We’re currently seeing explosive new business growth, with Intuit QuickBooks projecting up to 17 million new small businesses to be formed in 2022. For those just starting out – nothing really prepares individuals for the duality of emotions one experiences when becoming a small business owner. Small business owners just starting out are often uncertain about how to manage critical business operations like paying employees, accessing capital or getting paid, yet they are filled with passion, perseverance and grit to make their dreams of owning their own business come true.
So how can you start your business while also keeping all these conflicting emotions in check?
Here are three tips from entrepreneurs relatively early on in their journey about what’s helped them succeed and stay sane as they got their businesses off the ground.
“I had the idea for The Hive for years before it became a reality in 2022. Before I actually took the plunge, I socialized the idea with a lot of people. I talked to people at my local bank and Chamber of Commerce. I spoke with a business coach. I reached out to a chef and a business owner who works in hospitality. Overall, I sought out people who were successful and asked their advice. Now, some of the people I originally socialized the idea with are on our board.” – Melissa Skaggs, The Hive
Understand the Most Obvious Option Isn’t the Only Option
“When we started out, we didn’t realize how challenging it would be to secure funding — particularly as a brand new business. Hearing a lot of no’s from banks can be discouraging, but we learned there are a lot of other available funding sources out there. We were able to secure the capital we needed to scale G+L through a QuickBooks Capital loan. Just know that if Plan A doesn’t work out, there’s always a Plan B, C and D.” – Natalie and Jamahl Grace, Grace + Love Candles
Know Your Audience
“For early start businesses I recommend getting very clear on who your audience is. Naturally, we aim to reach as many people as possible but that can be a waste of time and resources if we’re not speaking to potential customers and clients in a way that resonates deeply to them. Think depth of connection instead of vaguely being remembered by lots of people. If customers feel a connection to your brand they will do the marketing for you.” – (Pictured Above) Donyale Walton, Hoop Mobb
Melissa Skaggs is the founder of The Hive in Willard, Missouri, Natalie and Jamahl Grace are the founders and owners of Grace + Love Candles in Sterling, Virginia, and Donyale Walton is the founder of Hoop Mobb in Flint, Michigan.