I've been on a roll lately, all up in my creative juices and just trying to figure out how to get all of my creative thoughts out of my head and on paper (or the internet, lol). So, I am tapping into this entrepreneurship spirit hovering all around me- "One of these ideas is going to work!" I am definitely still learning, no way am I a pro, only one of my businesses is moving (making a profit), GOREE Drum and Dance. So here is what I have learned so far, with the hopes of making all of my businesses profitable. I hope this helps you and as I continue to grow, I will continue to give!
Step 1: Make a business plan and keep it simple and the costs very low. Personally, I am not trying to create the world's biggest and most robust business plan. Now if you're dreaming up a huge business, then you'll definitely need to seek investment or financing but for us small business owners simply start out by creating a business plan:
A. Define your vision
B. Define your mission
C. Define your objectives
D. Outline your basic strategy
E. Write a simple action plan
Step 2: What's your budget? I am focusing on keeping my costs as low as possible, I am not balling (yet) and this is through trial and error, I have to be smart, right?! So, determining your budget is a must, this will help you in knowing how much you are able to spend to get started- keep it real with yourself! And plan for your burn rate. Your burn rate is the amount of money that you plan to spend every month on your business. This is a very important number because it helps you in figuring out how long you can stay in business before you need to turn a profit. With the correct budget in place you can set up your business with a profitability in within the first 30 to 90 days. As a backup, save your coins, you never know when you'll need them!
Step 3: Decide on your legal representation for your business (I'll let you figure that one out!)
Step 4: Take care of your money!!! Keep your money separate from your personal accounts. This will help your during tax time and just getting your finances all jacked up. Simply walk into your local bank, come with all of your filing paperwork; sole proprietor licensing information and open up an account. It's up to you if you think you need to open up a line of credit right now but keep in mind that most financial advisers don't suggest not doing so just yet.
Step 5: Build your website. I recommend wix.com. If you are serious about building your website start there first. I have used other websites but wix is by far the most friendliest, it's easy to navigate, it has so many themes, fonts,VERY AFFORDABLE and so much more!
Step 6: Test your sales. Spread the word about your business creatively and inexpensively. Don't date your business, be married to it- in other words feed into your business every single day! Drive traffic to your website through simple Facebook Ads and Google AdWords to test out, if in fact people are coming to your site: the more people = the more sales!
Lastly, give yourself time to win! I am currently in the process of starting up 2 additional businesses (Wrapologie & a children's traveling company/documentary) in addition to my company that I share with my husband, GOREE Drum and Dance, I am also a wife, mother, friend and educator! So, yeah I stay busy but I am passionate about what I am doing and at times it doesn't (always) feel like work! More importantly I am in no rush, I am simply making progress. So, keep an eye open for Wrapologie (check me out on Instagram and Twitter) my website should launch at the end of this month (excited!!!).
At the end of the day, if I fail at all of these ideas and or attempts, at least I can say I tried (#winning). In the comment box on the home page, please share your ideas and or businesses so we can support your dreams as well!
