As a start-up business (specially for those who literally manufacture/make/cook your product i.e baking, crafts) this readily appoints you as your own boss (i.e. CEO, PR, laborer, finance, accountant, driver, manufacturer, sales department, advertising dept, customer support, I.T., marketing manager, purchasing officer, even kargador) You see, it's unbelievably time consuming of time, money, and may i say powers?! OK should i dare continue what I'm about to say? Am I discouraging you? If you don't have the stomach for the next few lines then- maybe you're not for business. But if you're up for the challenge then read on...
Along your journey you'll encounter a lot of self doubts, fears (Which in time you need to learn to ignore) questions and tests that will make or break you. Here's a few that kept on nagging on my head the whole time. (In no particular order)
(1) Without any sign of rewards/ profit (this is very common because were still working for the ROI - return of investment) How will I go on?
(2) How will I motivate myself?
(3) When sales are bad- what will I you do?
(4) What if the market is not receptive to your product/s?
(5) Dementors - How do you deal with "dementors"?
(6) Trust or not to trust?
(8) What to do now?
(9) oh shit!
(10) YES! (with thunder clap!) I'm the boss!
Ok ill try to give a brief explanation to each moment. Try to stick around ok?
(1) Without profit, how will i go on? This is particular question is deal breaker. HOW is based on this. In my opinion. If you're NOT 100% sure of the business you'll go into- DONT BARROW or LOAN. Make sure what you'll be investing on will not incur interests (LOAN SHARKS are taboo). Working with small capital works fine, it just means you need to start small which is very good, in testing the waters before jumping in. DON'T gamble your entire savings in one business venture. As they say don't put your eggs in one basket! And another thing...If you have a job- Don't quit! Investing 101 is very tricky and different in every person.
On the side learn what is a "good debt" and "bad debt". (read up some financial guru article/ books about this one)
(2) How will I motivate myself? More than motivation, what you'll need is: dedication, persistence and consistency.
(3) When sales are bad-what will you do? When you first get your "first sale" what do you do? Do you "party" or "keep it"? If you say "keep it" then you don't have to worry about "low sales", lean months are inevitable. Keep on padding up your "security net" during the "good months". And you'll be ok. Also, remember to keep your "reward-to-self" inline with the actual profits you raked in.
(4) What if the market is not receptive to your product/s? First of all, it is very important to "test market" your product/service etc. before putting more money for investment and when the market is not receptive, maybe there is something you might have missed? Check the four P's of marketing (Product, Price, Place and Promotion), are you hitting the right market? Double check your product/business. Correct if you find something amiss, improve what needs to be improved on. And if its not doing good pull it out. Its easy as that. Cash in and cash out it right away so you can easily reinvent and continue to evolve. Don't stay in an "irrelevant" market.
(5) Dementors - How do you deal with "dementors"? Unfortunately, our world is like Harry Potter's. We're filled with such entities. Sometimes they hit us in our lowest point and crumbles us. But we can't be beaten by those kind of people right? As long as we're doing the right thing, Good karma will always be right by our side. Do good and always practice A.R.K. -Act of Random Kindness.
(6) Trust or not to trust? Its customary "NOT TO TRUST NO ONE", trust is earned PERIOD. If you happen to trust someone, do it sparingly and continue to build your relationship slowly.
(7) Instincts. Women have the best instincts of all FOLLOW THEM.
(8) What to do now? When things are slow, this is the best time to regroup. Develop more ideas, new products, experiment, READ, take a break and have FUN! Brilliant ideas comes in a relaxed mind.
(9) Oh shit! Let me share a line from the movie The Robinson's "Keep Moving FORWARD"! This is where starting small is "good". When you started small, it means your mistakes are smaller. Small mistakes can be easily remedied compared to big mistakes. BIG MISTAKES = BIG LOSSES. AND when you regroup (like suggested in number 8) you most likely catch those little fires and put them out right away. Being a boss also means owning up to those mistakes and acting upon it. LEARNING from mistakes are called LESSONS and never quit.
(10) YES! (with thunder clap!) I'm the boss! With all the work you put into your business, it will always be a feather in your cap. Doing it solo will also give you a boost of confidence. Every bit of gratitude from a HAPPY/ SATISFIED customer is a like a trophy already and when a customers becomes a friend- it's a gem on its own. AND lastly, Yes! with a thunder clap is when you know you've learned a lot and was able to write these 10 moments on paper (digipaper) and share it. I hope you had fun reading it :) Now let's go back to work!
***Everything noted here are purely from my experience and in context "IN MY OPINION ONLY" If you feel i've helped you-im glad you picked up a few pointers, you may comment for your thoughts below and if you're a business mama as well and want to share a few pointers feel free to chime in :) BUT if you have violent reactions-please keep it to yourself negativity is not welcome in this happy blog- thank you***
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