Entrepreneurship is exciting! When someone is starting a business, they've found something of value that they can offer to the world, and they can't wait to get started! The issue lies in the details, I'm afraid. Most of the time, this aspiring business leader is so focused on the service or product that they would like to offer, that the other tasks going with "starting the business" get left on the sidelines.
Something that the consulting team at Kaizen-Life has been focused on lately is a new business start-up. We created a service that ensures that these little pieces don't slip between the cracks! If you've seen any of our social media in the last few months, you've most likely noticed that recurring theme! With all the tasks of starting a new business on the brain, I couldn't help but let it bleed into my latest blog.
So, without further ado, here are some reminders for that new business owner in your life!
1. Get familiar with your audience
When we get so excited about what we're offering, it's easy to forget about a key player in the business: the consumer. Take time to familiarize yourself with your ideal audience and what they are looking for. It will always pay off!
2. Employees are going to come later than you may think
It is common for someone to start a business so that they can run the business and let others do the tougher jobs. Unfortunately, cash flow is a particularly major step in employing a team. Don't forget to get some steady cash flow before starting on those payroll taxes!
3. Think long and hard about business partners
It's inevitable that investors or aspiring business partners may be in the picture. If the proper precautions aren't put into place, things can get a little messy. Be sure that when you are bringing others into your business, there is transparency about values, planning and more! If any of these things are unclear, it can cause confusion and issues later.
4. Get ready to change your mind
Not only will you be getting a lot of, "You know, what you should try is...", but you will be constantly learning and growing throughout the process! Even if you think that there is a clear-cut way in your mind when you are starting, you may find that an opposing way is better or more efficient. Whether this comes from outside sources, or from your individual experiences, you must stay open-minded!
5. Failure is practically a guarantee
Even if you do your best to learn about your audience, gain proper cash flow, and start on the right foot, failure will most likely happen in one way or another. Not every new project or idea is going to take off, and that's okay! The most important thing is to learn from the failures and to not give up! With tenacity and a solid plan B, you can generally get some lemonade from the failure lemons. Just keep moving forward!
Starting a business always comes with all the emotions, and (sometimes even though it's not welcome) plenty of opinions and helpers! With these reminders, we're hoping that you can push through the good and the bad and come out stronger. Entrepreneurship isn't for the weak- you must keep your end goal in front of you and not lose sight of it! Hopefully, these reminders were just what you needed to keep going and get your business to the next step! Best of luck to you!
- Abigail Alano