In the last couple of days I have been asked “What do I need to start my business”. In this order this is what you need:

1. A passion for your industry that you will be entering into

2. A solid business plan

3. A network of people who are going to support you – Financially, emotionally & with experience in business.

I think since I was a child I wanted to be an artist. I didn’t really understand the meaning of the word until later in my life. I didn’t realize this also meant I wanted to be my own boss until my late 20′s. I thought I wanted to work for a large advertising agency, it sounded glamorous, the money was good and the clients high profile. I did all the right things, in the right order, went to college, got a job, worked my way up the ladder, got married, worked really hard, bought a house in a perfect neighbourhood.

Then through a series of events that were not really any one persons fault, I ended up without a job, pregnant & my husband was also out of a job, and about to lose our home. For the next 4 years I drifted from job to job, not totally happy, I went back to school thinking that is what I wanted, I stayed home with my son thinking that was what I wanted. Then I realized what I really wanted was to work, but not for someone else. I needed to do something for myself. I worked really hard though out those drifting years to learn as much as I could about design & business. Then one day I was let go of yet another job that I wasn’t happy at.(I loved the work – detested the environment, that was pretty much a reoccurring theme) The owner had filed bankruptcy and as a bonus wouldn’t be able to pay me for the last 6 weeks of work I had done. I knew then I really, really didn’t want to work for anyone else ever again!

With that I started Key Lime Creative.

You have to ask yourself – is this really for me? am I passionate enough about my business? or is it just something to do to get me through?

I am Passionate – and it came out in my Business plan. I had no trouble writing a plan because it was so clear to me once I started to write. It all finally made sense. And I’m sure I convinced the people who matter (the one with the money) because of my enthusiasm and passion.

Being self employed is not for the weak at heart – just this week I got a call from a colleague who was trying to make a financial decision, he said he literally felt sick to the stomach about making this decision. But because he had a great network of colleagues and support at home he was able to make a decision rationally. I have had many nights of not sleeping trying to figure something out or worrying about a decision I had made.

Without the support of loved ones, colleagues and local business services Key Lime Creative would have probably folded before it even began.

If you are ready to start your business there are a few people you need to talk to first, I’ve listed my local ones:

Your Local Chamber of Commerce

Small Business Enterprise Centre

Bank Manager and or Small Business Bank Advisor or financial advisor
Economic Development Corporation

and in Canada your Local Community Futures Group

Your potential Competitors & Potential customers.

Customers is a given but why your potential competitors? They will tell you how it really is because they don’t want any more competition and believe it or not they will usually become good contacts to have.

There are many, many grants, incentives and benefits out there for small business owners. The contacts you meet at these centres will know when to apply for them, where to find them, who to talk to about them and how to get them. Make them your new best friends.

You might be asking why are people coming to me to ask about starting a business… They aren’t really asking that specific question. They are coming in to my office saying I need a logo “I think” cause I’m starting a new business. That’s when I ask them if they have spoken to one of these contacts. I tell them to come back after they have. It’s not that I don’t want their business, it’s that I am truly wanting them to succeed and they will have a harder time of it if they don’t get he support they need right from the start.

I hope this helps those who are on the teeter tawtter right now. After you have done this go back and read one of my last posts then we’ll talk.