Thinking about starting your own business?
Entrepreneurs are risk takers, but it’s still important to take calculated risks. That is the theme of a new webinar by Florida SBDC at FIU that is packed with tips and resources.
You have to be self directed, action oriented and tolerant of uncertainly. That last part is especially key and the pandemic taught us that, says Jesus Padilla, SBDC at FIU’s manager of administrative services who led the webinar with SBDC at FIU consultant Frederic Bonneau, an expert in startup businesses, online marketing and web development.
And it may not be the right time for you yet. depending on your business idea, it may be prudent to try to get some experience in the new field as an employee at another company in the industry. And starting from scratch is not the only way to business ownership: You could also consider buying an existing business or explore buying a franchise.
READ MORE: INTERESTED IN FRANCHISING? HERE ARE SOME TIPS
Frederic suggested a way to take a calculated risk when you are just getting started is by keeping your day job until your business is generating some income.
Still ready to take the plunge? Florida SBDC at FIU, the small business development center within the university’s College of Business, offers no-cost business consulting to small businesses in Miami-Dade and Monroe counties. SBDC at FIU’s consultants have helped hundreds of entrepreneurs launch their startup businesses in the last few years. Perhaps they can help you, too.
Here are some more tips Jesus and Frederic shared:
Understand your market. That means research. SBDC at FIU can help with that because they have resources to data bases and research platforms that are expensive to access individually. There are also a number of free resources, starting with the SBA website, Padilla said. “Let the SBA website be your best friend.”
Develop a business plan. There are great tools to get you started, including a Business Model Canvas that provides a framework for your plan. We aren’t talking about a volumous plan, and SBDC has specialists that can help you with that, including help with sections you will need if you are seeking a bank loan. A good business plan may get you a seat at the table with a banker, Frederic said. It’s a living breathing document that can be updated frequently.
From day one, begin to build trust and create relationships with your customers or potential customers.
Jesus and Frederic shared many more advice in this webinar, including some advice on the different ways to incorporate your business. Watch it here:
We want to add one more tip. Talk to other entrepreneurs and learn from their experiences. GrowBiz has published a number of startup stories this summer, providing lessons into how they overcame their challenges. Below are a few of the stories to get you started, and find many more on this blog:
- ENGINEERING MINDS, FOUNDER CHEMISTRY AND SBDC AT FIU’S ASSISTANCE HELP CATAPULT AIR CHANGES TO WIN BIG HVAC CONTRACTS
- ENTREPRENEURSHIP CAN BE A CRAZY RIDE, BUT THIS SMALL BUSINESS OWNER WOULDN’T HAVE IT ANY OTHER WAY
- FLORIDA SBDC AT FIU HELPED LAUNCH MORE THAN 250 BUSINESSES IN THE LAST TWO YEARS. HERE’S HOW THEY DID IT.
- LEAPING INTO BUSINESS OWNERSHIP BECOMES A ‘MAGICAL’ EXPERIENCE, WITH HELP FROM SBDC AT FIU