Section 1.1: Maintain Your Day Job

I once enjoyed a lucrative corporate position that I loved, alongside a supportive team. However, fear clouded my judgment when my company faced restructuring, leading me to prematurely leave my job. I thought starting my own business would be a quick fix.

In hindsight, I realized I underestimated the capital needed to scale my venture. Without a steady income, my savings dwindled alarmingly, which ultimately led to resentment toward my business.

The Lesson: Keep your job while launching your side hustle.

Section 1.2: Develop a Business Plan

As Benjamin Franklin wisely stated, "Failing to plan is planning to fail." Not only did I quit my job, but I also neglected to create a comprehensive business plan.

Without a plan, I lacked clarity on key aspects such as:

• Identifying my target customers
• Understanding the problem I aimed to solve
• Assessing market demand
• Determining startup costs
• Projecting the timeline for reaching financial goals

Even a simple two-page document addressing these questions could have provided invaluable guidance.

Subsection 1.2.1: Prioritize Building a Community

Your business's most significant asset is its community. In a competitive marketplace, having a dedicated following is essential. I began my social media presence just weeks before my launch, which was insufficient.

If I could restart, I would initiate content creation at least two months ahead of my launch date to build relationships and understand potential customers' pain points.

Section 1.3: Don’t Get Caught Up in Branding

Like many newcomers, I wasted time obsessing over the perfect business name and logo. The funds spent on professional design could have been better utilized elsewhere. A simple font-based logo created on Canva could have sufficed, offering flexibility for future changes.

Even established brands like Nike had humble beginnings, operating under a different name for years before rebranding.

Section 2.1: Start an Affiliate Program

If I could do it all over again, I would implement an affiliate program early on to generate user-generated content (UGC). Initially, I confused affiliate marketing with influencer marketing, which limited my options.

Affiliate marketing often operates on a cost-per-acquisition basis, meaning I only pay commissions upon successful sales, making it a cost-effective strategy.

Section 2.2: Launch Newsletters from the Beginning

I initially set up a sign-up pop-up on my website, gaining a few hundred subscribers. However, I only sent newsletters during product launches, fearing I would overwhelm my audience.

I later realized that newsletters are essential for nurturing relationships with customers, building trust, and establishing authority.

Section 2.3: Write Blogs Regularly

I focused too much on perfecting my craft and neglected to market it effectively. Writing blog posts seemed daunting, but I now recognize their importance in driving traffic to my store. Scheduling regular writing sessions has made a significant difference.

I also plan to engage customers by featuring their contributions in my blog, creating social proof for my products.

Section 2.4: Collaborate with Other Brands

Initially, I hesitated to collaborate with brands in my niche, fearing competition. However, I’ve come to understand that collaboration can significantly enhance business growth. By partnering with others, both brands can tap into each other’s audiences, expanding reach.

Section 2.5: Document Your Workflow

Failing to document my workflow led to inefficiencies. By establishing a clear process, I’ve improved productivity and created engaging content that showcases my journey, which resonates with customers.

The Takeaway

While many of these insights may seem straightforward, the challenges of starting a business can make it hard to prioritize effectively. Focus on tasks that propel your business forward, and avoid the mistakes I made. Following these strategies will help you achieve a 6-figure income much more swiftly.