I Have a Business Idea, Now What?

When I started doing regular meetings with my long time friend and fellow entrepreneur, Heather, I realized how often people come to me when they realize they want to start a business. I usually get questions like, “I have this idea but can you tell me what paper work I need to get this going?” or “What kind of business should I open up?” or “Can I pick your brain about this business idea I have?” or “Do you think this is a good idea?”

Well, let me tell you that if you have a business idea then I think it’s wonderful! Entrepreneurship and small business is my life. I love being a business owner. Through good days and really crappy days in the end I know being an entrepreneur is what really makes me happy – it makes me tick. So, you’re thinking of starting a business of you own? Great! Here’s my advice of what you need to do first before taking the plunge.

  1. Get prepared
    1. Do. Your. Research. I can’t stress this enough. A lot of businesses fail before they even begin because of lack of research. A couple questions for you:
      1. What do you need to start up?
      2. What kind of permits are needed from the county and/or state?
      3. What kind of monetary investment is needed for start up costs?
    2. Scope out your competition. And not in a creepy stalker way! Reach out to them as a colleague in a professional manner. Worst case scenario is they don’t respond back to you. But best case scenario you have a new friend that you can talk shop with!
    3. How can you differentiate the market? Basically, unless you’re an inventor you’re business idea is just reinventing something that has already been done. So how is your product or service going to be different from what is already out there?
    4. What can you bring to the table? This is the culminating question based on questions 2 and 3. Most of the time you and your personal brand is what is going to set you apart from the competition. Is there anything else? Maybe you have an innovative way to present your product. Or maybe you are going to utilize technology in a way that hasn’t been done in your industry. Or maybe, the exact opposite, you plan on going back to basics and minimizing the use of technology. Who knows? You should know 😉
  2. Figure out your costs. I know a lot of people don’t like to discuss money, it’s a touchy subject for some. But let’s be realistic here. You want to start a business for 2 main reasons: to do what you love and to make money, right? Now I’m not talking about start up costs anymore. I’m talking about operation costs.
    1. How much will it take to keep your business running after you’ve started? Create a budget of your monthly expenses for your business. That way, you know exactly how much you need every month to break even. Do you need to rent office or warehouse? Do you need internet? Do you need a website? Do you need a company phone line? How much will you pay yourself? Those are your monthly expenses.
  3. Create pricing for your product or service. Now that you know how much your business is going to cost you it’s time to think about making some money. A lot of people think you can just take the cost of your product or service and multiply it by 3. But that’s not true for everyone. In fact, it’s not true for most. Pricing your goods or services correctly is extremely important. Some things to think about when :
    1. What is your competition’s pricing? It’s very important that you don’t undercut your competition. Not only will you be sabotaging your colleagues but you’ll be cheating yourself on potential profits. Just because you’re just starting out doesn’t mean you have to charge 50% less than the competition. You have value, your insight is valuable. You are knowledgable and have something to contribute in your field.
    2. What can the market bear? There are numerous factors that can play into this. Yes, your competition..but also your geographical area. Where are you located? Who will you be servicing? What kind of added value are you including into your product?
  4.  Go for it! Lastly, don’t be afraid! Take the leap and invest in yourself. Whenever people tell me they’re thinking about starting a business I get extremely excited for them. Why? Because it takes courage, and most people won’t have the courage to go for what they want. I’ve noticed that a lot of people that people don’t know what they’re passionate about. But if you’re thinking about starting a business that means you must be passionate about something and that’s exciting! I ain’t gonna lie people – owning a business is extremely hard. You’ll learn things that you never learned before, put in more work hours than ever before, and you’ll wear so many hats you never thought you’d have to! But for a lot of people they wouldn’t have it any other way. Why? Because despite all the hardships, entrepreneurship will always have the biggest potential for more. And more I mean not just more earnings, but more life experience, time, and more getting to know what you’re really made of. So go out there and do it! I’m rooting for you!

In your corner,

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Video Blogs Coming to the CO Blog!

So much changing is happening in 2014 for me, Charlie, and our business. In 2014, Charlie and I have made conscious decisions to change our lives for quality, not quantity. And though we’re not quite yet ready to reveal what we’re going to do, I am ready to reveal something else. 🙂

As part of my effort to gain more self confidence I’ve decided to start a video blog series right here on the CO Blog. Being comfortable in front of the camera and speaking in front of a crowd of more than 3 people has always scared me. When Charlie, my friends, and I were leaders of VENT (a small dance group based in the San Fernando Valley) I was challenged to speak in front of 15-40 people on a regular basis. Sometimes I’d have to speak every night. It helped me grow a bit more confidence in myself and helped me wrap my head around the fact that as long as I knew what I was going to say it wasn’t so scary after all.

But it’s been years since I’ve been the leader of that group. And I haven’t had to speak in front of crowds of people for quite some time. With that lack of practice came lack of confidence. So! Here I am, ready to talk my ass off! 🙂

Topics will vary, but the main focus will be mostly about the ins and outs of being a small business owner. If you have topics that you’d like me to cover feel free to leave a comment or shoot me an email 🙂

In the mean time, stay tuned everyone! My first vlog will be coming in the second half of February!

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I Fell of the Wagon – Here’s a Look into my Time Management System

Yeah, that was me. The girl that whirled past you – hair a mess, make up all over the place, wardrobe – forget about it. Life has been spinning me in so many different directions that I don’t know which way I’m facing anymore! But I’m drawing myself back – back to the days of sanity and organization. Back to the days where I was working smarter instead of harder.

A good friend of mine asked me how I keep track of my schedule. After a long series of trial and error I found a system that works, for me at least. I tried having a date book, I tried a binder with divider tabs, I tried my computer…and nothing would stick. Until recently. Thanks to the wonderful things like Google Apps and iCloud I finally have a system that I’ve created for myself that I’ve been able to maintain.

1. I need flexibility. The problem with having a datebook that I wrote into – pens are so concrete. Ha! I know, this may sound silly. But the thought of putting something down on my calendar using a pen makes it so finite. Even pencil wouldn’t do. My obsessive-compulsive side wouldn’t allow me to leave any sign of erase marks in my sparkling clean datebook. Plus, the thought of having to carry yet another thing in my bag will make the strap break in half (I carry my whole world in my purse!). My schedule is always ever-changing and the flexibility of having that option to change it on my iPhone or iPad with ease is gold. But wait, it gets better.

2. Thanks to good ol’ iCloud and Google Apps, I can sync all my devices so that all the same information is everywhere!!!! I.Love.This. I can’t even begin to explain how much I love this. Now people can ask for my availability and I can tell them in a second. I can even share

my calendar with Charlie so he knows what my schedule is like throughout the week. Life made easier. LOVE.ETTTT.

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3. But, I still use my stack of post-its and notepads. For what? My to-do list. There’s nothing like the feeling of crossing something out when you complete a task. So freeing i-tell-ya. 🙂

4. At the end of the day, before I shut down my computer I make a list of things I need to do the next day and review my schedule for the next 7 days. I’ll then update my calendar or add to my to-do list as time goes on. But this gives me a chance to download and clear my head to make sure I can enjoy the rest of the day/evening with some peace of mind.

So there you have it! But, le sigh, I’ve fallen off the wagon. I haven’t even touched my calendar in weeks. Someone keep me accountable! I’m getting back on the horse on Monday!

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