Questions To Ask Yourself If You Want To Start A Small Business
⌛ By Kaylin R. Staten ⌛
Starting your own business can be alluring. Many of us have had a corporate job or at least a position in which they have to report to a boss of some sort.
I spent my college days, well, learning about public relations, but I also spent time daydreaming about the future. I knew early on that I wanted to be at the helm of my own company. To me, it was a magic I couldn’t get enough of. As the daughter of a contractor who owns his own business, I was around small business inner workings for the majority of my life. While I knew there would be downs to go with the ups, I couldn’t shake that goal.
At the beginning of my public relations career, I found myself as a per-diem DJ at a local Christian radio station and then in the midst of an ethical crisis at a nonprofit. Naturally, the stint at that nonprofit didn’t last, due to “ethical differences,” but I landed on my feet at United Way of the River Cities. While I love the nonprofit sector and am incredibly passionate about United Way’s work, I still couldn’t push away that notion of owning my own business.
In 2015, that became my reality, and in 2016, I left my job in nonprofit PR and marketing to be the CEO of Hourglass Media (then Hourglass Omnimedia) full-time. I’m going to be brutally honest here: starting and maintaining your own company is NOT for the faint of heart. You will have ownership of your schedule, client load, and other facets, but it can be a very stressful, unpredictable, frightening whirlwind of an experience.
According to the U.S. Bureau of Labor Statistics, only 25 percent of new companies make it to 15 years. That is a scary statistic, especially in the daydream stage. I won’t lie and say having a business is easy, but it’s worth it. In fact, it’s the most challenging professional endeavor of my entire career. And I wouldn’t have it any other way.
In July, I covered content from The Top 5 Things You Should Know Before Starting A Communications Business, the first eBook that Hourglass Media ever published.
You can access the recordings of the live videos over on the Introverted Media Darling Collective Facebook group here.
Download the first edition (second edition forthcoming!) below.
This FREE eBook was designed for the current (and new!) entrepreneur and the communications professional who may want to start his or her own business, whether it’s freelancing as a side hustle or a full-fledged company started from the ground up. If you’re not sure where to start but know you need to start somewhere, this eBook will give you a beginner’s toolkit. How do you weed through your own aspirations to achieve success? How can you be yourself in the spotlight when you’re used to being behind-the-scenes? You will get the answers to all of this and more when you read through this eBook. I hope you can learn from my missteps and successes #behindthehourglass!
This eBook includes strategies and tactics — as well as a workbook — to help you get started!
If you have that deep desire burning in your heart to start your own company -- or at least a part-time side venture -- I have some tips that helped me carve my path along the way.
Here are three qualitative questions you can ask yourself to see if you’re ready to take the plunge into company ownership:
Do you love something enough that you can do it every day?
I have read countless articles and heard from several sources that if you start a company, you should have a core mission and vision that you love. My mission in life is to live what I love without fear, and I may be a (secret) optimist at heart, but I do believe everyone has a mission. If you can make your mission part of your company, then go for it! There is nothing worse than waking up and not feeling excited about your work. I know this will happen on occasion. Trust me, this has happened more times than I care to admit, especially during those times I’m in a rut. But, at the end of the day, I thoroughly enjoy what I am able to do for a living. I get to tell stories in a myriad of ways, from public relations, marketing, and advertising to books, articles, interviews, and more. I could tell stories all day every day, so I never get tired of the services and products we provide. Know why you are passionate about your business venture and expand upon that love as you plan.
What makes me different, and will my idea last?
In my opinion, no one has the same combination of skills, experiences, mindset, and goals that I have. I use that, in addition to trade secrets, to differentiate myself in the market. Think about what makes you different as a leader or what your product can offer that your competitor cannot. Know what your competitors are doing, too, especially if you are in a similar market. See how you can offer a service or product that will provide a different experience to your target customer. You also have to ensure that your company idea is scalable. Can you last a year? Five years? Ten or more? While you could have an idea that you love, you have to also be realistic. Businesses fail every day, and you have to be willing to take the risk or scrap your current idea and find a sustainable one. The level of risk depends on your sector.
What do I need to get started?
Knowing what you need will pay dividends (pun intended). I do not recommend taking on a small business loan or racking up credit card debt if you can help it. If you need equipment or other overhead to get started (within reason), then that may have to be an option. In my case, I started Hourglass Media in my childhood bedroom with a 2014 MacBook Pro, an external hard drive, my now retired Nikon DSLR camera (live long and prosper, Picard), Adobe Creative Cloud, and very little else. I’m sure I had some awesome notebooks, pens, and such, but those aesthetic items are not needed! Make a list of the bare essentials and go from there. Make a list of all assets and dividends you currently have and the liabilities you will incur. AND HAVE A BUSINESS PLAN!
And I can’t stress this enough, but ensure that you have a network of support to help you as you formulate your idea and scale your company. I say this all of the time, but my husband is my biggest supporter and believes in me, even when I can’t believe in myself. So, find at least one person who supports you and can listen to you in the good and bad times, whether it’s a significant other, family member, friend, mentor, therapist, whomever.
Of course, there is A LOT MORE that goes into starting a business, but these are some first-step questions that will help you!
Kaylin R. Staten, APR, is an award-winning, accredited public relations practitioner and writer based in Huntington, WV with 18 years of professional communications experience. As CEO and founder of Hourglass Media, she uses her compassionate spirit and expertise to delve into the heart of clients’ stories. She is a recovering perfectionist, mental health advocate, wife, Luke’s mom, cat mom, and Leia Organa aficionado. Connect with Kaylin on LinkedIn.