As a business owner and a small business consultant, my best piece of advice for an aspiring entrepreneur is to 'plan, plan, plan'.

Research

I did my business plan as my master's thesis. This way, I was able to take a very academic approach to planning how to start Angeline & Associates, LLC. This involved a great deal of research about my would be client base, my location, the credentials I would need to acquire to effectively serve my clients, how I'd position myself to gain a competitive advantage over my competition, the prices I could reasonably charge, etc. Knowing the answers to these questions, and many others, is critical to your long term business success. Be sure to do your research.

Set Realistic and Relevant Goals

While the research phase of planning is important, it is just as important to carefully and strategically establish goals that are directly tied to the successful start-up, growth and sustainability of your business venture. For example, if you discovered in your research phase that a certain educational credential or skill is necessary to ensure that you can provide a quality service or product to your clients / customers, then you had better list attaining that credential or skill as a major goal.

Break the Goals Down into "Doable" Pieces

This is as they say 'where the rubber meets the road!' Many plans fail because they don't include the strategies or tasks that must be performed in order to ultimately reach the goals. Further, if these strategies or tasks are included, the plans do not clearly define deadlines (when the task is to be completed?); resources (who will complete the task? and how much will the completion of the task cost?) or any metrics (how will we know if the task was completed correctly or successfully?).

Ask for Help

I have heard and often use the phrase 'stay in your lane'.  Are you a strategist or planner by nature?  For example, do you keep a daily itinerary? Do you use lists when running routine errands? And if you do, are the lists arranged in a manner that itemizes things you will purchase at each place you'll visit? And further, do you list each place you'll visit in a logical order that parallels your driving route?  You might laugh, and you might call these the activities of an 'anal retentive' person, (and yes, that would include yours truly – just ask my friends and family), but what I've just described, while not appreciated by many, are the traits of a strategist. Of course, planning and strategy requires other skills as well, but these traits are inherent to a person who can take a 'big picture concept' and break it down into realistic achievable tasks. Many people are visionaries, but few can identify the steps needed to turn a vision into reality.  My point here is if you are not one who can take your vision and create a realistic action plan, then you need help. Stay in your lane and seek a business planning consultant and strategist to help you.  

Do NOT Ignore the "Financial Stuff"

People who are not 'numbers people' tend to focus less on the 'numbers' when they engage in business planning. This can be a fatal error.  The numbers will be your reality check throughout the planning process. For example, if you decide to open a beauty salon, it is important to compare the pros and cons of how you will bring on the staff that will be needed to serve your clients. Will they be independent contractors or paid employees? One of the major factors that need to be considered before you make this decision is the costs associated with each scenario.  You NEED a number cruncher. Do not ignore the need to perform critical financial analysis because you are not comfortable with numbers. You must make smart and informed decisions as you plan to start your business. Get help.

A Dual Skill-Set is Valuable

If you solicit a business planning consultant to assist you, he or she should ideally be equipped with a unique set of skills - a dual skill set if you will. He or she MUST be the strategist I described above. However, many business planning consultants will openly admit to not being 'numbers people', which is very beneficial if they are to be effective.  There are many great strategists who do not profess to know the financial side of business planning and will partner with others in order to ensure a successful planning outcome. However, you must steer clear of a business planning consultant that does not present a clear scope of work that includes a significant amount of financial analyses to assist you in making critical business planning decisions.

Take Your Time

My final piece of advice is to take things slowly.  I can't count on one hand how many times I have begun a planning process with a client only to have them get so excited they started the implementation phase before we were done planning!  I had one client sign her name to a facility we looked three days  before our next appointment to view another building – for comparison!  That was NOT a strategic decision. It was an emotional decision. Too many of those and you can fail before you even start.

I hope you have found these tips helpful.  I wish you the best of luck in any endeavor that you set out to achieve. I know you can do it.

Please check in on my blog periodically for helpful business related tidbits.

In the meantime, be well and prosper!

Angeline