Launching your own business can be quite tricky. Good thing that a couple of small business owners have dished out tips and advice to help.
Make Sure There’s a Market For Your Product/Service
Kevin Gindi, the co-founder of custom night guard service Cheeky, advises those who are planning to build a start-up to make sure that their product or service is solving a real problem.
He says not to start at the solution and move backward. You should test your value proposition with real people first before investing in a business.
Get the Right Credit Card
Founder and CEO of Andie, a global e-commerce brand selling swimwear, Melanie Travis, knew that she needed to travel to meet investors, so she got a credit card that has a pretty decent travel rewards program.
She has been charging most of the expenses on the credit card. And now, she still reaps the benefits of free travel.
Create an Effective Elevator Pitch
According to Alison Cayne, founder and CEO of cooking school Haven’s Kitchen, you have to draft a clear and concise elevator pitch. Cayne says that you must be able to describe your business using only one clear sentence.
Set Your Own Deadlines
Kerrigan Behrens, CEO and co-founder of Sagely Naturals, noted that self-imposed deadlines are critical when engaging in strategic planning, self-discipline, and a lot of forethought. It could take you years just to finalize a concept if you don’t discipline yourself and impose a deadline.
Have a Three-Year Plan Ready
Having a 3-year plan means that you’re already on top of your startup idea, according to Haven’s Kitchen’s Alison Cayne. This will then lead to a three-year financial plan with a sales forecast, cash flow, and a balance sheet.
Connect With Fellow Entrepreneurs
Launching your own business is a great challenge, but some entrepreneurs can feel lonely especially if they’re doing this solo.
So, Fatma Collins, co-founder and CEO of Ten Little, believes that having a community of entrepreneurs where you can share your experiences, problems, solutions, and tips would be beneficial.
Level Your Emotions
Margaret Wishingrad of the Three Wishes Cereal believes that budding entrepreneurs who wish to make it big should moderate their emotions even though starting a business could take a toll on your emotions. Your employees don’t report well, so stay tough and wear your game face on