3 Things to Consider Before Starting Your Business

"We entrepreneurs are loners, vagabonds, troublemakers. Success is simply a matter of finding and surrounding ourselves with those open-minded and clever souls who can take our insanity and put it to good use." - Anita Roddick, Founder of the Body Shop

Either by necessity, job burnout, an unfulfilled dream or just plain luck, approximately 53,000 people per month are starting a business (Kauffman Index of Entrepreneurial Activity). Women in particular are reinventing themselves as they launch their own business taking their passion, skills and pursuit of self-employment into the world.

3 Things to Consider Before Taking the Leap to Entrepreneurism!

Several months ago, someone called me to discuss her thoughts on leaving her corporate job to start her own children’s resale shop. Shelly was so burned out, that she was ready to jump ship immediately but after some careful planning, she gratefully waited until she was better positioned. Here are the steps we took:

1. Knowing Yourself and Get a Plan. Have a clear vision of your business and develop a business plan for achieving it. Be patient! Find ways to capitalize your strengths and balance out the weak spots. Identify a system to stay focused and take care of yourself (physically, financially, emotionally, spiritually,…). With Shelly, we looked at money, marketing and her own leadership skills. It became clear that having a partner skilled in the retail industry was critical.

2. Prepare to Wear Multiple Hats. Ahhhh, the American Dream to be your own boss! Vision and Passion ARE important AND:

- You also have to wear the hat of Manager (developing a strategic business plan, sticking to the plan, marketing, managing finances, etc…)
- The second hat is the Technician. You gotta be the expert in your field AND have clarity on what your business promise is to your clients/customers.

3. Get Your Financial House in Order

- Keep personal and business credit cards separately in order to manage the finances on both ends. Avoid using personal credit and loans to pay the bills.
- Do the Math. Find out what you need to launch and operate the business as well as paying yourself and your living expenses. It typically takes 2 years for a business to take off – although for some, sooner.