So, you have an idea. Not just a good one, but a GREAT one. You can conceive it, you believe it, and you are convinced you can achieve it. Simply put, “This isn’t just an astonishingly, fantastic idea, OMG it’s a business!”
In a mad search for facts, you are consumed. Researching and building your business plan, determining your financial capital. Like an Entrepreneurial excitement, you make fast connections and expand your networks. But, now here comes everyone wanting to help you with your business. Not all well wishers are helping, some are sour grapes and some ooze your confidence. All the proverbial ducks are in the well assigned line. Wait, have you taken a moment to ask yourself “Do I really have what it takes to run my own business?” Do you have a grasp on the realities of your first years in business?
Have you done a personal inventory? What is you foundation? And, can you be a well balanced professional.
What support do you have in place to help when you’re:
- Sleep deprived due to the many late nights writing business plans, reviewing finances and leases, developing marketing strategies, learning about accounting, and networking.
- Sick as a dog and unfortunately, it happens more frequently when you’re stressed. It is called go to work with a high fever and debilitating body aches because you might miss an opportunity for more public exposure or a new client must surely fall into your lap.
- Out of enthusiasm and are sure this is not for me, and I do not have any more money.
It’s very easy to plan for these situations ahead of time:
Planning ahead, do yourself a favor and:
Contact a business mentor who can offer advice from experience in your related industry.
- If you are in a personal relationship, make sure your partner honestly believes in you. Believes that you are capable and he/she is willing to help along the way, both emotionally and financially. Determine together the time, cost, and degree of sacrifice and money you both can afford.
- Don’t try to be a super hero and do it all. Hire employees, or contractors and a good accountant! Get yourself a housekeeper because if you expect to spend your time off relaxing, or perusing hobbies, you will need her.
The ongoing demands and pressures of operating a business can affect your physical and mental health. Learn from the get go how you will deal with stress effectively. Make time for physical exercise, reenergize your body and your mind. It’s your personal capital that will pull you through the rough days and make your business a tremendous success.
Consider regular sessions with a business mentor that can listen and advise appropriately. No, it doesn’t mean you’re not good at managing your business, it means you’re responsible.
Now, that the person is taken care of, what about the business plan, and marketing plan.