How To Build The Business of Your Dreams
A new year brings new chapters, new opportunities, and fresh starts. The beginning of a new year is a great time to set goals and make a plan for how to accomplish them successfully. That’s what I did for my company B. toffee.
After my youngest child went away to college, I wanted to start something of my own. For years prior I had been making toffee for family and friends and was continually urged to share my superior, handcrafted toffee with the world. With a unique, delicious and beautiful product along with determination, perseverance and passion, B. toffee was born and has grown, expanded and makes 1000’s of pounds of toffee each month. I was a first-time business owner but I took the leap to pursue my dream. It’s never too late to follow your passion and I hope my story can be an inspiration, especially to women who want to build something of their own after having kids.
Photo courtesy of Kait McKay Photography.
Have you always had a passion to pursue your own business? Here are five tips for success on how to build the business of your dreams:
Define your “why.” Know exactly what it is that you are passionate about. It takes perseverance and determination to grow a business and to be successful so it’s important to clearly identify your “why” and ensure it’s something you really want. What gets you excited? For me, I have had a love for all things culinary (cooking and entertaining) from an early age. Plus, with my sales, marketing and design background, creating and selling a delicious product with sleek and sophisticated packaging that sets B. toffee apart from competitors drives me.
Find the right mentors. I have an incredible business mentor who is my “go to” resource. He is seasoned and has managed and built several companies. He has provided invaluable insight from growth and expansion to investing in equipment to manufacturing and more. But, he hasn’t been my only mentor. When starting your business, first look to your own backyard. Talk to trusted family members and friends. Make sure there is a need and want for your product. I bounced ideas off family and friends first to help make sure I truly had a solid idea for a business. From there, I found my business mentor and other resources as well such as connections through my local chamber of commerce, corporate companies, managers of stores and businesses I hoped would sell my product, and through SCORE, the nation's largest network of volunteer, expert business mentors.
Create a business plan with goals and timelines. For clarity, direction and accountability (from finances to attracting investors to marketing), a business plan is an important tool when starting your business. It will help guide your decisions and strategically set priorities, focus, and overall long-term growth. Creating a business plan is an ideal time for research, too, from market research to understanding competition and targeting who your customers may be.
Surround yourself with a solid tribe. Personally and professionally, it’s important to have a supportive network. Mine includes family, friends and hardworking employees who treat my business like it’s their own. B. toffee wouldn’t be the success it is today without my tribe. At B. toffee, my “B team” brings value and lifts up the business. Though, it is important for team members to be evaluated on a regular basis. If someone is not completely being a team player, ask yourself if you would be OK without him or her. As a leader, be confident in making a change for your business if you need to. It’s a joint effort to run a successful business and solid, supportive relationships are key.
Never stop learning and evolving. I never walk into a room thinking I know it all. I am always open to new information and different ways of doing things. My procedures today are different than when I began my business in 2009. Whether it’s a business seminar, a leadership development opportunity or even a great source of information outside of your industry, it’s important to always be open-minded and welcome other ideas. In an ever-changing world of business and technology, being open-minded offers the opportunity for improvement and a much sought-after quality in the workplace to be willing to listen to others’ ideas.
About the expert:
Founder Betsy Thagard, a resident of Newport Beach, California, launched B. toffee in October of 2009 to offer a handcrafted recipe that delivers a brilliant combination of warmth, sophistication and vitality.
