Jeff Burnham is a freelancer and business owner who writes about careers, personal finance,
and tips for making money on the side.
and tips for making money on the side.
For the longest time, I thought that the best path to career and financial success was to get in with a company and slowly but surely climb the corporate ladder. I did that in several industries, and although I did achieve some successes, I never was in a position that I truly enjoyed. Then it occurred to me that I’ll never get rich by working for someone else. Although I don’t consider myself to be wealthy financially, I have launched several small businesses and earn a comfortable living with a lot of flexibility.
When it comes to starting your own venture, there are certain character traits that are essential. Here are five traits you need to successfully start your own small business:
1. Work Ethic
You’re going to need a solid work ethic for two reasons: First, if you’re smart, you’ll begin your small business while still working at your current career. That takes a ton of pressure off you in the beginning regarding revenue generation. Many businesses take some time to turn a profit, so it helps to keep cash flow coming in from another source until that happens. And second, starting a small business requires a ton of hard work – regardless of any overnight Internet sensation success stories you may have read about.
2. Time Management
Again, if you start your biz while at your current job, you’ll need to maximize each and every minute of your working day. Create a to-do list, cut off all Internet distractions such as social media or fantasy sports leagues, and take care of personal errands like grocery shopping or dry cleaning on your daily trek to and from work. Proper time management is crucial, as every minute you can free up is one more minute you can devote to your small business.
3. Passion
If you don’t truly believe in what you’re doing, your chances of success are minimized. My passion is helping others with personal finance issues (among other things), but if you’re not supporting a cause you truly feel enthusiastic about, you’ll have a hard time staying motivated. Often, the joy it brings you is the only thing you’ll have to fall back on when times get hard.
4. Ingenuity and Flexibility
Being creative and ingenious are also parts of small business success. You might think about starting a landscaping business, but later find that organic gardening is more popular than landscaping with ornamentals. If you thought your ticket to success was social media marketing, but that hasn’t worked out, you might have to branch out into other advertising options. Being willing and able to change is a key asset in small business success.
5. Perseverance
Unless you’re extremely lucky and find success rather early on, you’ll need to be patient. I wrote a book about personal finance and paid for it to be published myself, yet never generated much revenue. However, about six months following publication, I was recognized and eventually hired by a more popular personal finance website – and that’s where I draw the majority of my income today. Realize that patience is a virtue when it comes to launching your small business idea.
If you’ve thought about launching your own small business, but have neither the funds nor the time to devote to it, consider using Fiverr® to get yourself out of the starting blocks. It’s a stellar strategy if you want to get into small business ownership while still working at a traditional career, and you never know what might come of it. Although there are certainly other methods to small business success, don’t discount Fiverr as a way to break into the world of entrepreneurship.
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