Things you need to know before you start your own business.


So, you want to become an entrepreneur? Well why not! Get excited as I’ve helped 100s of individuals start their own businesses. Many of them women, that have gone on to quit their 9-5 and make a full-time income from
their businesses.

I will share a few strategies with you to learn how to build a profitable business as
fast as possible. The results you get are of course up to you, but let’s see what it

What is Entrepreneurship?

Entrepreneurship is defined as the act of starting and running your own business or a tendency to be creative and wish to work for yourself in your own ventures. Plenty of people dream of starting their own business, but few ever take the plunge and actually do it. But if the thought of taking a risk on an idea that can serve others appeals to you, you just might be an entrepreneurial candidate.

What if I still have a 9-5?
Don’t quit your day (or evening) job just yet. After you’ve made your decision to become an entrepreneur, you can think of the 9-5 as your angel investor. That salary is going to assist with funding your new venture. Once you’ve got your business up and going and you’re revenue is exceeding your 9-5, then you can begin to evaluate the option of jumping in as a full-time entrepreneur. Begin by taking time to change and enhance your life, with mental shifts.

  1. Live with Intention and Authenticity
    If you want to live your best life, you have to act with intention and be willing to
    sustain your effort and motivation over the long haul. You have to believe you have it
    in you to create your best life. In everything you do, ask yourself: Does this help me
    build the kind of life I want to live? Once you make this shift, you will be empowered
    to pull yourself away from things that pointlessly suck your time, energy and finances.

Focus on what you need to do to create your best reality and start living happily,
authentically and prosperously. 

2. Own your Power
Everyone has a source of inner power that fuels them. It’s the strength you draw from to overcome obstacles. But most of us aren’t really aware of what makes us powerful or how we can wield our abilities most effectively. The problem is that we don’t tend to see ourselves as capable, dynamic, forceful or influential. We dwell on our faults
and mistakes, and this diminishes us. Eventually, we let our power slip away. Spend some time reconnecting with yourself and acknowledging your limiting beliefs. What if you banished them? Own your power by understanding what lights you up.

What gives you a thrill? What do you feel passionate about? Hold on to those things.
Continually envision yourself as the badass you know you are. Give yourself permission daily to know that you know, you are a beacon of light that shines bright. Your vibration is at the love level 24 hours a day. You and you alone have the power to jump out of your comfort zone and create the life you desire.

3. Focus on Quality over Quantity
Learn to keep things simple by focusing on quality over quantity. By doing this, you’ll
ultimately get more bang for your buck. This mental shift keeps you concentrated on
using your resources wisely, so you’ll carefully and thoughtfully guard your time,
money and mental and physical energy. Quality has more to do with depth, such as
ensuring a task or goal is entirely completed, which usually leads to better results.

4. Understand your Worth
Nothing will cast you in a negative light faster than a “woe is me” mentality. People
see you through the lens of how you project yourself. The energy, confidence and
attitude you bring with you are key in projecting yourself as someone who is self-
assured and upbeat. As such, never underestimate your value and worth. This isn’t
just about your credentials, education and experience (though those things are
great). Rather, it’s about your ability to show the world how awesome you are in your
everyday dealings with others.

Every interaction is a chance to show exactly what you have to bring to the table, and exactly why you stand out from the rest. You have to appreciate and fully utilize every bit of your talent and mojo. Find your inner grit, hone your savvy and embrace your worth. Be in control of you.

Choose a Business Model

Before anything else, you need to decide on the type of business that you want to
build. You see, there are different business models and they all come with their pros
and cons.

You can start a secure business that lets you quit your job and make a great income.
Or a risky and world-altering startup with venture capital money.

Here’s what you need to know about both business models.
Read this GoDaddy article What is a business model and how to choose the best one
for your venture.

Things to think about when forming a business?
There’s more than one way to officially set up a business. We’re here to make sense of them all so you can start on the right path.

What’s the difference between an LLC and a corporation?
Both protect owners so they’re not personally on the hook for business liabilities or debts. But, key differences include how they’re owned (LLCs have one or more individual owners and corporations have shareholders) and maintained (corporations generally have more formal record-keeping and reporting requirements). Even though LLCs are considered easier to start and maintain, investors tend to prefer corporations.

What’s the difference between a C corporation and an S corporation?

The way you’re taxed. C corporation income is taxed twice—the business pays taxes on its net income, and then the shareholders also pay taxes on the profits they receive. With S corporation income, only the shareholders pay taxes on profits received.

What’s the main difference between a sole proprietorship and an LLC?

Personal liability protection. An LLC protects owners from being personally on the hook for business liabilities or debts. A sole proprietorship doesn’t.

How are different business types taxed?
LLCs, S corporations, and sole proprietorships are taxed once on profits received. C corporations are taxed twice; the business pays taxes at the corporate level, and shareholders pay taxes on income received.

Which business types give me personal liability protection?
LLCs and corporations. You don’t get personal liability protection with sole
proprietorships or DBAs.

I hope this article has provided you with useful actionable information. Let us know in
the comment’s how you will be using the information and what other information
would be beneficial to your growth.

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