Don't forget the little things when starting a business
By Anna Hicks
Refine your elevator pitch; be able to explain your product in 20 seconds
The devil is in the details.
You've probably heard this phrase. Well, it applies across the board.
When starting a new business it is easy to overlook some of the smaller details. In the big picture you have a lot to worry about.
It's understandable that you find importance in financing, marketing, staff and the day to day workings of your new business. But just like in life, sometimes it's the little things that make all the difference.
When making your business plan did you factor in the cost for utilities and your lease? If you didn’t you may want to look into financing a little bit extra to cover factoring those costs.
This is one less stress for you. If you can't keep the power going your business is doomed to fail.
If you have these necessary bills covered for the first 6 months to a year, you will have one less stress weighing on you.
Clearly you have looked into branding, but have you taken that all the way down to personalized items to carry with you or to give to employees so they can have them at all times?
Branding is all about getting your name in front of as many eyes as possible. Some customized schwag can certainly help to shape your image.
It's kind of like when you buy a new car; all of a sudden you see the same make and model everywhere
Another small detail is something we like to call the 'elevator pitch'. This is an explanation of what you do in less than 20 seconds.
Once you have started this new venture you will find that you come across people constantly who could use your services. It's kind of like when you buy a new car; all of a sudden you see the same make and model everywhere.
Know what you would say in a quick passing and this could up your revenue and customer base tremendously.
Have you gone over the order of operations at least three times? No I am not talking about math and which comes first addition or multiplication.
What is your system? This includes any shipping services you will need, all the way down to how you and your staff will document sales.
Going over it multiple times can save you from unwanted mistakes.
It is inevitable that there will be mistakes as your business takes off the ground, but having a plan on how to handle those mistakes is essential to your success. Thinking about it isn’t enough.
Document your risks and potential problems that could arise. You will want to consider your specific business and target market and go from there.
For example, if you are selling a product that has a guarantee to be shipped within seven days. How will you handle it if your product doesn't arrive to it's destination?
This may seem minimal but that happens. Sometimes it will be a mistake on your part, others it will be a post office/fed ex error.
However, you will be the one who has to take responsibility. Often times this means you eat the costs.
At the end of the day you will want to be like Santa Claus, make a list and check it twice. Only this time it's not about who is naughty or nice. It's more about finding the appropriate price.
Starting a business is a complicated process and with the statistics of a new business finding success extremely low, you will want to have a leg up. This means not just seeing the big picture, but putting the small pieces together in order to create the image you want.