Kim's BizBlog

 Maybe I'm abnormal, but there were many things I didn't even think of when going out on my own.  Things like, "Who's going to answer the phone?" 

As I told you in my last post, I just hung out my Peekaboo shingle and got to work.  My first day in my home office there was a paper jam in my printer.  This was no good.  In what I still call, "My Real World Job" I would have buzzed my last office manager, Laura.  Now, it was all on me.  After about 2 hours of poking and prodding, I DID IT!  I remember calling Laura and saying, "You'll never guess what I just did.  All by myself."

That was just the beginning.  My research and development, production, sales, accounts receivable, payable and customer service all fell on one person...ME!   And then, the phone rang.  For a brief second, I considered answering in a different voice so that it would sound as though I had an assistant or receptionist.  Something to make me appear...like a real business, with real employees.  After all, even those who I'd sought out for professional counsel in order to start my business weren't really working for me.  Rarely did they return my phone calls.  They obviously had bigger fish to fry. 

All of this leaves a new business owner feeling like a poser.  That's something that I thought only I felt until I started talking to other small business owners.  It's actually a common feeling.  The feeling of having to convince people you're a real business.  I can't tell you how many clients I told my life story to just so they would know that I was serious.  Finally, someone said, "We don't care about all of that.  We just like the service you provide." 

So, if you are thinking of leaving your real world job to start your own business, do this:  look around your office/company and write down all of the jobs held by your co-workers.  Then, think about doing every single one of their jobs and how you would handle that. 

In a perfect world, you'd hire several people to complete these jobs.  But, the reality of a new business is limited capital which means limited funds for help which leaves you holding the bag.  You gotta love your business!

Please note the thoughts and opinions expressed in this blog are based on the experiences of the author.  The information contained in this blog is in no way meant to take the place of professional advice.  It is only meant as insight into the world of a small business owner.   As always, thank you for visiting and feel free to share your own experiences or conerns by leaving a comment.

There's no doubt that starting a business with limited capital is difficult.  I'm not saying you should do it for every business, but it might be a good idea for your first.

The one phrase that I couldn't get away from when I started my business was, "Most businesses fail in their first 2 years of business."  This fact was further confirmed to me in the book, Starting from Scratch by Wess Moss.  You may find it odd that this book was one of my biggest inspirations.  But, the book also confirmed that 2nd+ ventures often succeed, and big.  Now, I know why.    

If I was going to give advice to an eager entrepreneur based on my experience, it would be 2-fold. 

(1)  If you're not willing to work harder than you've ever worked in your life, for no pay, don't start a business.   

(2)  Still in?  Then, if you're going to start a business, don't get a loan or investors, just put a shingle out and muddle through it.  You never know, you might succeed, but the odds are you won't.  What you will do is learn about starting a business in a way that you will never forget.  And, at the end of your education, you won't have to go back to your desk job to pay off your business loan.

I know it sounds harsh, but for the majority, it's true.  It's definitely been true with Peekaboo.  I told myself that I would take my first year perfecting the process assuring that every client will get the same Peekaboo Experience.  I wheeled and dealed all over town taking on as many clients as I could.  I did most of the work myself, even painting.  In that year, I learned that there is definitely a market for my new concept.  More importantly, I learned that marketing a new concept is like a deaf man communicating to a crowd of blind folks.  It feels impossible. 

There's no doubt that things have moved slower because I've boot strapped.  But, what funding yourself does is that it forces you to learn the positions that you might otherwise hire someone else to do.  That experience, for me, has been invaluable.  Now that I'm looking to outsource some of these jobs, I'm not only able to speak a little of their lingo, I know, first-hand, the value of each job.  If someone tries to charge me $1500 for a job I know I can easily complete in 2 hours, I keep looking. 

This also rings true for my Peekaboo vendors & employees.  I firmly believe that the best employers know and understand the positions of all those whom they employee.  Because I have done the work myself, I have the proper respect for each job.  When a vendor tries to up sell the work on a specific item, I know, from my own experience, whether that up sell is sincere or contrived.     

So, where is Peekaboo today?  Well, the old saying, "Hindsight is 20/20," couldn’t be truer when it comes to my business.  At the 3 year mark, I finally know what it will take to make my business a success.  About 8 months ago, I had a heart to heart with myself and really focused on the branding of my business.  I re-evaluated profit centers, discarding those that aren't worth the time and adding some that will help fund my dream.  Peekaboo is coming out of its' business cocoon and will soon be a beautiful business butterfly!  However, had I gotten a loan for my "business education"...I'd be back at my old TV job selling air right now!  

NEXT TIME:     Things to consider before you leave that comfy day job...like fixing paper jams.

Please note the thoughts and opinions expressed in this blog are based on the experiences of the author.  The information contained in this blog is in no way meant to take the place of professional advice.  It is only meant as insight into the world of a small business owner.   As always, thank you for visiting and feel free to share your own experiences or conerns by leaving a comment. 

I'm one of those annoying people who are always trying to think up the next BIG idea or product.  I've been that way my whole life.  And, my whole life I have thought these BIG ideas were only to be shared with the mirror and me. 

Then, I read somewhere that if you have an idea you think may be good, share it with everyone you know, especially those who may purchase your product/service.  This went absolutely against everything I'd been told.  The author's point, that I now know firsthand, is that it is incredibly difficult to start a new business, and even harder to sustain that business.  The chances of someone stealing your idea and actually making a go of it are very slim. 

That said, I would add, know who you're talking to.  I'm not going to sit down with Gerber to bounce off my idea for an automatic baby feeder.  They have the means to research and put that puppy into production much faster than I do.  Now, if I've tested the idea in the market and determined it's a product that would be profitable, then I may talk to Gerber with my prototype and patent displayed proudly on the desk between us.

It's important to speak your idea out loud.  Things often sound better in our thoughts than they do as spoken word.  Find your target audience and ask their thoughts on your service or product. 

What if the feedback is bad?

This was the case with Peekaboo DG, which, by the way, started with the name, Mum's the Word.  Talking about my idea made me realize that no one could remember the name, "Mum's the Word."  That's when I switched to Peekaboo.  That stuck.

Approximately 55% of the overall feedback to my idea was negative, these people told me the the idea stinks.  But, then there was my true audience, working women.  They not only told me the idea was genius, they offered suggestions to make it better.  The clincher for me was my own situation.  As a working woman with no time to shop for my own clothing, I wasn't sure how we were going to prepare for a baby when the time came, much less keep the surprise.  Yet, after hours of research, I knew there was no one I could call to help...in the entire country, even.

This made it scarier.  Not one person in the entire country had started this simple idea?  Maybe there wasn't a true market.  The final nail would have been put into the Peekaboo coffin if it hadn't been for my brother and sister-n-law allowing me to test the idea with their 3rd pregnancy.  My husband, who wasn't completely sold on the idea himself, helped as we took them through the process.  By the end, he was sold and ended up being the one to encourage me to take the leap.

So, I took all of the fuzzy knowledge listed above and decided to take my idea to market.  Was it a smart move?  That's yet to be answered.  I can tell you that in the 3 years since I started my business, other businesses like mine have popped up.  One in particular popped up looking oddly like mine...you know, in a not so original way.  This was very irritating, but, at the same time, kind of flattering.  Several of those businesses have come and gone.  And, I still stand. 

There are very few people I would encourage after receiving feedback like mine.   I believe in the business I have built 210% and am willing to do what it takes to make it successful.  It's a question that you have to ask yourself.  How far will you go to make your idea a reality?  A profitable reality?

NEXT TIME:     Funding your first time business venture...

Please note the thoughts and opinions expressed in this blog are based on the experiences of the author.  The information contained in this blog is in no way meant to take the place of professional advice.  It is only meant as insight into the world of a small business owner.   As always, thank you for visiting and feel free to share your own experiences or conerns by leaving a comment.