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Tuesday, May 22, 2018

10-Steps to Starting a Business

Starting a business is easily one of the most terrifying and overwhelming feelings we can encounter in our life, but there are steps to help make it easier! Having gone through building my own businesses multiple times in my short life, I wanted to share my journey with you. Over the next few months I am going to break down some of the most important steps to starting your business. My name is Jordan Betts and I am the owner or Mint Salon in Brighton, founder of Entrepreneur Me Business Coaching, and we are working on our next adventure currently, which will be announced next month!

10 Steps to Starting Your Own Business

1-      Ask yourself the vital questions
2-      Do your market research
3-      Build your business plan
4-      Choose your business structure
5-      Figure out your finances
6-      Permits, Licenses, Register, Repeat
7-      Find your ideal location
8-     Hire your accountant, lawyer, and bookkeeper
9-      Find your genius team
10-   Promote, promote, promote

This month I wanted to focus on step one; asking yourself vital questions.
Do I have what it takes to be a business owner? This question is easy to quickly say yes to, but not everyone is meant to own a business. I challenge you to think deeply about these questions and answer them honestly. Starting a business and working through the challenges takes time, passion, and dedication. You have to believe in yourself and know that you CAN and WILL do what it takes to be successful! Welcome to the most exciting and difficult time in your life!

Do I have what it takes to be a business owner?
                Are you ready to marry this business? I mean, seriously, it’s like you’re entering a union. As with all relationships you will have your difficulties. The romantic days will make you forget your fights, and your fights will make you want to throw your hands up and say, forget it! This union requires 24/7, 365 dedication . You will eat, breath, dream this business. Trust me on this, you will need to find a way to shut your brain down at the end of the night, otherwise you will never sleep! This business thing, is the coolest and most amazing journey, but with it comes a lack of sleep because your best ideas will come at 2 a.m. *Side note: put a notebook and pen on your bedside table*        
Have I found my why?
                Do you have a clear vision? What is your plan? What is your why? Figuring out your why is what will drive you day by day. My WHY has traveled with me from the beginning of my journey in business to now and continues to evolve. Let that WHY drive you!
                Eight years ago, when I started on my journey as a hair-stylist I saw the sad statistic that 98% of single mothers were well below the poverty line. That statistic became my WHY. I wanted to offer my daughter a life filled with experiences, education, and most importantly time with me. Too often single mothers have to work multiple jobs to provide for their little ones and in return the littles lose valuable time with their mamas. My why was simple. I wanted a good life for my little and I wanted to share it with her. I wanted to be in that 2% and show other mothers how to too. Little by little we will get that number to increase, I want nothing more than to swap those percentages around. Are you ready to help me with my why?

What are the financial implications?
                Money talk stinks. It’s like, if I had a million dollars I could start all the businesses I want to and not even worry about it, but gosh darn it, I don’t have a million dollars! Few of us do have a million dollars so we must talk about money. We need to understand it, we need to know if we can financially handle the risks involved with starting a business. Unfortunately, as women-owned businesses, we don’t get the same loans as our counterparts, we pay higher interest rates with lower funding amounts.
                I have personally chosen to move slowly in my business ventures by using my own savings to start each business, it has been hard, it’s taken a lot longer than I want, but for me it’s right. It’s not the right option for everyone!
                If you’re looking for a loan, shop around. Make sure you talk to EVERY option out there before you make your decision on funding. Your loan becomes a monthly bill regardless if you’re making money right away and you will want the lowest interest rate you can get!

Do I have a support network in place?
                Friends, family, partners, girl groups, etc… find your people. You will need those girls, check out your local girl groups and find other business owners who get what you’re about to do. It’s so awesome to chat with other business owners, because honestly, not everyone can handle our conversations! I don’t know about you but I geek out about the nerdiest behind the scenes statistics and my sweet partner just smiles at me. I want to geek out with other lady business owners! Find your group, ask them questions, reach out for advice, listen to their advice, and drink lots of wine with them. You will thank me later.

Do I have the self-confidence and self-discipline needed?
                My biggest challenge. I am strong, I am able, I am capable. You are strong, you are able, you are capable, WE ARE DESERVING! The hard part, the self-discipline. Planning and starting a business takes a lot out of you, remember the union we talked about? Sometimes you will go home from your day job and want to Netflix and chill with your babe, RESIST!! Part of self-discipline is clearing your environment from distraction. Eventually your work/life balance will come, sacrifice it now for a better pay off later.

Have I been honest in my self-examination?
                Were you honest with yourself when you answered the above questions? Listen girl, dream big! That dream will become a reality if you put it in the universe and work for it. Protect yourself by answering honestly. The clearer your vision, the better your strategic plan will be. If you don’t have the money yet, figure out how to get it. If you’re not confident right now, find your girl group and find your voice! You can do this!

Have I done my market research?

                We are going to dive into market research next month, but if you’re looking to start now, reach out to me at jordan@getminty.com and find me on Instagram at @entrepreneurme_coachjb. We can start your 2018 Business Breakthrough now!

Until next time, think about the following:
·         Identify your business idea.
·         Is there a need for your business?
·         What is your competition like?
·         How will your business fit into the market?

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