Your 20s are meant for hustling. While your friends are enjoying “Sunday Funday” and going out on a Thursday night, you can be growing your own business and laying the foundation for your future success.
Millennials and Gen Zers have an amazing opportunity at their fingertips. While our parents’ generation had to put in the time and work their way up the corporate ladder, the iGeneration and Net Generation have a quicker (and more fun!) alternative. Since we grew up with technology, we have a competitive advantage to build brands that rely on digital marketing and technology.
Whether you want to create the next Snapchat, start a marketing agency or become an Instagram influencer, it’s time to stop stalking others’ lives on social media and get to work on your own business.
1. Start a side hustle.
Most people underestimate how much time there is outside of work if you have a standard 9-5 job. If you are working at a job you dislike and want to be your own boss, stop complaining about your current terrible job and take action. Grab a cup of coffee after work and start hustling from 6 p.m to 2 a.m. on your new business venture.
If you are an artist, start posting YouTube videos about the details behind your painting process. Open up an ecommerce store on Shopify. Promote your products on Instagram. All of this can be done as a side hustle while you grow your business. Best of all, you are still collecting a paycheck from someone else.
2. Stop boozing.
If you are truly passionate about entrepreneurship, you will quickly understand that the weekends are the most productive time to get work done. You literally can put in 20 hours of work on the weekend to grow your brand.
This isn’t going to happen if you are going to the bars on Friday and Saturday night. First off, you are going to drain your bank account from buying shots for all of your buddies. Secondly, you are not going to be productive when you’re hung over.
Start setting your alarm clock and for 6:30 a.m. on the weekends. Put in a full day of work. You won’t have any regrets about missing a night or two out when you’re in your 30s and have a million-dollar business.
3. Wake up early.
Thomas Jefferson once said, “The sun has not caught me in bed in 50 years.” Apple CEO Tim Cook is known for getting up early and sending out company emails at 4:30 in the morning. The youngest CEO in the NBA, Brett Yormark, gets up at 3:30 in the morning in order to get to the office by 4:30.
When it comes to business, the early bird catches the worm. You can actually be playing offense rather than defense, which will allow you to work on growing your business.
Make sure to put your alarm clock on the opposite side of the room, which will force you to get out of bed and not hit the snooze button. Do 50 pushups within 5 minutes of turning of your alarm clock to truly wake yourself up. If you need extra motivation for waking up early, follow Before 5 AM on Instagram.
4. Build your personal brand.
It blows my mind how much time people spend on social media promoting themselves yet they don’t have a website that gives people more information or a place where people can get in contact with them.
Everyone should see if their first and last name is available for purchase on GoDaddy. If you have a common name, insert your middle name and your craft as part of the URL (example: SarahSmithNYCArtist.com). The next time you go into a business meeting, you’ll be amazed how much more impressed people will be by your professional website.
5. Become an expert by contributing content.
In addition to owning a marketing and app development agency, I am also the partner of an ecommerce skincare website that sells dermatology strength products. We are constantly trying to get media mentions from Glamour, Bustle and Teen Vogue. Do you know what I discovered? A ton of the writers on these nationally recognized sites are college students!
If you love sports, start reaching out to sites like YardBarker to become a contributor. If you love fashion, what’s holding you back for writing for Teen Vogue? This will boost your personal brand, establish credibility and present new opportunities you never imagined.
6. Talk it out.
When you are an entrepreneur, you live on a lonely island. Nobody will ever realize just how much hustle you put in on a daily basis. Your friends who work a 9-5 job won’t understand how your business means the world to you.
Since entrepreneurship can be lonely, make sure you have someone you can air it out with. Whether it is your girlfriend or boyfriend, mom or dad, or just a mentor you can trust, in order to grow, you need to be able to have a sounding board along the journey.
7. Have patience.
The issue with the digital age that we live in is that people are impatient. They expect results yesterday.
Bill Gates was famously quoted saying, “Most people overestimate what they can do in one year and underestimate what they can do in ten years.”
In order to build a business, you need to be patient for the long run. Don’t think about where you want your business to be in a year; think about your goals for 10 years down the road and how you are going to execute to make all of your ambitions come to fruition. If you are in your 20s, what will differentiate you as an entrepreneur is patience. Make sure to move fast on getting stuff done but be patient for the long-term gains.
I’ve owned my company for seven years now. I know that 96 percent of businesses fail before turning 10. I keep that statistic in my mind each and every day because I want to be part of the 4 percent that succeed past 10.
Each year you celebrate your business anniversary, your muscles will continue to grow.
8. Make money.
I can’t stand all of the people who claim they are entrepreneurs. One simple question separates the contenders from the pretenders: “Are you generating revenue?” There are so many people out there who claim to be crushing it with their “entrepreneurial journey” but when you dig into it, they aren’t generating a penny in revenue. I’m not even getting into the details of generating a profit, which is what every business must do to survive.
If you aren’t making money with your business, you need to start and you need to start soon. Just like a hockey team needs to score goals in order to win a game, your business needs to make money to actually be considered a business. Stop with the pretend stuff and start selling your product or service.
9. Start meeting with millionaires.
On a monthly basis, start meeting with a millionaire for coffee. You’ll be amazed that there is no secret sauce to succeed in business. You’ll learn that hard work leads to better luck and success. You’ll also become inspired and motivated while listening to someone who has succeeded in the business world.
If you try and meet with Evan Spiegal from Snapchat, you aren’t going to have much luck. You’d be amazed, though, how many CEOs of billion- and multi-million-dollar companies would be willing to meet with you if you are persistent.
Don’t think for a second that you are the only one gaining value from the meeting. The CEOs and founders that you meet with — who will likely be in their 40s, 50s and 60s — will be asking you a lot of questions. The reason? Their customers are most likely your age, and they understand the spending power of millennials and Gen Zers.
10. Become an SEO and paid advertising expert.
Do you want to know a more efficient way to grow your business than attending outdated networking events? Rank towards the top of Google so people will contact you directly for business inquires. Whether you just graduated from law school and plan on opening up your own practice or you are selling customized dog collars, SEO and paid ads can literally help any business.
This is one of the main reasons I’ve been able to grow my marketing agency quickly and efficiently. In the Columbus, Ohio markets, we crush it for terms like “social media company” and “SEO Company.”
There is no college degree or class you have to take to become an SEO or PPC expert. You just have to get your hands dirty, read articles and watch videos. If you are starting a business, you need to be well versed in this area so you can generate leads and sales online each and every day.
11. Be cheap.
Earlier in the article, I talked about how you can save money by not going to the bars every weekend. Do everything you can to be frugal with your money. You never know when the economy will turn south or when your biggest client or customer will drop off. If you are spending lavishly, you won’t be well prepared for tough times.
Start eating more peanut butter and jelly sandwiches and eat out less. Stop buying clothes at Nordstrom and start shopping at TJ Maxx.
Every dollar is so important when you are starting a business. There’s a reason Warren Buffett has lived in the same house in Omaha, Neb., that he bought for $58,000 in 1958. The real winners in business are smart with their money.
This article was originally posted here on Entrepreneur.com
How To Apply Lean Principles To Your Start-up’s Productivity And Time Management
Focusing on one thing at a time is a very good start.
If you’ve recently launched a start-up, I’m sure that you’ve heard a lot about being “lean.” But I’m not here to discuss the methodology popularised by the likes of Eric Ries.
The lean principles from a Toyota exec
I’m actually writing about the term and concept of “lean” that was originally developed by Toyota executive Taiichi Ohno during the reconstruction period in Japan following World War II. The process was so successful that more and more organisations around the world began to embrace it. However, it didn’t hit the mainstream until James P. Womack and Daniel T. Jones released their book Lean Thinking, in 1996.
Applying “lean” to productivity in start-ups
Today, lean principles have been applied to almost every industry both large and small scale. For instance, lean principles in the healthcare industry have been able to reduce costs, while improving efficiency. On a smaller scale, employees have used these principles to organise their workspaces.
Here are four ways you can apply lean concepts to your startup to improve both productivity and quality.
1. Improve your workplace using the five principles of lean
According to the Lean Institute, which was established by Womack and Jones in 1997, there are five core principles of lean:
Value: Value means putting yourself in your customer’s shoes and knowing what their needs are. This helps you determine timelines, pricing and expectations instead of constant trial and error. For your team, letting them know how they fit into the bigger picture can keep them motivated.
Value stream: Value stream is where you create a “value stream” of all the steps and processes required in getting the final product or service to your customers. This could include design, production, delivery, HR and customer service. Knowing this information allows you to eliminate any wasteful steps.
Flow: After you’ve removed any unnecessary waste from the value stream, you want to make sure that everything runs smoothly. Flow means not having any interruptions or delays. The flow involves breaking down steps, leveling out workloads, creating cross-functional departments and training your team so they can develop multiple skills.
Pull: When flow improves, so does the time it takes to get your goods or services to customers. As a result, they can “pull” whenever needed so you’re not constantly under- or overproducing inventory, content, etc.
Perfection: Even after successfully completing the first steps, you still need to constantly keep working to improve processes so that you can eliminate waste. Perfection may be an exalted goal in whatever endeavour we are pursuing – but we still must always be moving forward toward being the best and achieving the best.
2. Use the concept of 5S to get yourself organised
5S stands for sort, set in order, shine, standardise and sustain. You can use this concept to organise your workspace so you and your team are more productive by doing the following:
- Remove any items that you no longer need (sort)
- Organise your remaining items so you’re more efficient (straighten)
- Keep your workspace clean and tidy so you can find items and identify problems more quickly (shine)
- Color-code and label files and calendars to make you more consistent (standardise)
- Develop repeatable behaviours and habits that will keep your workplace clean and organised, such as completing one task before moving onto the next (sustain).
You and your team – even if they’re virtual employees working from a home office – can get started by throwing away anything unneeded. Place files into cabinets – colour-code your calendars – and keep items you frequently use nearby.
But these principles aren’t just limited to physical items. Digitally, you can use a project management system to assign tasks, quickly see the progress of projects and share files and comments in one organised dashboard.
3. Standardise your work to become more efficient
In manufacturing, there’s a standard process for everything. The reason? By doing something the same way time and time again you will eliminate waste since you’re not constantly trying out new techniques. Standardising also prevents errors and forgetfulness because there’s a checklist for ever step of the journey. For example, when a car is on the assembly line, it can’t move forward if someone forgot a bolt or installed a faulty steering wheel.
4. Standardise what makes sense
Start by keeping a time log to see when you’re most productive and how you’re spending your time. You may notice that you’re most productive in the mornings. If so, that’s when you should work on your most important task.
If you discover that you’re checking your email and social accounts too often, schedule specific times throughout the day to check them. To prevent wasteful meetings, you can standardise meetings. Make sure these meetings are necessary and include only key people pertinent to the information. Keep all meetings as short and concise as possible.
Get into a good flow to optimise your and your team’s performance
Flow is simply how work can progress through a system. When your system is running smoothly, flow is good. When flow hits a snag, it slows down the process and waste occurs.
Manufacturing facilities make it a point to ensure that the flow is good. Unless it’s an emergency, production lines rarely stop running. Everyone has a specific job to do, and that’s all they’re focused on. That’s not the case at your start-up. You must wear multiple hats, as well as deal with constant interruptions. How many times have you been in “the zone” and gotten distracted by a phone call or have no choice but to go put out a fire?
One way you can improve flow in your start-up is by focusing on one thing at a time. That means no more multitasking. Give your 100 percent focus to what you’re working on at the moment and then move on to your next task. This may take some self-discipline. But you can start by turning off all push notifications, closing your door, block scheduling and setting boundaries.
You can also help your team improve their flow by setting “do not disturb” zones and time frames. Another tip is to schedule a “no meeting” day. This way you and your team can maintain focus without getting interrupted by a meeting.
Finally, you may want to consider outsourcing and delegating certain tasks. Instead of worrying about your inbox all day, hire a virtual assistant to manage your email. If you need to get your books in order, then bring in a bookkeeper. This frees you up to work solely on growing your startup.
This article was originally posted here on Entrepreneur.com.
Which eCommerce Platform Should You Build Your Store On?
This is an important decision to make and with so many options out there it can become a bit overwhelming and confusing to decide which platform is the best option for you. So which platforms are best suited for a South African eCommerce entrepreneur?
Having owned and run websites using XCart, Magento, Shopify and WordPress, I’ve made enough mistakes and learnt enough lessons along the way to be able to help guide you to make the right decision about which platform is right for you…
When looking for options you’ll come across platforms like Prestashop, WordPress, WIX, Shopify, Squarespace, OpenCart, Magento, Shopstar, OneCart, ShopOn, LiquidBox, BigCommerce and endless more. All of which are trying to convince you that their platform is the best for you to use.
Reading international blogger reviews is helpful but they don’t account for how these website platforms perform in South Africa. They don’t review what the support is like in SA and which local software services are compatible. You see, these points are often neglected until you need them further down the line and only then find out how important it is that the platform you’re running your store on is made to work in SA.
Having worked with all the major website platforms I understand the importance of website support and how the site integrates with the local services which will make your life easier and your website better. Services like this include integrations into Rand (ZAR) based payment gateways, integrations into local courier services, API connections into marketplaces like Takealot and Bid Or Buy, and API connections into price comparison sites too.
The final factor to consider is the reputability of the website platform itself. There are many new and upcoming website platforms which I would love to support but when it comes to choosing a platform on which I’ll be building my business I need to know that I am going to be selecting a world-leading service provider.
So with this in mind I can help to narrow down your options to two platforms being WordPress with WooCommerce and Shopify. Which of these two is right for you will depend on how much you value your time.
Shopify will cost you $29 per month but the ease-of-use is such that even a novice can get a site live within a week. Operating WooCommerce on WordPress is complex for beginners and it will take you much longer to figure it all out before you can take your site live but the plus side is that it is free to use.
So ultimately you need to consider which of these two is right for you and your business but the most important thing is that you don’t spend any more time researching, take action and get started sooner rather than later so you can start to grow your online empire.
6 Ways Starting A Business Is Like Raising A Child
Here are six ways that embarking on your own entrepreneurship journey is like raising a child.
While you may think work and parenting are worlds apart, when it comes to starting a business versus having a baby, the two have more in common than you think.
After all, both involve bringing something new into the world, preparing for the unexpected, and riding the storm when things don’t go as planned. Here are six ways that embarking on your own entrepreneurship journey is like raising a child:
1. It involves new expenses
From nappies and school fees to food and clothing, there are a whole lot of new expenses involved when it comes to kids. In the same way, starting a business also involves various costs – whether it’s paying accounting fees, setting up your website, buying stock or employing people. In both instances, having a good financial plan in place can go a long way to help you manage these expenses.
2. It’s an emotional rollercoaster
Parenting invariably means you’ll experience every emotion under the sun, from unmatched joy when they’re born, to frustration at toddler tantrums, to wonder at seeing their little personalities develop. The same goes for a new business: Expect a range of emotions, from the highs of getting your first customer, to the satisfaction of making a profit, to anxiety if the market doesn’t respond to your product as you envisioned.
3. Expect the unexpected
Few things are as unpredictable as babies: One minute they’re gurgling contentedly, the next minute they’re crying for reasons you may or may not know. Just like babies, businesses can be highly unpredictable too. Product prototypes can fail and cause delays, employees get sick, an unforeseen tax bill could arrive on your desk – you’ll need to get comfortable with expecting the unexpected. And, if you run your business full time, you’ll need to bid farewell to your predictable monthly paycheque too (at least in the beginning).
4. It requires stamina
Late night feeds, helping your child with homework, washing, cooking, cleaning, answering all their burning questions – there’s no parenting “off” switch. In the same way, being an entrepreneur means it’s hard to stop thinking about your business at the end of the day as you would with a regular 9 to 5. This constant call for attention means it’s crucial to schedule in some downtime for yourself so that you get time to decompress and refresh.
5. You’ll need safeguards in place
While their immune systems are immature, young children get sick, which typically involves trips to the doctor, medication and possibly even the odd hospital stay. Having a good medical aid means you’ll be financially prepared for these intermittent expenses. And, just as you should ensure your child has the right medical cover, your business and your employees should also be covered properly. Fedhealth is one example of a medical aid that specialises in providing medical cover for SMMEs.
6. Love will get you through
As hard as parenting can be, the enduring love most parents have for their children means they keep caring for them day after day, no matter how exhausting it is. Similarly, if you love the industry your business is in and the work you do, you’ll have the fortitude to keep at it over the long term.
Both parenting and starting a business are hard work, but they’re hugely rewarding too. With both of them, it’s true that what you put in, you get out. Seeing your child grow into a well-adjusted, caring adult can be as satisfying as watching your business mature into a something that’s profitable and self-sustaining. Upon reaching these milestones, most people will agree that the journey to get there is definitely worthwhile.
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