While some of us were learning to bake or binge-watching Netflix during quarantine, others, especially those who were away from their regular workplace, were doing something entirely different. The number of new businesses that opened during COVID-19 is, well, a start-up pandemic.
Here at the Petal Chamber, we are taking note of how new and existing businesses are taking advantage of the changing economic landscape to serve customers in new and unique ways.
Are you ready to go into business for yourself? If you are, you aren’t alone. The week of August 10th, over 111,000 applications to start a new business were filed, according to the US Census Bureau, with 113,000+ filed the week before. And while the economic climate now may not be a bad time to start your own business, there’s a big difference between vision and success.
We’ll give you some tips on how to start your new business off on the right foot – and we look forward to welcoming you into the Petal Chamber.
Vision Plus Experience Makes the Dream Work
Many small businesses start with a dream, a vision, and an understanding that there’s a niche to fill. Having a “big picture” concept of your business is essential to your purpose and helps shape your business plan (an essential document if you plan to apply for a Small Business Loan).
However, a successful start-up needs three kinds of personalities: Visionary, Expert, and Detail-Oriented.
Your vision for your company launches the blueprint for your purpose and goals. However, to get off the ground, you need the experience of someone who has actually done what you plan to do. They can give you practical advice on how to solve common problems as they come up and reference their own background in dealing with business growth and what their customer experience has been.
Finally, you need someone to mind the details. This is the person who may help balance your finances, spot little things that you miss, and make sure that your vision, plus the expert input, forms into a workable plan.
Watch Actions, Don’t Listen to Promises
When you hire someone for your start-up, it’s important they contribute to getting your business off the ground. You, as the founder and business owner, should be the visionary – and your team is there to help support the purpose of your business. When you set goals for your team, make sure that they follow through with what they say they’ll do, offering practical solutions for problems you encounter.
The advice from your expert should be practical and insightful. The assistance from your detail person should help you put it all together. A successful start-up doesn’t just start – it keeps going, and that’s why you need the expertise of someone who has managed or owned a business in the same field as yours. Your expert creates an action plan for you, and your detailed person puts it all together into a road map that you can all easily follow together.
Starting your own business is hard work, but for many, it’s also a labor of love. We’re all in this together, and at the Chamber, we understand the challenges and the triumphs of small businesses. Our mission is to support local businesses and our community economy whether you’re an online business, a brick-and-mortar, or a click-and-mortar hybrid.