Starting A Business? 4 Things You Should Know!
Starting a business is one of the most rewarding experiences you can have in life but as great as it may be, there’s also a lot of hard work that goes into it. It can easily turn this exciting prospect into a daunting one. That’s why we’re sharing some of our favourite tips from previous guests who have started and are successfully running their own businesses to help out with yours!
Written By: Mary Kamau
1. Know Your Industry
Before you dive right into launching your business, it’s important to do a thorough research of the industry. It will help you figure out what your competition isn’t providing and how your product fills that gap. For Alexa Jovanovic, the innovative inventor behind AllieDesign, this helped her know that there wasn’t anything in the fashion industry like her braille clothing so the time for her to make this accessible business was now.
““...I went home, did a ton of research and nothing even remotely close existed… Right there, I was like “okay, this is an even bigger problem than I realized.” So I made a prototype and started reaching out to different people in the GTA.””
2. Network. Network. Network
Networking can be a huge asset when starting your business. It connects you with like-minded individuals who are not only interested in your idea but who could also be interested in investing in your idea. Sarah Cox, one of the co-founders of Joeyband, emphasizes the importance of persistence and suggests “finding…leaders” within your interested industry and reaching out to them.
““Especially when you got a new product, you got to be comfortable with building a new network…[it’s about] genuinely finding people who are just as passionate in the area…and wanting to see the type of change you want to see.””
3. Take Baby Steps
When starting a business, there are so many things to consider that it can quickly become overwhelming. That’s why Rebecca Hamilton suggests breaking it down into small steps. It made opening a bakery an easier task for her because those baby steps eventually helped her accomplish all the big goals that felt insurmountable at the start.
““When you break it down, it’s not as impossible as you make it out to be.””
4. Find a partner!
If this all still seems like it might be too much for you, you can always find a partner to help share the load with! Even though there is a lot of success to still be found in pursuing a business on your own, the same can also be said for pursuing a business alongside someone that compliments you and shares similar passions. When Sarah Cox went to a women-in-business event a couple of years ago, she literally felt her prayers had been answered when she met her future business partner Hayley Mullins.
““[I was] literally getting down and praying every night to meet a woman who had invented something in healthcare that I could partner with.””
Starting a business can be a challenging and fulfilling endeavor. Most important: Don’t forget to always have faith in yourself and your ideas – we believe in you!
