Setting Yourself Up for Entrepreneurial Success
Starting your own business is the beginning of the dream. It’s exciting. It’s fulfilling. But let’s face it - it's also super tough. Stats show that 20% of small businesses fail within their first year, 48% fail by the 5-year mark, and a staggering 65% don’t make it past 10 years. Those numbers? They’re real, and they’re a big deal.
I’m going to walk you through a few steps to prevent you from becoming a part of those statistics. The truth is, entrepreneurs often get swept up in the excitement of starting their business, diving headfirst into the work, and forgetting the foundational steps. These skipped steps? They are often the reason many small businesses fail. And the trick is, these missteps and the damage or gaps are not readily apparent in the beginning, they rear their ugly head after a build up of time.
So, how do you make sure you’re getting everything right from the start? Well, there’s a framework I’d like to introduce to you. It’s called the Freedom 15 - a guide not only to financial freedom, but to time freedom, and lifestyle freedom as well.
But before you dive in, there’s some pre-work…
Before You Begin: Get Your Mind Right
You’re going to face long days, financial risk, and emotional highs and lows. So the first thing you need to do? Get your head in the game.
Have a conversation with your family. Let them know that the road ahead will include sacrifice, and not just from you, but from them as well. It might mean missed dinners, late nights, and moments of self-doubt. But it also means building something bigger for all of you. Your mindset isn’t just your mindset - it needs to be a family mindset. Alignment here is step zero.
Now grab a pen and let's tackle the Freedom 15.
Step 1: Identify What You Will Sell
Every business starts with something to sell. Whether it’s a product, a service, or a combination of both, you need to get crystal clear on what you're offering. Start with market research. Study your competition, understand your industry, and find the gap you can fill, or the way you can improve upon it. From there, define your unique value proposition - what makes you stand out?
Don’t just dream it, test it. Launch a small version of your offer, get real feedback, make adjustments, and then go all in with your official launch. Validating your idea before investing everything is a step too many entrepreneurs skip. Don’t be one of them.
Step 2: Define Your Business Identity
This is the heart and soul of your business. Choose a name that reflects your values and resonates with your audience. Craft a clear vision for where your business is going and a mission that explains how you’ll get there.
Then, think about your ideal customer. Who are they? What do they care about? Once that’s clear, lock in your brand presence - purchase your domain name, secure your social media handles, and run a trademark search to protect your identity. This step is more than branding. It's about creating a strong foundation for recognition and trust.
Step 3: Understand the Cost to Deliver
It’s time to face the numbers. What will it take to actually fulfill your offer? This includes everything from materials and tools to workspace, software, equipment, and even your time. Will you need a physical storefront? Are there large upfront purchases required like inventory and raw material parts? Do you need specialized software or a vehicle?
Knowing the true cost of delivering your product or service will help you price correctly, plan your budget, and avoid surprises. If the cost is high, you may need to revisit funding options before moving forward. This step is about making sure your dream is financially doable.
Step 4: Build a Delivery Method
Once you know what you’re selling and how much it takes to deliver it, the next step is figuring out how you’re going to get it to your customers. Will you operate online or in-person? Will you meet clients virtually or ship products? Are you offering mobile or virtual services, or expecting customers to come to you?
Every business needs a delivery method that aligns with the product, meets customer expectations, and doesn’t overcomplicate your life. Think through scheduling, time zones, shipping costs, travel time - everything that affects your ability to deliver with excellence and consistency. Answer how and when the moment of execution will come and you have consistency built into your company! Something far too many are missing.
Step 5: Ensure Repeatability
A successful business doesn’t rely on you reinventing the wheel every single day. You need to be able to repeat the process consistently and efficiently. Ask yourself: Can this process be duplicated without burning out? Do you have the systems in place to fulfill orders or deliver services repeatedly at scale? Is this scalable?
Are your materials and supplies easily replenishable? How many clients or orders can you handle each day, week, or month without sacrificing quality? Repeatability is what allows you to grow - and not collapse under your own success.
Step 6: Set Your Schedule
This step often gets overlooked, but your time is one of your most valuable assets. Decide what your availability looks like from the start. Will you operate during traditional business hours? Offer weekend or evening options? Will this business run full-time or alongside a job, family responsibilities, or other commitments?
Getting clear on your working hours and boundaries will help protect your energy, manage client expectations, and maintain some semblance of balance. Remember, if you don’t set your schedule, someone else will.
Step 7: Create Your Service Menu
Now it’s time to structure your offer. What exactly are you putting out into the world? Are you offering one product or multiple? A few service tiers or fully customizable solutions? Define your packages, features, and price points - and take a close look at which offering brings in the most profit.
Your service menu should be simple to understand, easy to sell, and clear about the value each option delivers. This isn’t just about having options - it’s about being intentional with how you present them to your customers.
What’s Next?
If you’ve made it through these first seven steps, you’ve done more than most aspiring entrepreneurs ever do. You’ve laid the groundwork for a business that’s intentional, well-structured, and set up to succeed.
But there’s more. In the remaining Freedom 15 steps, you’ll learn how to organize and register your business, handle tax planning and entity selection, master marketing and sales, collect payments, manage vendor relationships, track documentation, pay yourself properly, and stay compliant long-term.
I’ll be breaking all of that down in my upcoming 5 M’s for Entrepreneurs course, where I walk you through the full Freedom 15 framework - plus show you how to integrate it into your actual business.
The Most Important Take-away? Don’t Skip Steps
Most entrepreneurs skip steps because they’re eager to “just get started.” But skipping foundational steps is like building a house without a blueprint. You may get the walls up, but eventually, it’ll all come crashing down.
Start right. Stay strong. And build a business that lasts.
If you're ready for more hands-on insights to build a business that actually works, come hang out on the Forging Leaders YouTube Channel, where we talk about leadership, growth, and building businesses that don’t just make money - but make a difference.
