From Business Idea to Launch
Monday, October 24, 2011 at 1:42PM Before I even start this post I have to share that I had to re-type “Launch” three times - the first two kept coming out as lunch. No idea.
Today’s post is for the would-be start up or solopreneur but might also apply to really any types of plans that you might be getting to set into motion. First off, I always dream big. I dream huge. Most of the times ideas I have are so grandiose that they are close to unfeasible - forget pragmatic. Thinking big helps me to see ideas, arguments, and even business plans from a 10,000 foot view. At that point I can see how that notion might interact in a sea of notions even though in itself there are lots of interchangeable and variable parts. Confused yet?
I rarely act big though. Dream big, think big but act in a very calculated manor. That is the lesson today and it can apply to financial plans, business plans, and even travel plans. The reason is because at the start of any plan’s execution it is important to get a feel for the risks and associated costs (monetary or not) of that plan. So, I start small - and I encourage starting small. If you would like to start a construction business then line all your legal ducks then take a few weekend sized jobs. Get in the groove of not just doing the work but of being the business owner. If you find out that it’s not for you the costs to walk away are minimal and hopefully you were able to compensate yourself for the time. If the first things you did were go invest in machinery, vehicles, and space then a week in decide it’s not for you will still be responsible for all those assets and liabilities.
The same goes for savings plans. So often we procrastinate because we are afraid of actually getting to that golden nest egg. Sometimes it can seem so unattainable that we rationalize that is not even worth the effort. How wrong that is! Start small and in frequent increments to reinforce the positive behavior and as the discipline sets in so will earlier results. It is in those results that you will be hooked. Success begets success - the point is you have to start somewhere.
Some tips on thinking big and starting small:
- Simple business plan. Outline why you want to start the business, how you deliver value, and what the earliest logistics might look like. You can worry about the details later but it is important that you find a mission that will carry you from your small start through your big expansions.
- Sample groups. Line up your first clients that you know will have a fixed time for project completion. Then do the work and record every step of the way. Not just the logistics but check in with yourself and let your imagination take you to what this might look like a year down the road.
- Stay lean. Don’t go out and spend unless you have to. If you think you have to then try to borrow. Because you are starting on a smaller scale it is important to minimize your out of pocket expenses. It will reduce the risk you expose yourself to in the event you aren’t interested anymore.
- For a financial plan, weekly deposits or witholdings are great for putting savings on auto pilot and there are a ton of financial resources to help you manage those funds. No deposit is ever too small!
- Get feedback. Make sure you are following up with those first clients on the work you did, the experience they had, and the manor in which you conducted your business. DO NOT get offended by the criticism, remember this is a learning experience. The reality of the situation is that not everyone will enjoy your work all the time. It’s just how people work.
- Share you successes. People love to see a great story especially in the Occupy Wall Street type of environment we are in. If you find success make sure you let the world know - it will do wonders for building your confidence and keep you moving forward.
- Rinse and Repeat. Whether it’s a new service you are expanding to or a whole new business keep dreaming big. Just make sure to keep your initial exposures manageable.
If you took anything away from today it is my hopes that you decide to take action on whatever small or hobby business you have cooking in the pressure cookers that are our brains. Failure is ok - changing directions is ok - what is not ok is being stuck because you are now indebted to an endeavor that was rushed to market. Above all have fun that’s why you decided to give this a try righ?!
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There's a big difference in Launch and lunch.. Maybe while your writing this your hungry...
Hmmm I guess I was - what that really means though is I need to edit better. Well find more time too that is.
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