We’ve all been tempted at some point in our lives. From watching your friend’s business flourish on Instagram and thinking, “I could do that,” to wanting to break out of the 9-to-5 lifestyle, entrepreneurship can be sparked in many ways.
Once you’re ready to take that leap, it’s easy to want to dive right in and begin working on the exciting aspects of your business, without taking the time to work through the foundations.
From the observation of past clients, entrepreneurs need to take the time to craft a healthy business plan with tangible resources, expert advice and support from within your community. Though this may seem obvious, too often the simplest advice is what goes unheard and ends up being a pivotal factor in reaching success further down the line.
The past few years have seen an increase in women eager to be their own boss, with over 39% of all entrepreneurs that started businesses in 2018 identifying as female. I’m excited about this trend; however, I do still see that women are hesitant to reach out for assistance and need encouragement to go for the grants, clients, awards, etc. that they want.
Here are some of my recommendations on where to begin your entrepreneurial journey:
Have a clear business concept. A clear business concept enables you to quickly and clearly describe the exact nature of your business to suppliers, clients and potential investors. By doing this, you can manage client expectations and easily find new ways to differentiate your business within your industry to stand out from the crowd.
Know your clients. The key is to know your ideal client inside out and understand that “everyone” is not an answer. You want to know as much as you possibly can about them – from what they need from you, to how they buy, to their favourite activities and everything in between. Once you know them, then you can communicate with them in a targeted approach, reaching them through the channels that they use daily. The more targeted you are, the more effective.
Set SMART goals. Most of my clients come to me with a great idea but no plan to move it forward. SMART – specific, measurable, achievable, realistic and time-related – goal setting ensures that you are focusing your attention on development and growth in the areas of your business that need it, without getting distracted by other aspects that may not be relevant. For example, it doesn’t make sense to discuss what fantastic marketing campaigns you’re going to be running next year when you haven’t yet registered your business name.
Plan for everything. Women tend to be great planners by design, but we still can’t predict the future. Have a contingency plan (and insurance) in place for dealing with the unexpected obstacles that will pop up in your business. You’ll feel more secure overall and be able to tackle issues effectively when they arise.
Celebrate success. Make time to celebrate your wins. I always suggest that you take note of how much effort and time it took to reach each of your goals, so you have a benchmark for success moving forward. Whether you’re a “solopreneur” or have a team of 20, running a business is hard work, and you deserve to celebrate! Don’t be afraid. Don’t be afraid to move on from situations and people that are not helping you or your business to grow with purpose. Don’t fear asking questions or asking for the assistance you need to move forward.
Prepare a strong business plan with structured goals and a realistic financial forecast, take a breath, then take a risk. At the end of the day, there is nothing more impressive than a confident woman owning her ambitions and creating a life and business that she is proud of.
Laura Aveledo is one of the business planning and international trade advisers at Small Business BC. Originally from Venezuela, she has over 15 years of international experience, from large corporations to financial services and not-for-profits, in addition to developing her own business. She has advised more than 300 entrepreneurs from varied industry backgrounds and was an entrepreneurship instructor.
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