What You Need to Know to Start Your Own Business

For the thousands of people trying to find some balance in their lives and spend more time with family, the allure of starting your own business is compelling. All of the trusted authorities will tell you that to begin, you must research the type of business that you are best suited for, complete the market research and build a solid, specific business plan. While these fundamentals are essential, it was not these cornerstone pieces that posed the greatest challenge for me when starting an online business, it was not knowing some of the more practical, "how to", nuts and bolts kind of information critical to getting get off to a good start.

Learning on the Fly
I can't tell you how many times a week I said to myself "I wish I'd known that before!" So what are the practical "how to" gems you need to know? I chose to launch an online store selling gourmet gift baskets. With no background in marketing or sales and no experience in ecommerce (as is probably true for many starting their own businesses), it's a very long list.

When you first begin to launch a new business there are hundreds of decisions to be made. What kind of features do you need in your ecommerce software? What ecommerce software is the best? How will I establish the ability to accept credit card payments? What about security for those transactions? How much inventory do I need on hand to "open the doors?" How do I establish myself as a reseller so that I can obtain wholesale prices? Where will I find the vendors I need for the gourmet products? How will I market my products? That's just a few of the many, many questions you grapple with initially.

While it is a very exciting undertaking, starting a new business can present an overwhelming number of unanswered questions. How can you make this manageable? The most important lesson I learned is: surround yourself with people who know what you don't.

Surround Yourself with People Who Know What You Don't
The power of connecting with others who have the expertise you don't is immense. To answer some of the questions above, I initially spend countless hours on the internet and in books researching. For example, I needed to identify the gourmet products I would use to create the gift baskets and the best vendors and prices available. With no retail background, I was starting with a blank slate. While I found many wholesalers online, were these the best choices? The best prices? I had no way of knowing.

After many weeks of researching this solo, I began to identify industry forums full of people who have been doing this for years and who could make very specific and informed recommendations. Some of them were the vendors themselves, giving me a first hand opportunity to connect and get to know them. Others were experienced business people who were very willing to share their best picks. It was like drinking from a veritable fountain of knowledge.

I also sought out several competitors. You might think that a competitor would want no part of helping you be successful, but surprisingly, that was not at all the case. I reached out to introduce myself, explained that I was a "newbie" and would love to hear some of the lessons and pitfalls they experienced when they started their own business, or any advice they might be willing to share. These individuals were amazingly gracious and generous with their time and expertise. There was nothing more exhilarating and helpful at that point in time than speaking with someone who's done it before. We continue to stay in touch to this day.

Surround yourself with expertise. Forums are an excellent way to get to know important contacts and to get answers from many experienced perspectives. Look for blogs related to your industry and join in the conversation. Connect with professional associations. Join networking groups full of people who will share their experience, brainstorm ideas with you and perhaps even buy your products.

Get to know your vendors and seek there perspectives on your business. Read how-to books (of the Business for Dummies ilk) and seek out the author to follow-up and ask questions and get more information tailored to your specific issues. You will be surprised how willing they are to engage with you.

Talk with firms you might need to complete work that is outside of your expertise. Search Engine Optimization was one of these areas for me. I met with a number of firms specializing in this work to hear how they would approach the work, what their focus and objectives would be -- and ask lots and lots and lots of questions. And in the process, I learned a great deal about Search Engine Optimization -- a critical component of my internet marketing strategy.

When you start a new business, you begin to climb an enormous learning curve. Don't be daunted by what you don't know. The key to making that climb exhilarating instead of exhausting is this: don't go it alone; seek out many perspectives and learn from the experience of others. You can't possibly be an expert coming out of the gate, so join hands with those who are and enjoy the climb.

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