We Want the World
Business Building in 2021. My, how things have changed. Or maybe they haven’t. Maybe 2020 simply aroused sky-high motivation levels in many of us. Honestly, I’m not even sure if 2020 was the motivating factor. For me, it was just my time. I set a goal to be more intentional this year, and that is absolutely what I have been doing. Though there is still work to be done, I have made strides that even I did not see coming. When I think about building a business, I am thinking about longevity and generational wealth. Those are the thoughts that keep me going into the “beyond.”
Everyone is not meant to be a boss.
Be honest with yourself. Are you sure you want to be a business owner? It sounds very cool to say that you own a company, but the reality is, everyone cannot be a boss. Some do not possess the skill or knowhow, others do not have the interest. All of that is okay. But everyone has the capacity to be better equipped and maximize their earning potential, regardless of their respective fields or professions. For the employee, your leverage is your knowledge. Don’t you want to earn more?
Most people tell you to start your own business, but few rarely tell you how.
I always knew that owning my own businesses was the path for me. The thought of asking for permission to not come to work or have to explain why I need to leave early makes me cringe. I crave freedom, but freedom comes at its own cost. Just call me Trial & Error. When I first got into real estate, for example, I had no clue how to actually get started. Real estate school does nothing to prepare you to run a real estate business. Real estate school is for the real estate test. Period.
When business building, one of the first things I do is take to the internet.
Reading is fundamental. I read– and I don’t just read internet articles, I also buy books. But you also have to be able to comprehend what it is you are reading. Sometimes, that can be challenging, because there is an automatic learning curve when venturing into new territory.
During my discovery phase, I research, and look into other people and companies doing similar work. My goal here is to see what they are doing, what I like/dislike about their business models, while identifying potential competitors. (This also helps me decide if this is a business I sincerely want to get into). In real estate, it’s like doing market research and preparing a comparative analysis.
Now, I’m not suggesting you do things in the exact same manner that I have. In fact, that is why we are here. “There is more than one way to skin a cat.” I am pointing out to you that I have made countless mistakes, many that cost me a pretty penny. For example–and I don’t know about you, but I frequently hear people telling others to “get their LLC.” Do you know how many LLCs exist and that’s it? Who has money to give away to the government?
Rarely do I hear those same people including in those conversations the steps necessary to correctly establish your business entity. What’s the real difference between an S-corp and a C-corp? It’s kind of like having a wedding versus having a marriage. The wedding is what everyone is telling you to have. And although weddings are nice, your wedding will not sustain your marriage.
Stay focused on Business Building in 2021 and beyond.
It can be easy to get discouraged when you are first starting out. You see some people thriving at something you want to do, and you do not even really know where to start. Stay focused.
I know a lot of people who are business owners. When you think about it, who doesn’t? However, when starting my first company, I felt there were few people I could turn to for guidance. But that never stopped me from trying. I got snippets of information here and there, and I put it all to good use. Although some detail was left out of shared information, I was still better off than I was when I didn’t know anything. Stay focused.
No one is going to give you the entire blueprint for your business for free.
Unless you have been living under a rock with absolutely no cell phone reception whatsoever, I’m sure you have heard of the latest wave, the app called Club House. I have been on Club House for a little while now, and I must say, there is ample opportunity on there. Many people have been able to monetize and scale their businesses, others have been able to connect with people who can point them in the right direction– I mean, it is truly something that can help catapult your profession or business, if used properly.
The greatest thing about Club House is that there are a ton of people on there providing you with information. Some are truthful, honest, and really wanting to create a pathway for others. Some are imposters, there to feed egos and grow their Instagram followings. Like anything else on the internet, all information isn’t good information. Be mindful of that and choose your actions wisely. Still, Club House is a wonderful starting point because you can find loads of people providing value FOR FREE.
Create the framework for your business right the first time.
When it comes to owning a business, investing in yourself is without question. Time, knowledge, and money are the basic ingredients to get your business up and running. If you are just getting started, figuring out exactly what you need to do to get started successfully can be a daunting task. While I struggled to figure things out for myself, I took notes. It made me realize that I should document some of my experiences, so that I may have that knowledge to pass on.
To that end, I am currently developing a course to provide you with a step-by-step guide for the successful foundation in which to build your business. The Business Building in 2022 and Beyond Course will clearly lay out how to start your business from A-Z. Though some of the startup information will directly correlate to Louisiana laws and customs, I recommend that you check directly with your secretary of state’s office to ensure you abide by your local practices. Still, the information included will assist you with any business anywhere in the US.
No matter what direction you choose, understand that mistakes will happen. The goal is to minimize how costly those mistakes will be. Learn some of my Dos and Don’ts in detail. In the Business Building in 2022 and Beyond Course, we will discuss business structures/entities, tax deferment opportunities, establishing business credit, real estate (of course), empowerment, and more. The course will be rolling out next year, so be sure to subscribe to and follow The Coleture, so you will be amongst the first to receive the anticipated launch date.
