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Prepare for Launch: Checklist for Starting Your Own Business
by Amanda Trombley
Maybe layoffs are looming at your company. Or your work schedule is so outrageous that your own dog doesn’t even recognize you anymore. You’ve probably heard by now that the number of new businesses started by women is increasing substantially each year. What’s the reason? I have heard that many women are tired of trying to break through the glass ceiling. But I wonder if it isn’t simply that we’re seeing that other parts of our lives are just as important as our work.
Whatever the answer is, starting a business is a real and viable alternative that's open to all of us. Having a business does not mean less work; it often means more work. But what it does offer is more opportunity to balance your work with the rest of your life. Through my business, I work closely with many entrepreneurs. Out of their experiences and my own, I have created a fun, yet practical checklist of things to consider before you take that leap.
1. Get A Safety Net
You may have an idea for your business that will make you a multi-millionaire. However, most small business owners aren’t wealthy. Many of us enjoy a moderate to high salary, true, but it’s not uncommon to see owners with salaries that are actually less than a salary for a comparable job at a large company. Hear this though, no matter what your future income, the first year is tough for everyone. Losing money is almost a given. Planning for this is realistic and necessary. Whether you’re single or have a working spouse or partner, a cash reserve of 6-12 months will give you the security you need to focus on your new business. If you’ve had the dream of starting out on your own and you don’t know why you’re procrastinating about it, it could be the lack of a security net. If saving for this type of reserve doesn’t seem doable to you, call a financial planner who has worked with entrepreneurs. A good planner can help you find ways to achieve your goal more quickly than you might expect.
2. Write Yourself A Permission Slip to Screw Up Mistakes.
We don’t like them. But they are necessary and arguably, one of the most effective learning experiences we have. Accept that you will make mistakes and learn from them so you won’t have to repeat them. Count on a certain number of mistakes each year and try to see them as educational experiences. Dwelling on them will only waste the limited time and resources that you could easily apply to some other area of your business.
3. Get A Microscope and a Telescope
When you’re working for a large organization you see your piece of the picture. When you have your own business, you own that picture, and you see it in its entirety. One minute you may have to focus on a bookkeeping mistake with microscopic scrutiny, ten minutes later you’ll need your telescope to try to see a customer’s point of view.
4. Be Prepared to Wear Many Hats and Even More Pairs of Shoes
As a business owner, you will wear many hats. My business card says president. It doesn’t say that I am also the marketing director, bookkeeper, software trainer, and the human resources department even though I wear all those hats too. Whatever needs to be done, I’m responsible when no one else can be. In addition to wearing many hats, you’ll get to try out many pairs of shoes. The old saying about walking a mile in someone else’s shoes before you can understand them is a good piece of advice. If you can understand where your customers and employees are coming from, you will understand what they need. And then you will always know how to respond appropriately, helping to make you both a great boss and an invaluable part of your customer’s success.
5. Find A Punching Bag
A consistent way to de-stress is a must for an entrepreneur. More than any job, your business will be on your mind constantly. Find a way to vent, to think, and to deal with some tough emotions like fear and frustration with some daily exercise. Do what suits your style and is most productive for you. I have colleagues who run, swing dance, or do yoga. I walk in a park near my apartment in the early morning where I get to experience the city in almost stillness. By the time I start up my computer to begin my day, my mind is clear and I’m ready to work.
6. Find A Crystal Ball
Are you assuming that you’re going to stay in the same business until you retire? Okay, sure, some people do. If you love it, it’s financially viable, and the market doesn’t change with the times, it makes sense. But in most cases, you and your business will change and evolve over time in order to stay competitive and profitable. Don’t forget about personal satisfaction. The kind of work that you enjoy today you may not enjoy in 10 years. Some industries change faster than others, most notably technology and science. But the good news is that trends are not so difficult to predict as many would expect. The Wall Street Journal and other publications will keep you informed of changes and advances in your industry before they happen. Change is a given and if you can learn to tell when it’s coming and figure out how to adapt to it, you’ll enjoy your business even more so.
Amanda Trombley left her job at a consulting company in Boston in 1997 to co-found Spinfish Web, a Web strategy and software development company in Cambridge, MA. She has never regretted it, unless of course she’s having a really bad day, which doesn’t happen often. She can be reached at amanda@spinfish.com or 617.576.0082 x7100
[PRINTER FRIENDLY VERSION]
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