Due Diligence and Show Me the Money
Justine Coppenrath is Co-Founder of Washashore Productions
DUE DILIGENCE!
I cannot stress this enough, as an entrepreneur it is your job to know your business inside and out. That means working on the fun stuff and the not-so-fun stuff and by not-so-fun stuff I mean the back office. I happen to thrive on the back office stuff, so where all the talk about insurance, HR handbooks, payroll, marketing and legalities frightens some it excites me. I research the business I’m in by talking to others who are in a similar business and asking them questions such as ‘what worked for you?’ ‘how did you do this?’ and most importantly ‘what came up that you did not foresee?’ I talk to vendors, customers, friends and family. I rely heavily on my past business experiences working for others and think about how their business was set up and what I would have done differently if I owned it. There’s always going to be something that comes up that you will have to handle on the fly, but if you have systems already set in place for the rest of your business you will be able to handle them a lot more easily. So, get all that not-so-fun stuff done and out of the way and then you will have all the time you need to focus on the fun stuff. Onward!!
SHOW ME THE MONEY!
All of us have already determined that our business idea is worth the risk of spending some of our hard earned money to pursue, but never put in what you are not willing to lose. Seek out investors, meet with banks and apply for grants if your business qualifies. Don’t borrow money from friends or family unless it is given to you unconditionally and even then still be wary. There are so many resources on the Cape that help start up businesses and even more that help women in business. Use them! Money should be used as a tool to operate your business and because it seems like it is sometimes the only thing holding you back from starting or pursuing your business you cannot let it. I’ve started two businesses without a dime and they are still going. It may take a little longer to get them off the ground, but if you believe in it enough so will everyone else!
