Four essential tips for new businesses starting out

It takes perseverance to remain motivated, especially when progress is slow.

Some of you may know that this year I started my own business – to develop absorbent washable leakproof underwear for pee, periods and perspiration.

It has been an exciting yet tumultuous rollercoaster. Today I wanted to share with you my four essential tips for those who are just starting out.

  1. Perseverance is key!

It takes a lot of motivation to dedicatedly work for yourself day in a day out. Particularly in the early days you must be the ‘master of all trades’ (the CEO and decision-maker, the strategist, the product designer, the investor, the marketer, the logistics expert and so on). Some tasks are easier than others. But when things get tricky it is hard to keep slogging away at it.

I have goals to keep me on track – work wise. But what keeps me – pushing forward – is a verbalised aspiration (that I’m committed to). You see, I found that I needed to be clear about what I wanted to achieve, and by when, because my family kept asking me when I was going back to work. So here it is: my aim is to give the business two years to break-even and three years to make a viable profit.

In addition to this, I let my family know what my boundaries are, to protect myself from risk. That is, when I have spent a certain level of funding, without any profit then I would stop and go back to full time work.

Three years to achieve my first big milestone is long enough for me to think “I’m in this for the long term”, which keeps me jumping over the short-term hurdles.

  1. Clarity is essential.

I never realised just how hard it would be to find the right specially fabrics for moisture wicking, absorbency, comfort and odour reduction.

It’s been a hard learning curve. My one piece of advice for dealing with any type of suppliers, is to be as specific as possible with what you want. If that means you must ask a million questions first to better understand the lay of the land. Then ask away. There is no harm in asking. I like to lay out my requirements in clear tables, or under specific headings. I then number each question and answer. I give my emails informative subject lines so that I can easily keep track of information down the track. But importantly, I never let myself stay in a position of doubt. I clarify immediately when uncertain.

  1. The 80/20 rule is beyond helpful.

It’s easy to waste time perfecting certain elements when it’s your own business. But taking the approach, where you keep working on something because you don’t want to risk getting it wrong, will slow you down unnecessarily. Try to accept that things will evolve rather than be perfect the first time. When you start to spend too much time on a task – STOP immediately and put some time restrictions in place. Because when you think of the time that people will actually spend looking at it, it’s just not worth your valuable and limited time. This is why it is so important that new businesses land a minimum viable product as the primary goal. Because perfection is impossible to achieve, whereas trial and error keeps you moving forward.

  1. Build a following.

As you start your business you will meet many people who will help you or take an interest in what you are doing. Make sure you add their email address to your contacts database and grow this list as you progress your business.  

It’s important to nurture this group by keeping in regular contact. One way I do this is to send out a monthly newsletter that provides a simple update on my progress and some interesting tidbits. It doesn’t matter how you keep in touch but just that you do. Your early tribe are your greatest supporters. Mine mean the world to me and I cherish their feedback and support.

If you are keen to show a fellow start-up support, I would love it if you could like or follow my facebook or Instagram page. Just go to:

https://www.facebook.com/vivobodywear

https://www.instagram.com/vivobodywear/

Thanks for reading! Catch you next time.
xxoo