Making the Decision to Start a Small Business

Thinking about starting a small business? CSU Global alumni Erika Heeren explains the methods and pitfalls.

In 2015, I started my own marketing agency, knowing full well there are no guarantees.  Taking the leap into small business ownership was one of the most difficult decisions I’ve ever made. The entrepreneurial road is strewn with people who had all the goods, tried their best, and still failed. Thinking about taking care of a family while launching a business can cause paralyzing fear.

We’ve all seen the articles telling us to take the leap and go for our dreams. In real life, the decision is rarely that simple. I had a husband and a son to consider. I had a full-time job. I was also tantalizingly close to finishing my undergrad degree after twelve years of life getting in the way.

I talked with my husband about my goals, vision, and how I could not get this idea out of my head. Win or lose, we agreed this was something I needed to do. The decision brought struggles, moments of success, and moments where I wanted to give up.

Despite the challenges, I now have an office, and have hired my first employee. I’ve also created a program to help military spouses and transitioning veterans looking to build  careers in marketing. It hasn’t been easy, but I’m on my way to living my dream — and I’m here to share what worked for me.

Passion

I’ve worked in marketing and public relations for fourteen years, and have developed a passion for small businesses. I’ve seen first-hand the challenges faced by small business owners — what they sacrifice for their employees and customers. Powerhouses within their communities, these people wrestle with competition from bigger chain stores, regulations, cash flow, and competitive markets.

Observing small business entrepreneurs kept me focused on my goals. They reminded me that I began this journey for something bigger than myself. Their passion kept me motivated through the most challenging times.

Plans

Prior to my launch, I spent six months refining my business plan, which eliminated trial and error further down the road. I had identified my goals and knew my competitors. Most importantly, I had defined what made my business different.

I also made the commitment to bootstrap, or self-fund, my business. It was imperative that I planned for, and was purposeful with, every dollar that came in. I set benchmarks for myself to know where and when to invest revenue back into my business.

Making detailed plans and establishing realistic benchmarks are important steps prior to launch. By creating a comprehensive vision for your new venture, you’ll be able to intelligently manage your growth.

Customers

If you’re going to be successful in business, you have to address a need. If no one wants your product or service, it’s going to be a short ride. For me, the biggest indicator of an audience for my services was the unsolicited requests for freelance marketing work that came in prior to launch.

Finding customers first sounds like an obvious business strategy, but being proactive about the process gave me an opportunity to test pricing and demand before making a commitment.

If you’re thinking about starting a business, or transitioning to freelancing, I recommend getting feedback from your network. Another option is to reach out to potential referral partners in your area. The more real-life feedback you get, the easier it is to make an informed decision about launching your own business.

Support Systems

One of the best things you can do before you start a small business is to surround yourself with people who can cheer you on, keep you focused, and provide objective advice. If you allow yourself to become an island, you can lose sight of why you started. I was very fortunate to have the support of my husband to keep me grounded, as well as a network of peers from various walks of life.

I found inspiration through volunteerism, which allowed me to connect with experienced entrepreneurs who had been through everything I faced. The opportunity to bounce ideas off successful professionals helped boost my confidence,  and make hard decisions I had to face to grow.

If you’re struggling with the decision about branching out on your own, I hope this has been helpful to you. Everybody’s entrepreneurial journey is different, but these core elements will help you start on the right foot.