the mama 'hood's Co-Founder & CEO shares a few tips on starting your own business for those mamas who are ready to go it on their own!
YOUR USP (unique selling proposition)
What are YOU uniquely good at?
- Better than others?
What aspect of the business taps into your strengths?
Talk to EVERYONE who will listen to you about your idea/your business. (not always overtly) and go to of events of all sorts.
You never know when an important link will be made, a gem of info or a lead
Be open to SERENDIPITY
Promote all the time!
Time is one of your greatest assets
Good things don’t happen when we are under pressure.
Family must come first, otherwise, your heart won’t be in it.
Keep another other job while you are building your business to minimize financial pressure
Time gives you objectivity, clarity and truth – do you REALLY want to do this?
Allows you to course correct as you learn
It takes time for your name to get out there.
- The average person needs to see something new 7x before trying something new
You MUST love what you do – this is hard work.
Speak using the language of enthusiasm. It is infectious.
BEST-IN-CLASS CUSTOMER SERVICE
- People can buy your product or service anywhere – it's the experience that makes your product sticky. [Great Resource: Zingerman’s Guide to Great Service]
BE HONORABLE: ALWAYS do what you say you are going to do
Your reputation is everything
Say you are sorry if you do mess something up
NUTS AND BOLTS
Write a Business Plan
Competitive Landscape / SWOT
Profit & Loss Statement
Statement of Cash Flows
B Corp Assessment is a useful tool to help you take a progressive 360° approach http://www.bcorporation.net
If you don’t know accounting, hire a bookkeeper to ensure you always know how healthy your business is. Then take a business accounting class.