A wise woman once told me: You can\u2019t put an old head on young shoulders. And while personal experience makes for the best teacher, when starting your own business, you can benefit from the wisdom of others.<\/p>\n\n\n\n
Take me, for example. Less than two years ago, I made a \u201cpandemic pirouette\u201d that launched my HR consulting business. Necessity pushed me into it when I found myself among the millions laid off due to COVID-19. Once I accepted my job wasn\u2019t coming back, I jumped headlong into my venture without much planning. Hindsight revealed that as a mistake!<\/p>\n\n\n\n
Now, I offer this \u201cold head\u201d for young business shoulders as a way to avoid some of the missteps I made.<\/p>\n\n\n\n
Tips for building your first business:<\/p>\n\n\n\n
Before you hang out a shingle, start a social media page, or make those business cards, make sure you understand these things:<\/p>\n\n\n\n
\u2022 Purpose\/Mission \u2013 what are you hoping to achieve with your business through its products or services? You might consider writing a mission statement that will help you focus on your goals. There\u2019s plenty of help for writing such statements on the internet, including an article from BigCommerce that recommends focusing on value, inspiration, plausibility, and specificity.<\/p>\n\n\n\n
\u2022 Audience \u2013 who needs your products or services? And of those, are there target groups that no one else is servicing? Chron., an online publication for small businesses, suggested starting with identifying the four levels of primary target audience: 1) where they are; 2) who they are; 3) why do they buy; 4) how do they buy.<\/p>\n\n\n\n
\u2022 Competitors \u2013 Who is already in the marketplace, and how are your services or products differentiated? Guard against discouragement here. There may be many competitors in your lane, but that doesn\u2019t mean there isn\u2019t a place for your business. Look at the bread aisle at your grocery store for proof that there can be room for many similar products and services.<\/p>\n\n\n\n
\u2022 Mentors \u2013 Is there anyone with experience in the specific business you are starting or starting their own business in a different industry that could provide mentorship? According to a July 2021 article in Entrepreneur magazine, startups led by entrepreneurs with mentors have greater success. If you don\u2019t know anyone, look for mentors in online forums like LinkedIn or professional or industry groups. Network with your friends and family to ask if they know anyone who might be willing to discuss your business venture.<\/p>\n\n\n\n
After laying the foundation, take these steps:<\/p>\n\n\n\n
\u2022 Draft a business plan\/model \u2013 you don\u2019t have to make this super detailed or fancy. Just use the information you gleaned and sketch out your framework. Not sure where to start? Check out resources on the internet, many of which provide templates for these purposes. Your local or state government may have online resources as well. South Carolina, for example, offers free information on starting a business at https:\/\/scbos.sc.gov\/starting.<\/p>\n\n\n\n
\u2022 Make a list \u2013 what do you need to get started? Remember not only materials for products or leased space, but also office equipment (computers, printers, desk, lighting, cameras), software (Office, Excel, PowerPoint, QuickBooks), shipping supplies, insurance, licenses, and professional dues. Don\u2019t forget funding sources, too. Will you get working capital from loans, grants, or gifts? Nerdwallet provides some ideas here. You\u2019ll also need to open business bank accounts.<\/p>\n\n\n\n
\u2022 Enlist experts \u2013 some fledgling business owners try to cut corners when it comes to getting expert advice. But \u201cyou get what you pay for\u201d is an adage for a reason. Scrimping on legal, tax, and HR advice when you start your business will end up costing you later. While you likely can file your business with your state secretary of state online, legal and tax advice regarding what kind of business you form, such as partnership, LLC, or corporation, is essential. Read more on the topic at the Small Business Administration website. And if you plan on having employees, an HR consultant can help you avoid compliance problems. The same goes for marketing expertise, especially if you don\u2019t have the skills to build and maintain your website and social media accounts. Besides online resources, such as Fiverr and UpWork, don\u2019t forget to check area colleges that might have students looking to make extra money by building websites or designing brands.<\/p>\n\n\n\n
You laid the foundation and gathered your materials and experts; NOW you can start building your dream business!<\/p>\n\n\n\n
\u2022 Stay on brand \u2013 When launching your business, remember to stay on brand across all online platforms and with any other media\/advertising you do. Use the logo designed for you, along with the recommended fonts and colors. If you had your business name and website set up before opening (as recommended), your primary email should be name@businessname.com (or .biz or .net). I didn\u2019t do this upfront, and now I track two different email boxes!<\/p>\n\n\n\n
\u2022 Keep a schedule \u2013 When you work for yourself, it\u2019s more important than ever to keep a regular schedule. Otherwise, you can work too few hours (the boss won\u2019t mind!) or way too many. Balance is the key. This tip goes for sleep, exercise, and healthy eating as well.<\/p>\n\n\n\n
\u2022 Work the plan \u2013 Now is when you return to your business plan for a roadmap to meet your goals. If you haven\u2019t fully developed quarterly goals, do so. By using three-month increments, you can keep from feeling overwhelmed and have an excellent chance of seeing positive results.<\/p>\n\n\n\n
\u2022 Ask for help \u2013 Just like you wouldn\u2019t try to put in a large cross beam to hold up the second floor of a home by yourself, you\u2019ll need help when building your business. ASK! You can also search out support groups too. For instance, I\u2019m in a few for HR professionals, and they are a resource for expertise or as a sounding board.<\/p>\n\n\n\n
Even with taking these tips to heart, your business journey still likely has lessons for you. But hopefully fewer. And what you do learn, make sure you pass that along to the next set of young business shoulders.<\/p>","protected":false},"excerpt":{"rendered":"
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