The Monthly Guide/ Has Another Year Passed Without You Starting Your Business?

July/August 2017

I ask prospective members, “what’s holding you back?”

They usually answer with the following:

• unsure what to do first
• unable to make a decision
• prioritizing what’s important
• struggling to take action
• feeling lost and alone

These are problems for all business owners, but especially from start-up through the first year.

Here’s How Many People Handle It

1-They read books, listen to webinars, and take classes — endlessly.

All of these offer valuable information. The problem is, it can be confusing, overwhelming, and sometimes contradictory. And often, gets in the way of taking action.

I know, I’ve done it myself.

2-They talk to friends, family and associates and ask them for advice.

This is rarely helpful, unless your friends and family support your idea and understand your goals and business.

What You Should Do Instead

You need to associate with like-minded people.

To quote the famous Brian Tracey:

No one lives long enough to learn everything they need to learn starting from scratch. To be successful, we absolutely, positively have to find people who have already paid the price to learn the things that we need to learn to achieve our goals.

That doesn’t mean you need to be with other entrepreneurs in the same business, or those with similar expertise.

Not at all.

Here are qualities that are important in your peers.

• Interest, motivation and drive to start and grow their business.
• Knowledge and insights they will share to help you make a decision.
• Troubleshoot your problem to find an answer.
• Hold you accountable to make progress.
• Share resources and relevant information.

These are the same attributes you’d want in the members of a mastermind group.

How a Mastermind Group Helps You Progress Faster

You can’t succeed in your business alone. Few people can take the ball and run without the support of others. You need a team of like-minded peers to help.

In her article, Why Joining a Mastermind Group Benefits Your Freelance Business, Lise Cartwright of Hustle Groove explains her experience and success with joining a mastermind made.

 “Joining a mastermind is the single most important thing I have done.”

This team has been called, in addition to a mastermind group, a Board of Directors and a Brain Trust. These labels really signify their capability. Most successful professionals, entrepreneurs, freelancers, bloggers, and small business owners belong to one.

These peers can cut your learning curve by sharing their experience and the expertise you’re missing.

I have been involved in many mastermind groups, both running them and as a member.

It is amazing how insightful and productive a group meeting can be.  I can bring an issue to the group, and in 15 or 20 minutes they offer a different prospective, new ideas, or a unexpected solution.

The issue that had me stuck is resolved in  a “I never thought of that” moment.

But, I Can’t Afford It

So many times a future entrepreneur will say, ” I’m trying to start a business, and I can’t afford to pay for this”.

The real questions you need to answer are:

• What will you do if you don’t join other like-minded people?
• Will you muddle along and take more classes, read more books, or ask more family for help?
• Will you waste time trying to figure things out yourself?
• Will you spend more money and time in the long run trying to save money?
• Will you make mistakes that could have been avoided?
• Will you do nothing and find you’re in the same place you are now?

Spend money for the things that help you succeed, and stop wasting it on what doesn’t.

Invest in yourself: developing knowledge, skills and seeking guidance to ensure the future of your business.

Want to Learn More?

Read more about The Business Start-up Mastermind Group and how it can benefit you.

On the bottom of the page, you can contact me. We can discuss your business, your goals, and if the group is right for you.

Links You’ll Find Useful:

Here is this month’s selection of five great articles from the web.  They include an article on 7 steps for starting an on-line business, 9 things to avoid in starting a business, how to crowdfund your business, and more.

1- Startup Bros. Details the Steps to Find a Profitable Product to Sell.

If you’re looking to get into the e-commerce business, Will Mitchell has written a comprehensive guide to find a product, supplier and start selling.

“Though my last article did help a lot of people, I got a TON of questions from readers asking how to find a good product to sell. Out of all of the questions I got, 90% of them must have been asking for help with some part of the product selection and buying process.”

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2-DesignHill.com Reveals their 7 Steps for Starting an Online Business.

Many small businesses do not realize the full potential in having an online presence. According to this article,  it can be easy and uncomplicated, by applying these seven steps.

3- Matt Weik for Incfile.com Shares 9 Things You Must Avoid When Starting a Business

Matt warns that many people believe that when they start a business progress with be steady and linear. That’s not necessarily true and he offers a list of the things to avoid.

You’re going to have everything but a straight line. That’s the life of your business. You will have ups and you will have downs. To provide you with help starting a business, we’ve gathered a list of nine things you must avoid

4-Foundr magazine Shares an infographic by Allie Decker on How to Crowdfund Like a Pro

Money and financing your business is a major issue for many startups. This article explains how to get lots of money for your idea.

Crowdfunding has revolutionized who can start a business. Instead of rehearsing pitches for big-wig investors or wining and dining wealthy relatives, self-starters can turn to the masses to fund their small business ideas…but only if they do it right.

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5-Marty Nemko Advises how you can have Low-Risk Self-Employment

Many people would like to be self-employed, but fear the risk of failing. Marty suggests your best chance to succeed is to the opposite of what business school teaches.

Ironically, you’re particularly likely to fail if you follow such standard business school exhortations as “Innovate!” While such advice makes for interesting class discussions and may be appropriate for intrapreneurs in deep-pocketed corporations, it puts the average entrepreneur at grave risk of going broke.

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Published by CII © 2017