If you’re in start-up mode you need all of the help you can get and you also need tools that will help your start-up be successful. “Success” is different for each entrepreneur, but if you want to be a success you need to lay the groundwork and build a strong foundation. Here are the tools that I share with my clients as a way to get their entrepreneurial endeavors off to the best start possible.
Here are tools I recommend:
You should have a business plan in place. The business plan will guide your business growth from start up to selling. You also need to know the ins and outs of your business, what the goals are, what services you offer, what products you will make and have a plan in place for the growth of the business as it relates to potentially having to hire employees.
Work with a banker from the beginning of your business endeavor. You should have a business bank account and even a business credit card. Building a relationship with a banker will be of help when you look for capital for expansion.
What can you outsource? There are items that are likely outside of your area of expertise — social media, accounting, legal, etc. — and you might be better served to outsource these tasks to an expert in that field. Determine what you make hourly and if it’s a good use of your time to focus on areas that are outside of your area of expertise.
Establish an online presence. This could be one of those items that you outsource, but if you do, you need to determine where your ideal clients gather and have your social presence in those areas. If you jump onto specific social media platforms, make certain your profiles are complete and that you are being active on those platforms.
Make sure you know how to accept payments electronically. Today’s online world means that you should be able to accept payments online from your clients through your website. If you’re onsite at a conference, for example, you will want to be able to process payments on the spot.
Talk with your business coach or a colleague if you have any questions or concerns about whether your start-up is on the road to success.
This isn’t your typical, “how to succeed in business” piece. You can read those anywhere, right? I want to offer you advice that might stop you from making a big mistake (or five) when you’re launching your start up.
Here are the five ways you can make your start up fail:
If you don’t have a business plan or a roadmap in place you will wander aimlessly. Take your time and put a business plan in place. At least know what you want to charge and what you need to charge to make your business viable. Know what you will say yes to and what you will say no to. It is easy in the beginning phases to say yes to every client even if they aren’t a good fit.
You can’t always be perfect. Many who strive for perfection before they launch an idea or a project are still on the launch pad while the competition has passed them by. Get it done. Tweak it later.
Hiring the first person you interview. Have a job description and make certain the people you’re hiring are suited for the tasks you need completed.
Being so rigid in your business plan that you can’t bend and sway with the market and with what your clients are telling you they want.
Not having a savings to fall back on. You don’t want to sink every dollar of your nest egg into your start up because that will leave you operating from a feeling of desperation and that might mean you’re always operating in “frantic, I need to take every client that comes along” mode.
Be focused. Work with a coach or a mentor if you’re struggling to get the start up on the right track, give us a call!
Do you wake up in the morning excited about going to the office? Do you love being your own boss? If the luster has worn off a bit, believe me, I understand. I work with clients regularly who just don’t love their businesses as much as they used to and that’s a shame! Here are my three top tips for falling back in love with your business:
Think back to when you started and write down what you loved about your business then. What was the original idea? Are you still on track with that? Has something derailed you? If so, what? Can you get back on track?
Have your personal goals changed? If, in the beginning, your personal and professional goals were aligned, but now things have shifted you should take some time to reevaluate where the two have diverged and why? Believe me, personal growth is nothing to fret about — in fact it’s healthy. It just might be that your priorities have shifted and perhaps your business needs to shift to stay aligned with personal and life goals.
Who are your role models or mentors? Are they on track? Can they offer you the chance to talk and help see why you aren’t in love with the business any longer and how to reignite your passion. If you don’t have a mentor or role model you may need to talk with a business coach and rework your business plan.
Have you fallen out of love with your business? Do you want to fall back in love? We can help! If you have rediscovered your passion we’d love to know how you did it!
The idea of business growth is great, right? Yes and no. It’s great if you’re ready for it, but what if you’re not? What if you get so much new business that you simply can’t handle it on your own? You don’t want to try and build a team in the midst of a growth spurt — it’s too hard to assure you’re getting the best talent when you’re under the gun.
Don’t let growing pains plague your business. Here is how you can prepare:
Have strategies in place for growth. This means, when you’re putting your business plan together you need to take growth into consideration. If you have employees on site and have to hire more will you have the space for them? This is a consideration not all business owners plan for.
What will growth cost you? By that I mean, will the number of new clients you’re bringing in be enough to offset the cost of new staff?
Do you have enough people in place, right now, to handle growth? If you don’t, where will you find them and how quickly can you get them up to speed?
Will a growth spurt change our company culture or the way you deliver products or services?
Growth is what all entrepreneurs strive for, but it doesn’t typically happen without growth pains. Plan ahead and you can minimize the pain.
Is stress a part of your daily life? As an entrepreneur, you may have more stress than others, but you don’t want to let stress rule your life or your health — and your business will suffer. During my business coaching calls we cover stress and how it impacts a business owner. We talk about it from a “setting a business growth path” view, but it helps keep an entrepreneur sane and the business growing.
How can you tackle your stress? Here are tips:
Get away from your desk and get out into nature. Walk around your office building. Stepping away from the screen can be liberating. When it gets to be too much for me I climb mountains!
Look for the silver lining. Spend time counting your blessings!
Many people work virtually now and have little to no human interaction. If that is your situation, you should get out of the office — even if it just means having a meeting at a coffee shop. A change of scenery will do you good.
Don’t let stress lead you down a path of eating processed, unhealthy foods. Healthy foods fuel you better.
Get a hobby. Get out on the golf course, climb a mountain, read a book. Rediscover a hobby and make time for it daily.
To be an effective entrepreneur you need to find ways to manage your stress.
If the dream of being your own boss is one that you have had for a while. What’s stopping you? Is it the staggering amount of information that’s out there? Is it because you don’t know exactly what you want to do?
In my coaching practice I work with both long-time and first-time entrepreneurs and here are some factors I’ve found to be true in many cases:
Don’t get sidetracked. It’s easy to do if you don’t have a clear focus and a business plan to keep you on track and focused. Don’t say “yes” to opportunities that simply don’t suit your overall business model.
If you don’t focus on your area of expertise you likely won’t succeed. Spend your time and energy on your area of expertise and outsource those items that you simply aren’t great at or that will cost you more money to complete than if you hired someone.
You’ve probably heard the phrase “fake it until you make it” and that means you can “fake” a large office and “fake” that you’re working with a team. Work on a shoestring and spend only what you need to while you’re in start up mode.
