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The best time to start a business is now. There are many people who are waiting for the right time or the perfect moment to start a business. I don’t know about that because the thing is you could be missing an opportunity by waiting for the perfect time that may or may not ever come.
So, the perfect time to start a business is now. Let’s get to the meat of the question. What is the best time to make money? What I am understanding people really want to know from this question is “What is the best time to leave and start making money as fast as possible?”
There is no such time because when you are doing your thing and you’re making money and building a business; it is a process. That is one of the biggest things you have to do. You have to get your process going.
Number 1 – As you’re building your business, you have to think of how you are going to grow your business.
Let me give you an example. Let’s say you’re Alan Average and you’re married to Amy Average. You both have an average job and you both want to start a business. The problem is when I say business, you’re thinking of a mature business. When is the best time to start that business? You’re thinking of the business that is paying the bills, making you “The Man” or “The Woman.” That’s the mature business.
You can start the business tonight. Take out a sheet of paper and a pen and begin planning. Then after you begin planning, you start to execute. The mature business that is spinning off cash is a lot different than a new business that’s a baby. It’s just like a kid. You don’t expect a two-year-old to drive a car. But many people expect a two-year-old business to support them.
When people asked about the best time to start a business, that’s not the real question. The question should be, when is the best time to groom a business. Go out there and get your first customer tomorrow and your business is started.
You know you have to grow the business. You have to market the business. You have to build the business. That’s the real conversation, because the best time is now, right now. Wake up in the morning and go get it.
I was at a convention and a guy told me, you are nobody if you don’t have a business card. That’s the old economy. It isn’t like that anymore. In certain industries, you still need business cards. That’s just reality. But the deal is you can deal a lot without a business card. It’s about personality. It’s about hustle. It’s about building something.
Okay, Alan and Amy, you’re going to start a physical products business. So, what’s your first step. Who is your market? That’s your first step. Many think the first step is selecting the product. No. The first step is deciding on the marketplace. There are many marketplaces. There are teenage marketplaces There are female marketplaces. There are male marketplaces. There’s the online marketplace. There’s the international marketplace. Where are you going to be? What are you going to do?
That’s the first question. Get your pen and paper and start doing research. If you spend a week just researching your marketplace, you will be ahead of the game. This is what happens. There are people who literally spend hundreds of thousands of dollars on an idea or a concept with no marketplace research at all. They start doing marketplace research after the product is developed. At that point, it could be too late.
I do a lot of testing and that drives people crazy. Sometimes, I don’t know what the hell my customers want. I’ll asked and they’ll say, “I want this.” Then I’ll create it and they’ll say, “I don’t really want that.”
In business, so many things happen. When I was starting out and looking for answers, I didn’t really find what I was looking for; so, I created it. That’s what you can do.
You can create a solution to a problem you have. Many businesses were started this way. More than likely if it is a problem for you, it’s a problem for someone else. The question to ask should be, “Is the business scalable?”
Let’s go back to the physical product. You’ve already found the marketplace. You found a group of people you feel appreciates your product. How do you communicate with them?
This is what I see. This is what I feel. We’re getting to a place where you will have to do content marketing because people are becoming oblivious to advertising.
Essentially, you have to figure out who your customer is and how to get in front of them. Then once you do, you have to figure out the price points. What price point is going to work for that marketplace? That’s how you start a business. It’s not rocket science. It’s all about execution.
Some things to consider are answers to the following questions. How are you going to reach the marketplace? How are you going to talk to that market? How are you going to get them to trust you? All of these questions are very relevant.
Once you get your execution down, then you will get feedback to learn what works in your marketplace. You don’t have to be a household name to get rich. There are many people who make millions of dollars because they serve their marketplace well.
I’m challenging you to make this a year to remember. Put pen to paper and come up with a plan. Understand, every family definitely needs a family business. If you’re serious about your future, you need to start hustling now.
Now if you want to, you can quit your job and go into your business. The best time to quit your job for your business is when your job is costing you money.
I challenge you. You’ve heard the message. Tonight, figure out what marketplace you can serve and get busy.
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