused on working in the business to get the work done. Entrepreneurs are usually happy to leave some responsibility with the team and spend more time out doing sales, networking, and just getting the word out. It’s not that solopreneurs can’t be great networkers, as well, they can and are, but they are solely responsible for the work getting done.

Delegating vs. Doing. Entrepreneurs enjoy managing others and building their team. Even if they start as a solopreneur, an entrepreneur is waiting for the day they can start building their empire – they are comfortable leading and relying on a team of people to accomplish their goals. Solopreneurs have a harder time outsourcing or delegating work, they prefer to handle most if not all of it themselves. They enjoy being knee deep in all the workings of what it takes to complete projects. Solopreneurs are workers by nature.

Entrepreneurs are more likely to also have an office outside of the home – a place to network, take meetings, and have employees work. Not that solopreneurs can’t have space outside the home, but most are more than happy to work from a home office. Unless you are at Red Barn – we are 100% virtual – no brick and mortar.

The distinction between a solopreneur and entrepreneur can be difficult to see, especially since so many entrepreneurs start out working alone. But the mindset of a solopreneur and entrepreneur are subtly different and noting those differences can help professionals determine the long-term direction they’ll take with their businesses.

Solopreneur or Entrepreneur – what’s the difference? Read More »

Not ready for retirement? Maybe it’s time to start a consulting or coaching business

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Starting your own business isn’t exactly for the faint of heart, but with so many talented executives trying to figure out what’s next – for many the next logical step is to join the world of Entrepreneurship. We’ve been doing a ton of research lately on what is holding people back from starting their own businesses – specifically people who could easily transition from working in Corporate America to becoming a coach or consultant. From what’s holding them back to what they think the perks will be – the information was enlightening.

Leave behind a legacy. For many, it’s not about the money but about leaving something lasting behind for the next generations to benefit from. Sure, they’ve left an impact at the companies they’ve worked for, but that’s just not enough. They want to share their knowledge and experiences with the world. Becoming a coach or consultant allows you to mentor and help others achieve what you have.

Ease into retirement. For many people who have worked a 9 to 5 job in Corporate America for longer than they will care to admit, adjusting to retirement just doesn’t sound appealing. They still want to contribute to society, have a purpose, and feel like they are making a difference. We find many individuals create a “Side Hustle” working as a consultant on a part-time basis while they ease into the work free world.  Truth be told – some just keep on working because they love it!

Work with who you want. When you work for someone else, choosing who your coworkers are and what clients you serve probably isn’t your decision. BUT when you start your own coaching or consulting firm, it’s on your terms. In addition to choosing your own hours, you can also decide if you want any employees or prefer being a one-person show. You also get the freedom to choose who your clients are, what you want to charge, and what the terms are. It’s a Win-Win.

Fear of failure. This is an interesting one. Regardless of how old or how much scar tissue you have, fear of failure just doesn’t go away for some. Of course, starting your own business is scary, but for most, they just don’t know where to start or never really thought it was something they could do. With so many resources out there to help, is regret really an option?

It’s all who you know. Many executives don’t realize that they already have a gold mine of connections that they have amassed over their decades in their corporate career. For some, even working as a consultant for their current company may be an option. Once you spread the word on LinkedIn and in your networking circles, you may be surprised just how many people want to work with you.

It’s never too late. Starting a business doesn’t have an age restriction. Bob Parsons started Go Daddy at age 47, Charles Randlett Flint was 61 when he started IBM, and Colonel Sanders was 62 when the KFC franchise was born. As the saying goes, age is just a number. It doesn’t prevent you from going after your dreams or goals, and it certainly won’t prevent you from starting your own business. After all, those decades of experience count for something!

Did you know that people spend 80% of their life building someone else’s business? So why not spend some time building yours? Create your own legacy and do it on your terms. And if you need a little help along the way, or even getting the business off the ground, we are here to help hold your hand through the process and maybe even give you a nudge every now and again.

Are you ready for your next adventure?

Not ready for retirement? Maybe it’s time to start a consulting or coaching business Read More »

Not ready for retirement? Maybe it’s time to start a consulting or coaching business

Leave a Comment / Entrepreneur, Featured, Must Read Blogs, Small Business, Uncategorized / By / / , , , , , , , , , , , , , ,

Starting your own business isn’t exactly for the faint of heart, but with so many talented executives trying to figure out what’s next – for many the next logical step is to join the world of Entrepreneurship. We’ve been doing a ton of research lately on what is holding people back from starting their own businesses – specifically people who could easily transition from working in Corporate America to becoming a coach or consultant. From what’s holding them back to what they think the perks will be – the information was enlightening.

Leave behind a legacy. For many, it’s not about the money but about leaving something lasting behind for the next generations to benefit from. Sure, they’ve left an impact at the companies they’ve worked for, but that’s just not enough. They want to share their knowledge and experiences with the world. Becoming a coach or consultant allows you to mentor and help others achieve what you have.

Ease into retirement. For many people who have worked a 9 to 5 job in Corporate America for longer than they will care to admit, adjusting to retirement just doesn’t sound appealing. They still want to contribute to society, have a purpose, and feel like they are making a difference. We find many individuals create a “Side Hustle” working as a consultant on a part-time basis while they ease into the work free world.  Truth be told – some just keep on working because they love it!

Work with who you want. When you work for someone else, choosing who your coworkers are and what clients you serve probably isn’t your decision. BUT when you start your own coaching or consulting firm, it’s on your terms. In addition to choosing your own hours, you can also decide if you want any employees or prefer being a one-person show. You also get the freedom to choose who your clients are, what you want to charge, and what the terms are. It’s a Win-Win.

Fear of failure. This is an interesting one. Regardless of how old or how much scar tissue you have, fear of failure just doesn’t go away for some. Of course, starting your own business is scary, but for most, they just don’t know where to start or never really thought it was something they could do. With so many resources out there to help, is regret really an option?

It’s all who you know. Many executives don’t realize that they already have a gold mine of connections that they have amassed over their decades in their corporate career. For some, even working as a consultant for their current company may be an option. Once you spread the word on LinkedIn and in your networking circles, you may be surprised just how many people want to work with you.

It’s never too late. Starting a business doesn’t have an age restriction. Bob Parsons started Go Daddy at age 47, Charles Randlett Flint was 61 when he started IBM, and Colonel Sanders was 62 when the KFC franchise was born. As the saying goes, age is just a number. It doesn’t prevent you from going after your dreams or goals, and it certainly won’t prevent you from starting your own business. After all, those decades of experience count for something!

Did you know that people spend 80% of their life building someone else’s business? So why not spend some time building yours? Create your own legacy and do it on your terms. And if you need a little help along the way, or even getting the business off the ground, we are here to help hold your hand through the process and maybe even give you a nudge every now and again.

Are you ready for your next adventure?

Not ready for retirement? Maybe it’s time to start a consulting or coaching business Read More »

From the 9-5 Grind to Consultant – How do you know when the time is right?

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I’ve met so many people who are frustrated and unhappy in their jobs/careers and they long to be their own boss. Sunday anxiety, Monday morning blues and Friday euphoria are the norms.  Sadly only a minute few will ever take the steps to get to the holy land of Entrepreneurship.

When I ask “Why?”, I get a slew of what I’ll call excuses.  I’m here to debunk the myths and give you some “real talk” on what it takes.

  1. MYTH: Not Enough Money REAL TALK:  I’ll push back and ask “So, what IS enough money for you to have the life you want?”  No one can ever give me a real dollar amount.  What it comes down to is fear of the unknown and the unwillingness to make some luxury sacrifices.  No, you will never really have enough money because most people, the more money they get the more they spend and it’s a vicious cycle.  Which goes back to the sacrifices.  In order to leave your full-time job with benefits, most start-up entrepreneurs have to give up a few things.  (Take my income reality test here)
  2. MYTH: Not enough Time REAL TALK:  Everyone has 24 hours in the day, out of that you should sleep for 7-8 hours.  Most people work for 8 hours a day, toss in some commuting and dealing with life things – say another 4 hours.  That leaves 4-5 hours every day that you can be working on getting what you want.  Most people waste a ton of time on things that aren’t going to serve their purpose of getting out of their 9-5 job.  Sure reading a good book is fun, binge-watching Netflix is as well, playing video games, cellphone games – the list goes on.  Make it a priority, just like eating and sleeping
  3. MYTH: Not Ready. REAL TALK:  Like having enough money, you will never be ready.  What you do need to know that DONE is better than PERFECT and you have to start somewhere.  Eat the elephant one bite at a time versus trying to eat it all at once.  You don’t need the fancy office now, hell you don’t even need business cards – all you need is you and maybe a notepad and pen.
  4. MYTH: If I fail, my life is over.  REAL TALK:  Every entrepreneur I know (including myself) has failed more times than they care to think about (including yours truly).  Failure is just part of the process, accept it in fact embrace it.  The more you fail, the more you learn.

Regret is a horrible thing.  Putting off until tomorrow rarely works, because tomorrow you’ll put it off again, and again until tomorrow doesn’t come.  I’ve seen it too many times.

As the famed Wayne Gretsky said – “You miss 100% of the shots you never take”.

From the 9-5 Grind to Consultant – How do you know when the time is right? Read More »

From the 9-5 Grind to Consultant – How do you know when the time is right?

Leave a Comment / Entrepreneur, Featured, Must Read Blogs, Small Business, Uncategorized / By / / , , , , , , , , , ,

I’ve met so many people who are frustrated and unhappy in their jobs/careers and they long to be their own boss. Sunday anxiety, Monday morning blues and Friday euphoria are the norms.  Sadly only a minute few will ever take the steps to get to the holy land of Entrepreneurship.

When I ask “Why?”, I get a slew of what I’ll call excuses.  I’m here to debunk the myths and give you some “real talk” on what it takes.

  1. MYTH: Not Enough Money REAL TALK:  I’ll push back and ask “So, what IS enough money for you to have the life you want?”  No one can ever give me a real dollar amount.  What it comes down to is fear of the unknown and the unwillingness to make some luxury sacrifices.  No, you will never really have enough money because most people, the more money they get the more they spend and it’s a vicious cycle.  Which goes back to the sacrifices.  In order to leave your full-time job with benefits, most start-up entrepreneurs have to give up a few things.  (Take my income reality test here)
  2. MYTH: Not enough Time REAL TALK:  Everyone has 24 hours in the day, out of that you should sleep for 7-8 hours.  Most people work for 8 hours a day, toss in some commuting and dealing with life things – say another 4 hours.  That leaves 4-5 hours every day that you can be working on getting what you want.  Most people waste a ton of time on things that aren’t going to serve their purpose of getting out of their 9-5 job.  Sure reading a good book is fun, binge-watching Netflix is as well, playing video games, cellphone games – the list goes on.  Make it a priority, just like eating and sleeping
  3. MYTH: Not Ready. REAL TALK:  Like having enough money, you will never be ready.  What you do need to know that DONE is better than PERFECT and you have to start somewhere.  Eat the elephant one bite at a time versus trying to eat it all at once.  You don’t need the fancy office now, hell you don’t even need business cards – all you need is you and maybe a notepad and pen.
  4. MYTH: If I fail, my life is over.  REAL TALK:  Every entrepreneur I know (including myself) has failed more times than they care to think about (including yours truly).  Failure is just part of the process, accept it in fact embrace it.  The more you fail, the more you learn.

Regret is a horrible thing.  Putting off until tomorrow rarely works, because tomorrow you’ll put it off again, and again until tomorrow doesn’t come.  I’ve seen it too many times.

As the famed Wayne Gretsky said – “You miss 100% of the shots you never take”.

From the 9-5 Grind to Consultant – How do you know when the time is right? Read More »

The Post Retirement Entrepreneur

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“I’m ready to retire, but not ready to stop working, stop using my brain, stop… doing.”

When you have spent most of your life in Corporate America – leading teams, driving change, mentoring generations – retiring to Boca or moving to the Villages isn’t always an easy transition for some.

In fact, many recent retired execs I speak with feel lost but, more importantly, feel the need to take what they’ve learned and do something meaningful with it – they want to leave a legacy, they want to make a difference.  This mindset often results in joining a board, volunteering, or even opening their own company and working as a consultant or coach OR all the above.

It all makes sense.  Many retirees live 20-30 years post retirement and if they truly loved their career why not continue working and giving back, sharing knowledge, and padding the “fun fund” while they’re at it.

Here are some interesting facts I’ve discovered about my fellow Boomers who are opting to be entrepreneurs for the first time. (note this is based on my personal connections – not some deep market research!)

  1. It’s not about the money – it’s about the meaning, the mission, and the legacy.
  2. Speaking of money – most don’t NEED to match their corporate salary, in fact, most shoot for 50-100K per year.
  3. Most opt for service-based industries – such as coaches or consultants because the startup cost is not huge and the transition is seamless. They aren’t learning new skill sets.  YET – some opt to go in a completely NEW direction including retail.
  4. More often than not – they prefer to go solo. No employees but bringing in contract workers if needed since many managed large teams for decades.  “Been there done that” is the mantra.
  5. Flexibility is important. They don’t want stress, they want to work when they want and vacation when they want.  They are “retired” after all.
  6. If they are consultants – they are insanely picky about who they will work with. It goes back to enjoying the journey not building an empire.

If you are approaching the magical sixties and aren’t really ready for retirement, but are ready to exit your current job – perhaps entrepreneur life is for you.

The Post Retirement Entrepreneur Read More »

Insuretech: Virtual Property Claims Management in the P&C Space. Win/Win for Carriers, Agents and Insureds

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Insuretech surely isn’t a new buzz word, but it is ever evolving.  From digital agency management systems to sales platforms and claims management – the P&C industry is slowly embracing the wonders of technology.  Albeit far slower than other industries.

When it comes to claims management, specifically in the property space, many carriers are heavily reliant on the human factor.  As far as I know, we don’t have robotic teams going out inspecting CAT events, chimney fires, building collapses, and the like – but we are using drones, video technology, and more.

For many insureds and claims adjusters, the pain comes from cataloging personal and/or business property before and after a loss.  In many instances, an adjuster will visit the scene of the loss multiple times to take pictures, inspect areas, review data, etc.  The process is slow, painstaking, and, in some instances, can be incomplete.

The use of technology to capture the value of not only the property, but the contents before and immediately after a claim, and then having access to that data throughout the claims process and even during a litigation situation, cannot only can save time, but more importantly, it’s a TRUE representation of the property and contents.

I spent some time chatting with Grant Breck, CEO and Simon Wojcik, COO of BeThere Virtual Tours.  The two hail from Australia and are changing the way insurance claims are handled.

Beck, a former carpenter turned specialized fire investigator & insurance claims adjuster became frustrated with the process of property claims management.  “During the claims process,  I would have to go back to the scene multiple times, inspect, take pictures, and then analyze the data.  Often there were no before images to compare the post claims images to, and to add to the frustration, we were reliant on the insured to remember what they had, what was lost.  The process was slow, it was painful, and surely not cost effective.  It never gave a true indication of the situation,”  said Beck.

Beck knew that using technology was the answer. More importantly, he knew the quicker a snapshot post claim was taken, the more accurate the data would be.  That’s where Simon Wojcik comes in.  Wojcik is an expert in immersive technologies specifically in the 3D Virtual Space.  Beck and Simon collaborated to launch BeThere™ Virtual Tours.  Combining the insurance and property expertise from Beck with Wojcik’s technology magic.

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Their pitch?  “What if you could walk through any claim, at any time, right from your desktop”.  No sifting through hundreds of ill taken pictures, no going back and forth to the scene. Within 48 hours of a claim, the adjuster, the carrier, and even the insured can view the BeThere 3D Inspection including a virtual tour of the whole property, 360 degree images as needed – ceiling, entry points, yard, doll house view (3D view), Floor plan, schematic floor plan (volume/measurements) and tour location specific data (images, photos, inspection site notes).  Here’s a sample of what they can do.  (CLICK HERE)  or scan the QR Code below.

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Why should Carriers Care?

What I love about this Insuretech process is it doesn’t replace the human factor, it just enhances it.  We still need experts to analyze data, but now with BeThere’s technology, it can be done a hell of a lot quicker and more accurately.  During a CAT event, teams of 3D technicians can be deployed quickly and the data qualified and quantified far easier.  Thereby reducing the time to get insureds back on their feet.

Quote from one of our carriers

\”Be There is an incredibly useful tool which has successfully identified fraud by exaggeration for a total loss contents claim valued at $250,000 and as a result, our business has been protected from this significant financial loss.  The software is simple and easy to navigate which makes claims processing much more efficient. Absolutely worth the investment\”  

Stacey, Fraud and Investigations Department, Auto & General Services.

Overall this type of technology offers:

  • Faster Claims Processing Times.
  • Increased Auditing Capacity
  • Decreased Travel time and Expenses For field agents
  • Reduction in False Claims
  • Reduction in Over Quoting
  • Increased Customer Experience for Agents and Insureds

In an era where insurance carriers are struggling to be heroes, adding to the customer experience is a big one.  “Using our technology in the personal homeowners’ insurance space brings so much value back to the insured.  As part of pre-binding field inspection, a 3D snapshot is taken of the property and the contents.  Yearly updates can be done upon renewal.  In the event of a claim or CAT event we have an extremely accurate picture of what the property and contents were,” says Grant.  “One of the biggest frustrations I’ve heard from insureds in my years out in the field was trying to account for all their personal property after a fire and trying to create a picture for the claims adjuster of what their house looked like, where everything was and the condition of the home and the property.  Our technology is the ultimate inventory taker.  We can literally look into every closet, every cabinet, and every corner.  No stone is left unturned.”

Will robots replace humans in the claims process?  Probably not in my lifetime but introducing technology like Grant and Simon’s into our current claims process on the P&C side just makes sense.  The great news for carriers and insureds – the Australian team has perfected their process to make it very affordable to everyone involved.  I don’t know about you, but a carrier who teams up with these two will have a leg up on their competition.  When will they head stateside?  Grant noted it was already in the works.  Stay tuned.

To learn more about BeThere and all the cool stuff they are doing – visit WWW.BETHEREVT.COM.AU

Insuretech: Virtual Property Claims Management in the P&C Space. Win/Win for Carriers, Agents and Insureds Read More »

Entrepreneurs need Alfred

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[NEWSFLASH] Not all Entrepreneurs make great CEOs and not all CEOs are great Entrepreneurs. People confuse the two titles a lot because in the small business and even in the middle market world the CEO and the Entrepreneur (Founder) are one in the same – but it’s a tricky and often tumultuous road.In fact, most Entrepreneurs don’t make great CEO’s unless they have a dynamic #2 working side by side with them. Alfred (CEO) to their Batman (Entrepreneur).

Here’s why: Most Entrepreneurs are visionaries, big picture, quick thinkers and are often shiny object people with a huge instant gratification trigger that leads to easy boredom. Entrepreneurs lead by vision and inspiration.

Take me, I’m a classic entrepreneur (right now I’m also the CEO but thank GOD I’ve got my version of an Alfred in Jenn). I love launching new businesses. It’s the thrill of it all. I love the plotting and planning, the dream of what could be and the launch. After about a year in, it becomes a rote process and I get bored and I want to build something new. Fortunate for me Red Barn Consulting allows me to do a TON of creative things and launch programs within the company. I’m no dummy – I’ve learned how to control my launch impulses so I can give my company time to mature, and I have a #2.

Effective CEO’s are also visionaries and big picture, quick thinkers BUT they have staying power and lead by inspiration AND process. The process part is HUGE. They are leaders with acute management skills. They can see the operational process mapped out in their brain and know how to put the right people in the right seats, protect the bottom line, and strategically take the company to the next level. Most CEO’s are more risk averse than entrepreneurs – they need to be.

Although I’m very good at mapping operational processes out for my clients and even for Red Barn, I’m one of the first offenders at not following the process. Just ask Jenn, she will tell you. Entrepreneurs aren’t the easiest to work for. We tend to get hyper focused on something and won’t let it go until we get what we want – strength and weakness btw. We also have a hard time with minute details, finishing tasks that bore us… the list goes on, but you can see where I’m going. Without a powerful #2, your business becomes a #hotmess quickly. Been there, done that.

Great CEO’s are deep thinkers, are fine with minute details and can stick it out for the long haul. Jenn is classic CEO material, I’m classic wild and wooly Entrepreneur. Neither one trumps the other, because both are needed for a business to launch, scale, and succeed.

If you are new to the entrepreneur world, and you relate more to me than Jenn, realize early on that you will need someone to run the ship. Find your Alfred.

Entrepreneurs need Alfred Read More »

Side Hustle Nation – Take the Leap!

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In our program the Business Success Network, we love working with Side Hustlers – people who are working their dream gig on the side while holding down a full-time gig that they greatly dislike. (Trying to avoid words like Hate – they just don’t serve me)

If you are SERIOUS about making your Side Hustle the Full Time Hustle – then here are the steps we take our clients through.  I need to them to know the following:

  1. Be crystal clear on your WHY. What is your purpose – personally, and does it align with your business model.  If the side hustle is just a way to make a buck and you aren’t passionate about it – your business will never be truly successful. You will get burned and give up when the going gets tough – and it will, get tough that is.
  2. Ensure you have a viable business. Just because it’s a great idea, does not mean it’s a viable business model.  Perhaps your market is too small or too saturated, you can’t differentiate yourself enough from the competition or you have a time sensitive thing whose time is almost up.  You need to crunch the numbers and do some market research.
  3. That you need to be a risk taker. I don’t know one business owner who is risk adverse.
  4. That you need to have a success mindset. You must focus on the long haul and not get hung up on the bumps in the road.  You have to BELIEVE you will be successful.
  5. You have capital enough to survive without a paycheck for a while – because most of your $$ has to go back into the company – typically.
  6. You need to deeply understand your customer and their journey – how they will get to you, what you will do once they find you and how you will nurture them. What will their customer experience be like?
  7. Chief Cook & Bottle washer – If you don’t have the capital to pay for help, do you have the talent, will and drive to do it all?
  8. Are you open to coaching and learning? If you have a know it all attitude – you are setting yourself up for failure. Trust me – I’ve been there and it wasn’t pretty.
  9. Are you willing to fail – but more importantly, do you have the mindset that failure is simply an opportunity to learn and grow.
  10. That you need to spend just as much time working on your business in the beginning as in it.
  11. You need to be able to sell or have a process that sells your product for you – i.e. online platforms etc.
  12. Progress NOT Perfection. You need the minimum viable product to launch – it doesn’t need to be perfect, you can always adjust, fix and change as you go. Besides you need feedback from real life buyers!

 Side Hustlers, you can make the transition, and the time is really up to you. If you are focused on the end game, that transition will be far less painful than if you look at ALL you need to do and it will go a lot quicker.

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