Disclaimer: This information is accurate and true to the best of my knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.
Becoming a successful entrepreneur can be immensely challenging, but the freedom is arguably worth it. That being said, this risky path is certainly not for the faint of heart—There will often be obstacles along the way, and you will have to learn how to navigate them.
1. PURSUE SOMETHING YOU ARE DEEPLY PASSIONATE ABOUT
You might want to sit down and think about what you love to do during your free time—Hopefully it's something you're obsessed with. That could be writing, art, coffee, painting, or even purses. Honestly, the sky is the limit.
It's crucial that you love what you are doing, considering how many highs and lows your business will likely have as you are building it from the ground up: Your love for the products and services you're offering will get you through.
2. START WITH SOME CAPITAL (IF POSSIBLE)
You'll need a website, business cards, and perhaps even some stationary with your company's logo on it. On top of this, you'll probably have even more essential expenses: Professional writers will often purchase their own printer or pay for editing services, for instance.
If possible, you'll want to save up around $10,000 for startup expenses and 3-12 months' worth of basic living costs—food and rent. You'll be dealing with unpredictable income in most cases, so it's essential to have a financial cushion to fall back on if push comes to shove.
3. HONE YOUR SKILLS FOR THREE TO FIVE YEARS
Too many people underestimate just how long it takes for a business to become profitable. While there are sometimes exceptions, it generally takes at least 3-5 years to earn a solid living from your work whether you plan to run an accounting business or become a successful self-published author, so it's important to plan for those years personally and financially.
4. ACT ON YOUR IDEAS
Countless people have thought about writing a book or traveling to Bora Bora or getting filthy rich.
Few have actually followed through with their ideas—Perhaps they are plagued with self-doubt and fear failure, but the reality is that they are probably even more terrified of success and everything that comes with it.
Still, success is easier than failure at the end of the day: Successful people are generally more relaxed in life, freer, and happier than those who don't dare to follow their dreams—If you want to write a book or start a coffee business, do it!
5. PLAN TO HAVE MULTIPLE STREAMS OF INCOME
There is a reason that the average millionaire has at least seven streams of income, and most of those are passive: Working for yourself is different than working for someone else—You often have to give up the predictability of your paycheck. The reward is that your earnings are unlimited, but the risk is that you might not earn anything at all, especially during the beginning stages of building your business.
You'll want to have at least a few streams of income, whether that consists of books, a YouTube channel, merchandise, or an online coffee shop, a marketing course, and a blog about how to sell products effectively.
Additionally, it's probably going to be in your best interest to study investing so that you can grow your wealth over time and earn passive income.