This company–my consulting business NW & Associates–is the second business I started, but it wasn’t my first idea. I’ve had a plethora come to mind. Unfortunately, I never started because I was scared to fail. Starting a business back before the internet was intimidating because it was all about who you knew and having the ability to get the correct resources.
Fast forward to now post-internet, it’s really simple. The truth of it all is ‘starting’ is the easiest part of the process. Being an entrepreneur was always something I wanted to do, but I was too scared to do it.
The extremely hard and arduous part of owning a business isn’t as easy to find. This isn’t surface level stuff. Talking to the people with the business ownership experience isn’t like finding a Starbucks coffee shop.
Most will say components that you’ll use in a business, but not necessarily to grow it. The moment you share it, someone, they will have something to say. I’ve learned not all advice is helpful.
Let me give you an example. When you start the journey of a business, one may immediately jump to a list of:
– business cards
– logo renderings
– a website
– Facebook page
– being their own boss
Well, I hate to be the bearer of bad news but those are not your priorities. They’re important, yes. However, they’re not going to make you a profit. Unfortunately, every 7 out of 10 organizations fail.
The truth of the matter is to set up a solid infrastructure to validate your value proposition. As you grow, the sustainability of maintaining effective systems are vital because your sole focus should be making a profit.
No cash, no business. No business, back to 9-to-5.
Simple Business Truths
So to stay in business, always be mindful of these simple truths:
1. Don’t let your business run you;
2. Make time to work on your business, not just in your business;
3. Building healthy diverse relationships are vital to your success;
4. Relationships lead to contracts;
5. You need a sales strategy for creating customers;
6. Delegation is key because you can’t do this all on your own; and
7. The execution of plans creates results.
Make sure you ask yourself some serious questions too. There are great resources all around.
The brand you create will greatly reap the rewards if you take the time to speak to someone who has done this before. Go to legal and accounting professionals who can steer you in the right direction for your product/service.
Figure out if you are going to be a sole proprietor, partnership, limited liability company (aka, LLC) or a corporation. When will your fiscal year be? Are you looking to bid on jobs that require certifications? Is there any desire to do exports or imports? How long can you operate out of your home? Who can help you grow your business?
One of the best quotes told to me was, “it’s easy to start a business, but sustaining it is hard.”
I write this because my business is personal because this service is for the advancement of all humanity. My failures and successes are for your gain. No strings attached.
Nathan A. Webster, MBA
Consulting | Marketing | Web Design