In the world of business, many people start businesses for a variety of reasons, ideally they see opportunity and want to capitalize on it. However, just because they see the opportunity, it does not mean everyone sees and many small businesses go out of business. If the opportunity is seen, there is many opportunities to do the wrong thing or make a mistake. If mistakes are learning processes, there is a possibility the business could find its footings and begin to build on the foundation and add good things to the world’s economy or at least the local economy.

One of the many books about the topic is The Art of Starting by Iona Mathieson and Romy St Clair, published by Bluebird, London, England, 2023. The ladies opened up a flower shop which is still in business called Sage Flowers.

Getting Started

You see a great opportunity, what should you do about it? How do you turn your idea into a business, the reality is start with one foot and then another and you are on your way. Before you commit money to your venture, do some homework. Start with a SWOT analysis or access your Strengths, Weaknesses, Opportunities and Threats.

If the answers come up that convinces you to keep going that is good. Now you are able to add resources or money to the business, for all business need money for startup costs, to pay on going bills, what will you draw on? Is the business part-time to start or full-time? what support networks can you tap into?

Establishing your USP, defining your gap in the market and picking a name

Who and what are you? What is it that you are going to be doing or want to do? The reality is many companies offer similar services, but why you? what will set you apart? the products? the way it is delivered? the quality? what makes you different?

Picking a name is the hard part. It should take time to pick a name, unless you are already have it, but from the name will go all the marketing and website and everything else you company is connected with.

Setting Goals

Goal setting is important. Sitting down and thinking about where you want to be in 6 months, a year or 5 years and mapping out how you are going to get there is essentially how you grow your business. The authors sit down every quarter and about where they want to be both professionally and personally and how are will get to where they want to be.

After mapping the goals, assign timelines to them which can be a few months or a few years and then try things to see if they work or do not work.

Remember not reaching your goals does not mean you failed. Goals are there to get you on your way, remember business is not a sprint, it is a marathon, to do over and over again. This means you need to build change or flexibility into your goals.

Finances: getting started, working out budgets and fees

For most small businesses, they do not need a lot of money to start, the authors started their business with a $1,000 and the decision not to draw income. Why $1,000. That is what they had, so they made it work, they were thrifty. The business is a flower shop, the outdoors furniture fit the theme.

Spreadsheets are good and you need to know the costs and how much money you are actually making, not just spending. Remember to put in all costs, then you can calculate profits and that is why you are in business.

The key to working out budgets is making sure you have included absolutely everything you need to pay for, and adding your markups, where appropriate before quoting to a client. You will get better over time. You will likely undervalue your fees for the first little while, but if you build an amount to cover any unknown expenses, known as your contingency. For example: the client wants something done, changes their mind to have extra, you hire a person to help, who pays the person if the fee for the client is fixed?

Work Environment

Be realistic about how much and what type of space you need. In your first year, there are many rental options, if you are in the food business, commercial kitchens can be rented. If you need to work outside your home, there are shared office space for rent, there are a wide variety. Committing to a space is a big investment, it can pay off well if you use it as a source of income, a marketing tool and a workplace. Unlike you home rental, commercial leases often ask for a 6-month deposit on a 3-year lease. Then you need to furnish it, to the expectations of your clients.

Your online presence: website and social media

Unless you want to stay small, you will likely need website and social media.

Website – there are many options, the authors started on Squarespace and moved to Shopify. The authors had a simple website with a link to Instagram.

Remember you need to add content but be consistent in your language that allows your audience to understand you and your brand.

Creating your brand

Whatever it is: remember as you put forth your business plan and marketing, any contradictions from the adjectives that you want to convey will weaken your ability to convince customers you are those things.

Sometimes the clue to standing out is not looking for the answers in your industry. What makes you tick – what do your do to be authentic? let it shine in your marketing.

Representing yourself online and IRL

The authors who own the flower show Sage believe there should be little difference between you on line and you in real life. The closer the two match, the more consistent the brand and it is easier to buy into.

In real life – try to be nice, remember people like to work with reasonably nice people. Be ready to dive in. Be the best spokesperson and embody your brand.

Content building/storytelling

Everyone loves stories. Your online posts tells a story, make it a good one.

Marketing Options

There are many options. How you advertise and what type of Public Relations you want to pay for.

Linking to dividend paying stocks, all the companies are beyond the setting up phase of the company, but occasionally large companies buy smaller ones to merger them and as an investor you ask does that make sense? what are they getting? are they buying talent? Rebranding happens to many products, the process is the same, as an investor and possibly a consumer, is that good?

There are more questions than answers, till the next time – to raising questions.