Consistency Is Key!
Most businesses fail for 2 reasons.
Reason #1: Lack of Capital
Reason #2: The owner gave up before the business had a chance to take off.
It takes an average of 3 years for most businesses to become profitable. If you have not stuck with it for at least 3 years, or if you’re planning your business and you don’t have 3 years worth of capital to keep yourself afloat you may need to go back to the drawing board.
When making a business plan it’s best to make a plan for the first 5 years of the business and build in a little cushion for the unexpected.
In my opinion, the best businesses are ones you can start while you’re still working somewhere else full-time.
Open a bank account and put money aside each month to fund your business. The best way to do this is to have it automatically deducted from your check so you don’t miss it.
Wondering what type of business you can start in your spare time? Here’s 3.
1. Graphic Design-other than the cost of design software, this business has very little overhead and can be done anywhere with a dedicated computer
2. Bookkeeping-while it is necessary to have training, you can easily sign up for a course at a local community college. Many small businesses may contract a freelance bookkeeper that either can't afford or do not need one full-time.
3. Copywriting- Copywriters put together promotional material for businesses, including ads, websites, newsletters, commercials, direct mail and others.
See below for a list of 7 more businesses you can start in your spare time!
Once you’ve decided what type of business you want to start, commit. Commit to working on your business for the next 3 years to see where it can take you. I promise the possibilities are endless.
While this blog post mostly centered around being consistent when starting a new business, consistency is the key to success in all other areas of life as well.
Starting a new fitness routine? Consistency is key!
Trying to get promoted at work? Consistency is key!
Saving money to purchase a new home or car? Consistency is key!
Trying to potty train your new puppy? Consistency is key!
If you only developed one habit for the rest of your life, I would recommend being consistent in all that you do.