8 start-up suggestions

October 17th, 2016 by Patricia Jehle Leave a reply »

Starting a company: 8 suggestions and some Questions

  1. Begin only if you are passionate about your idea

You have to be more passionate about your idea than about earning money with it, otherwise you will not last the first few years of little or no growth. A client of mine is waiting for his website to go on-line so he can start and it’s already been six months of waiting for him. But he is passionate about his idea(s) and he will go the distance if he continues in the way he ha begun.

2. Check your idea for viability, for feasibility, for financial growth and tweak accordingly

Is there a market for this idea/product? Will it generate enough income at a price that is reasonable for the target niche? Is the niche big enough to support your product idea in the long term, or is this a fad, which you will have to tweak or even give up in a year or two. Remember it may take up to two years to generate “real” money.

ALSO:  Do you plan to do this full-time? If so, how will you live until you start earning money. In other words, what is your budget and financial plan?

  1. Let others help you, and take advice; but leave naysayers out of the picture, at least until you have earned your first million-

You will have lots of people trying to tell you what to do and eventually some will give you wise advice. Ask for advice, but from those who are doing something like this- either on a small, or on a big scale. Ask for mentors from people who, as Brené Brown says, are “in that arena” too.

  1. Get a coach

For most cases, you will need an independent, non-involved party that will ask you good questions (and that is what coaches do, ask questions so you can reflect on your choices and decisions).  You will need this kind of help; trust me.

  1. Build in time for recreation every day and every week and every quarter, because burnout is easy to catch-

Burnout may even be the reason for you starting your own enterprise. The temptation is to focus so much on your idea that you don’t think about yourself, your key relationships and then you start to suffer. Build in time for self-care, for a healthy physical and relational life and your start-up will last past the beginning stages.

  1. Don’t give up; in fact, have a plan for if you feel like giving up-

Ask yourself, when things get tough, what am I going to do. Ask, when I am running out of money to grow, what will I do. Ask when I am tired and don’t feel like I can go on, what am I going to do.

Remember:

And then remember those first days and the passion. Remember the joy of starting and of that first sale. Remember the advice you have received from good mentors. Then take a (short) break, tweak, and carry one! Don’t give up!

 

  1. When it is time, on-board a team, first an outsourced on, and when ready, a salaried team

It could be that your idea is a solo-preneur idea, but you are going to need people to call on for support and help, people you can also recommend to others when they need help: a web-person, an accountant (or at least software), possibly a lawyer, people who do things that help your business and are not in direct competition with you. For example, a client who is an interior designer, may want someone specializing in furniture building or interior sewing to be on the team.

Eventually, if your company is meant to have employees, you need to pick them well. Depending on if you have a partner or not, depends on the company structure. For example, one partner is the CEO and the other the CFO. I have seen this particular situation relatively often. If you are alone, one of the first people to on-board should be a CFO-type person. Money is not everything, but in a company, it is very important to watch all the numbers. Then there are the marketing and sales types, the technology types (both for running and for growth-development, depending on the kind of idea you have), logistics/operations, and strategy. In the beginning, people may wear quite a few hats, but as your company grows, the person will, hopefully have fewer and be able to focus on their strengths.

Allow your team to help you grow your company

Leadership is key and so is delegation and respect. You need to create a culture of positive growth and listening to you main team’s ideas and suggestions. Remember, if you want to grow you will need help. Let your team do that for you!

 

  1. Dream big. Think about the future of your company and your life-

Once you are on your way, you should continue to dream. What are your three, five, ten-year plans? What is next? And after that? This might be where a coach comes in, again, to help you broaden your horizons. Finally, here are a few more questions for you to chew on:

Is your idea reproducible? Franchise-able? What does the long term look like?

Do you plan to sell your company? If so, when?

–I wish you much success!

This is the preface to my upcoming book: “Swiss start-up: What do you need to know and do.” Look for it soon!

 — and should you want to visit my site: www.jehle-coaching.com –Or join my group on LinkedIn: https://www.linkedin.com/groups/7041402

Patricia Jehle

patricia@jehle-coaching.com

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