Are you an aspiring entrepreneur? Do you dream of owning your own company one day? Then read on. Who better to inspire you and kick-start your visions into realities than successful company founders themselves.
As more and more passionate millennials begin to turn their creative passions into money-making businesses, we know those dreams are only a great idea and a dose of hard work away. We spoke to few of our very own local success stories and found out their number one tip for starting your own business—because they would know. Feeling ready to take the plunge?
Eleanor Pendleton, Founder & Editor, GrittyPretty.com
“It seems simple, but every journey has a beginning and the beginning of a business should start with a business plan. You might think this task is mundane because the genius of your idea is all brilliantly laid out in your head, but writing it down on paper will help clear your path.
It might reveal potential hurdles, obstacles, or competitors you may not have considered. It will quite literally spell out any set up and ongoing costs. And, a detailed business plan will also help you articulate “your why”—the driving force that is pushing you to start your own business. Knowing your why is just as important as having a good accountant and lawyer (which, by the way, is veryimportant) because when you’re clear about your purpose and what you want to do in the world, absolutely anything is possible.
I created a business plan when I started Gritty Pretty and while the company has evolved in ways I could never have dreamed of, it’s wonderful to have that initial plan to revert back to. It reminds me of how far Gritty Pretty has come.”
“I never want to consider myself the smartest person in the room—if you feel that way you need a new room or an ego-check. Others can bring so much to the table and really push you to your best—it really does take a lot of different skillsets to start a business.
My tip would be to listen to others, invest in skilled people, and reflect on their advice. Every day I learn multiple skills, consider new ideas, brainstorm problems with our team, and that’s what keeps me engaged and challenged.
Also take risks, they can be calculated and thought-out but none the less a risk, remember—‘nothing ventured, nothing gained.’”
Alyce Tran, Founder, The Daily Edited
“My number one tip is always work hard and never rest on your laurels—I’m motivated to fill each and every one of my days working in and on the business, which enables me to keep propelling TDE forward”
“Have a clear understanding of ‘why’ you want to do it. Passion, purpose, and your ‘why’ trump everything, once you know exactly what you hope to achieve and have the vision of how you will get there, all obstacles will be overcome and the money will follow.”
Kath Purkis, CEO, Her Fashion Box
“Be passionate and back yourself from day one! When you start a new business you must believe in your goals and also your ability to execute your concept. If you back yourself you can achieve anything and you will attract the right people who will also get excited by your business. Passion is infectious and people will want to be part of your journey. Passion will also help you ride the business roller-coaster so make sure you strap in tightly. Business is tough but if you back yourself with a big dose of passion, you will succeed, and have many high five moments along the way.”
“Patience is key. Don’t expect success to come overnight. Behind every success story is years of hard work. Work hard, stay humble, and always back yourself.”
Bethany James-Best, Founder, James Said
“You need passion—a passion you can’t ignore. It has to be something that you feel inside you just have to do otherwise it’s hard to find the energy to persevere.
A new business is like a baby and it will require everything you have in the beginning. If you have ever been pregnant then you will know that knowing look people give you when you first get pregnant and they say—“it’s a lot of work you know”. You feel patronised like, of course I know having a kid takes a lot of work—I’m not stupid—then you have a child and you realise how hard it is! A new business is the same—it so much harder in the beginning than you expect.
You need that fire in your belly and you need trust yourself to let your business be authentic. I found my success by doing things my way, in my style and this is why my brand stands out from others. Your business will stand out if it has its own personality.”
“When starting your own business, the biggest inhibitor of a great outcome is a perfect outcome. It’s tempting to try and make everything perfect from the outset through fear of breaking what momentum you do have, but if you do this you may take much longer than you needed to get your business launched, sacrificing valuable traction in the meantime. So get your awesome idea out there and be ready thrash through the daily motions every new business has to face as you find product and market fit—which is supposed to be a very iterative ‘build and rebuild’ process anyway. While you do this, being 70-80 percent happy with the completed items in your to-do list is sometimes the key to making progress every day—and after a few months of doing this you’ll look back add be amazed by how far your business has come in such a short time!”