In an inflationary period, starting a business work for you is more important than ever if you know how to do it right!

The best way to do that is through coaching and mentorship.

A mentor can help you navigate the changes you’re facing in your industry, and a coach can provide you with guidance on how to handle them—and how to apply them to your own business.

These two things are especially valuable during an inflationary period because they have the potential to change the trajectory of your business in ways that strengthen you.

Coaching and mentorship are essential for new business owners, especially during an inflation period, because during this period, many businesses go under. 

Even if you’re still in business, you may struggle to stay afloat financially. You might even consider selling your business or shutting it down for good.

When these things happen, you may be tempted to question how starting a business during inflation can work for you. It can feel like the world is coming down on top of your head. 

Perhaps it feels like the only way out is to give up on what you love doing—and maybe even go back to school! 

It’s essential that when this happens to you, though, you don’t give up on what makes your heart beat faster: starting or growing your business.

It’s easy to get discouraged when things aren’t going as planned—especially during an inflationary period! But it’s also important not to let that lead you into a downward spiral where all other ideas seem unlikely or impossible. 

The best way forward is through coaching and mentorship from people who have been there before, so they know how to help guide you through those tough times.

Let’s face it! The world needs more people doing what they love—and not just those who are lucky enough to be born into money. But it’s hard for most people to break out of the corporate mindset, where you’re trained and expected to do whatever your boss tells you. 

When you finally tire of this cycle, however, all that matters is getting out there and starting a business that makes money—even if it means making sacrifices along the way!

There are many ways to make money, so the best way to get started is by understanding what you enjoy doing the most. If you love art and creativity, then maybe you should start a business selling paintings or other types of artwork. 

If you’re more interested in helping other people succeed, then perhaps starting an online coaching business would be better for you (or even working as a consultant).

If you’re unsure what type of business to start, then try taking an online personality quiz. This will help you figure out what kind of work you’re most passionate about—and it will also show you how much money you can make with each option.

Many websites offer these sorts of quizzes, so just Google “what should I do with my life” or “what job is right for me?”

Once you’ve figured out what kind of business you want to start, the next step is deciding how you’re going to get started.

For example, if you want to start an online coaching business, then your first step will be figuring out what coaching services you can offer or what products you can sell if physical products appeal more to you. 

Once you’ve established what kind of business you want to start and how it will function, then, it’s time to make some money! 

𝑺𝒕𝒂𝒓𝒕 𝒃𝒚 𝒅𝒐𝒊𝒏𝒈 𝒓𝒆𝒔𝒆𝒂𝒓𝒄𝒉 𝒊𝒏𝒕𝒐 𝒚𝒐𝒖𝒓 𝒊𝒏𝒅𝒖𝒔𝒕𝒓𝒚.

• Find out what products or services other companies offer and how much money they’re making with each product or service.
• Try to establish why these products or services are successful and what makes them unique. If you can identify a gap in the market, then you can fill that gap with your product or service.
• Besides doing research into your industry, it’s also necessary to do research into your target market. Who is likely to buy your product or service? 
• What problems do they have that your business can solve? If you settle on selling physical products, be keen to investigate what people need and how much they’re willing to pay.

There’s never a need to reinvent the wheels. Who knows! You might just hit it off right away, despite the inflation.

If this is still overwhelming and you feel a little help, support and guidance may help you figure things out, please visit our mentors’ page and select a coach more tuned to your industry.

We’d love to read your perspective on getting into a new venture, especially during inflation. Is it a 𝐘𝐄𝐒 or 𝐌𝐈𝐒𝐒 for you!?