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

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

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.

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:

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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.

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.

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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.

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.

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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?

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

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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.

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

Resources About Entrepreneurship

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

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Last Updated on March 31, 2020

Procrastination Is a Matter of Emotion, Here’s How to Stop It

Procrastination Is a Matter of Emotion, Here’s How to Stop It

Procrastination is in a human’s biological makeup. Thanks to our limbic system, the neurological powerhouse that controls our emotions and memory, we are inclined to feel before we think. To avoid experiencing negative feelings, we keep away from tasks that may overwhelm or inconvenience us.

Because we are inclined to seek and enjoy pleasure first, we tend to give in to things that make us happy instantly. It is so instant that we don’t see a point in neglecting ourselves. But it blinds us from viewing the consequences due to procrastination — more than 3 hours go missing every single day, and about 55 days — almost 2 months are lost every year.

It All Comes down to Our Emotions

The essential way to overcome procrastination is by regulating these emotions. When obligations are dreadful, they drag our feet to complete them. Most people tend to confuse work with emotional suffering because the task at hand may appear to be complicated or difficult; which can cause anxiety or despair.

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The more complicated or challenging the work may be, the more challenge-averse we become. All of these negative feelings and reservations add up, making people avoid the tasks altogether to keep from experiencing suffering or negativity.

Adjust the Task and Your Mood Will Change

Difficult or complicated tasks tend to easily overwhelm people, causing them to lose interest in the project and faith in themselves. The key is to make these tasks more manageable.

How do you do this? By breaking them up into smaller, digestible elements that will eventually add up to complete the big picture. This way, a lot of the strain is lifted, and you can find a little more enjoyment in your work.

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Before breaking down the tasks, as a whole they appear to be time consuming and challenging.  Small, manageable parts you can take action on immediately.  The smaller the tasks, the easier you will find them to manage.  So it’s good to break down your tasks into elements that will only take you 45 minutes or less to complete.

Keep the big picture in mind, but keep your workload light and only focus on one small task at a time. When you commit your attention to one element at a time, you are gradually making your way towards the larger goal.

Since we are inclined to seek out things that bring us pleasure, small rewards can go a long way to help to satisfy our need for pleasure and positivity.  Rewards give you small goals to work towards, which will help to keep you motivated. Even if you aren’t able to physically reward yourself, still celebrate the progress you’ve made along the way.

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Celebrate the completion of each small step to encourage morale. Keep up momentum throughout the entire project, and tiny celebrations will help you to do just that. Expecting to see results of the task at hand immediately is unrealistic. Accomplishments are measured by the differences you have made along the way, not the end result.

Imagine holding an event at work.  You must find a venue, caterer, and entertainment.  You also need to come up with a theme, and decorate the venue and table settings.  This is a huge project.  Break it down into smaller parts.  For example, maybe focus on deciding on a theme first.  When you’ve completed that, give yourself a small break as a reward before moving on to the next part.  One thing at a time and reward yourself to stay motivated.  Then the big project will not overwhelm you.

What if no matter how small the task is, it’s still dreadful?  No job is perfect. You will always at some point find yourself faced with tedious and uninteresting tasks that you must complete. Sometimes you just need to suck it up and push through.  To stay motivated, plan to complete positive tasks along with the negative ones.  This will regulate your emotions, and ensure that you don’t only do the things that you “feel like” doing.  Always remember to keep your eye on the big picture, which will give meaning to all of your tasks (even the tedious ones).

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When you alter your attitude towards your obligations, it will make the tasks seem less tedious.  It takes a lot of practice and reinforcement, but eventually it will change your work ethic.  Refer to these tips to help you beat procrastination every time!

Learn more tips about how to stop procrastinating: What Is Procrastination and How to Stop It (The Complete Guide)

Featured photo credit: Kyle Glenn via unsplash.com

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