5 Tips For Launching A New Business

Grace Hightower & Coffees of Rwanda was started with the mission of helping the farmers of Rwanda to built sustainable businesses for themselves by creating a demand for their product. Thanks to emphasis placed on environmental care, ethical business practices, fair trade, and direct sourcing, the sustainable business created in Rwanda will provide farmers in the African nation with work for generations to come.

The coffee supports a farmer in Rwanda and his or her family for a year with one harvest.

The launch of this company was no easy feat, and it took months of hard work to get it ready for the day when it would finally begin to sell coffee. Here are 5 tips for successfully launching a new business—tips I’ve learned through the trial and error of starting my own business.

Rule #1: Plan, Plan, Plan – But be Flexible

Before we could launch Grace Hightower & Coffees of Rwanda, we spent months planning our business model and strategy. From trips to Rwanda to meet the farmers, getting an education in the coffee production process, learning how to import beans to the US to discovering how to distribute product. Only when we had a solid plan were we able to start our business.
Planning saves on costly mistakes.

• Write a business plan.
• Line up your financing and over-budget not under-budget.Get professional help.
• Talk to lawyers, tax professionals etc., to start your business the correct way.

Just remember that even the best plans can change depending on the reality of running a business. Be flexible and adapt to change as needed.

Rule #2: Know your Product & Your Market

When I first decided to enter the world of coffee—I admit I was a novice with much to learn. While our mission was clear, in order to make the business thrive I needed to understand both the production of coffee and the people who drink it.
Before you start any business it is imperative that you’ve done your homework. Research the market, your competitors and how they launched their businesses. Is your product priced competitively? Is there a best time of year to launch your product?  Who is your customer? Asking and answering these questions will provide you with valuable information when launching and promoting your brand.

 Rule #3: Stand Out Among the Competition

When most people think of coffee, it’s Colombia or Brazil, not necessarily Rwanda that comes to mind. By informing consumers about the coffee industry in Rwanda, the awards their coffee has won and how coffee supports a farmer and his or her family for a year with one harvest—Grace Hightower & Coffees of Rwanda is sharing a new story and helps the brand stand out in a marketplace full of competitors.
For anyone looking to launch a business it’s essential for the business to stand out from the rest. A business that’s unique is one that has a much greater chance of succeeding. Does your product have a unique back-story? Did you invent a product based on your own needs and a void in the marketplace? Tell this story to set yourself apart from other companies.

Rule #4: Build a Successful Team

I may be the face of the company, but it takes a team of professionals to build a successful business and I make sure that I’m surrounded by the best in their field. From coffee experts, roasters, marketing and public relations professionals to sales and distributors—every member of our company brings experience that’s invaluable to our success.
Create a network of people who you can call upon when you need help. Use LinkedIn or other business networking sites to build a database of professionals you can connect with. Joining groups and organizations in your industry will allow you to promote your business and meet key people who can help you.
Never be afraid to ask questions and never think you know it all or can do it all. Being an entrepreneur means you are always learning something from someone!

Rule #5: Spread the Word!

 People don’t buy what people don’t know. Exposure especially for a new business is key to generating sales.
Traditional marketing/advertising and PR is effective but can often times be expensive for a start up business—tools such as social media, viral videos and guerilla marketing are more cost effective and sometimes more successful. Partner with other events that target your demographic, reach out to bloggers who cover your industry, find ways to tie your product or service to something newsworthy to create a buzz.
At GHCOR we celebrated National Coffee Day with a logo-wrapped food truck serving free coffee throughout New York and we asked people to take pictures of the truck to share on their social media accounts. That guerrilla marketing effort along with a strategic social media plan proved a fun and effective way to introduce the brand to the consumers. It allowed us to engage with customers and share first hand our message and mission.

9 Tips For Growing A Successful Business

To succeed in business today, you need to be flexible and have good planning and organizational skills. Many people start a business thinking that they'll turn on their computers or open their doors and start making money - only to find that making money in a business is much more difficult than they thought. You can avoid this in your business ventures by taking your time and planning out all the necessary steps you need to reach to achieve success. Read on to find out how.

1. Get OrganizedTo be successful in business you need to be organized. Organization will help you complete tasks and stay on top of things to be done. A good way to do this is to create a to-do list each day - as you complete each item, check it off your list. This will ensure that you're not forgetting anything and you're completing all the tasks that are essential to the survival of your business.

2. Keep Detailed RecordsAll successful businesses keep detailed records. By keeping detailed records, you'll know where the business stands financially and what potential challenges you could be facing. Just knowing this gives you time to create strategies to overcome the obstacles that can prevent you from being successful and growing your business.

3. Analyze Your CompetitionCompetition breeds the best results. To be successful, you can't be afraid to study and learn from your competitors. After all, they may be doing something right that you can implement in your business to make more money.

4. Understand the Risks and RewardsThe key to being successful is taking calculated risks to help your business grow. A good question to ask is "What's the downside?" If you can answer this question, then you know what the worst-case scenario is. This knowledge will allow you to take the kinds of calculated risks that can generate tremendous rewards for your business.

5. Be CreativeAlways be looking for ways to improve your business and to make it stand out from the competition. Recognize that you don't know everything and be open to new ideas and new approaches to your business.

6. Stay FocusedThe old saying that "Rome was not built in a day" applies here. Just because you open a business doesn't mean that you're going to immediately start making money. It takes time to let people know who you are, so stay focused on achieving your short-term goals and give the rest time to come together on its own.

7. Prepare to Make SacrificesThe lead-up to starting a business is hard work, but after you open your doors, your work has just begun. In many cases, you have to put in more time than you would if you were working for someone else. In turn, you have to make sacrifices, such as spending less time with family and friends in order to be successful.

8. Provide Great ServiceThere are many successful businesses that forget that providing great customer service is important. If you provide better service for your customers, they'll be more inclined to come to you the next time they need something instead of going to your competition.

9. Be ConsistentConsistency is key component to making money in business. You have to consistently keep doing the things necessary to be successful day in and day out. This will create long-term positive habits that will help you make money over the long term.

ConclusionStarting and running and running a successful business can be rewarding and challenging. Success requires focus, discipline and perseverance. However, success will not come over night - it requires a long-term focus and that you remain consistent in challenging environments.

10 Tips for the First-Time Business Owner

Young Entrepreneur column because I believe there are far too few resources directly addressing the nonacademic trials and tribulations young entrepreneurs face along their journey. Whenever possible, I encourage up-and-comers and established entrepreneurs to mentor the next generation of dream-seekers; for it is this insight and insider education that will provide the foundation for the entrepreneurs of tomorrow. With that, here are 10 pieces of advice that I wish someone had given to me before I launched my first venture.

1. Focus. Focus. Focus.
   Many first-time entrepreneurs feel the need to jump at every "opportunity" they come across. Opportunities are often wolves in sheep's clothing. Avoid getting side-tracked. Juggling multiple ventures will spread you thin and limit both your effectiveness and productivity. Do one thing perfectly, not 10 things poorly. If you feel the need to jump onto another project, that might mean something about your original concept.
2. Know what you do. Do what you know.
   Don't start a business simply because it seems sexy or boasts large hypothetical profit margins and returns. Do what you love. Businesses built around your strengths and talents will have a greater chance of success. It's not only important to create a profitable business, it's also important that you're happy managing and growing it day in and day out. If your heart isn't in it, you will not be successful.
3. Say it in 30 seconds or don't say it at all.
   From a chance encounter with an investor to a curious customer, always be ready to pitch your business. State your mission, service and goals in a clear and concise manner. Fit the pitch to the person. Less is always more.
4. Know what you know, what you don't know and who knows what you don't.
   No one knows everything, so don't come off as a know-it-all. Surround yourself with advisors and mentors who will nurture you to become a better leader and businessman. Find successful, knowledgeable individuals with whom you share common interests and mutual business goals that see value in working with you for the long-term.
5. Act like a startup.
   Forget about fancy offices, fast cars and fat expense accounts. Your wallet is your company's life-blood. Practice and perfect the art of being frugal. Watch every dollar and triple-check every expense. Maintain a low overhead and manage your cash flow effectively.
6. Learn under fire.
   No business book or business plan can predict the future or fully prepare you to become a successful entrepreneur. There is no such thing as the perfect plan. There is no perfect road or one less traveled. Never jump right into a new business without any thought or planning, but don't spend months or years waiting to execute. You will become a well-rounded entrepreneur when tested under fire. The most important thing you can do is learn from your mistakes--and never make the same mistake twice.
7. No one will give you money.
   There, I said it. No one will invest in you. If you need large sums of capital to launch your venture, go back to the drawing board. Find a starting point instead of an end point. Scale down pricey plans and grandiose expenditures. Simplify the idea until it's manageable as an early stage venture. Find ways to prove your business model on a shoestring budget. Demonstrate your worth before seeking investment. If your concept is successful, your chances of raising capital from investors will dramatically improve.
8. Be healthy.
   No, I'm not your mother. However, I promise that you will be much more productive when you take better care of yourself. Entrepreneurship is a lifestyle, not a 9-to-5 profession. Working to the point of exhaustion will burn you out and make you less productive. Don't make excuses. Eat right, exercise and find time for yourself.
9. Don't fall victim to your own B.S.
   Don't talk the talk unless you can walk the walk. Impress with action not conversation. Endorse your business enthusiastically, yet tastefully. Avoid exaggerating truths and touting far reaching goals as certainties. In short, put up or shut up.
10. Know when to call it quits.
    Contrary to popular belief, a smart captain does not go down with the ship. Don't go on a fool's errand for the sake of ego. Know when it's time to walk away. If your idea doesn't pan out, reflect on what went wrong and the mistakes that were made. Assess what you would have done differently. Determine how you will utilize these hard-learned lessons to better yourself and your future entrepreneurial endeavors. Failure is inevitable, but a true entrepreneur will prevail over adversity.