Facing My Business Hurdles: A Journey Begins

Starting a business has been a rollercoaster ride for me, especially coming from a background where safety and security were prioritized over risk-taking. I’ve faced numerous hurdles along the way, and I’d like to share them in hopes that others might relate or offer their insights.

The challenge of writing a business plan

1. Business Plan Struggles: Crafting a clear business plan has felt overwhelming. I used to think it required exhaustive detail, but I’ve learned that simplicity is key. Focus on defining your value proposition, identifying your target market, and establishing a solid revenue model. If you find yourself stuck, remember to get to the core of what you want to offer and who will benefit from it.

2. Action Over Analysis: It’s all too easy to get lost in the planning phase. I found myself analyzing for months instead of taking action and procrastinating because there were easier ways to earn. I'm now challenging myself to move forward, even if it’s just one small step each day.

3. Fear of Failure: Fear can be a significant barrier. I worked different jobs and across different professions for 45 years, and the thought of failing in this new venture was paralyzing. However, when I shared my idea of repurposing artwork into print reproductions with friends, their encouragement opened my eyes to the potential I had overlooked. Remember, sharing your ideas can lead to unexpected support!

4. Competitive Analysis and Revenue Model (my biggest hurdle): I began my research focusing solely on finding businesses that sell African American art reproductions and my focus was too narrow because I wasn't finding anything. With the help of my SCORE mentor, AI, and some creative thinking, I realized the importance of exploring adjacent businesses that target similar demographics. I discovered opportunities in home decor, cultural merchandise, textile arts, hair and beauty industry, colleges, universities, and museums, online marketplaces (like Etsy), and more. This broader perspective helped me see where my product could fit in the market.

5. Comparisons to Others: It’s easy to fall into the trap of comparing your journey to others. Everyone has different resources, backgrounds, and experiences. Focusing on my unique path is crucial. I know a few entrepreneurs who have been in the game longer than me, yet I felt like I was lagging behind. I have to celebrate my progress, no matter how small.

6. Network with Other Women and Small Business Entrepreneurs: Learn from their challenges and how they overcame them.

7. Next Steps: Find at least one business in each of the adjacent business categories, and learn about their customers, what they're selling, pricing, and marketing. Identify one woman entrepreneur to network with. Begin thinking about what types of partnerships, opportunities for collaborations and cross-promoting with these businesses may exist. I've given myself a one week deadline.

See my next blog entry for my plan to stay on track!