Many of you may wonder what kind of advice I could give in starting your own business and finding your business footing as I am still finding mine. This article is for those who are just starting out in business or looking for ideas to start your own business – I’m going through what you are going through too. There are many elements books don’t tell you about what it’s really like to start a business. This is because each experience is unique. For me, I found it’s a patience game, a game of chance, judgments and lots of errors and that’s the best part. The worst for me has been the roller-coaster of emotions. How do you put that on your business plan?
Your Idea
When starting your own business, we all know the importance of a business plan; if you find writing easy then you won’t find writing one hard. It’s the idea of having to put your thoughts on paper in the desired format. If you have a complex business idea like I do, then writing a business plan can be time-consuming and frustrating, to say the least. I’ve once had to write my business plan six times for one organization and they still didn’t get the concept. Upon doing a presentation they kind of got the idea. So, now I have a business plan in the form of a presentation.
You must remember that no one will fully understand your idea (unless you can take them on a tour around your brain even then there’s no guarantee), but you must communicate it the best way you can, especially if you are looking for financial support. It is crucial to know and understand your idea and your business plan. Taking criticisms, listening to others, doing your research and analyzing all this and more is important. Then, what happens when you can’t recognize your idea after adjusting it to suit all the feedback you got? Don’t be a mule and don’t be a pushover about your idea. Outweigh the advantages and disadvantage of your feedback, as it’s you that has to implement and execute the business plan.
Financial Help
Everywhere you turn you’ll hear “in this economy… getting a loan is hard…” yes it is harder than before. My advice to you as a startup is not to depend on a loan. Too much focus on getting the money may take you away from your idea; it shouldn’t be your be all and end all. When I started I didn’t have much capital and I’m still looking for funding, but I focus on what I can do with the small budget I have. Do what you can within your budget even if it’s a small amount (you can get business cards with that). A lot of entrepreneurs started with almost nothing. I opened a salon with a bit of capital in the account. And no, I don’t recommend you start your own business like that unless you’re determined and focused because if you’re not, you’ll get in a worse off financial position. I found getting financial support very difficult and time-consuming, but getting into debts is very easy and doesn’t take time at all. This is another prime reason to keep records of everything. Many high-cost business mistakes have come from poor spreadsheet management, so keep a close eye on your records, it will reward you.
Getting Started
“Build it, and they will come” a misquoted popular phrase. True or False? This phrase was at the back of my mind 18 months ago when I got an opportunity to open a salon. Will it work? What if no one came in? ‘What if’ a hundred different things. The phrase is built it not buy it, at university one of the syllabus subjects was Project Management and one thing that stuck in my mind was the triangle of every project: time, cost and quality. While painting and decorating the salon my fears clashed with my planning. I would like to tell you that I conquered my fears which would be a lie, but I did see my vision come alive so to speak. So yes, you need to ‘build it for them to come,’ do not forget your goals, your business plan.
When starting your own business, if your business idea only requires you, then good luck you for you’re on your own, and no shared workload so you must stay on top of it. If you don’t work at it, no one else will. If you need to hire staff; my best wishes. We all know the value of a good staff member when you’re starting out. It is said that one happy customer with telling up to three people on average, however, a dissatisfied customer will tell an average of ten people. Employee indifference is one of the biggest reasons customers will vote with their feet and go elsewhere. You are more passionate about your business than anyone you will employ to make sure you get the right team member and always be present when starting your own business.
My salon is within a small community and I hired someone who was well known in the community, but unfortunately, not for the right reasons and as a result I found out the hard way and my business suffered for that error in judgment. ‘Hire slow and fire fast’ is a concept that is not easy to implement but a very necessary one especially, when you start your own business. When you have a team around you, hiring the right people is still crucial, but more flexible. In finding your business footing, the path you choose must be suitable for you, for you alone will be walking that path through its journey. Know your plan and don’t let anyone make you think it will not work because they do not understand your idea. Even if people like your idea, there are no guarantees for its success or failure until you have implemented it.
When you start your own business, fear and uncertainty can hold you back in many ways; my fear was what if no one came to the salon when it opens and my fear came true – only two people came to the open day. I analyzed what I did wrong, where it went wrong and what I can do about it and not forgetting where it went right – yes, I was happy for at least I got two more than none at all and from those two, I got many recommendations. Referrals and recommendations received when starting your own business can be a very powerful element of your business growth.
I have gone to banks, government grants, charity organizations for help with funding business start-ups and with no success. I’ve been told my idea will not work with options that I should only do this, or go back to employment. I have taken all the criticisms on board by splitting up my business plan. I focus on the salon and work part-time elsewhere, but not forgetting or changing my idea completely to suit others but do what’s best for the business and myself. You will find that when you are starting your own business, there are a number of points in your plan that work very well on paper and in your head, but alas reality is not always so accommodating.
Are you balancing your time, cost and quality of your service or products? Never leave your business to be run by an indifferent person, startup or not. Your customers come first and they’re a crucial kick start your own business absolutely requires! What has been your biggest hurdle when starting your own business? You know that feeling of saying… “you know what? I’ll just pack it in and get a nice secure job where I don’t have to worry about money coming in or be responsible for everything?” – Be bigger than that! How have you managed to stay on track? Focused? Let me know.