How to start a business? Easy. One day #IQuit my cushy corporate job….and then failed at my own business, but I never gave up. Use these simple tips to learn how to start a business the RIGHT WAY.
I learned priceless lessons, made shifts, rest my goals and strategies, built a booming business and then compiled my experience into book. Now I am #1 best-selling author, a Reality TV Pilot host and wildly successful marketer.
I am obsessed with helping others on the topic of how to start a business.
How to Start a Business…My Story
It wasn’t easy, but it was SO worth it.
I was kicking big goals in the corporate world. Climbing the proverbial corporate ladder. Earning a great salary.
Then in 2011 I thought I was too smart to be working for other people…and I should naturally be my own boss.
I had my MBA. Made a lot of money for the companies I worked at. If I started my own company, that means I could keep all the money for myself. And I wouldn’t have to turn up early and leave late. I could choose my own hours.
So I handed in my resignation, and decided to start a video production business. I went to businesses and I said, “Look, you guys need to put video on your website, you know, YouTube’s getting traction. Video is the new thing and you need it.”
Sounds easy right? Wrong.
I worked the hardest I’ve worked my whole life. Me and my wife both worked double full time in the business. Not just full time like 9 to 5. Like, it was 9 to 5 and then 5 to midnight, like you know, after dinner. Here’s a photo of me and my wife Dianna on set when we started this business – so innocent!
How to start a business? Easy. I was doing every job. I hired the camera operators, aside from that, every other job was me. I was the accountant, the customer support, the salesman, the marketer, the web developer, the content writer, the producer, the director, everything……Here’s one of the videos we created!
So, after working as much as humanly possible, we made $30,000 the whole year. Yes, just $30,000 between the two of us. A tough year!
I quit my 9 to 5 job to start a business that I became a slave to, exhausted, just about broke, 80 hours weeks toiling for pennies. I felt like a failure, like a loser, I wanted to give up and crawl back to the corporation I ditched. With my wife we decided that giving up simply was not an option, we worked too hard, sacrificed too much. Instead of focusing on our miserable $30,000 year, we needed to glean the priceless lessons from failure!
I changed my attitude, cancelled the pity party and started reflecting all that went wrong and all that I could have done different.
Yes! I have an MBA from Macquarie Graduate School of Management and a Bachelor of Computer Science from Macquarie University, but this $30,000 year I graduated with a PhD & Masters in Real World Entrepreneurship from the University of Hard Knocks!
As soon as I made that mental shift, embraced failure, leveraged the lessons learned how to start a business and mentor entrepreneurs to achieve outrageous results!
The logical next step was to compile my bootstrapping result based strategies into a book that became a #1 best seller. (you can get a free copy of Feed A Starving Crowd here)
What went wrong?
- My biggest insight from this learning on how to start a business was that……I didn’t feed a starving crowd. I was selling people things that they didn’t necessarily want or need. I was telling them that they need to do a video but they didn’t ask for a video. They didn’t really want video.
- I had no previous experience in the video business.
- At the end, I actually ended up hating video production. Far more fun to be in front of the camera instead of behind it!
- I did not have a mentor or someone to lead me into a successful path, it was 100% guess work, trial and errors, which cost me time, money and motivation!
- I did not have identified a CLEAR avatar, perfect prospect for my services.
- I did not have the right offer for those I was contacting and “pitching”
What did I do well?
- My dad was generous enough to give me some part time work helping his business with marketing and product launches. I was able to improve my marketing skills immensely during this time and that put me in good stead for future projects I picked up.
- I managed my finances well. Even though revenue was horrible, I kept a tight rein on expenses and we managed to exit of the business without losing any money.
- I mastered many “guerrilla” types of marketing on how to start a new business
- Dove head first into boot strapping marketing, to generate the most amount of results for the least amount of money and time.
- I wasn’t afraid to admit failure and wasn’t blinded by pride, I accepted that I needed help and reached out.
- I kept on exploring new strategies and documented those that won and those that flopped, to avoid repeating costly errors.
- I learned to not be afraid to try new ways how to start a business, widen out and think out side the corporate box I had quit!
- I knew when to get out. Even though it was a huge blow to my ego and pride. I had always been an overachiever at school and in every job I took on. Wasn’t easy to admit defeat.
If you’re wondering how to start a business, the most important thing is to make sure that people actually want to buy what you’re selling. I call it “Feed A Starving Crowd” and I wrote a book on the topic.