There’s that natural sense of trepidation that comes with taking the plunge into business.
Unlike a cold dip, it can take quite some time before you come up for air. And, sometimes, longer still to feel like you’re not just treading water.
But as LA-based investor and entrepreneur Lauris Liberts says, “Don’t wait for the right moment to start the business. It never arrives. Start whenever. Now.”
While there’s a lot you can only learn through experiencing the inherent highs and lows of business firsthand, there are also many tips and resources you can draw upon throughout your business journey.
At Kiikstart I work with businesses ranging from start-ups to large corporations, supporting the development of their business strategy, tactics, skills, and capacity building functions.
Here, I’ve offered a few of my top tips for getting started. If you’re not a business novice, chances are these tips are a good refresher anyway!
Of all of the tips I can offer, perhaps the most important is to genuinely believe in your product or service. Entrepreneur and philanthropist Maria Forleo advises, “Never start a business just to ‘make money’. Start a business to make a difference.” This comes down to knowing your why. Ask: how will my product or service enrich people’s lives? Your business is much more likely to succeed if you know your ‘why’ and have the passion to keep at it through tough times. Only a genuine belief in your offering will allow this.
Know Your Worth
Do your homework before starting out. How is your business of real value to people? Does it fulfil a gap in the market? Or are you doing things a little differently? Never start a business because someone else told you that you would be good at something. This is a disaster. To be able to make any business work you need to be able to quickly articulate why someone should spend money with you. This is not for the faint hearted or overtly humble! Know your worth, and be ready to spruik it!
Mind the Gap(s)
We all have personal strengths, as well as weaknesses and skill gaps. Get real about your skill gaps – and find solutions to these. Play to your strengths, and assess whether further learning is needed, or whether you’re better off having an employee or contractor do some of this work for you. It’s all about weighing up risks and opportunities. Over the past 12 years I’ve mentored 1700 people to lifelong change, including career change. When people say they want to undertake further study, I always ask how it will benefit them and their business. What changes will it make? And if they don’t do it, what is the outcome?
Choose Your Partners Wisely
Choose your partners carefully in business – and in life! There will be times when you need to lean heavily on your partner, so make sure you have someone who can be there for you when times get tough. Also be careful about who you partner with in business. Ensure this is a person you can trust completely, and that you have complementary skills to bring to the table. As Emma Jones, founder of Enterprise Nation, says, “Choose a business partner as carefully as you would choose a spouse.”
Master Your Time
A business isn’t a 9-5 job, so being disciplined with your time – and how you let other people use it – is essential. Starting a new business requires the ability to consistently set and meet deadlines, even if that means saying “no” to the demands and expectations of other people. Remember that for every client-facing hour, there will be just as many hours of work required behind the scenes looking at your business’ strategy, communications, financial management, administration and more.
Self-care is a crucial element to long-term business success. So get your physical and mental well-being in order, and make a commitment to yourself. If this means working with a personal trainer and psychologist, then do it. Starting a business and pushing the limits will be the most enjoyable and stressful venture you can undertake. If you are not well in every sense of the word you, will not give yourself the best possible chance of success.
Ensure you are accountable to someone outside of your family and friends. Whether this person takes the form of a mentor, business coach, or comes via a formal business program, it’s vital you verbalise your plans and ideas to this trusted source. Choose someone with great business instincts and vision who will also call it as they see it.
Need an accountability partner? Kiikstart offers a Virtual Scholar mentoring program suited to both start-ups and established businesses throughout Australia. During the program, I’ll work with you either in-person or via technology to develop your business – and yourself. Working in partnership with you, we co-create your learning experience so our focus is on what’s most useful to you. Sessions are an hour at a time, and designed to fit in with your life, including over the weekends if need be. If you’re looking for an accountability partner in business, Kiikstart could be it!
Contact 0428 593 400 or email firstname.lastname@example.org.