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How to Start a Small Business From the Ground Up That Thrives

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How to Start a Small Business From the Ground Up That Thrives

How to start a small business?

For most of us, it starts with an idea.

The idea can either be to break free from the corporate world. Be our own boss. Stop feeling like a cog in a machine and actually make a difference.

Or it can be more specific. Build the first or the best widget in the world. Because I’ve used every other widget out there and they are all lacking in a specific way.

The idea is to start a small business. To build something brand new. Brick by brick.

I have worked with dozens and dozens of small businesses and startups over the years. I’ve seen the good, the bad, and the ugly. I’ve seen companies go public at valuations of more than $200M, and others crumble under the weight of their own mistakes.

So if you have an idea, the spark is there but then your heart skips a beat, and you think to yourself: How exactly do I start?

To avoid some of the missteps that others have made, to build a business that thrives; here’s how to start a small business that thrives from the ground up:

1. Know Your Why

Simon Sinek has one of the most popular Ted Talks of all time, and a best selling book as well, called Start With Why. In it, he talks about how important it is to know why you are motivated to do what you do; and that why shouldn’t include “to make a million dollars” or “make my mother proud.”

It is about understanding the way you want to make an impact on the world. And it’s different, and personal, to each person.

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I have found that having a solid foundation on why you want to start a small business makes all the difference. When things get rough (and they will get rough), you can return to this fundamental understanding and as a reminder of why you want to keep moving forward. As Sinek says:

Working hard for something we don’t care about is called stress; working hard for something we love is called passion.

So ask yourself, how do I start a small business that aligns with my Why?

2. Be a Consumate Learner

The most successful Founders and CEO that I’ve met are constantly asking questions. They are confident in what they know but are aware that they can always learn more. This can come up in a few key ways:

Before you even start your business, research your market.

Then research some more. Never think that you already know everything about people who buy widgets or all the other widgets on the market.

Ask questions. Then ask some more. Find people smarter than you or have way more experience, and listen to what they tell you.

Acknowledge that you don’t know everything. This is another critical piece to running a successful business.

I have seen it so many times. A Founder asks to “pick the brain” of someone else who has gone before. They hire a brilliant person to be part of the team — an expert in marketing or finance, and then disregard what they say or tell them what to do instead of asking them the best way to do it.

The CEO is missing a critical opportunity by not leveraging the team members/ expertise and not acknowledging that this team member has a lot to teach the CEO. It’s disempowering to the team member too.

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3. Roll up Your Sleeves

You might have the fancy title – CEO, Founder or Head Honcho, but when you start a small business, you are also the receptionist and in charge of data entry.

At the beginning, you need to be willing to do all the nitty gritty work that goes into your business. You can’t be too good to do anything. The tasks might not be in your zone of genius. And sooner or later, you will be able to hire and/or delegate a lot of the smaller stuff.

But if you don’t understand all the little pieces that go into making your business great, you won’t understand how to scale your business and grow when the time is right.

4. Get in the Weeds

I have worked with many, many CEO’s, Founders, and Entrepreneurs, and most of them have one thing in common:

They are Big Picture Thinkers.

They are the ones with the dreams and the big ideas. Execution? Not so much.

So, if you are going to start a small business that thrives, you need to get in the weeds. Take a look at the details:

Why would blue be the best color for your widget? Who will take the orders that come in from outside the US? How, exactly, will you ship your products to the people that buy them?

Don’t avoid the details of your business because the big picture ideas are more fun.

Dreams and big ideas are critical when you start a business. But if you don’t have a handle on any of the details, you won’t be able to make those dreams a reality. And eventually, your business will crumble like a house of cards.

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5. Build a Plan That Includes Budget, Expenses, and Profit

When you’re in those weeds, you must put together some numbers — real, researched, well-informed numbers.

Don’t assume you’ll take 50% of the current market because your idea is great. You need to create a plan that outlines every single expense that you’ll expect in the next 6 months to a year. You need to create a realistic timeline to product launch and create estimates for how much revenue you will get from your product, and when.

Without a plan that includes numbers, you will spend most of your time reacting to what happens around you instead of moving forward with intention.

Dave Ramsey is one of the big gurus of small business and personal finance. In his best selling book, EntreLeaders, he keeps it simple. He says:

Business is not really that hard. You are, however, required to do the basics or you will not win. Budget and do the accounting, stay out of debt, don’t buy what is not needed what is not needed to make a profit, save cash, and always be generous.

And you need to have a good answer to the most important question of all – when will you make a profit?

6. Avoid Shiny Object Syndrome

You’ve put your plan together. You’ve researched your market. You know that you want to create 2 inch widgets in a gorgeous shade of blue. You will sell them for $1/widget. Bob the designer is signed up to build them. You’ll launch in June!

And then…

My neighbor Betsy told me she’d love a widget in green. Should we change the color to green? And Johnny’s teacher mentioned that she could use a widget that is 3 inches. Let’s change the size of the widget!

It’s so common. We have an idea but what if there is a better idea?

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Do your research. Make informed decisions. And then stay the course. You can always pivot later.

But if you keep turning your head toward every shiny object, you won’t reach the goal right in front of you. You’ll never launch that product by June.

7. Trust Your Team

A small business might have one founder, but people rarely start a small business all alone. There is often a consultant, a partner, a sounding board. And then, consultants, accountants, and marketing experts.

No one’s “zone of genius” covers every area. So one of the best ideas on how to start a small business is to find a great team to help get your idea off the ground. Spend critical time on the front end vetting and hiring great people. And then let them do their job.

In my years on Wall Street, I saw first-hand the impact on a business when the Founder didn’t trust their team. I had hundreds of small private companies pitch their businesses to me, with the hope that my investment bank would take their company public.

The companies that gave me the most pause, the ones that rarely succeeded were the ones where the CEO did all the talking, or when he or she cut off his team members when they tried to answer questions.

Because in my mind, if that happened, it meant one of these two things: 1) the CEO is not listening to all the other smart people in the room; or 2) the CEO does not trust his team.

Both options were a recipe for failure.

Believe In Yourself!

Trying to start a small business can be incredibly difficult. We dream of the possibilities but get overwhelmed by the realities.

Know your why and believe in your abilities. Don’t try to be the best in the world or execute flawlessly. Learn and grow and keep trying.

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If you do all the above things, you will be a success in whatever way you choose to define that word.

More Tips for Aspiring Entrepreneurs

Featured photo credit: Vitaly Nikolenko via unsplash.com

More by this author

Deb Knobelman, PhD

Neuroscientist and C-Suite business executive who writes about the intersection of mindset, productivity, entrepreneurship and how to reach goals.

How to Set Goals and Achieve Them Successfully How to Start a Small Business From the Ground Up That Thrives How to Change Habits When You Feel Stuck in a Rut How to Measure Your Team’s Productivity Effectively

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Last Updated on August 25, 2021

Why Personal Branding Is Important to Your Career

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Why Personal Branding Is Important to Your Career

As a recruiter, I have met and interviewed hundreds of candidates who have no idea who they are.

Without a personal brand, candidates struggle to answer the question: “tell me about yourself—who are you?” They have no idea about who they are, what their strengths are, and how they can add value to the company. They present their CV’s believing that their CV is the key to their career success. In some ways, your CV still has its use. However, in today’s job market, you need more than a CV to stand out in a crowd.

According to Celinne Da Costa:[1]

“Personal brand is essentially your golden ticket to networking with the right people, getting hired for a dream job, or building an influential business.” She believes that “a strong personal brand allows you to stand out in an oversaturated marketplace by exposing desired audiences to your vision, skillset, and personality in a way that is strategically aligned with your career goals.”

A personal brand opens up your world to so many more career opportunities that you would never have been exposed to with just your CV.

What Is Your Personal Brand?

“Personal branding is how you distinctively market your uniqueness.” —Bernard Kelvin Clive

Today, the job market is very competitive and tough. Having a great CV will only let you go so far because everyone has a CV, but no one else has your distinct personal brand! It is your personal brand that differentiates you from everyone else and that is what people buy—you.

Your personal brand is your mark on the world. It is how people you interact with and the world see you. It is your legacy—it is more important than a business brand because your personal brand lasts forever.

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I have coached people who have very successful careers, and they come to me because they have suddenly found that they are not getting the opportunities or having the conversations that would them to their next role. They are having what I call a “career meltdown,” all because they have no personal brand.

A personal brand helps you become conscious of your differences and your uniqueness. It allows you to position yourself in a way that makes you stand out from the pack, especially among other potential job applicants.

Don’t get me wrong, having a great CV and a great LinkedIn profile is important. However, there are a few steps that you have to take to have a CV and LinkedIn profile that is aligned to who you are, the value you offer to the market, and the personal guarantee that you deliver results.

Building your personal brand is about strategically, creatively, and professionally presenting what makes you, you. Knowing who you are and the value you bring to the table enables you to be more informed, agile, and adaptable to the changing dynamic world of work. This is how you can avoid having a series of career meltdowns.

Your Personal Brand Is Essential for Your Career Success

In her article, Why Personal Branding Is More Important Than Ever, Caroline Castrillon outlines key reasons why a personal brand is essential for career success.

According to Castrillon,[2]

“One reason is that it is more popular for recruiters to use social media during the interview process. According to a 2018 CareerBuilder survey, 70% of employers use social media to screen candidates during the hiring process, and 43% of employers use social media to check on current employees.”

The first thing I do as a recruiter when I want to check out a candidate or coaching client is to look them up on LinkedIn or other social media platforms, such as Facebook, Instagram, and Twitter. Your digital footprint is the window that highlights to the world who you are. When you have no control over how you want to be seen, you are making a big mistake because you are leaving it up to someone else to make a judgment for you as to who you are.

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As Jeff Bezos, the founder of Amazon, once said, “Your brand is what people say about you when you are not in the room.”

In her book, Becoming, Michelle Obama writes about the importance of having a personal brand and her journey to defining her personal brand. She wrote that:

“if you don’t get out there and define yourself, you’ll be quickly and inaccurately defined by others.”

When you have a personal brand, you are in control. You know exactly what people will say about you when you leave the room.

The magic of a personal brand is that gives you control over how you want to be seen in the world. Your confidence and self-belief enable you to leverage opportunities and make informed decisions about your career and your future. You no longer experience the frustrations of a career meltdown or being at a crossroads not knowing what to do next with your career or your life. With a personal brand, you have focus, clarity, and a strategy to move forward toward future success.

Creating your personal brand does not happen overnight. It takes a lot of work and self-reflection. You will be expected to step outside of your comfort zone not once, but many times.

The good news is that the more time you spend outside of your comfort zone, the more you will like being there. Being outside of your comfort zone is where you can test the viability of and fine-tune your personal brand.

5 Key Steps to Creating Your Personal Brand

These five steps will help you create a personal brand that will deliver you the results you desire with your career and in life.

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1. Set Your Personal Goals

What is it that you want to do in the next five years? What will your future self be doing in the next five to ten years? What is important to you? If you can answer these questions, then you are on the right path. If not, then you have to start thinking about them.

2. Create Your Unique Value Proposition

Create your unique value proposition by asking yourself these four questions:

  1. What are your personality features? What benefit do you offer people?
  2. Who are you and why do people enjoy working with you?
  3. What do you do and what do people want you to do for them? How do you solve their problems?
  4. What makes you different from others like you?

The answers to these questions will give you the information you need to create your professional story, which is the key step to creating your personal brand.

3. Write Your Professional Story

Knowing who you are, what you want, and the unique value you offer is essential to you creating your professional story. People remember stories. Your personal story incorporates your value proposition and tells people who you are and what makes you unique. This is what people will remember about you.

4. Determine Which Platforms Will Support Your Personal Brand

Decide which social media accounts and online platforms will best represent your brand and allow you to share your voice. In a professional capacity, having a LinkedIn profile and a CV that reflects your brand is key to your positioning in relation to role opportunities. People will be connecting with you because they will like the story you are telling.

5. Become Recognized for Sharing Your Knowledge and Expertise

A great way for you to promote yourself is by sharing knowledge and helping others. This is where you prove you know your stuff and you gain exposure for doing so. You can do this through social media, writing, commenting, video, joining professional groups, networking, etc. Find your own style and uniqueness and use it to attract clients, the opportunities, or the jobs you desire.

The importance of having a personal brand is not going to go away. In fact, it is the only way where you can stand out and be unique in a complex changing world of work. If you don’t have a personal brand, someone will do it for you. If you let this happen, you have no control and you may not like the story they create.

Standing out from others takes time and investment. Most people cannot make the change by themselves, and this is where engaging a personal brand coach is a viable option to consider.

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As a personal brand coach, working with my clients to create their personal brand is my passion. I love the fact that we can work together to create a personal story that defines exactly what people will say when you leave the room.

Other People’s Stories

Listening to other people’s stories is a great way to learn. In his article, 7 TED Talks About Personal Branding, Rafael Dos Santos presents the best Ted Talks where speakers share their stories about the “why,” “what,” and “how” of personal branding.((GuidedPR: 7 TED Talks About Personal Branding))

Take some time out to listen to these speakers sharing their stories and thoughts about personal branding. You will definitely learn so much about how you can start your journey of defining yourself and taking control of your professional and personal life.

Your personal brand, without a doubt, is your secret weapon to your career success. As Michelle Obama said,

“your story is what you have, what you will always have. It is something to own.”

So, go own your story. Go on the journey to create your personal brand that defines who you are, highlights your uniqueness, and the value you offer to the world.

Featured photo credit: Austin Distel via unsplash.com

Reference

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