If you were to believe all the promises that people make on Facebook, you would be waiting for the Magic Beans and a sprinkling of fairy dust to create a wonderful, profitable business…. just sit back and rake in the cash!
Alas, I hate to chop down the beanstalk, but this is SO NOT the case.
Anyone who has experienced the roller coaster ride of entrepreneurship will agree that there are no short cuts (or fairy dust)
- IT ALWAYS TAKES LONGER THAN YOU THINK
Bob always says “it takes three years to be an overnight success”, and he’s right. During the development phase, you may run into unexpected difficulties, you will often find that suppliers or contractors do not have the same urgency that you do, your marketing will take much longer to gain traction than you imagined….you may have budgeted to receive your first sales cheque in September……and December comes and goes…..It’s a common experience. There are no shortcuts. Be patient and determined.
- IT ALWAYS COSTS MORE THAN YOU THINK
On our facebook page and website, you will see me bang on about “knowing your numbers”. It’s essential to keep track of every penny. Research & Development costs can spiral out of control if you are not careful. Having a running total in black and white can make you put on the brakes. This doesn’t mean that projects get halted or abandoned. If you are resourceful enough, you will find that there are other ways to solve problems rather than throw money at them. Maybe a lack of cash will get you thinking outside the box, maybe you will devise a marketing plan that involves low cost social media advertising, maybe you will go back to good old fashioned knocking on doors to sell your product. Don’t wait for the Golden Goose to lay an egg!
- BRAND NEW TECHIE DEVICES ARE NOT THE ANSWER.
**Shocker Alert** I DO NOT POSSESS EITHER A TABLET OR A LAPTOP! I do have a smart phone, but I really only use it when I get lost (often) and need to use google maps. Many people fall into the trap of believing that their business is doomed to failure because they do not have an Ipad, or the latest Customer Management Software. Well, I HAVE tried lots of different software packages and I can totally recommend……….pen, notebook and DIARY!! I have always come back to the old school methods. Maybe if I was born a couple of decades later, I would be lost without technology, but the old adage still applies….”garbage in, garbage out”.
- EXPENSIVE NETWORKING CLUBS ARE A WASTE OF MONEY
Unless your “ideal customer” hangs out at a networking club, they are a complete waste of time and money for a a start-up. I have tried Chamber of Commerce, BNI, and a host of other independent referral “clubs”. Unless you want to spend time listening to Treasurers Reports, minutes from the last meeting, and municipal reports, DON’T GO. I’m not saying that these business networks are worthless, they do lots for the community -I am just saying that UNLESS you have a business that sells BUSINESS PRODUCTS…..you won’t be meeting potential customers. And in the early days of your business, that should be your ONLY focus.
- THERE IS ONLY ONE MAGIC BEAN…….
Yes. YOU. Only YOU can develop your product, market it passionately, work day and night to sell it, and grow your business. A wise man once told me to repeat this…”If it is to BE, it is up to ME” And that right there…is your handful of magic beans.
Cheers,
Jackie.
