This post is the second in my Startup Lessons Learned series. I’ll share a post within this series several times a month as I uncover new lessons. Make sure you subscribe so you don’t miss a post.
Questions In the Early Stages
Last week, I was talking to a client about each of our growing businesses. We discussed how difficult it can be to find a starting point and answers to questions when launching a business.
For example, when I first started Belle Communications, I reached out to peers and mentors that own businesses for advice. I found that they still had some of the same questions despite being further down the road of business development. They also weren’t necessarily sure if their approaches were “best” because they had to figure things out themselves.
Why Aren’t the Answers Easy to Find?
When you own a business, it can be hard to find time to invest in anything that isn’t mandatory. Clients, your health, growing the business, team members and personal life … it’s a lot and it can be exhausting. That’s part of the reason why I don’t think there are as many resources readily available online for startups and new business owners. We just don’t have time.
I started thinking … Why don’t I just share my lessons learned about business on this blog as I uncover answers? Maybe those answers can help someone else or provide an opportunity to share ideas as we journey on this road together. So, here we go ….
In the beginning, I asked:
- How do I find a good accountant?
I asked another business owner who they used and so far it’s been working out pretty well. In my experience, there has definitely been a learning curve as traditional accountants seem to be less digitally inclined. However, with some massaging, it’s been working. - Do I need a lawyer?
Yes! I found a great lawyer through asking within my network. A lawyer can help you come up with or confirm that the contracts and non-competes you’re using are correct. They can also setup your legal documents for your corporation. - Do I need to trademark?
This depends on what you’re doing. It can be expensive and take a long time and your product/service my not be eligible. Ask your lawyer if he or she has experience with trademarking or if they can refer you to a specialist. - Am I an entrepreneur or a consultant? (Hint: there’s a BIG difference.)
This one was tough for me to answer. At first I thought I was a consultant, now I think I’m an entrepreneur. I suggest listening to the first few chapters of the Startup School podcast by Seth Godin for insight into this. - How much should I pay myself? Should I be paying myself?
This really depends a lot on your industry and whether or not you have investors. I know some startups that plan on not paying themselves initially because they produce a product that has higher overhead like the need for a retail space or distribution. I was able to start paying myself right away by keeping my overhead very low. Also, since I provide a service that doesn’t require a lot of capital, I have more cash flow. - What’s my business plan? How elaborate does it need to be?
Your business plan can take time because you really need to ask yourself what your goals are. What do you want to accomplish and what does your brand stand for? Make sure you get in touch with your local SBA and setup a time to meet with a free business mentor. These are great resources that you can use as often as you’d like. They try to match you with a mentor who has a background in business specific to your industry and business goals. Definitely worth it. - Who’s my competition?
You need to research this as it will look different for each business. Keep in mind that even though it’s important to be aware of and learn from your competition, they shouldn’t be your main focus. - Where do I find more customers?
This varies based on industry and whether you’re providing a product or service. In my case, I looked within my own network, Linkedin Groups, trade shows, industry-relevant publications and researched influencers online. - What makes my product/service unique? Why would a customer choose me?
Take some time to really hash through this question. Do some soul-searching and work to uncover what makes what you offer unique. Is it the experience? A new approach? A new product? A more useful product? - What books / resources should I be reading?
Look at what your business peers and mentors are reading. What blogs are they following? What groups are they a part of? What events are they attending? - How low can I keep my overhead?
This will be a constant question I think. If you’re just starting out, be very strict to avoid added expenses unless they provide needed, tangible value to your product or service. This means that you may have to do your own PR and admin work in the beginning stages of establishing your business. It also means avoiding expensive CRM or marketing systems until they’re needed. Don’t get sucked into paying for a variety of online tools and gadgets. Time is money. If you don’t have money, you’ve got to invest the time.
Want Answers? Read, Read and Read Some More
I’ve definitely found a few invaluable resources along the way like Start Something that Matters by TOMS CEO, Blake Mycoskie, the Spin Sucks blog by Gini Dietrich and team, and “The Lean Startup”, which I’m currently reading. There are resources out there that can help us achieve startup success. You just have to dig. In the meantime, I have a renewed vision to document my journey in the hopes that it can help someone else along the way …
~ Kate
