So You're a Solopreneur...
Can't figure out where to start?
Being an entrepreneur is about being bold and it comes with making mistakes. You haven't done this before.
I was once there, too. And I learned through trial and error. Then I got smarter. I learned the value- yes, the dollar value- of seeking quality advice. It saved me money and it taught me how to make more money.
Don't wait for hindsight. Be smarter, right now.
Schedule your free consultation.
“Entrepreneurs
must be willing to be misunderstood for long periods of time.”
Jeff Bezos
I'll get a loan or find investors!
Let's see...
Most small businesses that start as a sole proprietorship or a one to two-person business are funded by personal savings. Many clients come to me with the idea that they will use a bank or SBA loan, or get investors. Most of the time, this isn’t realistic. Why?
Pretend you are the loan provider. What would you want in order to lend someone money? You'd want to feel very secure that they would know how to use the money wisely. How many first-time entrepreneurs are worth that gamble? Here are some questions a lender might ask:
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Have you run a business like the one you want the loan for? For how long? Was it successful?
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If you get off to a slow start or hit a rough patch, do you have enough money to repay the loan from personal savings?
These are often the first two questions that kill the application. Banks and investors are looking to make money on the loan. So they need to feel very confident your business will turn a profit. Remember, most start-ups fail by the 6th year.
Between the lack of directly relevant experience and lack of substantial savings, many first-time entrepreneurs don’t qualify for a business loan. They have a far better chance of getting a personal loan, raising funds from friends and family, starting with a micro-budget, or looking to a creative funding source.
Don’t let this dissuade you. Every one of my businesses was started on a no or very low budget. I had to be extra creative, sure! But isn’t that what being a first-time entrepreneur is all about?
Where do I begin???
Someone please just tell me what to do next!!!
The beginning is tough. You have so many ideas, so many questions. You don’t know where to park them nor what to do next. The start-up phase is a time of juggling a lot of balls and trying to drop as few as possible. If you don’t have a background in juggling, it should feel hard - overwhelming even.
What you need is structure. You need to know what to prioritize, and you need to see how it all comes together. There are ways to approach this but it is never a linear process. It is at best a stop and start, mix and match, until you have gone crossed-eyed- and gotten through to your launch. Then it calms down. Well, kind of. It changes. It becomes more orderly anyhow.
The nature of learning every facet of your business is such that you need to first learn all the 101’s. You need to learn marketing 101, finances 101, advertising 101, market research 101, software 101, employment norms 101, and so on. I am your 101. Then, depending on your path you need to graduate and learn some 102’s.
The learning curve is steep. Many of my clients will take an onboarding survey so that I can gauge where they are with these different topics. Even 4 months in they can’t believe how much they have learned (or that there was so much they didn’t know). They quickly become competent.
Having started a handful of businesses I know the path well. I will help simplify. With structure, your mind will become more at ease and be able to better focus. You will do better, more efficient work. Knowing that someone else is always double-checking allows you not only to limit mistakes but provides peace of mind.
Doubt kills more dreams than failure ever will.
Don't fear failure.
Fear being in the same exact place next year as you are today.
Start doing.
Work hard.
Work smart.
Succeed.
Stats
Why do these statistics matter?
Because the margins between success and failure are often very small.
Save time, money and protect yourself from failure. Work smarter.
5 Years
Most businesses don't make it past their 5th year. What do the successful entrepreneurs do differently?
16%
The personality types that are ideally suited to being entrepreneurs make up 16% of the population. Yet, somewhere between 42-55% of adults have tried to start a business at some point in their lives. Who are you in business, really? What qualities do you need to learn or outsource ?
Entreprenuer
For the true entrepreneur, these statistics don't scare us. We are bold. We aren't afraid to take risks. We trust ourselves. We recover from mistakes. Was the mistake a failure or a lesson?
9 out of 10 people...
Around 89% of customers read online reviews before making a purchase. Small businesses need to know what big businesses know, to be able to compete. Do you know what their recipes are?