3 Fatal Mistakes Corporate People Make When Starting a Side Business | Ina Coveney

3 Fatal Mistakes Corporate People Make When Starting a Side Business

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Let’s talk about the 3 most fatal mistakes that corporate people make when starting a side business.

These are mistakes I have made and I absolutely do not want you to make them too!

I am about to launch a program all about how to validate your business idea. All this month, leading up to the launch I am interviewing people about how they make money doing what they do. How did they get out of working for someone else and do their own thing?

It’s a scary thing and it takes time and thought! I wanted to ask people how they make that jump and how they make enough money to live off of it.

So I’m talking to makeup artists, translators, branding strategists, leadership mentors, and more! All to talk about how they made their businesses work.

You can seriously make money doing anything you put your mind to! Picking that one idea to make a business off of is no easy task and that’s why my new program is going to help you do just that.

IV League School (IV stands for Idea Validation), is a four-week long program that starts this April. If you want to register early, I recommend signing up for my mailing list.

Why I left corporate life

Let’s get into the mistakes I made when I made my own jump. I am serious about this, if you avoid them 2019 will be YOUR YEAR.

If you’ve never run into me before and have no idea who I am, my name is Ina Coveney. I am a salary replacement strategist and I help people in corporate work to start their transition into making money doing something else.

I felt inspired to talk about a little what all of that is like.

For me, I loved what I did in corporate! I was a Project Manager and I was really, really good at it. I am not some disgruntled employee who was desperate to get out. This business is something I’m doing completely intentionally.

Here’s the deal: if you don’t hate your job, but maybe aren’t sure if you want to leave, you’ll continue on the corporate path and go up and up until you reach retirement and it will all be completely fine. If that’s okay with you, that’s GOOD!

If you’re like me, you don’t want to settle for fine.

Fine feels like a failure.

My biggest fear in corporate was to retire from the company that hired me out of college. I knew I had potential and if I didn’t do anything more than that it would be failing. But I wanted more than that! I wanted to live life in full color.

There was always one thing that made me stand out when I would go into interviews for corporate jobs. And that was that I had my own side-business making websites!

When I was trying to find my purpose in life, I tried so many different activities and hobbies. I volunteered at a suicide hotline, I learned violin and piano, I even started teaching myself organic chemistry,

I wasn’t sure what I wanted to do, I just knew I wanted something MORE.

In my search for trying to find purpose, one thing that came up was starting my side-business.

My side-business happened completely by chance. A friend of mine asked for help with her website and then insisted she pay me. I thought that maybe I could actually start a business this way, and that’s when I started getting into the fatal mistakes.

I really wish someone had told me these things back when I was starting. The way I went about starting my business was all wrong, because nothing was going to change! The point of a side business is to have something that fires you up and can eventually turn into a full business.

My mindset was so small. I thought of my side-business as JUST as side-business and I didn’t care about the money. Which is a huge red flag! What business can get off the ground when the owner pushes away money?

Subscribe to the podcast: Corporate Trailblazers with Ina Coveney

The 3 Fatal Mistakes You Should Not Make When Starting a Business

Mistake 1: Not working on your money mindset

I am not a mindset coach, but I often times find myself talking to my clients about mindset.

If your mindset is not set up to accept money and to understand your hangups with money, you are not going to make it anywhere. You will not go further than your side business just being a side thing.

This is a BIG reason people fail their business in the first year. Getting paid to do your job is not greedy.

It’s not ALL about the money. And I’m not talking about becoming rich, I’m talking about you making the money you deserve and making more than enough to just make ends meet. Making enough money to be truly financially free.

You have to figure out how to step into your healthy money mindset self in order to make progress.

Mistake 2: Doing this on your own

When I started making websites, I was making about $500 a month which isn’t bad. I was already making money at my full time job, so this was pocket change.

I soon started learning all the things that I had been doing wrong, like not building an audience or not thinking that this could be something more than a hobby.

When I was just sitting at my computer working away at websites, I was failing to realize my own potential in my business.

I was super busy and I didn’t get anybody’s help and I didn’t want it either. But why was I working so hard for just $500 a month?

My business truly started the day I started working with a coach. I needed someone who could tell me what I was doing wrong and what I needed to do next.

You will hear over and over again from other entrepreneurs how they had a coach and how they needed that coach to get to where they are now.

If you want this to work, you cannot do this by yourself!

It took me 3 years to get a coach and my business never advanced a second. The first year I got a coach, I expanded my business more than I had in the three years I had spent doing it alone.

Do not do this by yourself!

Mistake 3: Not Validating Your Idea

Without idea validation, you have no idea how people are going to receive what you put out there.

When I started I didn’t validate my idea, my idea was to make websites.

I didn’t get myself an ideal client, I didn’t put myself out there, I wasn’t creating offers to attract new clients, I was just moving forward hoping that people would find me.

Without knowing what your ideal clients need, there is no way to grow this to where it needs to be. If you price your services too low, you get clients who don’t really care about the quality.

While if someone pays you a few hundred or thousand dollars, you bet that they are going to care about the thing they are buying from you.

So go out and talk to people! Find out who you can help, what they need and how you can give it to them.

Those are the steps to idea validation.

And there you have it, those are the basic three fatal mistakes.

If you’re anything like me you probably have tons of ideas on what your business can be. So I’m doing a workshop to help you get clarity on your idea.

If you want to learn more about how to narrow it down, come to my masterclass. I really hope to see you there!

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