SNM202: First Step to Start Your Business

Welcome to the beginning of our mini-series on this podcast called: “be your own boss” where I am going to teach you the steps you need to take to become your own boss.

Have you ever imagined working for yourself? If it feels a little bit scary to you, don’t worry, it is how the system has made us. Ever since we were little, we were taught that when we grow up, we will work in an office, we will have a boss and we would have to travel to work every day until we retire. But this is not true anymore. You don’t have to be an employee your whole life, you can be your own boss and earn a lot of money.

The first step in starting your own business is learning how to operate without a net. This is a mental decision and you need to be ok with letting go of all the previous business ties come in terms that if something happens it will be up to you but if you do it gradually this phase will go smoothly.

Further down the line, you need to separate business from a hobby. If your new business is just a hobby for you, there is a possibility that you will eventually get bored and forget about it.

Every business needs a bank that’s reliable. I have a bad experience with some banks in the past but ever since I’ve started using NOVO for my main accounts and Mercury as a backup I can say that I know that my money is safe and I don’t lose thousands of dollars a year in fees and hidden costs.

Time can be tricky. You can think you are spending enough hours a day working, but if you don’t track your time, how will you be sure that you are spending your time productively? There are a lot of online tools that can help you track time, one software I use is Time Doctor, and it has proven efficient for me when I was starting and for the team that works for me.

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With Time Doctor I always know how much it takes me to do a job, and how much it takes someone from my team do to the same job so it helps me figure out if it’s cheaper and faster to do it myself or I can pay someone else to do it for me.

The right business model for you can be what makes you or breaks you. If you can’t see yourself doing the same thing 10 years down the line, then the model you’ve chosen it’s not right for you, go back and see what suits you better.

In the end, you can never know if you don’t try, so I encourage you to take the first step. It can be slow, but as long as it’s firm and steady, it’s good enough. Give freelance a chance. You can work on something for some time and then when you become an expert you can sell courses on the very thing that helped you begin and before you realize it, you are free to chase all the dreams a man can dream.