By Alice Trimmer
You have a great idea for a product, a unique spin on a challenging craft, a highly valued skill you have developed at your current job, a new insight into a service that people need—why not turn this into your own business? The idea has occurred to almost everyone at least once, and the attractions are many. But is this a good idea? And how do I get started? Thanks to the generosity of our panel of entrepreneurs, we were able to address some of these questions—and many others—on the evening of April 14, when MHI hosted an informational session for current and aspiring entrepreneurs.
Moderated by Alessa Caridi, owner and founder of JōbuFIT, a workplace wellness program, the panel was made up of four women have leveraged their creativity, energy, and perseverance to develop successful enterprises. Sabrina Hitchen is a former high school teacher with a passion for curriculum design. She transitioned into the PR sector and leveraged her educational experience to found Press for Success, an online school that teaches business owners how to develop their public relations skills. A damp outing in the park prompted Candi Obrentz to design RestoPresto®, a soft, thin blanket that is waterproof and wearable. Claudine DeSola founded Caravan Stylist Studio, an experiential space in NY for influencers, editors and celebrity talent. Janine Just, or JJ, connects audiences to a brand’s story through one-of-a-kind experiences. See the event’s post for more information on the speakers and their websites links. The group shared their stories and insights on to how to get started, get going, and get successful in our rapidly changing world today. Here are some key takeaways:
Be honest with yourself and others about what you don’t know. “The only dumb question is the one that is not asked.” Don’t expect to know everything, and in the process of finding out, you can start to build your team of trusted advisors.
Learn how to protect your personal assets (time, money, and ideas) and your product from legal tangles and potential liability problems. This means getting sound legal advice that is appropriate for your niche. Confidentiality agreements need to be drawn up for people you are working with and with whom you need to share your ideas. You can start with online resources such as LegalZoom and go from there.
How risk adverse are you? Think about what you can afford to lose in time, money (count on spending two or three times more than you think) and energy. If your project does not work out, will the educational value and experience gained be worth it?
On what values will your company be based? Customers and clients expect to know the basic ethos that drives your operations, and this needs to be part of your story. For example, you might want to focus on sustainability, support for the environment, giving back to the community or to those who have helped you with manufacturing and sales.
If you are developing a product, you will need a prototype. Is this something you can do yourself, or do you need to hire someone to do it? Budget adequate time and money for multiple revisions in case they are needed.
Your support team is all-important. “Relationships propel everything.” Leverage current contacts—family, friends, professional acquaintances to find the best fit for your business. Besides having access to legal and financial advice, you may also need creative input not only for designing your product but also for crafting compelling wording and designs for your public relations strategies.
You don’t have to be the only one or the first one with an idea, you just need to have a clear idea about why the service or product you are offering will make someone’s life better. If you feel the market is saturated, figure out how you can unsaturated it with your new initiative.
Get the word out about what you are offering. “It doesn’t matter if you are the best of the best, if no one knows this.” While you are developing your project, you can educate yourself about where and how to tell your story. Social media platforms are a good place to start—and they are free. While you are developing your idea, you can think of social media as a giant focus group, a place to get opinions and reactions without the expense and time of doing focus groups in person. In this way you will gain a better understanding of the needs of your future buyers or clients, and this will help you identify and build your core customer base.
Don’t rule out getting coverage on local TV stations; business editors are always looking for stories on upcoming products and new businesses. While this may seem daunting, “the on ramp is crowded but the highway is not.” In other words, persistence and consistency of effort will pay off.
There are many places where your story can be told. Don’t rule out online magazines, even those you may not like much—your potential customers may be reading them!
There is a craft to learning how to pitch a product or an idea in a way that will get results. If this is not currently in your toolbox, it is something that can be learned—or expand your team with someone who knows already!
It was clear from the enthusiasm and passion of our panelists that if this is your path, it is well worth going for it. To hear Candi, Claudine, JJ and Sabrina tell their stories, or if you would like to review parts of the fast-moving discussions, the full video of our session is here.
Photo by Arnel Hasanovic on Unsplash