Ask An Expert Business Series

Welcome to our Business Series written by Misty Lambrecht, the owner of Webfoot Marketing and Design. With over 15 years of experience in business startups and advising in Lincoln County, I've learned that there's an essential aspect many people overlook when starting a business. While having a fantastic idea and some business skills like bookkeeping or marketing is crucial, it's equally important to consider how your new business will impact your lifestyle.

Let's dive into today's topic: ensuring your business idea aligns with your lifestyle. To

illustrate this, lets imagine you're starting a business selling pies. You have a treasured

family recipe, Grandmas favorite strawberry pie, and you plan to sell pies in your local

community. The first step is to consider how you'll actually sell these pies and the

physical effort it will require. Farmers markets, for instance, usually take place on

weekends, meaning you'll need to dedicate 3 to 4 days a week to selling enough pies for

your business to thrive, not including the time to actually cook the number of pies you

will need to fill orders at the market.

If your current lifestyle involves weekend camping trips, attending your kids Little

League games every Saturday, and other activities that you're accustomed to, you might

have to sacrifice those to run a pie business successfully through markets. Moreover,

when your kids are back in school during the fall months, you'll face holiday bazaars

held on weekends, potentially conflicting with your usual weekend activities. If you're

unwilling to give up these cherished moments for the sake of your pie business, it may

not be a feasible venture for you, particularly if you rely heavily on selling at farmers

markets and bazaars.

Another example to consider is if you enter the construction business and expect your

spouse, who already has a full-time job, to help handle all the bookkeeping, paperwork,

taxes, marketing, social media, and website management. I'ts essential to have an open

conversation with your partner and determine if they're willing to sacrifice their evenings

in front of the television or weekends to take on these tasks. Running a business

involves numerous little responsibilities that may not align with your partner’s current

commitments.

If you're contemplating starting a business, take a moment to reflect on what you're

currently doing that may need to change or stop once your business takes off. Consider

how the time, age, and demands of your business will affect your lifestyle. Don't forget to follow our series as we delve into more topics in the upcoming weeks, including discussions on identifying your target market and understanding your potential customers' preferences and behaviors.