When starting a business there can be a formula to help determine whether you make it or not. In some cases, you need to follow the formula and in others, you might develop your own formula. You might be seeking a loan or venture capital funding or maybe you are a ducks-in-a-row person.
Do what feels right and what you need to get the job done. I’m not here to give you the formula, the SBA, Women’s Business Center or local Chamber can help you do that, I’m here to suggest how you might survive.
Have a little cash /money
Maybe you have some cash from another business venture, maybe you’ve saved some, or maybe you have a loan available. A little cushion to get you going helps and can also take the edge off after you’ve quit your day job. Plenty of people have started out zero or at negative and made it work, but if you are able to have a small nest egg, it will relieve, or at least calm, some financial stress.
Get some opinions, but not too many
Assemble a team. You’ll need someone to bounce ideas off, someone who knows money and someone who is overall a business smartypants. While you are at it, get someone who is an expert in your biz (a consultant, a restauranteur, a retail shop owner, an engineer). If you are lucky, you can find this in one package. You won’t need them all the time and in fact, if you are as stubborn as most entrepreneurs are, you won’t use them as much as you should.
Don’t worry about bothering them with your dumb questions. Your team wants to help and wants to see you succeed. Experts want to give their opinion- let them. After getting expert opinions let your entrepreneur arm decide whether to take the advice or not. Even though you’re excited to start your business, remember that too many opinions can be a detrimental. Your new business ideas will become muddied if you are trying to take in all the options and opinions (aka Analysis Paralysis).
Stay true to what you want to provide.
You want to hand-knit hats with local wool and there’s a market for it? Don’t let someone talk you into traveling overseas to visit a knitting factory.
You want to have a CNC shop that makes OEM parts for large manufacturers? A mentor or business development pro might put pressure on to provide local one-off parts for small shops.
Stay on target. You identified and believe that there is a want and need for your business, so create the company you want.
Use your research, your expertise and your gut to tell you what’s right and go with it. You’ll need to stand behind your business and what you created in the end, so start out on the right track.
Leap and the net will appear. – Heidi Dressler
Planners in motion stay in motion, but at some point you need to launch your sandwich shop, your online jewelry business or your custom home building company. You will be the only one who knows that everything isn’t perfect and dialed. Often you can work out better processes as you go, and you will be continually learning. If you can provide the product or service you promise at the level that feels right, do it. There will always be room for change and improvement. Always.
Have a tiny marketing plan.
Please. I would be a terrible marketing person if I didn’t say have at little bit of a plan. It could as basic as “I’ll put a sign on the door”, as mid-grade as “I’ll post on Instagram” or as aggressive as a digital remarketing campaign for 6 months. If you don’t start thinking about marketing when you start your business, you’ll never have any data to compare to later. You’ll also get wrapped in working IN the business that you’ll blow off working ON the business. Marketing is an important aspect in creating a successful and healthy company. GET THE WORD OUT on your products and business. You could have the best, most ingenious product ever, but without marketing how is anyone supposed to know what you offer.
