7 Secrets of Building a Small Business con Corazón

Building a small business and a big life requires that you create the conditions that will lead to success. 

I have seven secrets you can use to build a business that can grow both with you and even if you were to step away. These secrets will help you build something you’re proud of to leave to your children or to sell. But no matter what you’ll eventually do with your business, you have to do it with intention and corazón. 

Secret No. 1: Plan Your Life Before You Plan Your Business

Building a business takes time and effort, so you definitely want to make sure your return on investment is what you’re looking for. I’m not talking about financial returns, I’m talking about emotional returns. 

You could have the most successful business in teh world, but if you hate it, if it goes against your core values, if it keeps you way from the things that you consider most important, or if it demands all of your time rather than helping you life a life you love, then you won’t be successful. You’ll just have a business that’s a burden rather than a joy. 

When you plan your life first, taking into account your vision, values, and roles, you can make sure that what you’re putting into your business will satisfy and fulfill you. 

Secret No. 2: Don’t Follow the Money. Follow the Passion

Oprah once said, “You know you are on the road to success if you would do your job even if you weren’t paid for it.” 

You’re going to pour enormous amounts of time, energy, and emotion into your business, so it better be something you love to do. And it also better be something that’s viable. 

The good news here is that many a hobby, a passion, and an unorthodox inspiration have been turned into profitable businesses. You just need to ensure you’re passionate about whatever you’re building. 

I always like to tell people that you don’t want an occupation, you want an “occupassion.” That’s the ticket there. 

Secret No. 3: Don’t Create a ‘Job’; Build a Business

Most business owners create jobs for themselves doing something they know how, or want to do. But you don’t always have to be the one doing the things your business is selling. That’s a quick path to burnout. 

From the moment you start planning to build a business, you should ask yourself:

• How can I build this so it can be expanded beyond me doing everything?
• How can I create something that has value in and of itself so that I can pass it along to my children or sell it for a profit? 
• How can I remove myself from the equation and have a business that still makes money? 

Building a business, versus just a job, can lead to financial abundance, time flexibility, and the personal and professional abundance most of us want to experience when we start businesses. 

Secret No. 4: Start at the End, Not the Beginning 

The best way to be successful as a small business owner is to create a compelling and exciting vision and mission for your enterprise. 

Big dreams based on your vision and mission are the “whys” that keep you going when the going gets tough. Because when you create a small business, you automatically become a leader, and leadership requires that you: 

1. Have a clear vision of the ultimate outcome and the way to get there. 
2. Have a mission that will inspire both you and others. 
3. Identify your values that will define your business’ culture. 
4. Have the ability to communicate all three to your team. 

Secret No. 5: Design a Business Blueprint

A business plan is a conceptual document designed to help you get funding. What you need instead is a business blueprint. 

The blueprint is a day-to-day description of the different functions that have to happen for your business to thrive, and the system to help you automate those functions. 

Once you understand and create the blueprint for your business, you’ll be ready to open your doors and be successful from day one. 

Secret No. 6: Assemble the Dream Team 

If you’re doing it all, you’re doing it wrong. You need a support system, or your dream team. Your employees are part of your team, as are your family, community, suppliers, customers, etc. Anyone who supports your business is part of the team. 

Building a team to help you succeed is the secret of having both a business and a life. 

Secret No. 7: Do Less, Smarter

The 80/20 rule in business states that 20 percent of your efforts will produce 80 percent of your results. 

The goal here is to figure out what your 20 percent is. As a business owner, you must decide where to put your time, energy, and resources to produce the greatest impact and results. Learning to do less, smarter, will make it possible for you to have the life you want and a thriving business. 

On a Mission to Empower 1,000 Latino Business Owners

This blog is an excerpt form my book Small Business, Big Life, which I am revisiting as I build the curriculum for my new company, Corazón Financial Advocates, which seeks to empower 1,000 Latino business owners to help the Latino community turn our $4.1 trillion in spending power into generational wealth. 

I always say that the real Golden Rule is “He who has the gold rules.” The reason that our community is being targeted by the current administration is because we don’t have the power that comes with money to protect ourselves. We don’t have the gold, yet. 

Corazón is going to help our community get the gold. To learn more, visit www.corazonadvocates.com.