I know there are some of you who read this column who are not (yet) business owners, and who may be thinking about taking that leap of faith to launch your idea. If that’s you, have you considered the following?

• Do you have enough capital? Most businesses take between six and twelve months to start turning a profit large enough to provide you with a reasonable income. Even if you start generating sales and income immediately, there are many start up costs that eat into your profit. So make sure you have enough cash to sustain you during that time, and/or a budget (for your personal finances and your business) that is realistic and sustainable.
• Do you have a marketing plan? Your first few customers or clients are crucial to starting a loyal fan base, so think of ways to engage those people. Be prepared to spend money on marketing (yes, there are many free marketing ideas, but you will usually need to spend some money to get your product or service in front of the right people)
• Do you look the part? It continues to amaze me how many businesses don’t take the time to ensure they look professional and trustworthy. Branding your business doesn’t necessarily involve spending a lot of money, but spending the time to think about what image you are projecting is vital. You need a great first impression, so if you are meeting potential customer face to face, consider how you (and anyone representing you) dresses, speaks and interacts. If first contact is online, ensure that you have a website that functions well, looks great and is optimised for search engines to find you.
• Are you prepared for the long haul? Running a business is not a ‘walk in the park’. It requires endurance and a commitment to your long term goals. Be prepared to give 110 percent and you just might make it!

Michelle Grice writes a weekly column for business women in The Western Weekender

Have you been watching ‘Shark Tank’ (the television show where budding entrepreneurs present their business to a panel of potential investors)? The first episode I found myself cringing and feeling terribly sorry for the business owners who were criticised or rejected. As a fellow business person, I know just how much of your heart and soul is contained in your business. So a rejection would have felt terrible.

But during the second episode, I noticed that my attitude had shifted. There were a few candidates who were clearly underprepared or failed to present an accurate (or realistic) financial overview of their business. The investors were clearly annoyed at some of those people, and rightly so. And I became much less sympathetic toward the candidates.

The people who have made it to this stage of the television have been provided with an amazing opportunity. Unfortunately, some just didn’t seem to understand enough about their business (or business principles in general) to present a strong case for why someone should invest with them.

We all need to make sure we have a better grasp on our business than the unsuccessful entrepreneurs! Most of us are not looking for investors or business partners, and may not even have to acquire a loan from a bank. This might lull us into thinking that we don’t need to answer questions (even if it’s just us asking them!) about our financial figures, our projected sales or our potential worth.

You can really only respond well to change and be innovative if you understand your current situation. Be very clear about where you are heading, where the potential growth areas are and how you are going to sustain and progress your business into the future. Revisit these areas regularly, share the overall vision with your team, and ensure that you always have a good grasp on where you are headed next.

Michelle Grice writes a weekly column for business women in The Western Weekender

Most women starting a new business are full of ideas (which is great) and passion (even better!). But it can be easy to get caught up in the ‘fantastic idea’ and make mistakes that can be easily avoided. So here are some tips for starting out:

Take time to test: you absolutely need to go with your ‘gut feeling’ when starting a business. But if you do not take the time to test and research, you are likely to fail (and fail quickly). Talk to experts and people who have been in business for more than five years. Work out who your target market is and see what they think of your idea. You might receive feedback that you did not anticipate and may find you have to do some more work before you launch. That does not mean you should give up! The product or service you launch may look different than what you first envisaged, so be open to change.

Market aggressively: you are competing with many other products and services, and advertising ‘noise’ in general, so you cannot expect that your idea will ‘sell itself’. No matter what it is, you have to create a comprehensive marketing plan. This does not necessarily mean spending a lot of money, but you do need to have a clear plan of what and how you are going to promote.

You cannot do it all: at the very beginning, you will likely be the one doing every aspect of your business. But if your idea takes off, you must bring in other people with specific talents and skills. Associate yourself with other business owners and start building valuable and trustworthy relationships so you can draw on those networks when you need to.

Michelle Grice writes a weekly column for business women in The Western Weekender

In the early days of being a business owner, I quite regularly encouraged many friends to start a business themselves. As time went by, however, I began to realise that my well meaning advice might not be so valuable. I was beginning to be aware that not everyone is cut out for business ownership: but I also thought I would come across as ‘superior’ if I stated that fact.

But I have realised that business ownership requires a particular set of personality traits. It requires being comfortable with risk and the potential for instability or unknown outcomes. It requires being excited about the journey as much as the end result.

Often people who have never run their own business only see the ‘glamorous’ side: setting your own schedule, working from home (in some instances), being your own boss, and so on. And while these are all aspects that are positives, there are also many things that are not as easy or good as they seem: being ultimately responsible for the failure or success of a project (or in fact the whole business) or needing a high level of intrinsic motivation to keep forging ahead. But for someone who is ‘cut out’ for it, those ‘negatives’ are not a hindrance – and in fact can be what they thrive on.

The fact is, we need all personality types to keep the world turning. We need people to work in supermarkets and factories. We need teachers and mechanics. We need garbage collectors and lawyers. And we also need business owners to do what they do and wear that badge proudly!

Michelle Grice writes a weekly column for business women in The Western Weekender

If you could write a letter to yourself to read before your started your business, what advice would you give? There are many things I wish I had known – perhaps some of the following will resonate with you too:

• You are not supposed to know how to do everything. What you DO need to get good at is finding the right answers quickly and getting the right advice. Trying to do everything will lead to burnout and not little success.
• You will never be ‘done’ with your work. The sooner you realise that putting in twice as much work generally doesn’t result in your business moving forward twice as fast, the sooner you will achieve work/life balance. There will always be more things you can work on, but your work should be about enabling a fruitful personal life, not be a drain on it.
• Your success is affected by the people around you. Jim Rohn has a great quote: “You are the average of the five people you spend the most time with”. Choose to be around positive people, and choose to be around ‘doers’ not ‘talkers’.
• Never take advice from anyone who hasn’t done, or isn’t doing, what you want to accomplish.
• You will be embarking on an emotional rollercoaster. But know that when you feel down, things will improve. And when you feel great, enjoy the moment and celebrate! Starting a business will likely be the hardest thing you will ever do, but the rewards are also larger if you embark on it with support and the right advice.

Michelle Grice writes a weekly column for business women in The Western Weekender