Welcome to the world of entrepreneurship!

This is going to be the most exciting, challenging and exasperating time you will ever experience in building your business! (did I say exasperating?) The thrill of turning your dream into a reality is a powerful emotion that will have you grinning like the Cheshire Cat but with that thrill will come the frustration and the feeling like you’re bashing your head against a brick wall. As someone who’s been through the start-up phase a number of times and now coaching others, I’m going to share several things that you will want to know.

1. A good idea is not a sure fire success.   It is great to have geniuses who create, but what happens after the AHA! is even more, important. How the idea is presented, marketed and sold will determine who goes on to a life of luxury (think Bill Gates) or die in poverty (think Charles Goodyear).

2. Fail to Plan, Plan to Fail.  FACT: there are a lot of things that need to be done for you to successfully launch a new business. (keyword ‘successfully’) Develop a startup checklist. One resource  is the Canada Business Network Start-Up Checklist http://canadabusiness.ca/eng/page/2749/    Don’t skip steps because they’re ‘work’. Work now = success later. TIP: “Wingin’ it” is not a plan.

3. A business plan is a must. There are numerous no / low cost templates available online. Pick one, fill it in, use it! It can be a ‘living’ document, in other words, you can change, tweak, alter it as your business grows.

4. Keep your day job.  FACT: You won’t make money right away. It might even take up to a year to create enough income to pay your bills never mind yourself. In some instances it might even take longer.

Set a financial goal with a date for completion. You’ll find that making that commitment to that goal and following through will generate more forward momentum and a much higher probability of achieving it.

5. Banks are not in the business of giving loans. They are in the business of making money.  Banks and other traditional financial institutions are reluctant to loan money to startups – especially service and retails startups. Don’t depend on them for your financing. Be creative and have plan B. Ideas on how to raise money for your business can be found at Entrepreneur.com http://www.entrepreneur.com/howto/raisemoney/index.html

Business loans can also be applied for through CYBF – The Canadian Youth Business Foundation and here in British Columbia for women through WEC – The Women’s Enterprise Centre.

6. Yes, it’s your baby, but until you can clone yourself, you need help. Receptionist, social media director, manager, president, janitor, shipper – running a small business isn’t one job; it’s lots of jobs. If you’re like me, it’s a challenge doing two things well, let alone a dozen, so put the ego aside and outsource whatever services can be done by someone other than you.

Still not sure about getting your startup off the ground? Check out my other blog posts for ideas and information or connect with me and explore the possibility of working together towards your success.

 

Now Go Get Connected!

About Cathy Kuzel

With 25+ years of experience as a successful Entrepreneur and Business Consultant helping Entrepreneurs succeed, she is recognized across Canada for her in-house and public seminars on “All Things Small Biz”. Named one of the Top Ten Mentors in Canada, Cathy is the Founder of The Connected Woman Association, Author of “Are You a Collector or a Connector?”; “I’m on the Phone!”; the internationally known “Daily Espressos” and is a networking maven.