What I Learned in My First Year as an Entrepreneur

BY KATHY WALL

Starting your own business can help you live your dream or escape a dead-end job. A longtime entrepreneur shares advice for doing it right from the beginning

Disruption is a trendy word these days. It’s used to describe what has happened with omnichannel marketing, the rise of e-commerce retailers and the impact of technology on our culture. It’s a little more personal if you are one of the unfortunate ones who have had to reinvent yourself after the loss of a job. With downsizings, bankruptcies and the loss of traditional employment opportunities, disruption is what happens when your world changes in a 10-minute meeting with HR. Or, when you become painfully aware it’s time for you to strike out on your own after years of working for another’s dream.

The upside is that you can actually transition into a place that fulfills your dreams. So, whether this “oh no” moment is your doing or someone else’s, hold tight. Breathe. And listen and learn. This girl has glass-ceiling scars as evidence of perseverance and tenaciousness. There’s nothing that can replace those tough experiences. It’s how to capitalize on your hard knocks that matters.

Although you may want to jump right into creating your new future, you’ll want to take time to prioritize first. Stop and spend time with family and friends. Work on positivity. Breathe some more. Schedule a day in your calendar when you’ll work on “the plan.” In the meantime, enjoy the lull. When you are working long hours (again), you’ll wish you had the quality quiet time.

If you plan to be a home-based business, set up an office and a workroom separate from your personal spaces. My first “office” was a desk in the kitchen. It was a disaster. It should feel professional, complete with a desk, comfortable office chair and your technology. If you don’t have a separate room, invest in a screen or create a custom drapery treatment to cordon it off (no pets, children, TV or laundry should be visible). Make it pretty… a reflection of you.

Get advice from the pros. Do you need an LLC or a corporation? Open a business checking account. (You’ll thank me come tax time.) Set aside money for taxes. It will bite you big time if you don’t. Get your own health insurance. There are many options, including short-term policies, to bridge the gap until you’re back in the corporate world (if you decide to go back). Check with your insurance agent to see if you need liability or renter’s insurance. Many homeowners’ policies won’t cover work-related losses in your home. Will you have contract labor or employees? You may need worker’s comp insurance. It’s not expensive and it will pay for itself should you ever need to file a claim.

Create a very large “shadow.” Have a name for your business. Something memorable works better than your name followed by “consultant” or “associates.” Purchase your URL and obtain all related social names (even if you are not planning to use them all). Create a brand look with a color palette. Invest in professional graphic design services for your logo and social icons and business cards. Surveys show that websites are important, so set one up, even if it’s a simple one. Carry a tote and notebooks that fit your brand. Distribute a professionally written press release about your new business to all area and relevant trade and business media.

Set a schedule. The most seasoned work-at-home pros will tell you to establish a business schedule. Most of us perform better when we’re dressed for business during business hours. It’s also helpful when a potential or existing client calls for a meeting in an hour. Take regularly scheduled breaks and lunch. You’ll burn yourself out otherwise (ask me how I know). Officially close for holidays. Here’s a biggie: Hire help. Can someone else do the task for less money than you can earn during the same period of time? This includes accounting, answering the phone, filing, research and running errands.

Network, network, network. Where two or more are gathered, so shall you be. Attend conferences and trade shows. If it’s free, show up. If important people will be there, go and shake hands. If you can afford it, invest in it. If you have something of value to contribute, step forward. If you can barter a service, offer it.

Be bold. Be brave. You can rise above job loss or dead-end positions and create your own destiny. I did it and so can you. It’s true that we don’t know what we’ve got until we’ve lost it. But it’s also true that we don’t know what we’ve been missing until it arrives. z

Kathy Wall is president and ringleader of The Media Matters, an agency in the Triad area of North Carolina offering marketing, advertising and brand strategy to a roster of international clients. Kathy has shared her talents with the home furnishings industry for over three decades and formed her own business 18 years ago. Her motto? “We don’t work with jerks.”

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