Six Keys to Start a Successful Business
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Maria Contreras-Sweet often hears friends and acquaintances eager to quit their job say they want to start their own companies. But the successful entrepreneur and bank owner counsels them to wait. "Do some things in the evenings, on weekends and holidays to push that business forward so you're not burning through your own capital," she recommends. Here are six things to consider regarding proposed business concepts.
Next: No. 1: Is Your Concept Unique?More From WomenEntrepreneur:
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No. 1: Is Your Concept Unique?
Entrepreneurs start as small fish in a big pond. If you're planning to start a business, Contreras-Sweet recommends you ask yourself these questions: "What's my niche? How do I distinguish myself in the field? What's the innovation here? What am I fixing that isn't fixed today?
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No. 2: Do You Have Barriers to Entry?
Consider whether someone can easily copy your idea. "What if someone comes along with more marketing resources and takes your work and makes it larger?" Contreras-Sweet asks. "Make sure you've trademarked it [and] registered it. What can you do to make yours special that somebody else can't do?"
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No. 3: Choose an Emerging Market
In the tumultuous economy, "You want to be in a place that is growing. You want to be in a place where it has potential to have a long-term viability," she says.
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No. 4: You Need a Good Network
Contreras-Sweet says your network should include your personal confidential network, like a good lawyer, accountant and marketer, along with friends and people who'll give you a discounted rate until you grow your business. Also network with what Contreras-Sweet calls "disciples of change" -- people who are talking about and promoting your product and thus spreading the word about your company.
Next: No. 5: You Have to Have PassionMore From WomenEntrepreneur:
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No. 5: You Have to Have Passion
"I call it passion, but it really is endless energy," Contreras-Sweet says. "You have to get up early, work late. It takes a lot of passion, a lot of energy; it takes a lot of yourself. I always say to women that we have to take care of ourselves first, so that we're refreshed -- that we have the energy."
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No. 6: Have Good Credit
In this downturn, people aren't managing their credit. You need to call creditors and rework your payment schedule or ask them to work with you on the interest rate. "You've got to maintain a good relationship with your creditors so that they don't mess up your FICO score." Good credit is also fundamental to getting loans.
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More on Good Credit
"When you have crummy credit, you have to go to private equity or angel financiers or venture capital. Then you're giving someone else a part of your company because you don't have enough credit to take out a loan." She likens equity capital to marriage. "Once you receive equity capital from somebody, you can't fire them," she says. "Equity partners are there for the long haul. You can't get rid of them that easily. They're part-owner of your business."
Next: Understand Your BusinessMore From WomenEntrepreneur:
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Understand Your Business
Contreras-Sweet advises would-be entrepreneurs to understand the financial inner-workings of their business. "Master it before you delegate it to somebody else. You need to know as much as the CFO about how your biz operates and its financial condition. Starting a business isn't a sprint. It's a long, long run, so pace yourself."
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