People become entrepreneurs for many reasons: independence, personal satisfaction, financial freedom. All these reasons are great but what is behind that? What drives you to want to become an entrepreneur?
Knowing your Why and the purpose for starting your own business is a major key to the success of your business. It gives you the incentive and motivation for choices you make, the audience you serve, products and services you provide to your target audience, and your solutions to problems. Notice that there is no mention about money.
Knowing your Why
A lot of people never consider the reasons that drive them to start their own business and what their purpose is. They know what they do to work with their clients but may not have a clear purpose as to why.
Once you know your Why, you can figure out How you will achieve your Why and What steps to take achieve your Why. Knowing your Why, How and What gives you direction and purpose and keeps you on track to accomplishing what you set out to do and your ultimate goal – own and operate a successful business.
There’s More to It Than Money
Everyone wants money. Every entrepreneur and business owner is in business to make money. That goes without saying. Knowing your Why, setting your goals and developing processes as to how you will achieve your goals are all key. Money shouldn’t be the primary driving factor for your Why. If you want to make a lot of money right from the start, you’re starting your business for the wrong reason. It takes time, patience and perseverance to reach your financial goal. As your clientele grows and business becomes more established, you will have a better chance of reaching that level of financial freedom that you want.
Now That You Know Your Why, What’s Next?
Confirm Your Work Passion:
What are your strengths?
What kind of work are you passionate about?
Will you look forward to your day to do this work every day when you wake up in the morning?
Will be do this kind of work for a long time?
Vision and Mission:
Determine and write down the Vision and Mission statements for your business.
Set your strategic goals and determine what steps you have to take to achieve them and how you will track your progress.
Set targets for monthly and annual revenues:
What is the specific income you need to maintain your business and cover monthly operating expenses and annual expenses?
What is your budget for promoting your business, e.g. website, and other advertising and networking expenses?
Your Ideal Client:
What is your target market and how will you find clients?
Products and Services:
What are your products and/or services?
How do they benefit to your target audience?
Do they solve a problem for your target audience?
Learning Plan: what training do you need to further develop your skills and stay up to date?
Productivity Plan: how many hours do you want to work each week? Set priorities and build your schedule.
Knowing the Why for your business is a key to achieving your business success. Knowing the Why for your business helps you develop a plan to stay on track and motivates you to accomplish what you want to do.