2 answers
Sadie
Student
North Ogden, Utah
1
Question
Updated
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How do I go about starting my own dance studio?
I want to be a dance teacher in the future and hopefully open up my own studio. I don't know a lot about owning a business etc. so what things should I know?
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2 answers
Jerome Dees Jr.
Sales Professional and Networking Expert
818
Answers
San Francisco, California
Updated
Jerome’s Answer
A piece of advice I give anyone before they start their own business, reach out to others who have a business in your industry and interview them about their experience.
Ask them what they like and what they struggle with. While some might be guarded, I bet you will find other others who are willing to give you honest feedback. Starting a business can be very stressful, I’d also recommend working for someone else for at least a few months. That way you can learn things without them becoming costly mistakes.
I started my own catering company and having experience both in a kitchen and working with another cater for six months definitely made things easier
Ask them what they like and what they struggle with. While some might be guarded, I bet you will find other others who are willing to give you honest feedback. Starting a business can be very stressful, I’d also recommend working for someone else for at least a few months. That way you can learn things without them becoming costly mistakes.
I started my own catering company and having experience both in a kitchen and working with another cater for six months definitely made things easier
Nathan Sink
Business Transformation
10
Answers
Lexington, North Carolina
Updated
Nathan’s Answer
Saying that starting your own business is never easy is the biggest understatement there is.
- Give yourself grace. Learn to fail fast and gracefully, the key to success is finding ways to test new ideas and learn fast. Most people that fail in business go into it taking out huge loans, spending lots of money on startup costs, and think they know everything. Learning what not to do is almost more important than learning what to do.
- Before you start spend time researching. Find small business mentors and mentorship programs. Scope out the competition, what are they doing well, what are they not doing well? What could you do differently/better?
- Before you start define a exit plan. This is the true secret of successful small business. Are you trying to build something to sell? Are you trying to build a lifestyle business? When do you want to sell or retire from the business? Defining this will change how you start, run, and operate your business.
- Before you start identify a backup plan. Will this be your only source of income? Will you be living on savings during down business cycles? Having that second moonlight job lined up can be the key to getting you "over the hump" during bad times and make the financial stress waaaay more tolerable. I personally moonlit at UPS during one of my startup ventures.
- Automate as much of the backoffice tasks as possible. Every minute you spend doing paper work is one less minute with your clients, test out various billing, invoicing, bookeeping platforms to find one that works for you. Hire a CPA, not a tax-preparer - a CPA.
- Give yourself grace. Learn to fail fast and gracefully, the key to success is finding ways to test new ideas and learn fast. Most people that fail in business go into it taking out huge loans, spending lots of money on startup costs, and think they know everything. Learning what not to do is almost more important than learning what to do.
- Before you start spend time researching. Find small business mentors and mentorship programs. Scope out the competition, what are they doing well, what are they not doing well? What could you do differently/better?
- Before you start define a exit plan. This is the true secret of successful small business. Are you trying to build something to sell? Are you trying to build a lifestyle business? When do you want to sell or retire from the business? Defining this will change how you start, run, and operate your business.
- Before you start identify a backup plan. Will this be your only source of income? Will you be living on savings during down business cycles? Having that second moonlight job lined up can be the key to getting you "over the hump" during bad times and make the financial stress waaaay more tolerable. I personally moonlit at UPS during one of my startup ventures.
- Automate as much of the backoffice tasks as possible. Every minute you spend doing paper work is one less minute with your clients, test out various billing, invoicing, bookeeping platforms to find one that works for you. Hire a CPA, not a tax-preparer - a CPA.