The world of entrepreneurship is exciting; the freedom to be your own boss, pursue your passions, and embrace new opportunities is what entices so many to take the leap, leave their former careers behind, and follow their dreams.
As exciting as taking the leap can be, it can be equally as intimidating. According to the U.S. Bureau of Labor Statistics, about 1 in 4 new businesses fail within their first year of operation. While determining where to start and navigating the unknown can be challenging, you shouldn’t let these obstacles deter you from pursuing your dream.
When we made the decision to embark on our journey as business owners, we knew it had to be something we were truly passionate about. For us, that passion was providing high-quality early childhood education to families everywhere. After dedicating countless hours to research and planning, we identified the core areas where we needed to focus our time, energy, and resources to ensure our business would not just survive, but thrive.
Here are the key aspects of business ownership that we believe are essential to laying the foundation for long-term entrepreneurial success.
Determine What your Community Needs
While you may be passionate about the entrepreneurial path you are taking; it is imperative to make sure your business will fill a gap that your community is missing to ensure success. This requires looking at your community from a non-biased lens.
Take the time to research the landscape of your community, determining what your competitors may look like, the best location for your business, and what the demographics of your market look like to better understand your potential customers. As parents, we quickly noticed the lack of quality childcare options our community had, inspiring us to embark on entrepreneurship and provide our community with Celebree School.
After conducting thorough research, the next critical step to success is building strong connections within your community. Being a visible and active member of the community is essential, especially when launching a franchise. Too often, the people behind the business are overlooked. To bridge that gap, consider hosting local events and personally engaging with community members. This helps position your business as a community-driven and locally owned venture, rather than just another corporate entity. By fostering these relationships, you’ll create a sense of belonging and trust that will set your business apart.
Hire a Strong Team
Your team is the lifeline of your business, and one of the most important decisions you will make is who you choose to fill each role. Don’t rush the interview process – make sure you put thought into each candidate to find the right employees who align with your values, mission, and vision. It’s far more efficient to invest time in carefully selecting the right candidate and providing thorough training, rather than constantly dealing with the turnover and cost of hiring new team members.
Once your team is set up, it is crucial to address any employees who may not be the right fit without delay. One bad actor can quickly disrupt the culture of your business. In an effort to avoid potential issues, consider implementing weekly or monthly check-ins with your team. This ensures that their needs are being met and that they continue to uphold your business’s standards. Proactive communication helps maintain a positive, productive work environment.
Create an atmosphere where each team member feels valued and important, and set them up to work together towards a common goal. Motivated and encouraged employees are one of the most important aspects in developing a sustainable, successful business.
Listen to Feedback
The first few months of business are all about finding a rhythm and figuring out what works well and what needs to be changed. Customer feedback plays a large role in determining what might need to be adjusted to create the best and most efficient customer experience. It’s also important to note that, though your goal is to bring customers into your business, you should never lose sight of the “why,” or mission, behind your business.
Entrepreneurship comes with its challenges, and stepping into a world of uncertainty can feel daunting. However, with a strong plan and a clear vision guiding you, it can also be one of the most rewarding paths you’ll take. By staying focused on your mission and aligning your decisions with your core values, you’ll build a solid foundation for success. Remember, every successful business starts with the courage to take that first step on the entrepreneurship trail. With perseverance, passion, and the right strategy in place, you have the power to turn your entrepreneurial dreams into reality. Embrace the journey, and trust in your ability to make it happen.
Fariha and Nasar Agha are the owners of Celebree School of Bristow. Celebree School was founded in 1994, and began franchising in 2019, with the mission to Grow People Big and Small™ through providing infant and toddler care, preschool, before and aftercare, and summer camp programs.
