5 things to know before starting a business
When I started M.T. Deco, I knew it was going to be a different level of hard work and that it would take me years to get the company to the level I want it to be. I’m still a ways off from my big picture goals, but after 2.5 years, I have learned so much. And since I’ve started, I’ve counseled so many other budding entrepreneurs as they embarked on their own journey. Here’s some advice I give to them, in case it helps you make your own leap:
Sell something people actually need - this might seem obvious, but you won’t truly understand the market you’re entering until you’re faced with selling your product. Before you start, try pitching yourself to colleagues in the same field to get initial feedback. Then what generally happens is that you begin with an idea of what you THINK clients want and as you go through the sales process, you’ll realize your offerings will need to shift in order to match actual client needs. [For example, when it comes to digital strategy, clients often come to us to grow their social platforms and we need to sell them on strategy work first in order grow their social audience]
Price accordingly - a great piece of advice I received early in my career is that you’re only as valuable as the amount people are willing to pay you. Stay humble, know the value of your work and don’t under price. But also know what your competitors are charging and be willing to adjust based on the client. For example, some clients are taking a risk with you in your early days, or others can introduce you to more potential clients, so offering a lower rate can actually lead to more business down the line. Be strategic with who you work with and how you work with them
Get comfortable with being vulnerable - when the company is yours, everything is yours. The branding is your vision, the strategy, the clients, the goals, the revenue, the employees, the social accounts -- there is nothing to hide behind. You can’t blame your boss for things that go wrong, everything is on you and it’s scary. At the same time, for those that crave creating a vision and executing on it, this is the coolest part of having your own business. And when you see success, the high is amazing and so fulfilling
Ask for help - many entrepreneurs have come before me and I am not shy about asking for help from everyone and anyone, no matter the business. I love getting advice from peers, influencers, business publications, podcasts, my parents [dentists], clients, you name it. Oftentimes this also serves as relationship building and can even lead to future business, you never know
Be open to evolving - this is a newer concept for me, and one I am learning from my mentor Linda Ong, CEO & Founder of CULTIQUE, but when you start out, it’s great to offer a menu to clients and as you work with them, but be highly attuned to what their needs are. Most of the time you will uncover pain points or additional opportunities for you to help them. Use this as a way to adjust your offerings, create a new pitch, make more money and evolve your business
Professionally, starting my own company after years in a corporate structure has been the best, most fulfilling experience I could have imagined. Yes, it’s very hard and I regularly struggle with the balance between work and life, but if there is an entrepreneurial spark inside you, I’m here to tell you to embrace it. Be fearless and go for it, I highly doubt you’ll regret it.
Are any of you thinking of starting a business? Or are you a seasoned business owner? Ask questions and drop advice into the comments. Let’s help each other out!