Written by Myra Stacey, KNOW Women
At KNOW Women, we spearheaded a collaboration for women eager to chase their entrepreneurial dreams. It’s like we’re gathering around a cozy campfire, sharing stories and wisdom from those who’ve already trekked the challenging but rewarding path to success. Think of them as your companions on this journey, offering both inspiration and hands-on advice that works.
Starting a business is a bit like embarking on an adventure. You’ve got to identify what you’re passionate about, find the right people to journey with, and map out your route with tools that make the journey smoother—think Trello for project mapping and deep dives into research to understand the landscape ahead. And just like in any adventure, knowing your destination (your market), crafting a plan to get there (your go-to-market strategy), budgeting for supplies (estimating costs), and understanding the rules of the land (legal obligations) are key steps to ensuring your venture doesn’t just survive but thrives.
We’re lucky to have our experts—Morgan Arbez of GRIT Distribution, Charlene Jefferson of Charlene Jefferson Coaching & Consulting, Kristin Delfau of Her Money Solutions, LLC, and Kelly Lorenzen of KLM Consulting, Marketing and Management LLC sharing their treasure maps with us. They talk about everything from laying the foundation stones with strategic planning to the importance of having a squad of legal and financial advisors by your side, ensuring your business journey is not just a leap of faith but a well-navigated voyage from concept to commercial triumph.
So, come along as we dive deep into the heart of launching and growing your business, illuminated by the real-life tales of incredible women who’ve made this journey with not just brilliance but an inspiring dose of grace and determination. It’s about making those entrepreneurial dreams a vivid reality, and we’re here every step of the way to make sure you get there.
Where do you start?
A passion is built, not inherent. Identify an interest you have where you get disproportionate returns on your energetic investment. Focus your energy into developing skills and knowledge in that area.
Commencing the transformation of an idea into a business collaboration begins with alignment – aligning not only the vision and values of potential collaborators but also ensuring a shared commitment to the overarching mission. Establish clear communication channels to foster a harmonious exchange of ideas, ensuring everyone is on the same page and working towards a collective goal. In the realm of collaborative ventures, alignment becomes the cornerstone, paving the way for a cohesive and successful business journey.
When I am beginning a new project, I find it extremely helpful to map it out step by step. Trello is my go-to for project and business planning, as I can sort checklists, contacts, and ideas in easily trackable ways. Creating flexible deadlines allows me to plan for the unexpected.
Technically speaking, here are the first steps to turn an idea into a business. One, research your idea in depth. Two, look up the name you want your company to be to see if the URL and business name are taken. The business name will be an integral part of the brand and marketing.
How do you define your market and create your go-to-market strategy?
Defining your market and crafting an effective go-to-market strategy involves an intricate dance of understanding your audience’s nuances. Conduct comprehensive market research by strategically placing surveys and polls where your target audience frequents, unveiling invaluable insights into their preferences and needs. Armed with this data, tailor your go-to-market strategy to resonate with your audience, positioning your offering in a way that aligns seamlessly with their desires.
Defining my market is a focusing on the intersection of people I know can benefit from my services and the people opening and ready to learn from what I can teach them. My go-to-market strategy is to speak to them in everyday language that makes them feel seen and understood. I also work on reaching them through other professionals who know and trust the work that I do.
Once you have done your research, you will be able to better define your target market. These are the people you want to sell your product or service to. Then, hire a coach or consultant in your industry to help you create a go-to-market strategy. This step cannot be skipped, as it is a critical part of success.
Ensure that your product solves a specific problem. Build your market and strategy around effectively reaching and informing those in need of the solution about your existence. Ensure the solution resonates with you, as your have to believe in what you are selling.
How can one estimate costs, decide on pricing, and find funding for a project?
Estimating costs can be tricky, particularly depending on your industry; service providers have a completely different cost structure than a business with inventory. Deciding on pricing is often a combination of industry standards adjusted for experience level. However, you can have people charging high fees with no track record or experience and vice versa.
A business consultant can help you estimate costs, decide on pricing, and help you find funding. Organizations like Venture Cafe, SCORE, Local First Arizona, and trade associations can also give you guidance.
Estimating costs can be tricky, particularly depending on your industry; service providers have a completely different cost structure than a business with inventory. Deciding on pricing is often a combination of industry standards adjusted for experience level. However, you can have people charging high fees with no track record or experience and vice versa.
Conduct thorough market research to identify and analyze your competitors. Evaluate the pricing of their offerings and engage in discussions with entrepreneurs to gather insights on estimated costs. Utilize this information to develop comprehensive financial projections, which will aide in securing funding and ensuring effective budgeting for your venture.
What legal obligations are required? What other resources are necessary?
It is important to create an LLC for your company and open a bank account for the business. As soon as you are able, hire an accountant. Then hire an attorney for any contracts you may need or patents, etc.
Invest upfront in establishing the right business structure and conducting thorough trademark research to avoid future complications. Safeguard your success by prioritizing the protection of both yourself and your assets. The initial expenditure on these measures will serve as a proactive shield against the inevitable challenges encountered by all entrepreneurs in the future. This strategic investment is invaluable, saving time and potential headaches later on.
Navigating legal obligations is paramount in any venture; ensure compliance by consulting legal experts to establish contracts, safeguard intellectual property (i.e., trademark, etc), and adhere to industry regulations. Equally essential are comprehensive resources, spanning from skilled personnel to cutting-edge technology, forming the backbone of a successful endeavor. Efficiently allocating and managing these resources not only ensures legal adherence but also propels your project forward, setting the stage for excellence.
Business owners need to have their legal documents in place – working with an attorney in some capacity is highly recommended. There are online services that sell document packages that can help and be cost-effective when just starting out. Also, Errors & Omissions, business liability, and/or malpractice insurance are critical for most businesses. Just having an LLC is not enough if someone sues you and the corporate veil is pierced.
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