This is Ted McGrath, and today I want to talk to you about starting new business advice. I’ve been in my industry for so long. I failed a few times, and I’ve learned a lot. Today, I’m going to tell you five important lessons if you want to start a business.
Starting New Business Advice | Get Smart with These Tips
In This Article:
1. Think Win-Win
My first starting new business advice is to think win-win. Everybody must benefit from the things you do.
I was 21 years old when I’ve learned sales and joined one of the biggest insurance companies called New York Life.
When I was first starting a business, I was building and growing it. I spent so much of my time getting the client and the commission. I was chasing one goal after the other.
It was later I realized, it should’ve been a win-win game. It must be a win for you, for the client, and for the company you’re with. If you have a company, then it must be a win for it too. Otherwise, you’ll lose your power. You can also lose the purpose and meaning of what you’re doing.
2. Have More Than One Passion
Today and everyday, I’m inspired to share my life story and how it led me to building my own motivational speaking brand 💯 https://t.co/SHjfpG6q2f #challenge #motivational #successtips #goals #inspiration #TedMcGrath pic.twitter.com/7BKPu2p6CN
— Ted McGrath (@ted_mcgrath) March 27, 2018
Here’s what people do when they have a business idea. They think of the one thing they’re good at and then come up with a business plan. They then do their best to make sure they can follow it through.
Will this work? Yes, of course, but here’s another lesson I’ve learned from doing my business. You don’t need to be stuck pursuing one passion only. In fact, having one is not going to save your life.
For the past 13 or 14 years of my life, I was into coaching and speaking business. I was happy. I built a multimillion-dollar empire because of it. I thought it was life-changing, and it’s what I’m going to do for the rest of my life.
I was wrong because I became so much more than that. I developed multiple passions. Besides being a coach and a speaker, I lead seminars and do online marketing. My team and I run big launches online and have lots of sophisticated marketing funnels. I also have a theatrical live event, and I’m a performer as well. I even have a software company.
These different passions helped me enjoy the game. They don’t mean I have a scattered life. I am just a person who can control and do many things.
3. Be Financially Smart
My third advice is to be smart when it comes to money. All business owners know so many tips about this but let me add one more.
I grew up in the financial services business. I, though, wanted a great understanding of finances with growing a business and my life.
Now I have an understanding of how to be financially smart and intelligent. Here’s the thing: I wish I had poured more money into important vehicles. I wish I had one for my dream fund, relationship fund, and wealth fund. I could’ve vehicles for my business fund. These are areas of my life I wanted to grow but required money.
4. Learn When to Say No When Enrolling Clients
— Ted McGrath (@ted_mcgrath) March 20, 2018
I have no doubt sales and enrolment are a huge part of a business.
I just wish I’ve learned how to say no faster and sooner. Today, I’m getting much better at it. When somebody wants something from me and it’s not aligned with my goals, I say no. There’s power in saying no to the things you don’t want to do.
You can practice the same thing when you’re doing enrolment. As a speaker or a coach, you need to have the ability to inspire other people to say yes and get them aligned with their yes. It’s your responsibility, too, to say no to the things that don’t. By doing this, they’ll have more space for better opportunities for themselves.
5. Go Deeper
A lot of people are good at putting up a business start-up but they’re afraid to go deeper. What I mean is once they found success in that area, they look for something new and exciting.
My last starting new business advice is to dig deeper into the same area. You will realize it’s just as exciting. You become more thorough and see new details which can make a huge difference in your business.
It can be in your marketing strategies or target market. I am it doing now in Facebook marketing for my sales funnels. I encourage my team to go deeper and deeper until we nail it then we can duplicate the model. The success rate for the next one is higher because it’s more polished.
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There you have it – my starting new business advice. These have been super helpful for me. Of course, I wish I knew them earlier on, but the good thing is I can apply them in my future plans.
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