It hits you. You stop and readjust to your surroundings. You realize that you’ve been working diligently for 12 hours and you haven’t even make enough money to pay for your Ramen Noodle lunch/dinner.
Startup mode. The phase in business where you plant the seeds and hustle like heck for a harvest.
That may sound poetic but it can be rough knowing that you’re working for days on end and not getting paid a dime.
What this post will do is share three shortcuts to getting profitable faster. None of these are breakthroughs. But none of them are scammy either. Rather, these are tried and true techniques that have helped catapult entrepreneurs to success. Soon you’ll be able to pay for your Ramen Noodles. And maybe you’ll even be able to splurge for Kraft Macaroni and Cheese next month.
Time to get profitable FAST.
Shortcut #1: Find a Mentor
News flash: Basically everything you’re trying to do has already been done by someone else. True, you may be wanting to do something truly unique. But there are others who have also done truly unique business ventures. Some with the same raw materials to you have. Find those people. Take them to lunch. Offer to pick them up from the airport if you are attending the same conference. Do whatever it takes to get close with them.
I’ve found that most people want to share their business tips. Don’t be intimidated. Approach them. Ask them what works and what doesn’t. Everyone always talks about life hacks. But this one is HUGE. In business, it’s important to use the resources around you. The greatest resource of all is the human brain.
Shortcut #2: Stop Trying to Do Everything Yourself
First off, it’s incredibly ignorant to think you can do everything better than someone else. So it’s time to hire someone to do things better than you can. And even if they can only do it 80% as well – if you can do more important things instead – do them instead. You are the entrepreneur. Focus on the mission critical components of your business and let others handle the rest.
Does this take capital? Yes. Or at least the promise of monetary reward in the future. But if that means you can get your product/service to market months faster, it’s a great investment. To pay for this when your company is not yet profitable, make sure you have another stream of income IE: don’t quit your full-time job until your own company turns a profit.
Let’s get specific on how to fund the help. Do you truly believe your company will succeed? Then stop investing in the stock market and invest in your company instead. Stop funneling money into your retirement plans and funnel it into the business. It’s a huge moment when you put your money where your mouth is.
Shortcut #3: STOP and Think
The only thing better than doing something well is knowing what shouldn’t be done in the first place.
Before you launch into a project, know if it’s truly worthy of the time/effort/resources/capital.
A mistake some young entrepreneurs make is doing things without definiteness of purpose. Are you making those same mistakes now? Think about what you do with your resources. Do you really need to do those things? Examples include:
- Managing many social media pages
- Paying for an office space when everyone could work virtually
- Paying advisers who aren’t producing tangible results
- Going to trade shows/conferences with no goals in mind
- Generally, just doing business-y things without knowing why
Get Profitable FAST
You need to know what is working and what is not working. Make it a goal to get profitable as fast as possible. Remember, you’re not looking to change the world in the first six months. But turning a profit sure would motivate you to grow. Once you’re profitable, you have proof of concept. What you’re doing works! YES! Beyond that, it’s a matter of growth. For most people, that’s when the fun begins.