Setting up business online

Lynette Bailey

Bridgette lawrence

By Lynette Bailey co-founder of Ciao Bella

Believe in yourself and your idea

I can not recall how many times people said that I could not, should not, would not start a business or generally mocked the concept of my business.  After all, why would someone with a financial background, choose to set up business of an online autobiography/ funeral planning service. Do not let these negative ninjas win under any circumstance. Believe in yourself and live your dream.

Take time to reflect on what made you excited when you first started thinking of your business and hold on to that feeling. During the course of your journey, you will travel one heck of a rollercoaster ride with highs turning into lows and back again. Learn from the lows and treat them as opportunities to learn and celebrate the highs as you achieve them no matter how small they are. This could be by sharing the story with a likeminded person, treating yourself a special lunch or simply high 5 yourself. After all, you deserve it.

Understand your core values and belief system

Take some time out of your daily routine to make a list of what it is that you want to achieve, what you will not compromise and what your values are. For me it was understanding why I wanted to do this, what I would not compromise, having the belief in what I was doing and being passionate and relentless about it. I composed a list of what you want the product to deliver eg it would be seen as quality,the brand would be clear and strong, there would be an ability to grow and develop the business, it would be a desirable product and support core charities that were close to my heart.

Choose your partners carefully

As a full time employee and developing and starting a business, I soon discovered I was not a wonder woman (Much to my disgust) and made the decision I needed to take on a business partner.

It is vitally important to understand first what you are looking for in a partnership and what you want from the relationship. It may be you need financial, creative, emotional, equal say or a combination. What- ever you decide, be clear, set the ground rules up front, get advice, interview people, talk about your dreams and aspirations for the business and ensure you are both on the same path.

 Align yourself with people who dream the same dream and understand your vision. This is more important than you think. Do not be afraid to interview potential partners from your accountant, lawyer, web designer or a business partner. You must be comfortable that they have the ability and capacity to deliver in your time frame and have the same passion and ideals that you do. It is easier to set expectations up front before you get emotionally and financially involved. One person gave me sound advice, better to break up a relationship while dating than after you get married and this is true in business.  Don’t be scared to take on a partner, just ensure you protect your business interests by getting a shareholders agreement in place which outlines what happens if you disagree or things go wrong. This can be as detailed or simple as suits you and there are standard clauses that can be included I decided to take on a partner after a lot of consideration and debate with myself and the admitting I could not do it on my own while still holding a full time job. The person I needed had to meet strict criteria including a  complimentary yet opposing skills to bring to the table, same values and beliefs and have the vision of where this would go and how to get there.

We have had challenges on the way and it is important to provide support,  be open and honest with each other, use each other’s strengths, and address issues as they arise. Do not be scared to be honest regarding expectations and delivery of those who provide work for you. If they are not delivering as you expect, it is OK to say this is not acceptable and move on. Your reputation and business is on the line.

 Communicate and be prepared to listen

Sometimes we get caught up in our day to day business and forget to take time out of the business to seek new ideas and reflect on what we are doing . Failing to plan is planning to fail. Get expert advice and listen to what they tell you, we are not expected to be the expert in all fields. Learn and be open to ideas and suggestions but keep bringing those back to your core ideals and values to ensure you remain on track.

Dare to be different

It takes courage and foresight to dare to be different. Back yourself and believe. Anyone can recreate the wheel but who dares will win. Be creative, do your market research, talk to strangers, get opinions and trust your gut. If you truly believe in what you are doing you are 90% there and the rest becomes easier.

Understand your market and obstacles

Research, research and then do some research. There is nothing worse than spending all your time, energy, dreams and money on setting up your new adventure to find out there are 47 others already doing exactly the same as you. Use the internet, local papers, community boards, other people in similar markets, chamber of commerce, anywhere you would look yourself if you were searching for that type of business.

Do your homework in regards to pricing and set yourself a budget. So many new small business’s fall over in the first year because they cannot economically survive. Understand your financial position and set goals around your limits. Double the costing projection and review your budget regularly. It is easy to get carried away and want everything in the first year. Some things can wait until year 2 or 3 or until you get an income stream. Split your must haves and must lusts into two distinct areas and launch with the must haves as your absolute non negotiables  -  the others go in your development plan until you start getting an income stream.

Celebrate

You have worked hard, got through highs and lows, had numerous sleepless nights, doubted yourself, worked all hours, juggled life, gone through every emotion, been embarrassed, scared, nervous , all those things you don’t normally experience – take time out to celebrate the successes and achievements. Back YOURSELF and enjoy the ride – it will be one heck of a trip

"Lynette and Bridgette launched Ciao Bella just a couple of months ago.  I've been enjoying doing my online autobiaography and really loved dredging through my memories and thinking about what my family might be interested to know," Angela from WorksWonders.