Don’t put the product before the business! What I mean is – don’t be so invested in the product and the excitement of having a business that you don’t invest your time in also building your business’s foundation.
In this clip, we see the lovely Dr. Wendy Osefo from the Real Housewives of Potomac kinda get schooled by her hubby on some of the things she failed to do BEFORE getting to the product development stage.
I have to admit that #RHOP and #RHOA are two of my reality tv guilty pleasures! So I was a little geeked that I saw a few ways to turn this into a “teaching” opportunity.
Top 3 Lessons from this clip:
You must register your business! Yes, sis, you have to register your business as a legal entity with your state before beginning operations. You really need to conduct a name search through the Secretary of State website to see if the name is even available. Imagine building a whole product line, getting a logo, etc and you can’t even use that business name legally. Now you’ve just wasted a bunch of time and money!!
Yes, you need a mission! If you don’t have a clear mission statement, then do you really have a clear vision of who your business is serving and why? Creating a clear mission statement helps you by identifying the purpose of your work, you can better understand the goals your company should be committed to accomplishing. Once the mission is clear creating an actual strategy for your business becomes a lot easier. A lot of businesses fail simply because they had no real purpose, to begin with.
Consider the commitment! Starting a business is WORK! More work than you will ever put in at a 9-5. Trust me on this, I’ve done both! With your business, you must be willing to see it through. There will be times when you will have lots of wins (sales, social media interaction, etc) in your business and then there will be other days where things are slow and you’re wondering why did I start this to begin with. REAL TALK! I even experience this at times and my business is most definitely thriving! This is why your mission is important because when you remember the purpose of your business, it becomes a lot easier to stick with it during the ups and downs. The most important part is also the hardest part – sticking with it through the tough times when you aren’t sure where your next sale is coming from. No one is exempt from this feeling! Everyone will experience ups and downs in their business but those who truly see success with it are those who don’t give up.
What I love about Wendy is the fact that she was willing to admit and learn from her mistakes. Above that, she seems willing to put in the work to see her business come to fruition. It is okay to make mistakes, it is okay if you got started off on the wrong foot the most important thing is seeking help by hiring someone to help you or investing your time to educate yourself!
If you don’t know where to start or if you are unsure of what steps to take, contact me so that I can help you get on the right path! We can not only help you source, develop and launch products, but we can also help you build your business foundation the right way. Oh and Dr. Wendy holler at your Soror! I can certainly help you bring your vision to reality!