Many of us dream of being our own boss. Ditch the 9 to 5. Do what we want because it is what we want to do. Enjoy a lifestyle that is not bound by the hours the office is open. Let our imagination run wild with ideas that could quite possibly change the world. Walt Disney once said “All our dreams can come true, if we have the courage to pursue them.” If there is a dream, and the courage is there, how do we get started?
GETTING STARTED
According to a survey completed by the New York Post in 2018, 3 in 5 individuals dream of owning their own business. There are many avenues for information on how to set up and grow a small business, that provide step-by-step directions for a new entrepreneur.
The United States (U.S.) Small Business Administration (SBA) offers website guidance on how to complete market research and do a competitive analysis, which helps find customers for your business. The first crucial step in becoming a successful entrepreneur is understanding your customer base. Completing initial market research through means such as surveys, focus groups or interviews can help reduce risks. The SBA suggests you answer these questions to “get a good
sense of your market.” (sba.gov)
Completing and using a competitive analysis assists you in identifying competition and defining a competitive edge . The competitive analysis helps plan strategies for success, differentiation, and focus.
In Ohio, the ohio.gov website offers a section for Business, which includes information about starting, managing and growing your business in the state. The section titled Start a Business, offers a Startup Guide, which provides guidance of legal entities and how to register with the Secretary of State. A Checklists section covers the state regulations for specific businesses. These areas are extremely beneficial to a new entrepreneur, to make sure they are doing everything necessary to start their business the right way.
The SBA and state business websites are excellent tools to use when getting started. They offer guidance to plan, launch, manage and grow business. These are great tools to have in the entrepreneurial tool belt.
Another very important aspect when you start, is knowing yourself. You need to know how you operate, in order to help yourself be successful. I highly recommend taking a personality test, or two, to gather information on you.
The DiSC Personality Test measures four main traits – Dominance (D), Influence (I), Steadiness (S) and Conscientiousness (C). There is a free version available through the website discpersonalitytesting.com. This is a fast way for you to gain insight into your personality and behavioral traits. By understanding yourself, you can improve communication skills, connect more effectively, and understand what you need to be successful when working with others.
The Enneagram Institute offers their own test, which separates personalities into 9 categories. Each category offers a personality description, and helps people understand some of the main positive and negative issues that are likely to arise. Enneagram also offers insight in to how each category relates with the other categories.
The DiSC Personality Test and the Enneagram are two popular, inexpensive or free tests that can taken by yourself and those who will be working with you and/or for you. Very helpful when you begin to build a team, as you will know what to expect when working together.
RESEARCH
There is an overwhelming amount of information available on the internet about becoming a successful entrepreneur. A quick search of “how to become an entrepreneur” provided me with over 45 million articles. A lot of information is out there.
When you do research on the internet, and too much information is available, start weeding through by dates. Find the most recent articles or publications. If you have never heard of the company that is supplying the information, research that company.
Find what works for you. Not everyone learns the same and not everyone retains information for the same way. I like to print material and I like to make notes —a lot of notes. Others may prefer to keep everything on the computer, saved to folders. Some may want to buy the book, or two or three. Do what you feel most comfortable with and what will keep you on track with opening your new business. It may be a combination of internet research, printing articles and book research.
PLAN
According to the SBA, there were over 30 million small businesses in the United States in 2019. Small business is described as companies have fewer than 500 employees. Small business is 99.9% of all business in the United States. Small business offers 1.5 million jobs annually. Pretty important numbers for small business owners. They are the backbone of the United States.
This statement by Walt Disney says it all, “The way to get started is to quit talking and begin.” Now that market research and a competitive analysis has been completed, and government websites have been reviewed, it is time to get started.
One of the traits of a natural born leader, according to forbes.com, is to make lists. Start making lists of what needs accomplished. Leaders know how to get the job done and take pride in crossing those tasks off the list.
Make a master list, then a list for each section. Here is an example of a master list:
Under each item on the master list, list each item that needs completed for that area, such as:
Keep a notebook for all lists. This allows you to review when needed. It also allows you to keep your notes on the lists together. Making lists helps keep your planning organized and keeps you productive. It can also be used as a brainstorming tool as the business plans continue and the business grows.
Planning also includes naming your business, designing a logo and designing a website. These are really fun items to focus on, however, they can become added stress. If this is not your area of expertise, and you are not comfortable completing these items on your own, it is recommended that you reach out to a company that can assist you.
There are many websites you can use to create a company name, such as godaddy.com and name.com. Through these websites you can also purchase access to a matching domain name and email address(es). These websites are easy to use and offer helpful suggestions.
There are several online options for logos, and several available through the App store on your cell phone. You will want a logo that you can download and use on business cards, stationary, etc.
If you are unsure of business names, join a social media business group and ask for suggestions. Many groups are happy to offer their feedback on names and logos.
TRAIN
I am a huge fan of training. Huge. The more knowledge you have, the more successful you will be. I never pass up an opportunity to learn more.
There were over 115 million results for my Google search of “training to become an entrepreneur.” Same as my other internet search, overwhelming. So where does one start?
When I started in business, about 5 years ago, I had left a state government position where all decisions were made for me and I just had to do the job. I had no experience, at all, in small business or owning my own business. I went with what I knew.
Along with being a huge fan of training, I am a huge fan of Dave Ramsey and Ramsey Solutions. I have read his books, follow his program and would listen to his radio show every day as I drove home. Ramsey Solutions offers many options for the small business owner, so I started with Business Boutique.
Business Boutique offers much support for those interested in starting their own business. The program offers a book, a planner, an academy, yearly conference, and membership and social media support. The Business Boutique Academy, which does has a fee, includes a step-by-step plan to turn ideas into business.
I went from the state government position to being an Independent Contractor (IC) with a travel agency. The travel agency was part of a consortia, which offered many different training programs, including those with vendors in the travel industry. Through the consortia, I discovered The Travel Institute. I met with a representative of The Travel Institute at a yearly conference, gathered information, then signed up for certification. I did a fast-track test through the first step, the Certificated Travel Associate (CTA), then completed the training course for the Certified Travel Counselor (CTC).
The Certified Travel Counselor (CTC) course covered so much more information than I expected. The course takes you step-by-step through building your business, hiring employees, negotiating deals and includes information on finances. The course even covered COVID-19 issues and information on how to safely return to work after quarantine. Even though this course is offered by The Travel Institute, I would recommend it to other in the service industry that want to learn more about running a successful business.
After you have launched your business, I highly recommend taking your training to the next level. Find programs that challenge you more as a leader.
In 2019 I had the opportunity to attend Ramsey Solution’s EntreLeadership Master Series. This week long in-person course covered everything to take business to the next level. It started with Leadership and dug in deep on issues such as leadership, personnel, communication, team building, compensation and implementation. I will be honest and say this experience changed how I do business and raised my own expectations.
While EntreLeadership Master Series was my next level training option, it will not be for everyone. There are many other training sessions and courses available. Do the research and find the one that fits for you. Then go for it.
NETWORKING
Networking is beneficial to the small business owner. It gets your name out there. It gets referrals to your business. It helps you invest in relationships. It helps make you a success.
There are many different groups to become involved with. Many charge a small yearly membership fee. Keep in mind the earnings from a referral from a fellow member can cover the cost of membership.
There are several great local groups to join, including the Chamber of Commerce and Rotary Club International. Many areas also offer professional business builder groups, that usually meet once a week and permit only one member from each business type (i.e., one salon owner, one banker, one insurance agent, one flooring specialist, one builder, etc.).
Social media is a great place for networking! As it is virtual, it permits you to join groups that do not require a physical in-person meeting. Facebook offers many selections for small business owners, including Women in Business and Mom Entrepreneurs. LinkedIn is also a fabulous site for business networking, as connections can be made around the globe.
Also, think outside of the box. There are many ways to get your name out there without spending a bunch of money. Many communities offer a local fair.
Buy an animal, get your name mentioned at the auction and listed in the fair book the next year. Support a program at the local school. Participate in a charity fund raiser or sponsor a hole at a golf outing. Put your name and contact information on bottled water and hand it out on the closest bike trail on a hot day. While a small bit of money may be involved, it will not break the bank.
SUMMARY
“Tough times never last, but tough people do.” I love this quote by Robert H. Schuller. Most will agree that 2020 has been an interesting year, however, it has never been a better time to start a new business. People are at home, ideas are flowing and no better time than the present to turn that idea into a cash-flowing business.
Remember why you started. You had an idea, a vision, a desire to make the world a better place. Launch that business and be the success we all know you can be!
https://ohio.gov/wps/portal/gov/site/business
https://www.forbes.com/sites/jennifercohen/2016/02/15/are-you-a-natural-bornleader/?sh=213e0d832c19
https://www.bigcommerce.com/blog/quotes-for-entrepreneurs/
https://www.oberlo.com/blog/small-business-statistics
https://nypost.com/2018/01/17/most-americans-dream-of-being-their-own-boss/
https://www.daveramsey.com/store/product/business-boutique-book-by-christywright