Ever wondered how to homeschool 3 kids, take care of twin babies, manage the household, and run a full time business all at the same time? I have news for you. You can’t! At least not alone. Almost a year ago I joined an internet marketing membership site called StomperNet. Since then I have learned some important things about running an internet business.
1. You should be working ON your business and not IN your business.
2. Do you have a J-O-B or a business?
3. Is your business an asset that can be sold?
4. Don’t forget the most important thing: Spending time with Family.
5. Your income is the average of the people you hang out the most with.
Number One: This was me about 6 months ago. In between processing orders, answering the phones, and updating the websites to delete discontinued products, there was no time left to actual work on the business. I was so involved in the every day activities in became impossible to actually grow the business to the next level. Solution: Get out of the house and get an office. Hire a Manager. Train manager to do everything I do so that she can supervise all the other people I will hire. Second step: Hire a webmaster. Third: Hire link getters. Fourth: Hire someone to work on product updates and uploading new products to sites. Fifth Step: Outsource everything else and then train manager on anything I am still doing. Granted, these five steps took six months. It takes time to train people. But once you do, you can actually start working ON your business and not IN your business. It obviously also takes cash flow. You don’t want to go into debt to pay salaries, but you have to look at things ojectively. If I can pay someone $7 an hour to answer the phone, and I choose to answer the phone instead, then I am making $7 an hour! My job is not to answer the phone for $7 an hour! My job is to work on Traffic, Conversion, and Community.
Number Two. Do you have a J-O-B or a business? Do you HAVE to get up everyday and go to work or everything will fall apart? If so, then you have created a Job for yourself. Part of the beauty of being an entrepreneur is that you have FREEDOM to go and do whatever you want, whenever you want. If I want to take the kids to the park, I CAN…. because I have a business, not a J-O-B. You need to create systems and policies and procedures so that your office can run itself. If YOU are the center of every decision, then you have a job.
Number Three. Is your business an asset that can be sold? If every day you have to work 16 hours just to keep the business running, then you don’t have an asset that can be sold. You have a nightmere! If someone offered to buy your business tomorrow, do you have the systems in place for someone to come in and take over? It is as old fashioned as creating step by step flow charts for your workers using a program such as SmartDraw so that everything can be run without you. It takes time to think out and plan the flow charts, but once in place, everyone will know what to do and how to do it. Keeping good books is also important. No one is going to want to buy debt. Make sure to pay the sales tax you collect on time to the respective states and be sure to only go into debt for inventory and office furniture. Don’t bank on tomorrow’s income to pay today’s salaries.
Number Four. Remember why you quit your job! You quit your day job to be an entrepreneur so you could have the convenience of working from home and spending time with your family. Nothing is more important than the kids. If you don’t get that project finished, so what? Who is going to fire you? Your kids however, are only little once and they WILL remember that mommy or daddy put them first before their work.
Number Five. Brad Fallon said this at one of the live conferences. Your income is the average of the people you hang around. How true is that. Don’t be afraid to step out of your comfort zone and go out and meet people in a higher income bracket. It is not about the money. It is not about what THEY can do for YOU. It is about what you can learn from THEM. It is about the tips and advice you can think about and apply to your business. It is about expanding your horizons and seeing things from someone else’s point of view. Maybe spending $30 a month on pay per click ads is a huge deal to you. Wait till you meet someone who is spending thousands of dollars a DAY! Then ASK them for some tips! Believe it or not, people usually like to talk about themselves! They like to talk about their experiences and the their successes. Be genuinely interested in other people and don’t forget to help out those that are learning!