A few weeks back, I attended a 2-day long seminar, and my mind went to that thought frequently. How many people in this room feel successful in their current life? Why are they here? To learn more about being successful would be a good guess. Does their success look like a hobby or more like a business? Is one going to define success quicker or even more prestigious than another? The real answer is, success is defined individually. Helping to define this for you will require you to define your intentions. That isn’t to say they can’t or won’t change in the course of your life but what defines it today?
When determining your intentions, ask you self these few questions:
- You are good at making adorable, functional, unique widgets. How successful do you want to be? Be prepared by having a quality online presence before you announce your new venture. Some of the biggest overnight successes become the biggest overnight failures by not preparing for success.
- Adult time away from regular family demands
- You love to help. You love wine and want to know a little more about it. You start working at a friend’s retail wine shop during Mom’s hours and occasional evenings. What happens when the busy season hits and you are now struggling to find and pay for child care or worse, you have created debt that requires your “Mom’s time out” to be a necessary financial contribution to the household income? Be aware of all the variables and demands.
- Support household Income or retirement, pay off debt, vacation fund
- Being skilled, you have a lot to offer to those that need someone with that skillset. How do you charge, hourly, project, retainer? What legal works needs to be in place to start a business? What hours and how many hours are you willing to work? Do you rent an office or work from home? Start with a business plan, even something as simple as answering these questions. Putting all your boundaries in place and setting up a stable foundation will allow you to manage growth for reasonable amount of volume.
- Step toward intentions of a career
- You want to start a business doing business consulting and coaching. You always wanted to be a manager and mentor to young leaders. Do you need more certifications or schooling? Do you want to work under someone already in that role to get a better understanding of the ins and outs? How does that work for your current career requirements? Talk to lenders of small business loans. Meet with your tax advisor and financial advisor to discuss the effects on your immediate and long term financial plans. Talk to and research those in the industry. Inquire about the do’s and don’t’s to give you a headstart advantage. Following the already carved path will make for a more successful and rewarding career change.
Whether your dreams were starting a hobby, a more traditional career, or embarking on becoming a business owner, ultimately, at the end of the day, you have to be happy with your life decisions. To use an expression we heard at the seminar, “If you don’t like some thing, change.” You have that right and ability! How freeing is that? Whatever your dreams are, stay organized and create an accurate financial story, with the assistance of a qualified bookkeeper! Contact me today to learn more!