“Garage startups” are rampant and some companies and their founders become really famous. You just might be next! These Rules will help you move toward success:
- Your new endeavor is NOT a hobby, it is a business. You should treat it that way.
- Set regular hours, at least significant hours.
- Develop a plan. Include your research on the possible competition and how you can offer something better, your greatest obstacles and steps to accomplish each of your goals. Seek advice and converse with mentors and successful advisors!
- If you are offering a product, keep in mind that people listen, but they remember what they see more than what they hear. Therefore, professional product photos are a necessity!
- Determine where your strengths and weaknesses are. Recognize that you can only do so much and hire people to fill in the areas where your skills are not their best. You might ask your mentors for advice but, in my opinion, all employees need not be enormously costly. And if you choose well, they may add more value to your business than the amount of their hourly wage!
- Don’t allow yourself to be pulled into everyone else’s idea of what you should be doing, or what direction you should pursue. Focus on YOUR vision and plan. If an idea is good, it will fit in and you will know it.
- Take classes in those operations or skills you do not have. Bookkeeping, personnel management, product development, and so forth. You may hire experts in these areas, but you will need to know what they are doing and where your risks may be.
- Consider a partner. I partnered about 4 years ago and the difference it’s made is magic. Yes, it costs more, but the “Two Heads are Better than One” theory is true. Some of our best moments are arguments…not about what’s “right”, but about what’s “best”. And somehow having that dialogue and sharing ideas provides a significant reduction in stress! A big plus! Choose a partner who is not your mental twin. Different ideas are good so choose a partner that is not your mental twin. The biggest secret of success is to choose a partner that you absolutely trust!
Centennial Escrow Team