Ever Thought About Starting Your Own Biz? Follow These 9 Tips for Success.

This is the first article in a two-part series. The second article will cover tips 6-9.

You’ve heard the statistic before: Nine out of 10 small businesses fail. So what are those 10 percent who are successful doing differently?

Having recently launched my own life and career coaching business for women, I thought I’d share my top 9 tips for success. Obviously, the real test will be whether I’m still standing one year from now, five years from now or 10 years for now—but as long as I continue focusing on these foundational principles, I feel good about my chances.

1. Start with your big "why."

Before you jump into any large endeavor, you want to make sure you’re clear on your big “why.” So in this case, you want to determine WHY you want to start your business.

• Is it to make a difference in the world?
• Is it so you can have a more flexible schedule and spend more time with your family?
• Do you want to become the master of your own destiny?
• Do you want to be a stronger role model for your children?

Whatever your primary motivation is, write it down and keep it somewhere you can see it often. When the going gets tough (and it will!), focusing on your “why” will help you persist.

2. Have a plan.

You wouldn’t drive cross country without a map, right? Well, don’t start a business without charting your path first.

Clearly, you’ll want to think through the traditional elements of a business plan: company description, products/services, strategy, market analysis, financial projections, etc. But in addition to your formal business plan, you’ll also want to consider the following items:

• Do you have enough money in your savings account to cover your family’s expenses while you build your business? It can take some time before a new business turns a profit. My advice is to have a minimum of one year’s worth of your salary put aside.
• How will you manage your time? If you’ll be working from home, will you have child care? If you have to put in extra hours on the weekends, will your spouse be able to help out with the kids?
• If you’re still working in a traditional job while you prepare for your business’ launch, what’s your exit plan? Will you juggle both responsibilities for awhile? At what point will you transition fully?

3. Understand the numbers.

You need to treat your business like a business—not an expensive hobby. Repeat after me: Businesses are in business to make money. While you may have launched your business out of a desire to do what you love and/or be of service to others, the only way you’ll be able to do those things on a continual basis is if your efforts are bringing in some cash.

Pay careful attention to your expenses and take the time to figure out your projections. Numbers don’t lie and if yours aren’t adding up, you’ll need to get serious about raising your prices, increasing your marketing, cutting expenses and re-thinking your products and services altogether.

4. Don't reinvent the wheel.

As Tony Robbins says, “Success leaves clues.” Research others in your field—as well as in other fields—who have been successful in business. Study what they have done and model it (that’s model; not copy). Sure, there’s room for innovation, but some principles of success are timeless. You’ll also want to consider investing in information products on topics like marketing and social media, as well as an experienced business coach who can help you grow your business faster—and with less struggle.

5. Focus, focus, focus.

Launching a business takes serious dedication—and hours upon hours of hard work. To make it happen, you will need to cut out anything in your life that is not moving you in the direction of your larger vision. This may mean saying “no” to social engagements or volunteering at your children’s school. It may mean that your house doesn’t get vacuumed or you buy brownies for the school bake sale at the store instead of baking them from scratch. Everything that is non-essential has to go!

I also recommend building your support system. Ask for help from your spouse, parents, siblings and friends. If you can swing it financially, hire a nanny or babysitter, a housecleaner and a virtual assistant. Shop online and use a grocery delivery service like Peapod to cut down on your errand time. Look at all of your current activities and figure out where you can find extra time to devote to your business. Remember, lack of time is really a lack of priorities. Go back and revisit your big “why” statement. Then ask yourself, what could be a higher priority than that?

Dana D’Orsi is a life & career transformation coach, the founder of Best Life Solutions and the creator of The Best Life System™, a proven step-by-step program that teaches women who feel stuck or frustrated in some area of their lives or careers how to get “unstuck,” figure out exactly what they want and get it in record-time. For immediate FREE access to Dana’s Best Life Video Series, as well as a complimentary email subscription to Dana’s weekly success tips, visit www.best-life-solutions.com. You can also connect with Dana on Facebook at www.facebook.com/danadorsi.