Embracing the Leap: Lessons Learned from Launching a Business Abroad
Last year, I took a spontaneous leap of faith and applied to my university’s exchange program in Madrid, Spain. What started as a joke with my sister turned into a reality when I received the acceptance email. The next five months were a whirlwind of gathering funds, juggling multiple jobs, and launching an online publication for Black women, Sorella Magazine.
The Journey So Far
As I reflect on the past year, I realize that my life has become a balancing act of running a business, maintaining a social life, and keeping up with school work. While it’s been chaotic, I’ve learned valuable lessons about entrepreneurship and self-care.
Focus on Your Niche
In today’s age of specialization, it’s crucial to identify a specific market niche and cater to it. As Judge Graham notes, 42% of startups fail because they fail to capitalize on a niche. By focusing on a specific demographic, you can create a loyal customer base and stand out in a crowded market. Sorella Magazine’s success lies in its dedication to giving visibility to Black Millennial women and Black female voices.
Delegate Responsibilities
As entrepreneurs, we often try to do everything ourselves to save money. However, delegating tasks can actually save time and resources in the long run. Hiring professionals, like accountants, can help you avoid costly mistakes and free up time to focus on your business. At Sorella, I’ve been fortunate to have friends and family who’ve offered their expertise, from copy editing to marketing suggestions.
Separate Your Business from Your Self-Worth
This is perhaps the most challenging lesson I’ve learned. As entrepreneurs, it’s easy to tie our self-worth to our business’s success or failure. However, it’s essential to remember that your business is not a reflection of your worth. Factors like culture, economy, and access to resources can affect your business’s success. Black women, in particular, face unique challenges in entrepreneurship, including limited access to credit and capital. It’s crucial to separate your self-esteem from your professional success and focus on building a life centered on self-worth, not net worth.
Running a Business Without Losing Your Mind
While running a business can be incredibly challenging, it’s also incredibly rewarding. By focusing on your niche, delegating responsibilities, and separating your business from your self-worth, you can maintain your sanity and build a successful business. Remember, you are worth more than your business, and with hard work, support, and help from others, you can achieve your goals.
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