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These 10 Steps Will Help Any Entrepreneur Get Their Game Right

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entrepreneurship

You followed your heart. You turned your passion into your mission. Your fear of regret superseded your fear of going for it. You’ve worked hard, but the success you desire didn’t arrive on schedule. You’ve had achievements, followed gurus, and kept your dream alive through sheer tenacity and a determination not to return to the hamster wheel from which you jumped.

You’re exhilarated at the thought of being your own boss, working alongside your dog, and not punching a time clock. What you may not have known about entrepreneurship is that, like raising kids, there are ups and downs, overwhelm and excitement, pain and joy. You’ll think you’re doing it wrong most of the time, while secretly hoping you’re getting some of it right. You’ll want to quit. To all those statements, I can say, me too.

Here’s 10 ways to change your game and get it right:

1. Refine and release your product offering

Your business isn’t just about what you’re selling and what problem it’s solving. Focus on what gives your life meaning and how what your offering represents that. You’re selling your story, not your product or service.  And, if you’re stuck in the pondering, refining, revising, rewriting, or redesigning stage, move forward. Get a good, not perfect, product out there. Rinse and repeat. Done is better than perfect unless you’re engineering heart valves or knee replacements.

2. Build your brand from your heart, not your head

If no one knows who you are, where to find you or what you do, they can’t buy from you.  A legitimate problem but easily solvable. The step that matters most to your bottom line, however, is incorporating bits of your journey and soul, not just your expertise. Focus on being resonant. A great brand builds relationships and relationships are why buyers choose you over and over.

3. Determine if you have a fear of failure, a fear of success or both

You are probably clear on fear of failure- the hesitancy that comes with the fact that what you’re doing might not work out and could be painful to you and your bank account. What you may be less familiar with is a fear of success, that can be equally paralyzing because you have deep-seated worries about how your life will change if your business really takes off.

You might be disappointed that you haven’t reached your goals, but you are comfortable with the familiarity of how your life is now. Fear of success is released the same way as fear of failure. Ask yourself three questions. What’s the worst that can happen if I’m successful? Can I handle it? And, what’s the best that can happen? Then choose comfortable and familiar or success.

“Fears are educated into us, and can, if we wish, be educated out.” – Karl Augustus Menninger

4. Hustle

When you link your service to your story, you can easily talk to everyone all the time about what you do without sounding coercive or salesy.  If you want to be successful, you have to be the mayor. Fake being outgoing until you’re outgoing. You may have held back because hustling sounds icky. You may also have mistakenly thought you were hustling when you weren’t!

If you work all the time but aren’t getting where you want to go, you may be doing more of what’s comfortable rather than what works. Give your inner badass entrepreneur a hustler nickname and embrace that part of you that knows you’re in business to make money as well as making the planet a better place.

5. Focus on what you don’t do well but desperately need

If you’re spending all your time becoming more of an expert at what you do, chasing more credentials and living in the comfort zone, but you’re neglecting marketing, strategic planning, competitive analysis or some other part of your business, success will continue to elude you. Instead of listening to Ted talks and reading journal articles in your field, focus on the major players in business like Tim Ferriss, Tony Robbins, and Gary Vaynerchuk and everyone they interview.

6. Focus on the small goals on the way to the big dream

I love dreaming big, like focusing on becoming a NY Times best-selling author. That goal is definitely on my vision board but so is to finish writing the book and get it published. That’s a simple example but overlooking consistent, focused small steps while affirming the big goal will not get you where you want to go. Don’t focus on a net income of $2 million when, immediately, you need to focus on making enough money to keep you out of a day job.

“Discipline is the bridge between goals and accomplishment.” – Jim Rohn

7. Make “I can” your new motto. Banish “I can’t” from your vocabulary

It’s rarely true anyway. You can say: I don’t know how, I’m working on it, and I need to figure it out, which all imply that there is a solution to be had. I can’t is final and permits you to quit. I can, not only psychologically primes your brain to find a solution, it switches your thoughts from a fixed to a growth mindset.

8. Ask for help

It’s easy to slip into excuses, like “everyone’s busy”, “you have to pay people to help you” and “why would so and so want to help me”.  It’s a risk to ask for assistance. However, wishing, wanting and hoping what you need magically appears succeeds far less often than asking for it. The answer will either be a yes or a no, and either is ok. Don’t take it personally. As Jack Canfield says, every no brings you closer to a yes. Be sure to show or tell them why they want to help you and offer to assist them in return.

9. Know your role models

Don’t reinvent the wheel because wheels exist. Find who’s doing what you want to do, be and have. Study them, contact them, and do what they did. For work, life and relationships- know your role models. And keep it in perspective. Your big goal may be that your mentors become your friends but you need them to be your mentors first.

10. Enlist a support team

You need your cheerleaders and tough lovers. These are people who will provide unbiased support- celebrating the victories, cheering you through the difficulties and asking the tough questions that help you win big. They brainstorm solutions and provide much-needed connection for the SOULpreneur.

Most of success is mental, not mechanics, but these steps cover both, require no financial investment, and you can start on them today. As mega fitness superstar, Shaun T says, “Let’s goooo!”

What gets you excited? Comment below!

Image courtesy of Twenty20.com

Lisa Zawistowski is a happiness and success coach, writer, blogger, and author of the future NY Times best seller “Get What You Want-The Mindset: How to Get Clear, Get Real and Get Going to Create a Life You Ridiculously Love”. She is also owner and CEO at www.smallsteps2bigchange.com, where you can grab her FREE guides, including Hardwire Yourself to Be Happy: 26 Ways to Hoist Your Happy to New Heights. You can follow her on Instagram and Twitter @bigchangecoach.

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Entrepreneurs

How Entrepreneurs Are Harnessing LLCs to Launch Successful Startups

LLCs have unique advantages for starting up and growing a successful business

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why you should set up an LLC

In my entrepreneurial journey, I’ve learned that LLCs have unique advantages for starting up and growing a successful business. But, before delving into the advantages, it’s essential to grasp the fundamentals of what an LLC is and how it operates. 

What is an LLC?

An LLC is a hybrid business entity that combines the liability protection of a corporation with the pass-through taxation of a partnership or sole proprietorship. This unique blend provides entrepreneurs with the best of both worlds: personal asset protection and simplified taxation.

One of the most significant advantages of an LLC is its limited liability feature. This means that as the owner, my personal assets are shielded from any liabilities or debts incurred by the business.

In the event of lawsuits or financial obligations, only the assets of the LLC are at risk, offering me peace of mind and protecting my personal wealth.

Advantages of Forming an LLC

Flexibility in Management and Structure

Another aspect of the LLC that appealed to me was its flexibility in management and structure. Unlike corporations, which have rigid hierarchies and formalities, LLCs allow for a more relaxed approach to governance. As the founder, I have the freedom to structure the company in a way that suits the needs and goals of my startup.

For instance, LLCs can choose to be managed by their members (owners) or appoint a manager to oversee operations. This flexibility enables me to maintain full control of the business or delegate management responsibilities to trusted individuals while retaining ownership.

Additionally, LLCs are not bound by strict meeting requirements or extensive record-keeping obligations, reducing administrative burdens and allowing me to focus on building and growing the business.

Pass-Through Taxation and Financial Efficiency

One of the most attractive features of an LLC, particularly for startups, is its pass-through taxation. Unlike corporations, which are subject to double taxation (taxation at both the corporate and individual levels), LLCs pass profits and losses directly to their members’ personal tax returns.

This tax efficiency not only simplifies the filing process but also allows for greater flexibility in managing cash flow and reinvesting profits back into the business. As an entrepreneur, minimizing tax liabilities and maximizing financial efficiency are critical components of long-term success, and the pass-through taxation feature of an LLC aligns perfectly with these objectives.

Enhanced Credibility and Professionalism

Establishing an LLC can also enhance the credibility and professionalism of a startup. Unlike sole proprietorships or general partnerships, which may be perceived as informal or less legitimate, an LLC provides a formal business structure that instills confidence in customers, investors, and partners.

By operating under the umbrella of an LLC, I can present my startup as a reputable and established entity, which can open doors to opportunities such as securing financing, attracting top talent, and forging strategic partnerships.

This enhanced credibility can be a significant advantage, particularly in competitive industries or when seeking to differentiate my startup in the market.

Protection of Intellectual Property and Brand Assets

For startups built around innovative ideas or unique intellectual property, protecting these assets is paramount. An LLC offers an additional layer of protection for intellectual property and brand assets, safeguarding them from infringement or unauthorized use.

By registering trademarks, copyrights, or patents under the name of the LLC, I can establish legal ownership and enforce my rights more effectively in the event of disputes or infringement claims. This protection not only preserves the value of my intellectual property but also enhances the overall stability and longevity of the startup.

Steps to Form an LLC

Let us now look at the general steps to form an LLC for your business:

Step 1: Choose a Name for Your LLC

Selecting a unique and distinguishable name is the first step in forming an LLC. Ensure that the name you choose complies with the rules set by your state’s LLC division. Typically, the name must end with “Limited Liability Company,” “LLC,” or an abbreviation of these terms.

Additionally, the name should not infringe on the trademarks of existing businesses.

Step 2: Designate a Registered Agent

A registered agent is an individual or entity appointed to receive legal documents, such as lawsuits or subpoenas, on behalf of the LLC. The registered agent must have a physical address within the state where the LLC is formed.

For instance, if you are forming an LLC in Texas, ensure that your registered agent has a physical address in Texas.

This role is crucial for ensuring that the LLC remains compliant with legal requirements and maintains good standing.

Step 3: File Articles of Organization

The Articles of Organization, also known as a Certificate of Formation or Certificate of Organization in some states, is a document that formally establishes the LLC. You’ll need to submit this document to the appropriate state agency, usually the Secretary of State or Division of Corporations.

The articles typically include basic information such as the LLC’s name, address, registered agent details, and the purpose of the business.

Step 4: Create an Operating Agreement

While not always a legal requirement, drafting an operating agreement is highly recommended for LLCs. This document outlines the ownership structure, management roles, voting rights, profit-sharing arrangements, and other important aspects of the LLC’s operations.

Even if you’re the sole owner of the LLC, having an operating agreement in place can help clarify expectations and prevent disputes in the future.

Step 5: Obtain an Employer Identification Number (EIN)

An Employer Identification Number (EIN), also known as a Federal Tax Identification Number, is a unique nine-digit number assigned by the Internal Revenue Service (IRS) to identify your LLC for tax purposes.

Even if your LLC doesn’t have employees, obtaining an EIN is necessary for opening a business bank account, filing taxes, and conducting other financial transactions.

Step 6: Obtain Necessary Permits and Licenses

Depending on the nature of your business and its location, you may need to obtain various permits, licenses, or certifications to operate legally. These requirements can vary widely from one industry and jurisdiction to another. Common examples include business licenses, zoning permits, health permits, and professional licenses.

In my entrepreneurial journey, the decision to establish my startups as LLCs has been instrumental in mitigating risks, optimizing financial performance, and positioning my ventures for long-term success.

By harnessing the advantages of the LLC structure, I’ve been able to navigate the complexities of entrepreneurship with confidence and resilience, laying the groundwork for a bright and prosperous future.

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Entrepreneurs

Build a Strong IT Team with These Smart Hiring Tips

Without dedicated IT staff, your company may not be able to function as efficiently or effectively

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Hiring tips for tech industry

The role of IT staff in your company is not only essential but also ever-evolving. As your business grows, so does the need for qualified IT staff and more robust recruiting solutions.

After all, from maintaining and troubleshooting the computer systems that keep your business running smoothly, IT staff also help employees stay connected and productive by providing technical support at all times. (more…)

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Entrepreneurs

5 Important Legal Tips Every Entrepreneur Should Know

With a firm commitment to legal knowledge, you pave the way to grow your business sustainably

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legal tips for entrepreneurs

Embarking on the entrepreneurial path is a courageous venture that calls for a diverse skill set to achieve enduring success.

While creativity, drive, and strategic vision are paramount, integrating legal insight into your entrepreneurial toolkit can be a game-changer.

This comprehensive guide delves deeper into the five critical steps that can empower you to navigate the intricate legal landscape and propel your venture toward prosperity. (more…)

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Entrepreneurs

6 Hacks to Boost Your Productivity as a Business Owner

To improve how much you get done each day, it’s smart to establish routines and use careful planning

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productivity for business owners

Entrepreneurs are always looking for ways to get more done with the time and resources they have. Business owners can use clever productivity tricks to break these limits and make the most of their projects. (more…)

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