So you want to start a business… my top 5 tips
It all begins with an idea. Maybe you want to launch a dream business. Maybe you want to turn a hobby into something more. But where do you start?
My journey started eight years ago when my new boyfriend, at the time, had an idea for a business. I came from a long line of family entrepreneurs. Both of my parents and their parents all had businesses of their own and I just knew I wanted to work for someone else. I went to college, graduated and catapulted myself straight into New York City. After working for various employers I was ready for a change, I moved back home and started trying to figure out what in the world I was going to do.
me, pregnant, working our wine bar
Fast forward to when my new boyfriend had this great business idea but honestly had no idea how to execute it other than networking and looking for a good location. I stepped in just to help and wound up with a full time job and ownership. We made a lot of mistakes and had some really big failures along the way, but overall we were able to grow a business from a small group of investor funds and our work ethic into a business that not only supported us but was also able to employ over 75 employees.
After working all of these years for myself, I realized I had created so many useful tools that I wish I had from day one. If only I could have invested a few hundred dollars in templates and workshops that schooled me on some basic practices I could have saved myself hundreds of hours of research and heartache. This is why I started The Industry Code - to compile all of my useful tools into one place that would be easily accessible to other aspiring entrepreneurs in the beginning stages of building their business.
If you’re wanting to start a business here are my top 5 tips:
Make a business plan - without a business plan and running some numbers, you won’t know if your idea is even a viable business idea. Some ideas are really fun, but when you put them on paper, they just don’t work. Make sure you’re realistic about your projected sales and what it would take financially to actually start your business.
Start small - you don’t need to start with a huge project. Start with something you love and expand it. It could be a really great cup of coffee or your favorite sandwich. Start with a pop-up somewhere that doesn’t cost much money to get started.
Get a partner - it doesn’t have to be your significant other or necessarily an equity partner, but it’s nice if you’re starting an in-person business to have someone to bounce ideas off of and possibly give you some relief from being there 24/7. This could be a friend, family member, or someone really passionate about the same thing you are. Don’t try to do everything on your own.
Secure funds - how are you going to pay for this business? All businesses require start-up costs. Is this going to come from your savings, investors or a bank? Can you afford to take from your savings? Do you have enough to support yourself until your business actually starts making money? Are you willing to ask other people for money? How is your credit, will a bank finance you? These are all big questions to ask yourself in the beginning stages.
Be passionate! - unfortunately a good idea just won’t have the same impact without the passion behind it. You have to be willing to put in the extra time and effort it takes to start a business and help it to succeed. This might mean working weekends and late nights which means giving up your free time. It’s no joke being an entrepreneur so unless you’re passionate, it’s hard to give up the luxuries of free time.
Thanks for reading and I hope you continue to follow along!
L
