For some people, having their own small business is the ultimate dream. Ask any entrepreneur if they love having their own business and chances are they do – but it doesn’t come easy. When we see a cool business or an entrepreneur who has “made it” – we really only see the success they’ve had.
When in reality, we don’t always think of the persistence it took, the failure they’ve experienced and the sacrifices they had to make. It’s hard, think about the disappointment they have experienced – the no’s they’ve gotten and the dedication it really takes. You might overlook the hard work and the discipline it takes.
The sad truth is that only about 96% of small businesses survive for one year and that 85% survive for three years and 70 percent survive for five years or more.
Before you take the leap and launch a business, you should:
- Do your research
You really need to validate the market. Figure out who your competition is, both direct and indirect. What does your business offer that the others do not? You need to make sure that you can actually make money. Sadly, I have met a number of business owners who don’t actually have a plan to monetize – that honestly blows my mind every time. - Come up with a business plan
Lay it out there. What are your business goals? What are the methods in which these goals can be met? Come up with a timeline in which these goals should be achieved. Do you need a team? What does your ideal CFO or CMO bring to the table? Oh – and think of an exit strategy. What is the end goal of your business? Are you going to sell it off or is this something you’re planning to do for life? - Figure out a growth plan
Start off small, then grow. It makes sense to launch with a few services and/or products at first. Learn from the market and your audience before you spend too much money. Perfect your craft! What is working and well-received? Maybe you start by targetting a specific geographical location and then as you see success, take those tactics to tap into another area or community. You can always add another service or product to your offering. - Network and be nice
This one is pretty simple but it’s not always easy. Business owners are stretched thin. Their time, their money and their resources are all in! Make time to network and socialize. Grow your community. Shake hands with people that you might need to collaborate or hire in the future – accountants, marketers, lawyers, etc. At the same time, keep in mind that you’ll be meeting people all the time, online or in person. Your reputation matters, so don’t be a dick. - Develop a strong brand (and stick to it!) What is the tone of your business’ voice? How are you positioned in your industry? Think about how you will you present your business visually (colours, fonts, imagery, etc.) Do you know your primary target audience? Red flag — it’s not everyone. Consider what will look professional, attract the right audience, build trust and reflect your brand’s mission and core values.
I hope this list helps you take the plunge! We all have the potential to take control of our life. It’s not easy walking away from a secure, salaried job. But if you do it smart and strategically – you can fulfill your dream of owning a successful small business and being your own boss.
