I know we have had fun on this website giving each other broke girl hacks and tips because we hold each other down as ladies yeah but I am all for young women finding their way, making moves and securing the bag, so while we are broke girls now that is not the plan in the long term. So I’m here with some tips and tricks for the temporary broke girl but rich future woman.
If you have been bitten by the entrepreneurial bug there is a good chance it keeps you up at night and you might be contemplating dropping your 8-5 job just so you can focus on your passion, If so this post is for you. A quick back story about how I started my business. It was late 2016 and I had been dying to own a choker necklace and an off shoulder top because I had seen the Kardashians wearing one and of course you couldn’t get one in Zim, me being the undefeated one I walked around until I found a ribbon that looked somewhat similar and I made a choker necklace for myself. So a few other people saw me wearing my DIY project and wanted in, so I sold a couple of them and I was in business but I had some tough lessons to learn in the near future but from then I never looked back.
As someone who has been at it for almost two years now here are my tips for future financial freedom (I say future because entrepreneurship is not a get rich quick scheme):
Find your passion. You need to sit down and evaluate yourself, make a list of your strengths and what you enjoy doing, find what activities you are passionate about doing, who do you admire even if its a TV character or a person from instagram, figure out what you like most about that person and see if you possess any of those characteristics. This is a good way of establishing your passions and it’s imperative that you get into something you are passionate about because you when motivation runs out you’ll have passion to drive you.
Do your research. Now that you are certain of your passion, you need to know how to go about starting the business. Research the legal requirements for you to operate in that industry, capital needed, competitors, barriers to entry and the market, you need to immense yourself in the details because it makes the planning stage easier.
Plan. The first step in planning is to set out your goals, what do you want your brand, your hustle or your company to be known for, what are your values, what do you represent as a brand and who do you want to serve. If you can clearly answer these questions the rest will be doable, like coming up with a name and a business plan. After you come up with your business plan, you need to write down weekly goals that will help you to achieve your long term goals.
Register your Business. This is actually coming last for me but I’m learning that I should have done it earlier. This allows you to be able to do business with other registered businesses and they will take you seriously and most importantly you will take it seriously because of the legal entity status.
Start operating. From here you just need to take a leap of faith and just jump in because the timing is never perfect. I advise you to have at least 3 months working capital because expenses will keep popping up and if you are not prepared it will be very easy for you to quit.
Once you start you will realize that it’s hard work to run a business, you might have ups but try not to dwell on the ups for too long because you could easily go back to downs. An entrepreneurial journey is ups and downs and we ought to have a lot of patience to be able to sail through. If it’s your passion its definitely not about the destination it’s more about the journey, I want to experience the journey, the mountains and valleys and I want to document my journey for young women to see that its tough but doable. So to my future rich women, have a plan, execute it and enjoy the tough but necessary journey to the top. Mediocrity is comfortable but never satisfying.