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NetKi Enterprises, LLC 2016 – All Rights Reserved
Nanette Kirk, President and CEO NetKi Enterprises, LLC
When I first decided to go into business full-time in 2003, I was not prepared for the gravity of being a business owner. I was overwhelmed with all of the decisions I had to make and the fact that I was no longer going to have a steady paycheck to rely on. I also quickly realized that I had to juggle multiple priorities daily while wearing the hats of President, Administrative Assistant, Marketing and Public Relations Director, Sales Associate, Speaker, Purchaser, Writer and Customer Service Representative. While I had a plan, I realized that I was sinking quickly.
Unfortunately, it didn’t take me long to go running back to the safety net of working for an established company. However, I continued speaking and writing with the dream of one day having the nerve to try going into business again.
That day did come in 2013 with my official last day at a job in February, 2014. I was again overwhelmed, but this time it was due to the abundant information available in the new digital age. However I was also delighted because social media and the internet has made having a business a lot easier and accessible than when I first tried it in 2003. While a start-up can be very overwhelming, I’ve learned a few things that I want to share to make the transition a little easier for new business owners.
This step is very important. In fact, it will help get you through the tough days when you question why you went into business in the first place.
As you understand what you really want to do, establish a strong mission and vision statement.
In the digital age, information is abundant and easily accessible. A business owner can easily be distracted by the new ways to operate, manage or market their business.
A business plan will keep you organized and on track with a focus that supports the core mission and vision.
The business plan is a living breathing document. It will change based on experiences, changes in the market, key learnings and other reasons. Despite any changes, the business plan will continue to keep the owner focused.
There are many resources available in print and online to assist in developing a good business plan.
Set obtainable and measurable daily, weekly and monthly goals. Setting goals will help keep you on track and help measure progress.
Setting up your infrastructure early including establishing an operating process will keep the business operating smoothly during peak volume times.
When I first started my business I started getting busy pretty quickly. At the time, I hadn’t established a consistent process to accomplish each task so I struggled with workload issues during high volume times. Once things began to slow down, I established a process so that each customer had the same experience and I could easily predict the amount of volume I could comfortably accommodate before I would have to out-source work.
Setting up the infrastructure early also allows for a smooth transition as you grow your business and add staff. It is important to maintain consistency throughout the business and with your customers.
Surprisingly, this is an area that a lot of business owners struggle with. Think about the number of times on Shark Tank that a business owner stands before the sharks and stumble through answering questions that involve their numbers. Numbers is a necessary part of business.
Understand the number of clients you can take, how long it takes to perform each service and the costs involved. Understand how much it costs to get a customer and then retain the customer.
There are many tools available online and even watching television shows that will help business owners understand their numbers. Of course, hiring a professional is also very prudent. However, it is still your job as the business owner to know your numbers.
Embrace your numbers. Review them daily.
Many business owners are surprised at the amount of time and money spent on marketing the business. A business owner can expect to spend as much as 50+% of the time on marketing. Marketing the business drives growth. It’s unavoidable.
Marketing can be accomplished by establishing personal branding through business cards, brochures, web-sites, social media pages, webinars – the list is exhausting. Business owners will have to consistently market the business.
Establishing personal branding includes considering what do you want to come to mind when thinking about your business. Once your personal brand is established, then market through diverse vehicles.
Establish yourself as a Subject Matter Expert early.
This can be done by writing articles, performing at speaking engagements, sitting on panels, engaging on social media, performing webinars etc. As you can see there are many opportunities to establish yourself as a subject matter expert.
Invest in continuous learning to stay abreast of the latest trends, market changes and new resources and then share what you’ve learned. This is a great way to establish yourself as a subject matter expert.
The reason why you want to do this is because you can significantly grow your business. Everyone wants to work with the best. Why not let that be you?
Don’t worry that you don’t know EVERYTHING about the topic. No one does. As you grow your business, increase clientele and gain more experience you will become comfortable with recognizing yourself as a subject matter expert in your field.
Many are often uncomfortable with attending networking events or the thought of networking. However it is a necessary part of business. I shared the same thought, living in the DMV (DC/Maryland/Virginia) area there is an abundance of networking opportunities. I recoiled at the thought of attending these events because it seemed disingenuous to me. Unfortunately, I found that there are many people who are disingenuous. However, I also found that it is not true for most people.
The way I got over my disdain for networking events was that I began to change my perspective. My intention was not just to “network” but to build relationships and ultimately find a way to fulfill my mission to help people reach their full career potential.
Once I changed my perspective, I actually began to embrace attending networking events and have made a lot of great relationships as a result.
Entrepreneurship can be lonely at times. Many business owners are often surprised at the amount of time spent alone to run the business. It can be very difficult especially for those who are highly extroverted.
Having a good support team that include other business owners is a great way to combat the isolation of starting a business. The reason why it is important to include business owners in your support team is because there will be things that non-business owners simply won’t understand which could be frustrating for a business owner.
Ensure you have a mentor and even be a mentor to someone else. The return you get is invaluable to your state of mind as well as your motivation. Your support team will be with you to celebrate successes and well as help you get through the tough times.
Congratulations! Filling the information gaps can make starting a business less overwhelming. I hope this white paper helps you have a smooth transition into business ownership!
Ten tips to keep from being overwhelmed when starting a business:
1) Understand what you really want to do. 2) Establish a Mission and Vision.
3) Have a business plan and review it often.
4) Set obtainable, measurable goals.5) Set up your infrastructure early.
6) Know your numbers. All of them.
7) Market your business exhaustively.8) Become a subject matter expert.
9) Network by Building Relationships
10) Have a great support team.
