Tips for Launching Your Own Business
This November marks my nine-year anniversary of starting my own human resources consulting business. As I look back on the years, I am amazed at what I accomplished and learned. If you are thinking about starting a business, read on!
I always dreamed about having my own business, talked to friends about it, and imagined how it might be. But it was only after two people in my life gave me a push, that I started doing instead of dreaming. First, my former boss said to me, when we were both thinking about moving on, “I never looked for a job, I always went out and created my own.” Given her advice, I hired a business coach to help me map out my next career steps. My coach saw my entrepreneurial spirit and encouraged me to start a business. So I moved from dreaming to doing.
The first few months of my business I spent setting up a legal structure, registering the business name, implementing an easy accounting system, setting up a business checking account, establishing a line of credit and obtaining business insurance. Each item was time consuming but not difficult. The more difficult work was writing my business plan and marketing plan. I talked to professional colleagues and volunteers at the Small Business Administration and SCORE, and read books on marketing. The process was slow because I was learning along the way, but I now use my business and marketing plans as road maps to guide my actions. One of the easier and fun parts of the first few months – for me, was working with a designer to create a logo, business cards, stationery, brochure and Web site. And, to celebrate my ninth year in business, I just redid my website, added a Blog, and am working with a company to have it Search Engine Optimized.
I also started networking – an activity that never ceases. There are many organizations to join. The trick is figuring out which ones to choose. I finally decided on being involved with a few organizations, which can either bring me business or help me learn more about building my business or both. One of the new ways I am marketing is through LinkedIn and Facebook; I have over 500 contacts on LinkedIn and my company is listed on both LinkedIn and Facebook.
One of the activities I worked on was my “elevator pitch,” which is answering the question, “What do you do?” so the listener understands and is interested. Now when people ask, I say, “We help leaders build great companies and help people build great careers through consulting, training and coaching.”
I also spent a lot of time creating processes to make my business run like a well-oiled machine. I have processes for making sales calls, following up, writing proposals and evaluating the results of the work I do.
In addition, three students contacted me, who wanted to work with me as interns to learn my business and to help them with their careers. Having interns adds supervisory and coaching time, but their ideas and enthusiasm has paid off. In fact, my business tag line, Know-how. Right now, came out of a brainstorming meeting in which the we reviewed my marketing plan.
At a networking meeting, a colleague suggested that I consider joining the Women’s Business Development Center. After looking into it, I had my business certified as a women’s business enterprise. In addition to meeting other women business owners, I gained access to a member directory of businesses that are interested in doing business with women business owners.
For me, the biggest risk of starting my own business was financial. I went from a steady paycheck to a roller coaster ride of payments. Before starting my business, I sat down with my family and asked for their support to ride out the slow months. My husband and younger child were supportive; my older child, who was into new clothes and CDs, etc, at the time, needed convincing. But since my oldest is now out of college and making her own career decisions, I see my move as a way to show her how to live your dreams.
The rewards are significant. I am passionate about what I do. For every business decision, I get to decide. My newfound freedom has unleashed my creative talents. And there is new meaning in what I do. My advice after my being in business many years now: If you are passionate about a business idea, knuckle down and go for it!