GUIDE TO UNDERSTANDING AND PARTICIPATING IN MORRISON CROWDFUNDING
We always talk about the difficulties we encounter today when starting a business. And it is true, nobody gives anything away and everyone who undertakes decides to "launch on an adventure", whatever the business.
From our short experience, we want to share with all of you seven keys that have helped us a lot during this first year and that we hope will help you:
1. You must be passionate about the idea that you carry out
It doesn't matter what type of business you want to create. One thing is clear: you must be passionate about it. You have to take into account the number of hours, sacrifice and displeasure that starting a business entails. If you really don't love what you're doing, it's going to be very difficult to stay motivated, especially during bad times (which there will be).
In our case, throughout the entire process of creation, launch and the first months of the brand, we have been combining our work for others with Morrison. If we hadn't had that passion from the beginning for our brand, we might have fallen by the wayside.
2. Have good partners, who share your enthusiasm
Oh the partners!… one of the most important elections. Surely you know some example of people who have tried to undertake and who, due to differences with their partners, have not come to fruition.
We like to compare the partner theme with the couple theme. For a sentimental relationship to go well and prosper, both people must be at the same point: wanting to meet someone, to give up something for their partner, to adapt a little to the other... in the creation of a company it is quite similar. If the partners are aligned, have a clear objective and are all rowing in the same direction with effort, there is a lot of gain. We are such good partners that… we even live together!
3. Carry out an initial business plan
It is important to try to develop an initial plan for the business you want to start. The business plan mainly helps to analyze different factors of all the areas that make up a company and to give shape to everything we have in mind. But, above all, it will give you an overview of the problems you will have to face. You will have many more than you thought during your business plan but, at least, many of them will not come as a surprise because you had already anticipated them.
With the business plan we are going to challenge the feasibility of the project from a technical (technology, production...), economic (necessary investment, sources of financing...), commercial (market analysis, marketing strategy...) and human ( organizational structure, necessary profiles…).
There are many ways to make a business plan which you can find by diving a little on the internet. For us personally, even today when analyzing and trying to improve our company, the Business Model Canvas is very useful. Take a look, it's very simple.
4. Explore alternative funding sources
We have just commented in the point of the Business Plan that one of the things that we have to consider is the necessary investment and the sources of financing. As many of you know, we were born thanks to Crowdfunding and that is why we attach great importance to this point. You always have to try to stay informed about new forms of financing and Crowdfunding is a tool that, although it is still not very common in Spain, is gradually gaining strength.
5. Find out about all the aid or related centers for entrepreneurs
Starting an entrepreneurial adventure can sometimes overwhelm you due to the number of procedures you will have to do. But there is more help than one thinks. We are not talking about economic aid but about advice, management, etc.
Our recommendation is to go to the Entrepreneur Service Points (PAE). They are centers that are in charge of facilitating the work in the creation of new companies. It was very useful for us, they helped us a lot in all the initial procedures and the treatment they have with entrepreneurs is very good.
6. Do not wait to find perfection, start up and improve
We all want our business, our “baby”, to be perfect before we show it to the world. And it is true, we must always pursue the highest quality in everything we do. But on the other hand, you have to be careful about wanting to find perfection, there are people who spend their lives looking for what for them is perfection and never manage to launch a business.
It is important to launch your business idea, feed on the opinions of customers and improve little by little over time.
7. Surround yourself with professionals who help you in fields you do not master
Finally, some advice about one of the great evils that almost all of us who undertake have. You do not have to know how to do everything and we must select what to invest our time in, something key, especially when starting a business. That is why we advise you to subcontract those tasks typical of a business that escape you, due to the training received, and leave them in the hands of professionals. Time is money.