Tips For Launching Your Own Business

tips-for-launching-your-own-business

This November will be my sixteenth-year anniversary of starting my own human resources consulting business. As I look back on the years, I am amazed at what I have accomplished and learned. If you have tentatively been thinking about taking your first steps in business, then read on for my tips for launching your own business!


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Doing instead of dreaming

I always dreamed about having my own business, talked to friends about it, and imagined how it might be. But it was only after two women gave me a push, that I started doing instead of dreaming. First, my former boss said to me, when we were both thinking about moving on, "I never looked for a job, I always went out and created my own."

Given her advice, I hired a business coach to help me map out my next career steps. My coach saw my entrepreneurial spirit and encouraged me to start a business. So I moved from dreaming to doing.

Recommended reading: How to Determine If You Have a Good Idea for a Business

Setting up 

The first few months of my business I spent setting up a legal structure, registering the business name, implementing an easy accounting system, setting up a business checking account, establishing a line of credit and obtaining business insurance. Each item was time consuming but not difficult.

The more difficult work was writing my business plan and marketing plan. I talked to professional colleagues and volunteers at the Small Business Administration and SCORE, and read books on marketing. The process was slow because I was learning along the way, but I now use both business and marketing plans as daily roadmaps to guide my actions.

One of the easier and fun parts of the first few months - for me, was working with a designer to create a logo, business cards, stationery, brochure and website.

Recommended reading: You Should Do This Before You Write Your Business Plan

Networking is crucial

I also started networking - an activity that never ceases. There are many organisations to join. The trick is figuring out which ones to choose. I finally decided on being involved with a half a dozen organisations, which can either bring me business or help me learn more about building my business or both.

One of the activities I worked on for months was my "elevator pitch," which is answering the question, "What do you do?" so the listener understands and is interested. Now when people ask, I say, "I help people build great careers and help leaders build great companies."

At a networking meeting, a colleague suggested that I consider joining another women's professional organisation. After looking into it, I had my business certified as a women's business enterprise. In addition to meeting other women business owners, I have gained access to a member directory of businesses that are interested in doing business with women business owners.

Putting processes in place

I also spent a lot of time creating processes to make my business run like a well-oiled machine. I have processes for making sales calls, following up, writing proposals and evaluating the results of the work I do.

In addition, three college students contacted me, and wanted to work with me as interns to learn my business and to help them with their careers. Having interns adds supervisory and coaching time, but their ideas and enthusiasm has paid off. In fact, my business tagline came out of a meeting in which we reviewed my marketing plan.

Financial planning

For me, the biggest risk of starting my own business was financial. I went from a steady paycheck to a roller coaster ride of payments. Before starting my business, I sat down with my family and asked for their support to ride out the slow months. My husband and youngest child were supportive; my teenager who loved new clothes and CDs, etc, needed convincing. But since my oldest child has graduated from college and is making her own career decisions, I see my move as a way to show her how to live her dreams.

Recommended reading: How to Put in Place Financial Management for Your Startup

Go for it!

The rewards are significant. I am passionate about what I do. For all every business decision, I get to decide. My newfound freedom has unleashed my creative talents. And there is new meaning in what I do. My advice after my first years: If you are passionate about a business idea, knuckle down and go for it!

Over to you now. Any other tips for starting your own business? Share them with us in the comments below. 

 

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Saturday, 20 July 2019
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