Seven Truths I Wish Someone Told Me Before I Started My First Business
As someone with a strategic marketing background, some of the following topics of consideration were fully on my radar, but others were sadly missed. In hindsight I wish someone had stopped me, and convinced me to think about theses things before jumping in to my first business. No one did it for me, therefore I must do it for you! If you’re thinking about starting a business, take a minute to explore these very important factors.
Shopping for commercial space, and thinking about interior design is exciting. It’s awesome to create your logo and launch your website. But none of those things should happen until you can assure that you’ve addressed the following.
The seven factors that need to be considered before starting any business.
- Get super clear on your product. What is it? What value does it bring? If it is a service, get specific on what you provide and how it is delivered. Define the experience for your customers. Before you can monetize any product or service, you must know what you are selling.
- Know your audience. This may seem obvious to many, but in this case the obvious deserves extra attention. In business, it’s critical that you understand your customers. Who benefits from your product or service? This is important because you’ll need to be able to reach them in order to promote your business. If you don’t know who they are, how will you be able to find them?
- Know the players. Who’s in this with you? Are you a team of one, or are you considering working with a colleague, family member or friend? If it is just you, skip on to the next point. If you are building this idea with others, be sure you have all of the legal aspects signed, sealed, and delivered! Do not launch a website, social media account, or products/services without covering your legal basis. Even if you are the closest of friends, you truly never know what the future holds and you don’t want to lose any of your investment because you didn’t get clear on ownership, salaries, decision-making, etc.
- Know the competition and identify what makes you different. You will need two to three things that you do differently. Things that set you apart. Maybe it is your approach, or style. Maybe it is the price, or the delivery. It’s okay to get creative here. The key is that you know who your competition is, and how to compete for your client’s attention.
- Identify your pricing. You’ve done your research on your competition, you know your differentiators, now it’s time to set your price. What does it cost to make the product? If you’re a service based business, how much time are you spending on the service? How much of a margin can you make? How much is your client willing to pay? Can you inflate the price slightly so that you can promote discounts without taking a loss?
- Know your strengths. You’re amazing, and have a brilliant idea. Take some time to revel in your brilliance and highlight some of your additional strengths. Doing so allows you the space to celebrate your unique skill set, while also identifying where you may need help. Write them down in a place you can revisit, later. Trust me, you’ll need the reminder when things really start moving!
- Find strong partners. You’ve identified your strengths, and undoubtedly uncovered some areas where you need help. Not having the skill set to do everything is okay, as long as you’re willing to admit it. Once you’re able to do so you can find the right partners to help you along the way. Finance, marketing, and administration are some of the areas in which you can outsource and actually save yourself time and money. Don’t hire a partner blindly. Interview them, and assure they “get” your business. Then start small, and grow together.
You have what it takes to do your own thing — and make your own path! Just be sure that you do it with passion and intellect, and remember that everyone must start somewhere! Good Luck! You’ve got this!
Lisa is a transformational life coach who is passionate about helping others build their confidence in order to play big, own who they are, and step into their authentic selves. Lisa believes that behind those that have it all, is a coach dedicated to their success. She works with hustlers who are open to exploring their true nature and live their best lives
