10 Essential Steps before starting your Small Business
This blog could also be titled - things I wish I'd known as an early business owner, but if you are anything like me, my passion, vision and dreams typically get me putting the cart before the horse! This list is by no means 100% comprehensive. Some of them, I did by default, others I had to learn along the way, so if you can find some takeaways and implement them BEFORE the pain - then it is a win for both of us!
1. Define Your Purpose and Passion
Before embarking on any entrepreneurial journey, it's crucial to identify your purpose and passion. It is critical to understand your WHY! It will serve as a compass throughout your entrepreneurial endeavors. There will be a lot of noise in your head - and unfortunately, any Google Search will bring more "expert" advice than you have the capacity to digest.
2. Conduct Thorough Market Research
Knowledge is power. Research your industry, target market, and competitors. Understanding market trends and potential challenges will help you make informed decisions. As you see gaps in the market or areas where YOUR expertise, abilities and vision can make a difference you will be able to refine and pivot your business strategy.
3. Craft a Solid Business Plan
A well-thought-out business plan is the foundation of any successful venture and helps you organize your thoughts and ideas in a "presentable" way. Outline your business vison and goals, products or services, target audience, marketing strategy, financial projections, and operational plan. A comprehensive plan will help you refine your direction, guide your actions and attract potential investors.
4. Legalities and Structure
Navigate the legal landscape by choosing the right business structure. Whether it's a sole proprietorship, LLC, or corporation, understanding the legal requirements and implications is essential. Getting advice from an accountant and attorney is incredibly valuable and will save many headaches down the road. I think this is really a MUST DO! Register your business, obtain necessary permits, and ensure compliance with local regulations.
5. Financial Preparedness
Finances are the lifeblood of any business. Evaluate your startup costs, create a budget, and explore funding options. Be prepared for the initial investment and potential challenges by establishing a financial cushion. I would also recommend deepening your relationship with your current banker or a new banker. Having someone in your corner for advice and support who can help you understand what is "bankable" and other options will serve you well throughout your business development.
6. Build a Strong Support Network
Surround yourself with mentors, advisors, and a reliable support network. See above - attorney, accountant and banker! Networking is invaluable for gaining insights, learning from others' experiences, and building relationships that can propel your business forward especially in areas where your skills aren't as strong. Master the art of the informational interview... watch for more information about this in another blog post!
7. Champion Lifelong Learning
Business education is perpetual. Stay updated on industry trends, attend workshops, and invest in courses that enhance your skills. And it is a write-off for the business! Establishing commitment and culture to continuous learning will keep you, your company and your employees adaptable. Organizations that leverage the collective knowledge, experience, and the creativity of their workforce harness the forces of growth and change to their advantage!
8. Prioritize Customer Service
This isn't 8th in terms of importance - but in order of operations - it comes a little later. Exceptional customer service is the bedrock of a successful business. Prioritize understanding your customers' needs! TRAIN your team accordingly to ensure a value based, customer-centric approach is embedded in your company culture. This will empower your team to act as you would in a given situation. Help them understand the BIG picture and remember buy-in is far less effective than ownership.
9. Cultivate a Growth Mindset
Embrace challenges as opportunities for growth. A growth mindset fosters resilience, innovation, and adaptability. Keep an open mind and don't judge yourself too harshly! You are going to make mistakes. Your employees are going to make mistakes. You are going to have to fire some customers. You are going to have to pivot from lessons learned. Seeing setbacks as challenges and learning opportunities will help you continuously seek ways to improve and evolve.
10. Establish a Sustainable Work-Life Balance
Success is not just about work; it's also about maintaining a healthy work-life balance. Ensure you prioritize self-care, maintain relationships outside of work, and recharge regularly. A balanced entrepreneur is a more effective and fulfilled one. In an earlier blog, I refer to this as being a steward over your personal resources - Time, Money, Personal Health, and Mental Health.
Eleven would be to hire a coach! I had several along the way - organizational management, sales, leadership, and an executive mastermind! I have learned many things with each - business and lifesaving skills I still use today.
If you are ready, we would be honored to work with you at Novel Expressions. If not, embracing these fundamental principles outlined in Business 101 not only paves the way for a resilient and well-prepared start but also sets the stage for a journey marked by continuous growth, meaningful connections, and the fulfillment of your entrepreneurial vision! Keep being amazing!
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