A lot of people want to have a successful online business however many lack what it takes to actually grind it out on a daily basis and sustain a lucrative online business. I consider it very rewarding having owned all of my businesses and never having a 9-5 job. However, this hasn’t came without a lot of speed bumps, set backs, and hard-work. I’ve blogged before about how the outside world always sees the “rewards” and doesn’t take into consideration the hard work it took to get where I am today.
A couple of months ago I read the Millionaire Fastlane by MJ DeMarco and he made the same correlation using LeBron James. Many see his fame, fortune, and overall social status and while they may realize he’s an incredible athlete they haven’t began to consider the amount of time he spends practicing, conditioning, and training to become an athlete of that caliber. Regardless of your industry/market consider this before starting ANY business. Tiger Woods – one of the wealthiest athletes ever… Sure a child prodigy, but how many hours a day does he spend hitting range balls? A lot.
Many online business are started from home; part time that eventually moves full time. That’s how Ruck and I both started our first successful companies. The hard thing about “start-up mode” is its a bit overwhelming. Since its likely you only have yourself and MAYBE one other person in your company many duties have to be fulfilled by both nothing only generating new revenue, but managing the day-to-day “business duties. The accounting work, tax preparation, health/life insurance benefit packages etc. Also if you hire any independent contractors or outsource any part of your company you have to deal with those payments, contracts, and agreements.
Some keys to running a successful online business:
- Time Management – Start up, part time, or full time – time IS money and you should be very careful how you use it. The “15 minute” Skype chats and “5 minute” Facebook breaks add up. Limit that stuff to once or twice a day and spend more time focusing
- Invest In People – Once you become profitable and before you go out and buy that new Lambo, invest some of your profits back into your business. Build an elite team around you that can help you scale your operation.
- Think Long Term From The Beginning – Starting a new business is stressful enough, but what’s more stressful is not knowing how much revenue to expect monthly. Have a real business plan and understand your margins before you head in blindly. Know your market and analyze your competition. Have they been around a long time?
- Proactive Stress Management - In 2007 I was put on Paxil to help manage the stress of running multiple companies. Recently, I’ve quit taking the medication and am focusing on more natural ways to relieve stress. By taking just 30 minutes out of your day to go for a quick run you’re able to raise dopamine levels in your brain and increase your mood overall. Have a set schedule when you wake-up and go to bed. Personally, I’m doing a lot better getting up early and going to bed early. When I wake-up at 7 a.m. and go to bed around 11:00 p.m. I find myself much more refreshed and rested than the nights I stay-up until 1 or 2 and wake-up at 9 or 10. Eat healthy and don’t get worked up by the “small things.”
- Organization – Have an organized area to work where you can easily find a notepad and a pen to jot down things that need to be accomplished for the day. Avoid having a TV or xBox in your work area to increase productivity.
These are just a few tips that I currently do and have done over the years running my successful businesses. There are those frustrating days when you can become overwhelmed, but take a pro-active approach, and you’ll feel much better.