Weve all heard the stories.
Person with an idea leaves a full-time job behind tostart a business.
After a period of time, the business is successful.
Own a small Business? We’ve got16 toolsto help it run more smoothly.
What are some keys to small business success?
What do small business owners know now that they wish they knew when they began?
I decided to try working as a reporter and producer on a full-time freelance basis.
I knew about writing and producing, but I had a lot to learn about running a business.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Small Business Administration Office of Advocacy 2022 Small Business Profiledefines as businesses with fewer than 500 employees.
Deciding what kind of business to open can sometimes be a challenge.
There are all kinds of possibilities.
Do you follow your passion and give a shot to find a way to make money at it?
Do you open a franchise of something that already exists?
Do you do something else entirely?
Consider Your Strengths
Steve Dunn is a mediator based in Charlotte, North Carolina.
For 21 years, he was both a litigator and a mediator at a law firm.
He left the firm in 2019 to go it alone as a mediator.
Did you know?
I had a moment where I realized how much I really hated the litigation aspect of my job.
A light bulb went off and I realized I didnt have to do this, he said.
It was a moment of clarity about how unsatisfied I was with what I was doing.
Consider Your Resources
Realistically, what can you afford, time-wise and monetarily?
We were ready for a new challenge and a new adventure, she said.
They came across Mad Science.
Where Will You Do Business?
What kind of space do you need for your business?
So, is it something you could do from your living room or a home office?
Or do you should probably rent or buy property?
The result was a 1,100-square-foot storefront in a strip plaza with room for 35 people inside.
We opened on faith.
If it doesnt we could tweak it.
The current mall location became available later, and Kolor-N-Kiln moved to a much bigger 5,700 square foot space.
We wanted to make it really professional.
How Will You Fund Your Business?
Its not cheap to open a new business, no matter what it is.
There are startup costs.
So how are you funding your business?
Here are some choices.
[My husband] left his government job and worked full time with Mad Science, Jennifer Marcus said.
We couldnt live off that income so we took out loans.
Even after covering expenses and making a profit from the beginning, a change was necessary, Jennifer said.
The Marcuses were running up their credit cards.
Thats when she started working for Mad Science full time while her husband took a job outside the business.
A stock deal that came with being downsized from her job helped fund Kolor-N-Kiln.
When we opened, I was nervous.
How do I get paid?
Luckily, people showed up.
On grand opening day, we were jam-packed.
Consider other Financing Options
There are many ways to obtainsmall business funding.
Consider asking for help with the help of crowdfunding sites likeIndiegogoandKickstarter.
Small business grants come from a variety of sources including government agencies, nonprofits and for-profit companies.
He even learned how to do his own web page.
It was like a new challenge.
Thats about the timeMiles Mediation & Arbitrationapproached Dunn about joining their team as a contractor, not an employee.
Marcus, however, knew from the beginning employees were necessary.
We wanted to have weekends with our kids.
Keep in mind, that was during the peak of the COVID-19 pandemic.
But, as we all know, the pandemic forced everyone to change and pivot.
If the business is not going anywhere, when is it time to bail out?
You have to have an entrance plan and an exit plan.
Is it when Im broke and owe everybody and am still borrowing money to stay afloat?
After a period working late into the night and being exhausted, reality hit.
I looked at myself in the mirror, and said, Jen, dont beat yourself up.
You dont need to work at nine oclock at night.
Its okay to go to bed, she said.
I wish I could have learned sooner to put my own rest first.
You need time off.
Its her legacy, Blackburn says.
She can grow it and do whatever she wants to do with it.
Its like a movie where the man and woman ride off into the sunset.
Im looking for my husband and I to ride off into the sunset.
I want to hand it over to my daughter 100%.
For Dunn, the ability to control his calendar is a huge bonus.
I can decide when I am available and when I am not.
I have never had that.
I can schedule a vacation.
It took a while, but Marcus said she finally found balance.
Youre the boss, Marcus said with a laugh.
For me, I realized I really can work from anywhere and nobody needs to know where I am.
As long as I have a phone, a computer, and internet Im good.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
