Making decisions is hard. And there are so many to make! We’re constantly bombarded with choices at every turn; both personally and professionally. When we have decision-making fatigue, we start to get reactive and we tend to choose something without much thought or intention. We’ve all done it. These bad, or at least less than thoughtful choices can lead to lost revenue, lost sleep, and overall unhappiness. Several years ago, I was struggling with a particularly life-changing decision and a good friend of mine shared this strategy with me. It was imparted to him during a difficult time and I like to think it’s impactful enough to keep passing it on to others. This approach has changed my life and now all decisions are remarkably simple. It includes 3 metrics – just 3, and it helps me make the right choice every. Single. Time. When it’s time to make an important decision, whether personal or professional, I ask myself three questions: 1. Does it teach me something? 2. Does it bring me joy? 3. Does it pay me well? The general rule of thumb is that whatever event or opportunity I’m considering, it MUST meet one of these criteria. If it doesn’t teach me something, bring me joy, or pay me well, it’s a resounding NO without another thought. After all, time is a finite resource and as my business coach taught me, saying yes to one thing, means saying no to something else. Everything is a choice. I’ve since taken this process a step further and now require that most investments of my time or money meet not one, but two of the criteria. This addition all but guarantees that I will be happy with my selection. Basically, it shakes out like this: If the opportunity or event checks all 3 boxes, it’s a resounding yes. If it checks 2 out of 3, it’s a probably yes. If it checks 1 out of 3, it’s a solid maybe. Furthermore, I learned that, if the only box checked is, “does it pay me well?” then I need to think long and hard about my final answer. Experience has taught me that the things we do solely for money are not always worth it. I’ve taken on some professional projects that paid me very well but, in the process, made me very unhappy and, if given the opportunity for a do over, I would say no. So, for me, personally, if it teaches me or brings me joy, I’m good to move forward, if its all for the money, I take my time and think it through. And there you have it; my recipe for regret-free decision making – as easy as 1, 2, 3!

Just because you’re “self-employed” or “in business for yourself” doesn’t mean you have to do it BY yourself. While there are certainly benefits to working alone (you always get to choose the Pandora station), it can be isolating at times. It’s always great to have others to bounce ideas off from or just vent about the struggles of being a business owner. Here are some ideas to keep you feeling connected. Create your own advisory board of peers and mentors. Advisory Board, Circle of Influence, whatever you call it, they are essential for running a successful business. It is impossible for any one person to know everything and you shouldn’t have to. Depending on your business, you might consider a consultant, bookkeeper, accountant, attorney, insurance professional, financial advisor, life coach and any number of others who could add value to your business. When selecting these people it’s important to figure out what types of things you might encounter that you may need some guidance with and then find a trusted resource in that field. Not everyone is going to be the right fit so it’s OK to continue introducing yourself to people until you find someone you connect and feel comfortable with. This group can be ever-changing and evolving as your needs do. I created one of these powerful groups the first year I was in business and it was invaluable. I still have some of my original mentors and my circle continues to grow. Consider outsourcing the things that aren’t your strong suit or you don’t have time to do. So many people tell me, “I’m a one-man (woman) show, I wear all the hats and do all the things. I can’t afford to hire it out.” Most of the time I tell them, you can’t afford not to. Let’s talk about the time value of money. For example, let’s say you’re in a service industry and you bill your clients at $100 per hour. You do your own bookkeeping but, because it’s not your specialty, it takes you a few hours each week and at the end of the month, you’re still not certain it’s right. A qualified bookkeeper could probably do the same tasks in an hour or two per month at an average rate of $40 per hour. Now, instead of losing $800 per month (Your $100/hr billing rate potential x 2 hours per week x 4 weeks per month), you could spend $80/month. That’s a tenth of the cost! And bonus, it’ll be done right! The same goes for the other tasks. Unless you’re efficient and well trained/equipped to handle it AND can’t pay someone to do it for less than your own earning potential per hour - you should really leave it to the professionals. Let’s not forget the mental real estate you free up not thinking about all of those things! Connect. There are a multitude of ways to be around and learn from others, even when you work on your own. Consider co-working spaces where you can be around other solopreneurs who share your struggles. Most of these places offer lunch and learns or after hour events to encourage you to get to know the people in your shared space. Even working in coffee shops and cafes can be beneficial in short bursts. Take a class, attend a Chamber mixer, look up your local BNI chapter or area Meet Ups. All of these will offer you the opportunity to learn from and share your experiences with your peers as well as some good old fashioned commiseration. As you can see, there’s no shortage of ways to work with, learn from and be around others which is beneficial to your business AND your sanity! And the great news is, they need you as much as you need them so share your story, you never know when your experience could help someone else.

Startup life is the equivalent to the zombie apocalypse of the business world. It’s dog-eat-dog and you’ve got to be a lot of things to survive. It’s not for the faint of heart, the easily offended or the uninspired. You get the idea. Let’s go through Startup essentials 101, shall we? S - Support T - Timing A - Authentic R - Relentless, Resilient T - Thorough U - Unique P - Passionate S - Support. I know, this isn’t the most exciting way to begin and to be honest, I was disappointed to start with this one. It would have been better suited for a little later on but alas, here it is, and I by no means wish to diminish the weight of its message. You’ve GOT to have a solid support system to start a business. It’s one thing to have a great idea and well thought out plan but you’ll need lots of help along the way. And support comes in many forms. You’ll need an Advisory Board of sorts, no matter how small you plan to start out. You’ll need to connect with the right people who can guide you with financial, legal, organizational and let’s be honest - emotional support. Talk to people who have walked this road before you and listen to what they have to share. Learn from the mistakes of others so that you may avoid them yourself and please, make sure you have someone there to dust you off. You WILL fall a time or two.... T - Timing. Your idea must be timely. You don’t want to spend all your time, energy and money coming up with your mastermind plan only to find out it’s been done or society just isn’t ready for it (or there’s no need, desire, the list goes on). Consider your idea from all angles; is it relevant? Is it needed? If you were your target market, would you buy this product or service? A - Authentic. One thing I’ve learned over the years in this challenging endeavor is that you must stay true to yourself. That sounds fairly effortless in theory but as you get immersed in your project, do market research, check out the competition, get advice from friends, family, investors, interested third parties, your neighbor...you get the idea, it gets harder to stick with what you set out to do and in the way you set out to do it. It’s ok to adjust, in fact, it’s recommended, but if you’ve got a great idea/invention/product/service/offering, believe in that and in your ability to execute. Now, more than ever, people see through marketing ploys and sales tactics and in the end, they’re buying you. Believe in what you’re doing and let that show through. Don’t get caught up in big words and flashy signs. People don’t want to be sold. Show them your Why. R - Relentless. And Resilient. Can I choose two R’s for this blog? Both of these are so important. First of all, you have to be relentless. So many people are going to tell you why you can’t or shouldn’t do this. If you believe, you’ve got to be relentless. Keep on your path and working toward your goal. The right people, things (and money!) will come along. Where there’s a will, there’s a way! And be resilient. You WILL get knocked down, I promise. Remember, this isn’t for the faint of heart but it CAN be done. Get back up, dust yourself off and try again. Now understand, the reason you got derailed may be valid so be willing to adjust and move forward. The important thing is to move forward. Keep on keepin’ on. Ok, so R is the letter where we’ll use all the cliches. T - Thorough. Be thorough. I’m not kidding. So many people will review your plan, ask questions and make you think of things you never thought of. Most of these people are trying to be helpful so listen, process and make the necessary adjustments or additions. Many entrepreneurs have revolutionary ideas and think that’s enough. Investors, potential partners, future clients; they all want to know that you’ve thought this through; especially if they’re contributing in some way. They want to know that you have a plan (A, B and C), know what it will cost, where you’ll do it, who your market is, what you’ll need for resources - both financial and people - the list goes on. I cannot stress enough the value of a good Business Plan (discussed at length in another blog). It will help you map out your idea, consider the who, what, why, where and when and it will SAVE you, time and time again. Business. Plan. You cannot succeed without one. I’ll step off my soapbox now. Unique - Be unique. You, your idea, your execution, all of it. Technology is a wonderful thing but because of it, we’re inundated with people claiming to have the next big thing. You can do something that’s already being done IF you do it better. If you’re different, you’re more likely to be noticed. We’re not in elementary school, please don’t try to do what everyone else is doing. P - Passionate. This is more important than you know. Be passionate about what you’re doing. Not only your product or service but more importantly, your Why. Once again, investors, partners, clients, interested third parties and nosy neighbors alike will want to know not only WHAT you’re doing buy WHY. Passion shows through. It’s palpable and energizes people. Your passion is what will make them believe you can execute. Not only believe but want to see you succeed. Passion is a rarity. Don’t get so bogged down in the HOW that you lose your WHY. Never lose your Why. It looks like I’m out of letters so I’ll end here. There are many more considerations to discuss but I feel like this list of essentials is a pretty good start. I’m excited for you! Now go out and show them that Why! Be a Startup Survivor! I’ll get you a t-shirt.

So you’re ready to start a business and like any big journey, you need a plan. A map. A tool or gizmo to help you get where you’re going. In the startup world, that’s the Business Plan. Business Plans have a reputation for being complex, lengthy, headache-inducing documents and while I’m not here to tell you they should be easy or even fun, there are ways to reduce the angst and get through the process. The actual format of a Business Plan is simple and you can find endless templates online that will tell you what content you should include and in what order. Before you begin though, ask yourself, who is your audience? Who will be reading this and why? Will it be financial institutions you’re trying to convince to loan you money? Investors? Potential partners? Employees? Who you’re writing to and for what purpose, will shape how you put your plan together and which parts are most important. Let’s begin with why you need a plan because I hear so many people say, “I’ve been thinking this through for years” and “I know exactly how it’ll work, right down to the last detail.” Well that’s fantastic! Then writing a Business Plan should be smooth sailing. The main purpose of your Plan is to help you visualize your business from start to finish and anticipate any issues that may come up along the way. By thinking through how you’ll fund it, where you’ll put it, who will work there, who will buy from you, and what mark you’ll leave on the world, you can help work through problems before they even think about existing. The very first thing you should consider is your Why. Why are you starting this business? What’s the need that it will address, the problem it will solve? How will your business behave? What are your core values? What types of employees will you hire? How will you make decisions? Build on that vision and explain it in such detail that your reader can clearly see it too. After starting with a solid Why, and a clear purpose, you can move into the What, When, How and Who. The What you’ll do and When will fall under your business model. Here you’ll describe exactly what your business does to solve the problem you’re in business to solve and when you hope to do this. This will be followed by the How and the Who. How will you achieve this goal? Who is your target audience and how will you reach them? You’ll need to do your research here to find out the history and growth rate of your industry, your demographics and your competition. Who’s out there doing this now and how will you do it better? Why are you uniquely positioned to offer this product or service? Why should people buy from you instead of the other guy? Then test your idea! Don’t be afraid to do some boots-on-the-ground market research and ask potential customers what’s important to them, how do they make decisions? Talk to industry experts and other entrepreneurs to find out all you can and make sure your idea has some grit before you invest countless hours and large sums of money. Make sure as you finish your Executive Summary (the first section in the plan but the last you’ll write), that you’ve considered these key elements: Who’s your reader and why are they reading this? Do they know why you’re starting this business, what you’ll do, when and for whom? Simply writing your plan does not ensure business success and prosperity but it certainly improves your odds. As a Business Owner this document should become your bible as you rely on it to measure progress, make important decisions and navigate your future. Still feeling like you might need more help? Reach out to your local offices like the Small Business Administration , SCORE or Center for Women and Enterprise . There are no shortage of people who will listen, guide and help you get there, yours truly included! For more tips, check out my website and other blogs at Genesis Consulting.

gen·e·sis ˈjenəsəs/ noun: genesis 1. the origin or mode of formation of something synonyms: origin, source, root, beginning, start Since my Consulting Company was literally named for it, it seems only right that I begin this blog series, well, in the beginning. To those of my readers considering starting your own business, I salute you! It may seem like a big undertaking - and I’m not saying it’s not - but like anything else, when you have a plan, anything is possible. With that said, where do you start?! If you’ve ever been on my website you’ll see that I’m a huge proponent of checklists and plans. It ALWAYS pays to be prepared and well educated before starting something. So you’ve got a cool idea. What do you do with it? Before you even get to the planning stage (my blog on Business Plans will be coming soon), you’ll want to explore your idea in detail to make sure it’s feasible. Many people won’t get past this stage because, depending on how you approach the questions, you can talk yourself out of it before you get started. I encourage you to ask the important questions but try reframing ‘How’ with ‘What’. Consider the following: Instead of, “How long will this take?” ask yourself, “What commitment and I willing to make?” Instead of, “How much will it cost me?” ask yourself, “What am I willing to invest in my idea?” Instead of, “How can I get people to do business with me?” ask yourself, “What is my contribution to the problem I’m trying to solve for people?” You get the idea. It’s always valuable to ask the important questions and make sure your idea has some bite but too many people get scared by the How and forget their Why. Once you’ve determined that your idea has merit, then then planning begins. (Enter checklists!) ASSESSING YOUR OPPORTUNITY ☐ Determine why you want to start a business. ☐ Conduct a SWOT analysis to identify your strengths and weaknesses. ☐ Decide whether you want to provide a product or a service; build an online business or brick and mortar. ☐ Assess how much capital you have to risk and how long it will last. ☐ Determine if you want the business to be part-time or full-time. ☐ Discuss your plans with family members to ensure they are behind you. COMMITTING TO YOUR BUSINESS ☐ Make a list of business ideas that fit your strengths and interests. ☐ Identify businesses that are having success today. ☐ Understand the problem(s) your business will solve. ☐ Define the market you want to pursue and your target customer. ☐ Validate your idea by talking to potential customers about it. ☐ Evaluate how customers solve this problem today, as well as what the competition offers. ☐ Create a quick financial plan, identifying costs and forecasting sales to see if your capital gets you to a profit. In addition to providing you with this checklist to get you started, I’d like to give you some resources to help you along the way. After all, just because you’re going into business for yourself, doesn’t mean you have to do it BY yourself! Here are some GREAT sites to check out: www.score.com www.sba.gov www.cweonline.org www.genesisconsultingcorp.com (insert shameless plug here) If you prefer a more hands on approach, all of these wonderful organizations have real people you can call or even meet with. So what are you waiting for?!

So you’re in business, congratulations! That is no small feat! Now that you’re here, let’s talk about the best ways to protect what you’ve undoubtedly worked so hard to build. Insurance. It’s not a fun word, no one likes to hear it let alone deal with it but deal with it you must. Add it to the list of things you need to do as a business owner that you consider the necessary evils (it’s kind of like being a grown up, isn’t it?) Below is my summary of some of the types of insurance you may want to consider for your small business. General Liability - No matter what type of business you have (even home based), you need to have liability coverage. This type of policy will cover damages if you, your employees, your service and/or your product bring bodily harm or property damage to another person or entity. Professional Liability - Professional Liability Insurance AKA Errors and Omissions Insurance, provides defense and damages if you fail to, or improperly provide a service. Your GL policy will NOT cover this so it’s important to have both and know the difference. This type of coverage is applicable to anyone providing professional services including accountants, consultants, lawyers, real estate agents, hair salons, insurance agents, tech providers, even notaries! Business Owner’s Policy - Affectionately referred to as a BOP, this plan packages all required coverage a business owner will need. It often includes Business Interruption Insurance, Property Insurance, Commercial Auto, and Liability, among other industry specific requirements. The benefit of a BOP is that there is usually a significant discount for purchasing many insurances together in a bundle (think phone, TV and internet). Property Insurance - This may seem like common sense if you own the building you occupy but did you know that you should have property insurance if you own ANY business property such as computers, office equipment, tools, or inventory? This will protect you against fire, theft and even vandalism. Along with Property coverage, you may want to consider Business Interruption insurance as well which will protect your earnings in the event that you are unable to operate after one of the above incidents. Commercial Auto Insurance - Along the line of protecting your property, make sure you have special Commercial Auto coverage on any vehicles used for commercial purposes. This includes vehicles that carry employees, equipment or products. If you do not have company vehicles and employees use their personal vehicles for company business, consider adding a non-owned liability policy in the event that your employee gets into a collision and doesn’t have enough (or any) coverage of their own. Workers Compensation - This insurance provides wage replacement and medical benefits to workers who are injured on the job. In exchange for these benefits, the employee forfeits his or her right to sue the employer for the injury-causing incident. As the business owner, this protects you and your company from legal complications. State laws vary but all require you to have this coverage and if you don’t, the penalties can be fairly steep. NOTE: If you have 4 or less employees, you may be able to waive the Workers Compensation Requirement but speak to your attorney before deciding to do so. Directors and Officers Insurance - This type of insurance protects, you guessed it, Directors and Officers against any actions that may affect the profitability or operations of the company. If said Director or Officer finds herself in a legal situation as a direct result of her actions, this insurance can cover costs or damages that result from a lawsuit. Life Insurance - Sure you’ve heard of this (and hopefully have some) to cover your family or other personal expenses in the event of your early demise but what about Key Person coverage for your business partner? If he or she passes, you’re going to need time, resources and personnel to cover that loss. Key Person coverage can be purchased on both partners so that you ensure the business can go on: with or without you. And on that morbid note, I think I’ll close out this segment on Insurance for your small business! There are other types of coverage you may want to consider so speak to your trusted insurance advisor and make sure you’re protected.