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Aug172011

5 Tips For Navigating Everyone’s (not) Great Ideas

Wednesday, August 17, 2011 at 2:35PM

When you are working on making your hobby a business or even just starting from scratch getting support is important. It’s important that your family, friends, and community support you because that is what is going to give you the strength to push forward when times get a little tough. How do you balance the support offered and the unsolicited advice that comes with it? Throughout the process of starting a business it’s important that you stick to your vision and mission - it’s what will get you from concept to opening your businesses doors. So today I will offer 5 Tips for navigating everyone’s (not) great ideas and while not ruining your projects and small businesses.

1. Listen sympathetically. Don’t just shut down when your support system offers tips and suggestions. I know they might not be offering anything that you will ever remotely implement but they are looking out for you. So be supportive, take the suggestions with a grain of salt but most importantly validate them. Do not just shut them down because that’s the quickest way you will lose what you support or interest you have.

2. Document everything. Now I’m not just talking about what needs to be done or what you are doing at the moment. When friends and family help and they might not be paid so make sure you document everything. What this allows you to do is thank them appropriately so that you curb false senses of entitlement or resentment later on. Everyone likes to be validated - and it’s important that you make an effort to.

3. Use accounting systems you are comfortable with. Everyone has an idea of how to keep track of your finances. Some old, some new, and some pretty obscure. Older generations might encourage you to use paper and pen, newer ones might have cloud based suggestions but it’s really up to you and your tax preparers. Your numbers are ultimately - your numbers! You are responsible for all the liability and the gains.

4. Choose your favors and resources carefully. Everyone “knows someone” these days. Most of the time when your support system offers help it’s because they think it will really be valuable or cost saving for you. It covers everything from getting discount business checks printed to a janitorial friend who will clean up after hours. That’s not always the case. It’s important to navigate these relationships and suggestions carefully. You might have to let people know that your budget can’t handle a service or product or that you don’t think it will be a good fit at the moment.

5. Settle up as soon as possible. If you have friends and family working for you it’s important that they are compensated for their efforts. Even if they refuse to accept the act of offering is critically important. It validates experiences and keeps people from harboring resentment for your project or small business. It’s easy to contribute and get that sense of entitlement or feel like you have some kind of stake in the profits or proceeds. As an owner you need to curb those feelings as soon as possible - so by offering payment, cutting business checks and even making them take it helps to wipe slates and egos clean. Make sure you are careful navigating personal relationships - it’s just as easy to offend when dealing with close knit support systems and money!

Hope you enjoyed these tips and they cover at least a few of the real issues you might be dealing with in your business developments. If you feel like I might have missed any feel free to leave it in the comments below - I’d love to keep this conversation moving!

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