Starting a business sometimes feels like it's in line with becoming a first time parent to me....not that I've done the latter but I feel like there is a lot of similarity. People don't seem to tell new mom's and dad's any of the 'bad' stuff....only the 'oh, it's the best thing you could ever do' stuff. This is such a disservice in my mind. How do you really prepare yourself for certain hurdles?
Over the past few months I've had some exeriences that I wish I'd planned for instead of having to learn from....while other experiences were pure opportunities. In the spirit of 'sharing is caring' I've made a list for my new business entrepreneur friends and welcome comments/input so that we can learn from each other and maybe even gets some sleep! =)
My Top Ten List.... (in no particular order):
- Plan ahead and be organized. Generally speaking, I'm pretty organized. Color coded and structured. I started out very organized....lots of cute notebooks with tabs marked for different categories so I could be on top of my game with info right at my finger tips. But I found as I got deeper and deeper into so many different facets of the business that I would start jotting things down on Post-Its or whatever I had handy and that was a disaster. Where did this piece of paper go? Where did I put that phone number? Take the time and stick to your organizational structure to avoid unnecessary stress. And if you have to jot stuff down quickly make it a pont to file it where it belongs for easy referencing later.
- Prioritize: Because there is only so much time in a day it's really important to start the day with your priorities in order. Shipping samples to a prospective buyer obviously has to come before working on your new letterhead design, for example. Time Management is key to being successful....especially when most new starts ups are a one or two man show and delegation isn't an option.
- Make lists!! Along the lines with being organized and setting your priorities for the day comes the "Action List"....so important! In order to not miss something important because you're juggling so many balls at once, creating that list keeps your head clear. And the satisfaction of checking something off that list is simply put-euphoric! The list gives you the ability to stay focused and prioritize.
- Just ask!! This is by far one of the most useful tools in a new business. Why? Because you just don't know what people will do for you or how they can help you unless you ask. People generally do want to help each other. I'm very big on picking people's brains and asking them how we can work together. Also, you don't know if your contact has a contact that has a contact that could be THE contact that will be the catalyst for your business to explode. Don't be shy, just ask!!
- PLAN!!! A business plan is the single most important tool for EVERY company. So many people tell me they don't have one and I can't wrap my brain around that. This should be a living, breathing document that you make a point to re-address annually. You're business plan should never be "to make money" because if it is, you're doomed. Your business plan should be your roadmap for how you plan to achieve success....your directions to get to a finish line. And that finish line should be a moving target because you want your business to flourish and keep growing...hence the breathing document that needs to be readdressed annually. If you don't have one, make this your next action item. There are some great business planning software companies out there if you are looking to save a few bucks while investing a little time to do it yourself or you can speak to your accountant/attorney for some help but normally this is billable by the hour.
- If you're going to source out work, ALWAYS check references. This was an important lesson for me. Just because you know someone personally or have mutual friends doesn't mean that they are the right fit for your business. And by the same token, just because they are inexpensive or give you a break doesn't mean they are the right fit either. Check out their work, check their references and always put your scope of work in writing. It will save you time, stress, aggravation and any future billing headaches if you're clear about your arrangement/expectations up front.
- NETWORK!! Where to even begin on this topic!! I'm a huge fan of networking!! Besides meeting some pretty fabulous people, networking becomes a plethora of real life education from people who've lived thru all different business experiences and want to talk about it. I participate in as many different networking groups as I possibly can. Some fit, some don't but unless I take a chance and go, I'll never know. From those groups I've been linked up with other people in other groups and we've basically built a community. If I need an insurance quote, I have a handful of agencies to choose from. If I need to dispose of office equipment or get plans drawn up for an extension to my office or plan an event, thru networking I now have options for who to turn to for a quote, references or advice. Or if someone else asks me for any of those things, I have some direction to share. That's invaluable.
- Pay it forward- I am a big believer in paying it forward. I always carry the business cards of the people that have become assets to my businesses. Yes, assets. My graphic design team, for example, is so talented and are always available to me. They are an invaluable asset to my business and are now part of our 'family.' If I drop my card somewhere, I also drop there's. If someone comments on how much they like my business card or my table banner, I have their card handy to give out as well. If I can help a deserving business owner get additional business, why not? I also have a section on my website for supporters and affiliates....this is specifically for the businesses or contacts that have gone above and beyond to support our efforts and it's my way of providing them a personal reference/free advertising. Always pay it forward because best case you'll get paid back.
- Follow through *sigh. I will never understand this. People who make a commitment to do something when they really don't have any intention of doing it. Why make the commitment then? I say if you make a commitment follow it thru. Even if you have regret about making the commitment, the fact that you followed thru will only help you build your reputation as someone who keeps their word versus being labeled the clown that blows smoke. If you really don't want to do something, don't make the commitment. And by the same token, circumstances change so if you do need to break a previously set expectation, do it gracefully and be thoughtful about it. You'll save face and won't ruin your rep.
- Do it for free when you can!! There are so many tools at the fingertips of young businesses thanks to the internet. From free social media advertising/marketing to free press release websites (I have a list of 50 sites that I use and will happily share) to webinar series hosted by successful business owners to help navigate the murky waters of entrepreneurship. Take advantage of these!! In fact, I will compile a list of my favorites for my next blog and share them with you.
At the end of the day, when you're collapsing into bed exhausted (or falling asleep with the laptop as seems to be the case for me,) you should be able to feel good about your accomplishments while looking forward to starting the day tomorrow....ready to learn new lessons.
(if you prefer to correspond privately: ksteuber@theshopperstote.com )
