Anybody who knows me well, knows this time of year I spend most of my weekends enjoying quiet time in a tree stand, waiting for that perfect deer to walk within range. Yesterday, as I spent time preparing for my time in a tree (yeah, I’m a few weeks late, but better late than never, right?), I came to a realization: Hunting sure is a lot like opening a business. Both require the following elements:
- Planning and Preparation
- Taking Inventory
- Having Patience
Opening a Business starts with Research
One of the key elements in being a successful hunter is doing your research and understanding the pattern of the deer. You must know where deer travel on a regular basis, and how to attract those deer. Similarly, opening a business requires a lot of research. You need to know who your competitors are, and then plan for how you will differentiate your company from your competitors. You should also understand what the need is for your product or service. You should understand who you want to purchase your product or service, and what will drive them to your product. You will need to determine what the proper pricing points are for your business.
Planning and Preparation
The next step in bagging that big buck is getting everything placed where you need it to be. That involves building or placing your stands in the proper places, putting yourself close to the patterns of those deer. Likewise, when starting your business, you must position yourself for success. Your first step should be to work with both your Certified Public Accountant (CPA) and your lawyer to determine the proper business form you should have. You will then need to work with a lawyer to create the proper organizational documents to start your business. Once you have created the organizational documents, you will work with your CPA to file the organizing documents with the IRS and obtain an EIN number.
Before taking that first step into the woods, you will need to make sure you have the proper equipment, including clothing, scent cover-up and don’t forget food so you can sit there all day! The next step in starting your business is making sure you have all of the correct tools to be successful. If your business involves manufacturing, make sure you have the proper space to manufacture your product. Make sure you have any software in place that you need for servicing your clients.
The most difficult part of sitting in that stand each day is waiting patiently for the tirdy point buck to finally walk in to just the perfect position from you. Sometimes it feels like an eternity until they come close enough to you. It can also takes a lot of patience to grow your business to that perfect level of business. A rule of thumb I like to keep in mind is for every ten people I market my services to, I hope to sign a contract with one. It will take time, but with a good plan on place, you will get there.