5 things I learned being a Homepreneur!
The best way to build something great is to surround yourself with great people.
Now I am not super rich, nor I am a pro, but ever since I started my own business, one of the questions I get repeatedly asked is “how is your new business going on?” and I can see the clarity the people writing to me are seeking behind that question. I can feel that there are this bunch of people who know that I returned back from America to my home country and speculating how did I really started from the scratch and how am I doing now. I never wanted to be grow up-get-a-job-become a drone but my goal always has been to one day be able to work for myself and own my own businesses I have dreamed of starting.
Homepreneurs are on the rise now. May be due to covid-19 outbreak globally, people were forced to work from home. I have always been a total foodie but I never liked cooking. My mom says she has not seen a non-fussy eater like me. After returning back to the country, I was this numb for a while, what to do, where to start and couple of projects we delved in were sacked. One fine day, while having lunch at a friend’s who is a real home chef, who has this knack for twisting and turning the sauces and try out new recipes. The food she prepared, was so good, I proposed her, she should open an eatery. And bingo, she was thinking the same. Quickly and very quickly we set up a date, we both were so passionate, despite being furloughed due to covid, we didn’t stop and started right at home. That’s how “The Saal Leaf” was born, a food delivery company, where we deliver, home-cooked meals and gifts. While some may struggle to adjust but I came to realize that working from home could be an enjoyable experience. I have to say there are a lot of lessons I’ve learned over the years but here are the 5 things that I think will help you the most right now.
1. Cash flow is key
I don’t mean to start this with a negative notion but this is more of a reality check. Before you start spending money on all the things you want, think again. Expenses are what kills a small business. When you begin, focus on the activities that bring you money. These are activities that will help you grow faster. Cash flow is key. If you don’t have cash, you’re out of business. When we started off, with little bit of cash we had, we bought all the expensive tools, instead of just buying needed ones.These things often do not contribute to your bottom line, they take away from it. This is the quickest way to sink your business. Choices like these increased our expenses and took away a lot of our cash flow for other more important activities. Now I am not saying that you should not invest in tools for your business. What I am saying is that you must look at something and ask yourself “will this help me grow my business right now?” If the answer is yes, spend the money. If not, hold off until a later time.
Sir Richard Branson said, “ Never take your eyes off the cash flow because it’s the life blood of the business.”
2. Mental and physical health is important
When I first began to work from home I would wake up very early and start working in my bed. Because I had so much to do I would work while eating breakfast, work while eating lunch, and work almost any time of the day. Entrepreneurship can be very lonely. Each week is a roller coaster of emotions. Some days you are on top of the world and some days you are at the depths of the despair. Staying level headed is often one of the hardest challenges. To be very honest, it was an extremely difficult time for me in my life. After everything is said and done you are your own greatest asset. If you aren’t good, nothing else you do will be quite as good as it could be. I quickly began to change my routines and form new habits. I woke up early, meditated, read books, improved my diet, and found ways to get out of the house on a regular basis. I immediately saw a change in my mood and my work improved. I eventually just remember, do what is best for you and never sacrifice your personal health.
3. Find a partner
Now, this is a very tough question. To partner or not to partner. Here is why I prefer working with a partner. I am a very social person. I live for social interaction and good conversation. While I was working all by myself, what I found out was I felt lonely. All of a sudden all the pressure to succeed was on me. Whenever I got stuck, there was no one to bounce back the ideas and share. I decided that I prefer working with someone, even if that means I own a smaller share of the pie. Now be careful with this. You should not just partner with someone because you want to have a friend nearby who you can gossip or goof off with. Work with someone who is different from you and has different skills than you do. If both of you are good at marketing and bad at finance, then you might have a problem. You want each others skills to be complimentary and allow you to succeed in all the aspects of your business. Find someone who shares the same vision as you do. If you want to change lives and they only care about making money, you will never see eye to eye.
“The best way to build something great is to surround yourself with great people.”
4. Moneymaking is nothing in front of passion
Believe me, I have a list on my phone of 100 ideas that I see as opportunities. There are so many opportunities in the market. There would be days, you will have no business, no sales . When times get tough and finances are grim, you need more than your desire of money to keep you afloat. It is during the tough times that your passion and vision will help get you through. The thing is if you are not passionate for what you are doing, you will lose to someone who is passionate for that product or industry. In the end making money is not evil if you pursue it and use it for the right reasons. Just be sure that it is not your foundation for why you wake up in the morning. How you make your money is way more important than how much you make. There is much more to life than money.
5. If you sell to everyone, you sell to no one
Now, this is the most important one. I’ve learned this the hard way multiple times. The world is so big it is easy to get caught up in thinking that you can target anyone who breathes to buy your product. The truth is, not everyone is going to buy and if you don’t get specific about who you are targeting, your message will never resonate with anyone.The first step is dialing in on the problem you are trying to solve. If your business doesn’t solve a problem it will be hard to find much success. From there you must niche down to figure out exactly who you are targeting. Talk to those people. Then create your product, brand, and marketing based around their needs and desires. As your business grows you can begin to expand your reach, but in the beginning you need to be very specific.
In Conclusion…
Last but not least, if you don’t ever start you’ll always live with regret. There is no right or wrong in having certain motivation. Every person is entitled to have their own risk profile. Remember you are in charge of your destiny. If you have always wanted to start a side hustle, stop thinking about it and just go for it. I promise that you will not regret the journey. You will definitely have some bad days, but I can promise you that you will also have some amazing days as well. You may not make a millions from it, but that’s ok. It may just teach you what you need for your next big idea, I don’t know. I personally am just enjoying the journey and hoping to live life without a regret.
