So, here I sit in my humble little apartment in Morristown, staring outside at (what’s left of) the leaves and baking homemade pumpkin bread. The work weeks seems to get longer and longer, as do the days around the northern hemisphere during this time of year, and I have to fight off the urge to crash in my pajama set from J.Crew all day and sip holiday-flavored beverages from Starbucks.
Alright, let’s be honest, for those of you who know me (which I hope is a lot more after interacting with this article), I can’t sit still for the life of me. So, although, yes, I am trying my hand at being a bit domestic today, here I am, tapping away at an inspirational article about small business.
I had picked up Entrepreneur’s Startups this past April at the Atlantic City Airport as I was headed to the Carolinas to visit with family for the Easter holiday. The usual was packed in my carry-on bag: earbuds, all of my unfinished manuscripts, several pens, a change of clothes in case my luggage got lost, and horror-genred books. What I didn’t have was any reading material that pushed me, really forced me to look into the (sometimes harsh) mirror of entrepreneurship. I was on a journey to explore the unknown…facts I didn’t know about the world of small business.
And although the fact of the matter is, admittedly, I’m a slow reader, I truly did soak up all the trade secrets and have been applying them to my own experience (or sometimes, lack thereof) from Entrepreneur’s Startups. Which leads me to my next trick: sharing them with you, my amazing and eager readers.
For the sake of saving some time, I decided to jump right in and offer some of my own advice, starting with the section of the magazine entitled, “Start Your Own Business: This is When to Launch,” and it may be found on page 30 of the publication, just in case you’re following along.
The editors start off with a bold statement. They say, “Starting a business doesn’t have to be an all-or nothing commitment. The key is to map out a plan that puts your company on track to succeed.” Now, I must say that yes, you should have all your I’s dotted and T’s crossed before thrusting yourself into entrepreneurship; be sure to have investors lined-up should you require that assistance, and assure your finances are in order should your endeavor head south for whatever reason. However, I disagree with the statement that your business venture “doesn’t have to be an all-or nothing commitment.”
I’m sure you’ve spent months or years agonizing over the “the next big thing,” right? Choosing logo colors and writing out business plans are half the fun, but executing a small business is no small feat. I suggest applying the “ride or die” method to your dream. Use proper caution, but head right to the top floor.
Within the middle of the page is expert advice offered by the editorial team and business expert Arnold Sanow. They say, “Does all work and no play make entrepreneurship no fun? Some entrepreneurs who run part-time businesses based on hobbies, such as crafts or cooking, find that going full-time takes all the fun out of the venture.”
Business expert Arnold Sanow states, “Going full-time turns an adventure into a job.” Well yes, I do agree that entrepreneurship may not be for everyone. However, I must say that your business venture must, must, must start with a passion of yours. What sparks your soul? Are you a professional that feels stuck in a dead-end job?
Those are some questions you must ask yourself before deciding to take your passion project full-time. Over the years, I have met the most passionate people who have taken their crafting business, for instance, or their spice of life in the culinary arts, and brought their dreams to life. Now, again, that’s not to say they haven’t faced some form of trial or tribulation to the road of success, but it’s worth it in the end.
“If the road to success is meant for everyone, then I don’t want it,” is one of my personal inspirational statements. And truthfully, I loop back with myself from time to time and assure I’m following my truth.
One of the statements that I wholly agree with is the following: “There are a number of investigative factors to consider, such as the competition in your industry, the economy in your area, the demographic breakdown of your client base, and the availability of potential customers. If you are thinking of opening an upscale beauty salon, for example, evaluate the number of affluent women in the area and the fees they are willing to pay.”
In Morristown alone, there are approximately 7-9 marketing and public relations agencies. However, after heavily researching my location and observing the needs of my potential target demographic, I found out that each of the agencies, although labeled as “marketing and public relations,” offers something completely different from one another. And the kicker was that none of them offered social media and persona building services. That’s when I took a leap of faith and jumped from part to full-time. I felt I was satisfying a need people and/or companies didn’t know they needed.
Now, toward the end of the article in Entrepreneur’s Startups, the editors state, “If you’ve got your heart set on a business that traditionally requires a full-time commitment, think creatively: There may be ways to make it work on a part-time basis. For instance, instead of a restaurant, consider a catering business. You’ll still get to create menus and interact with customers, but your work can be done during evenings and weekends.”
Again, I do agree with the “take it slow” method when necessary, however, I suggest adjusting your daily commitments against how much passion you’re willing to put into making your dream a reality. Ask the questions, commit to a schedule and launch.
Have any questions or comment regarding the article? Not sure where to start when it comes to small business ventures? Being in the social media and marketing industry for over 12 years, Joseph A. Federico is the go-to agent for all of your small business needs. Contact him today by clicking here, or head to JosephAFederico.com.