"Don't sit down and wait for the opportunities to come. Get up and make them." ~Madam C.J. Walker
In this week's episode of the Hello Hair Pro podcast, Jen and Todd run through a list of some do's and don't of business.
To be successful, you need a plan. If you don't have one, you will run into trouble, eventually.
Here's a look at some of the topics they covered and a brief breakdown of each.
Do's
Start with a mission, vision, and core values.
The foundation is where everything begins. Without a strong foundation, there's no way to ensure the success of your business. You may get lucky for a while, but eventually, that luck will run out, and issues will be far more challenging to address.
Your mission tells the world why your company or brand exists.
Your vision explains where your company intends to be in the future.
Your core values dictate how your business will operate and make decisions.
Create and set up your accounts.
Once you understand how the company will operate, you'll need to establish basic accounts and relationships.
Register your business with the state and request an EIN#.
Meet with the small business advisor at your bank. You can establish a relationship with them, gain insight, and discover potential beneficial programs.
Know your strategic differences.
What makes you different?
How will you stand out?
The trick is not to focus on being better than other businesses; it's to be as different as possible.
Have a plan for everything.
Creating plans and strategies is part of the game.
Your plans will occasionally work but, more often than not, will require the ability to pivot.
Planning for everything is practice for when you need to maneuver quickly.
Research.
Before you can market, you'll need to figure out the perfect customers for your business.
Look at these areas: demographics, psychographics, geographics, and behavioral segments.
You'll be able to create avatars for your marketing efforts from these areas.
Build strategies.
A strategy is your formal plan. It takes your to-do lists and guides you on how to execute them. A good strategy will provide direction, time-frames, and details about how and why your plan will work.
Build systems.
Systems are critical to a company and its growth.
Document everything in as much detail as it takes. You're looking to assign responsibilities to others while setting them up for success.
I couldn't tell you how many times I've seen an owner or manager of a business get frustrated with employees because of a lack of systems.
Without telling them and providing guidance and structure, you cannot expect people to know what you want to happen.
Build a team.
A strong team with strong leadership is essential for growing a company.
Find people who believe in your business's values and can help you take it to the next level.
Keep in mind the team that takes you from 1 to 10 likely won't be the team that takes you from 10 to 100.
Dream and think BIG.
Building a business is a lot of work. It requires your patience, resiliency, and your most valuable resource, time.
If you're already spending your time, you may as well spend it on something big.
"The greatest danger for most of us is not that our aim is too high and we miss it, but that it is too low and we reach it." ~Michelangelo
Have a lawyer, an accountant, and a mentor.
Establishing a relationship with a lawyer before you need one is something everyone should do. Your lawyer will look over contracts and leases and provide peace of mind.
A good accountant is invaluable and provides so much more than doing your books and taxes. From helping you streamline, understanding your numbers, scaling, and keeping you focused on your goals.
A mentor is another piece of the success puzzle. The position doesn't need to be paid; maybe you have someone in your life who has been through building a business who can help you. The important part is that they understand your goals and can help guide you.
Don'ts
Start with a name and logo.
We see many people launch a business without doing much more than creating a logo and coming up with a name. Often without putting much effort into researching.
A logo is fun, but it's not that important that you should start with it.
Avoid dealing with problems.
Don't put things off. It would be best if you dealt with challenges promptly.
Putting things off will inevitably allow problems to stack up, which is not where you want to be.
Be seduced by a location.
We've seen people put a business in a location simply because they fell in love. When you fall in love, you do silly things, like overspending on square footage.
Don't fall into that trap.
Have an outside person help you. This person must be honest with you and understand business and math.
Overpaying can destroy any chance of profitability.
Think competition is bad.
Avoiding competition is common in the hair industry.
We see it in the form of non-competes for employees. We also see it as negotiating leases to block other salons from opening in the same plaza or building.
Competition is good. It drives innovation and lifts all of us.
Fear of competition comes from a scarcity mindset. Many believe that if one business does well, another must struggle. That assumption isn't valid.
Ignore or hide from criticism.
You will be criticized. Much of it will be untrue and out of context.
Haters hate. Let them.
I was once told by an old friend, "Once you plant your flag, it won't be long before someone starts attacking."
On the flip side, there will be valid criticisms, unhappy customers, and mistakes from time to time. That's OK.
Don't hide from online reviews and unhappy people. Instead, use it to connect with people and learn more about how you can better serve them.
Remember, this post isn't comprehensive. We dive much deeper in the podcast episode.
If you're interested in chatting with Jen & Todd about your business, reach out and set up an intro call.
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