Small Business Start-Ups: How to Take off on Your Own
Small Business Start-Ups: How to Take off on Your Own
At some point in every working
Chances are, the little voice feeding you those ideas is spot on, and you can be a master of your own destiny.
However, what isn’t mentioned by the little voice is all the unforeseen hard work, planning, devotion and sacrifice it will to require to make that small business happen.
Here are a few tips on how to turn your small business dream into a reality.
Tip #1 – Find that niche that drives your passion and hones your direction.
You can ask any business owner how they selected their chosen path in business and the answer will almost always be the same: “I did it for the love of it.”
Truth is, if you don’t have a passion for whatever business you’d like to start and aren’t able to put a mission statement together that defines your intent, you’re going to have a tough time starting your small business.
Bakers open pastry shops because they love to bake pastries and car mechanics open auto repair shops for the love of swinging wrenches. Neither of them would say they started the business so they can afford a mega yacht docked off the coast to sip champagne in Fiji.
Each business began as a conversation about what you could / would do differently and realizing that niche could add value to your community by filling a need.
Tip #2 – Be willing to sacrifice for the love of the game.
I read a quote once that said: “Entrepreneur – Someone who works 100 hours a week for himself to avoid working 40 hours a week for someone else.” It seems insane until you decide to start a small business and find out firsthand how much it consumes you. In fact, you may even double your “normal” work hours and still find yourself asking where the time went.
Small business start-ups command that every detail be reviewed, mulled over and approached with undivided attention.
Like many start-ups, it will probably begin with plenty of “out of pocket” expenses until you get the doors open, so you may need to make sacrifices to your personal lifestyle as you transition into
Tip #3 – Find the right support team to get you off the ground.
The Wright Brothers credit Charlie Taylor, master engineer, for their success in aviation because, without Charlie and his engine invention, they would have never achieved propelled flight. You, too, need a master engineer (or, at the minimum, have a keen understanding of all the facets small business start-ups require) while you prepare for flight.
When building a team around your own ideas, be sure to keep it small, focused and have the confidence in each member to bring value to the vision.
If you choose to be a one-trick pony, like an independent business consultant who only specializes in supply chain management, you don’t need a big team because your business is based off personal skill, training
Understanding your own strengths and weaknesses often dictates how you approach building your team. (Now, finding the right players could be a whole different blog; it can be that complicated.)
Tip #4 – Set goals and be realistic.
Some of the wisest advice I’ve ever gotten about business came from a seasoned white-collar gentleman who grew a private label plumbing brand into a hundred-million-dollar empire. He would always smirk when he’d say, “Pigs get fat. Hogs get slaughtered.”
The idea here was to start a small business with the intent on being the
Setting realistic goals on operation budgets, short and long-term growth predictions, market-share value acquisition and bottom line returns will deter you from being a hog.
Be sure to set a realistic timeline on expecting to see your balance sheets shift from the red to the black as well.
Tip #5 – Never lose the passion you had in the beginning.
Hopefully, by now, you are seeing that small business start-ups are more than just a wild idea and shot in the dark. You will be faced with a stress you’ve never experienced with new tax laws, business registration paperwork, start-up loan applications, location build-outs (and all the fun associated with contractors, permits, inspections
There will be times when you second guess what you’re getting yourself into, and that’s natural. Having the fortitude to power through the doubt, over the hurdles and past the unknown is what makes opening day that much sweeter.
Again, if you love what you’re doing, it shouldn’t seem like work. Despite the hardships, realizing that a small business is built around passion and never losing that spark, drive or initiative, is what will separate you from the competition and make your business last.
There is an old Zen proverb that states, “The journey of a thousand miles begins with the first step.” If you mix that wisdom with “Pigs
However, if I had to toss one more quote onto the proverbial fire, it would be this: “You can’t fly with the eagles when you’re surrounded by a bunch of turkeys.”
It’s safe to say, starting a small business takes guts to do, and not everyone is cut out to make a small business succeed. Taking the risk is the only way to find out.
By approaching your start-up with the commitment and understanding that it takes more than hard work, dedication, planning, determination, and patience to achieve success, you’re in the right headspace to begin an adventure that could change your life forever.