First steps in starting my own business

[paprika]

I've decided to work on my business, and I'm a bit unsure how to make the next steps. Thanks to my hard work in the last couple of years, I've earned and saved some money so I could maintain my current quality of life for years without any further income. But for some reason, I wouldn't let myself go without a salary for that long, and I'd still keep some 9-5 or contract job around for a steady but probably lower amount of income, so I could work on my own project besides that.

The reason is why I feel like this is because I haven't tested my idea. At the moment, I'd definitely give it a try to start my own business with full throttle, but I'm a bit scared about its financial consequences: what if it goes wrong, my idea turns out be a failure and I'll just burn all my money? I'd need time to learn and gain experience about how business works (I haven't had clients before), do some research and experimentation while a safety net is installed that can catch me. But having a "backup" job around might decrease the amount of energy and time I can spend on my project at the same time.

What would be the ideal curve here? Is this an acceptable compromise?

[Jacobsrw]

@paprika you’re on the right track. First it’s important you have established a passion, something deep and meaningful for you to fulfil. This will create a compass for your creative process. Don’t simply do business for money, do it because you have a passion. This must be fulfilled first. Otherwise, your efforts will become a bottomless pit which will have you endlessly chase since there would be no purpose to fulfil.

Once you have your passion sorted find your unique approach to represent it. This should be something unreproducible by anyone else. To discover this, tune into your eccentric skills and features as a being. As for using your finances wisely, research a product or service that suits your niche, optimise it and start getting samples made. Set an appropriate budget and do multiple product testing. Refine it as you develop until you have produced something undeniably valuable. 

Edited May 29, 2020 by Jacobsrw

[Elton]

@paprika Yes keep researching and learning new stuff related to business. Keep testing ideas, don't worry about failure as failure is good.

Keep on doing it with strategy. Keep having your vision in mind, keep training the subconscious mind.

All the best with your Life purpose man.

 

[paprika]

Okay, great, thanks for all the feedback. My next question is then: does anybody have any recommendations on what books, articles, or blogs to study about self-employment or doing contract work?

[universe]

How long do you want to do this. Did you just decide now?

The most important step is going to be to change your limiting beliefs around your business. Then it depends on the skill you need for your work. If you already got the skill (maybe because you worked in that field) you should look into marketing.

Of course you need to know if its even a viable business idea. Maybe we can help you or you test it yourself. If you already have a financial safety net Id recommend you go all in on your business!

For ressources I recommend this guy https://www.youtube.com/user/samovenstv he will take you by the hand and show you where you can optimize if you start to slack and what inner work you can do, to maximize your success. You dont need to do everything he says, hes a nerd lol.

And listen to interviews with people who did the thing you want to do (i.e. your field of business your in).

[paprika]

I've been pondering to start my own business for a while now (1-2 years, perhaps). For what it's worth, saving some money was actually part of the (somewhat unconscious) plan around this. I believe I've gained all the field-related skills: I'm both experienced on the theoretical (worked in the academia) and the practical side (worked in the industry) of my area of expertise, and I've also have a track record at people & project management, education, public speaking, and organization.

So you're right: where I'd probably need more development are the actual business skills: as you wrote, marketing, for instance. Right now, I feel myself like a complete n00b. But I'm a very open-minded person and eager to learn about these, so thanks for the hint @universe , I'll check out that guy.

To be honest, my strongest motivator at the moment is to be my own boss. I feel my professional values are wasted at my current employer, also I'm quite sure that I'm underselling myself. So doing my own business is that I'd feel the most efficient way to self-actualize myself. Maybe that's where my fears really lie: I'm trying to escape the "wage slavery" in a haste, without deep business knowledge, a tested business idea, and a business plan?

[flowboy]

@paprika You have saved enough money to sustain your lifestyle for years! This is amazing to me, very few people have this kind of financial discipline. Congratulations on that.

Btw I'm doing the Sam Ovens course right now. Because I purchased it, I am able to refer friends who get a 500 dollar discount. So in case you decide you want to buy his course (pretty stellar marketing and sales guidance), you can PM me.

[UDT]

@paprika I dont wanna rock your Boat too much but Im pretty sure the main reason you are holding back is because you are

A) Clinging to your Money

B) Afraid of failure

Both you can let go!
 

Youre using the "marketing and sales" thing as an escape to not start.

Here I give you a blueprint for your client based business:

A: Set up a website with squarespace or wix or wordpress  (takes a week)
B: Get a Name and a Logo and some Branding stuff if you need it (If youre unable to do the logo, go to fiverr.com)
C: Research potential customers in your area and literally COLD CALL them and say: "Hey Im Bob, with whom can I speak about the opportunity of my service xyz Business taking over 20% of your backend to increase your revenue?" (Im making stuff up now). 
 

And thats it. You dont need a fucking course for that. 
Im happy to be your unpaid consultant if you really need help I got a biz degree and startup experience. 
But seriously, just go! Youre just thinking, that wont bring you further, you have to learn by doing it

[Tom T]

@paprika test your business about my giving your target audience survey about your idea.  get to know your demographic, their needs, wants and desires, their top struggles and moat importantly get feedback on do they like your idea and how much will they pay for it.  make sure you get 10 to 20 responses or more depending on what your idea is.

[paprika]

Hey folks, thanks for all the insights and nudges!

• @flowboy thanks for your offer regarding the Sam Owens course: I've watched a couple of his first videos on YouTube, and based on that I think right now I'm fine with the free content posted there.
• @UDT you're right, I'm still clinging to money, and I'll need to take care of that first. FWIW, when I was watching Sam Owens videos, I've had an impression very similar to your advice above, so that part of the business mustn't be rocket science indeed. Thank you for the push.
• @Tom T maybe that's a bold idea, but recently I came to the conclusion that what I'd like to do as business is something that I've done as a employee: coach/mentor professionals on 1:1 or in general such as a podcast, consult companies, and do research on topics that I consider important, go to conferences and sell my ideas. I don't think that'd need any market research to reinforce that. I'm getting more and more certain that my experience and expertise represent a very valuable asset, and it's time to enjoy the benefits.