Starting a business is one of the most intrepid missions that a person could choose to take on in their lifetime, equally as challenging as it is rewarding. While it’s not an endeavor for the faint of heart to say the least, it is the most worthy option for the entrepreneurial-minded individuals who are fully prepared to invest the time, effort and money in growing something that they can take complete ownership of and pride in. If you’re considering starting your own business you’ve likely already begun to do the research yourself, but it’s of the utmost importance to be aware of the resources that are available and to consult with them early on. This way you’ll have a better idea of what to expect so that you’re setting yourself up for success in every way possible.
“Business startups are a vital part of our economy in the United States,” emphasizes Cameron Burt, CIC, ARM, Vice President of Holmes Murphy & Associates. “With startups come enthusiasm, creativity, and often innovations that drive major change in our country. In our 83 years of business we have seen countless businesses grow out of startup ideas. If I were to give any counsel to those starting a business I would suggest the following:
- Have a plan, but don’t be afraid to follow the path you encounter. Build your product or service offering around what your target audience wants, not what you think they want. As a result, you may need to ask! Often we see startups focus on having the perfect website, business card, and brochure, even before they have sold anything.
- Smart people learn from their mistakes, but wise people learn from other people’s mistakes. Surround yourself with qualified professional partners and business mentors, and don’t be afraid to ask questions.
- Give before you get. Find ways to serve your community. Support what is already going on and make a difference in the lives of people around you. Everyone wants to win personally, but if you serve others first you will often find that success in your business will follow close behind.
Holmes Murphy provides commercial insurance, employee benefits, surety, and risk management consulting products and services for businesses in Nebraska and throughout the country. In addition to helping our customer’s buy insurance products from 300+ insurance carriers, we also provide best practices and benchmarking to most industries. Everything we do to promote health and protect wealth allows us to make a difference in our customers’ businesses, and ultimately deliver peace of mind. Building and owning a business can be very rewarding, but you have to take the first step and start. Be bold, you can do it!”
While you could certainly start your business from the ground up, that’s not the only way to go into business for yourself. There are also plenty of options available in the current market to purchase an established business or to start your own franchise.
“Farmers Insurance District 46 office takes pride in the fact that we can teach a new agent, with no insurance or entrepreneurial skills, how to be a successful agent and business owner,” explains Rebecca Sobus, Nebraska Recruiting Manager and Registered Principal for Farmers Insurance & Financial Services. “We are not looking for sales people, but rather those who want to be business owners. If you have a sales background, that is even better, but our Agents come from all industries and all walks of life. When an Agent moves out of our District Office after 18 months, they know where to market, what to look for and how to run a thriving, growing business. We teach our Agents how to market, and how to grow a business. For the first 18 months, we take care of their overhead, so they focus on only growing their business. They don’t pay for rent, business utilities, office supplies, etc. Our program is set up to make sure that Agents starting their business have the capital to make it through the program. The number one reason small businesses fail is they are undercapitalized. Farmers supplies the capital and the Agency owner supplies the drive. Furthermore, we don’t bring candidates in and throw them against the wall to see if they stick. We have a very successful trainer who has experience as an Agent, knows what they will encounter and utilizes hands-on techniques to prepare them for working in the field.
Someone starting any business, whether it is insurance or widgets, also needs to be prepared for long hours. Our agents work 65-70 hours a week when they start. The first couple of years it is like ‘crawling through glass,’ but there is a light at the end of the tunnel. Starting a business, and having a recession-proof business such as a Farmers Agency, is an amazing feeling. Being your own boss, and knowing that you make a difference in the lives of others on a daily bases, is something to be very proud of. Anyone starting a business needs to ask themselves the following questions: *Where do you see yourself in 5 years? *Are you happy with your current situation? *Are you looking for a career, or just a job? *Do you want to be in charge of your financial future? Remember, one of the best parts of being your own boss is that you are working to achieve your financial freedom, not someone else’s.”
In terms of managing the financial affairs of your new business, along with an accountant, which is an absolute necessity for a business owner (unless the individual has been an accountant at some point in his/her career), you’ll also want to consider how you will process transactions and keep track of your monetary matters. “Businesses can no longer get by without accepting some form of plastic, it could be said that nearly 75% of sales made in our economy are conducted with debit or credit cards,” explains Jim Barnes, owner of American Payment Systems. “When opening a business, it is important to be prepared to accommodate customers’ preferred payment types in order to create a good impression on first time customers and build a positive rapport to gain loyal business.
To new business owners, searching for the right credit card company can seem like a daunting task. It doesn’t have to be. There are companies that make it extremely simple. American Payment System’s goal is to help our merchants grow their business. For all of the business owners out there, APS wants you to do what you do best. Sell shoes, make sandwiches, whatever it may be; let APS do what we do best, and that is merchant card processing. American Payment Systems wants to help you grow your business–the more you grow, the more we grow. In an industry that is full of scammers, it is important to find a company that you trust for your processing. It is easy to find yourself in contracts with hidden fees and high rates; it is these companies that give business owners a negative impression of the processing industry. In today’s day and age the plastic card industry is growing rapidly, and because of that it is imperative for business owners to educate themselves. American Payment Systems offers free consulting on competitor’s quotes, or existing statements to help merchants understand what they are paying for and where their money is going.
After a merchant has found their processor, the next step is to decide what type of equipment is best for your business structure. There are hundreds of different types of equipment in the market, and American Payment systems is always seeking out new partnerships with equipment providers in order to offer our merchants a wide variety to best suite their company. From Point of Sales (POS) systems with inventory and employee scheduling features to something as simple as accepting payments on your smart phone, the possibilities are endless. APS is here to make accepting payments as simple and easy as possible for the merchant at a price that won’t break the bank!”
So you’re considering starting up your own business. Need help getting it off the ground? New to the Council Bluffs entrepreneurial scene, The Port at Iowa Western Community College is a technologically advanced workspace accessible to aspiring entrepreneurs and innovative students. Uniquely connected to the Computer Information Technology Department at Iowa Western, members of The Port have access to state-of-the-art technology, a secure network, video conferencing, interns and the Small Business Development Center also located on the college campus.
Along with a sophisticated workspace, The Port offers the opportunity to connect entrepreneurs and small businesses with computer science and graphic communication students to give their startup a kick-start. Student interns skilled in networking, logo and marketing design, website development and help desk services, among other IT related fields are accessible to entrepreneurs and small businesses. Depending on a startup’s needs, interns may be available at no cost. Through hosted events such as Startup Grind Council Bluffs, The Port at Iowa Western is dedicated to educating, inspiring and making connections in southwest Iowa for the next generation of entrepreneurs and information technology professionals.
“The Port is excited to be part of the Silicon Prairie atmosphere and we are eager to provide a collaborative environment of resources and support for entrepreneurs to be successful innovators,” says Jennifer Coffman, Project Coordinator located at The Port. “Community members along with organizations dedicated to startup initiatives in need of meeting space are encouraged to stop in at The Port and to attend one of our events for networking and startup support opportunities.” For more information about The Port, networking activities and available startup support visit www.BeITWise.com or give them a call at (712) 325-3461.
SCORE is another valuable resource for those who are considering starting their own business. “There are a lot of questions that people commonly have when they are starting a business,” says Dwight Lydic, Marketing Chairperson of SCORE Omaha. “There is often not enough money in the beginning to hire a consultant to help you address these important questions, yet you’ll need solid answers and the expertise of professionals if you are going to succeed in your business. SCORE provides free and/or cost effective resources for businesses just starting up or wanting to grow and expand. Mentors are available for one-on-one counseling and personalized guidance who are experienced practitioners in their various areas of expertise, many of whom have been business owners or are currently business owners themselves. They know exactly what the new entrepreneur or business owner is going through, and how they can resolve their challenges.
I highly recommend enrolling our two-day Entrepreneur Workshop. It is held on the first Wednesday and Thursday of each month for 4 hours each night. In it we cover the following topics: writing a business plan, insurance requirements, legal issues, marketing, banking and capital, bookkeeping, and taxes. This will give you a solid understanding of the issues that you need to address in starting a business. The cost of the workshop is $50.00 ($25.00 for Military Veterans). In addition to this workshop we also offer more specialized workshops in Social Media Marketing, QuickBooks, Websites, and a Business Planning Workshop. We also have templates available for business plans and a vast array of resources locally and through the SCORE national website.
For businesses that have started with the assistance of SCORE, more than 90 percent remain in business beyond five years, which is a remarkable accomplishment. The average for those who have not had SCORE assistance is only about 50 percent. We are here to help you succeed. You can reach out to us via our website at https://omaha.score.org, by email at score@scoreomaha.org, or by calling us at (402) 221-3606.
You may not ever be fully ready to take the plunge and start a business, but in the current business climate, if it’s ever been your dream the time to act is now! The Omaha Metro is rich with resources for entrepreneurs, and utilizingthem is the first step toward successfully owning and operating your own business.