Loraleigh Kovacik: Starting a small business
Wednesday, October 24, 2007 | 08:16 AM ET
Money Talks is a collection of daily columns from The Business Network, which airs weekday mornings on CBC Radio One at 5:45 a.m. ET (6:15 a.m. ET in N.L.).
By Loraleigh Kovacik,
(Listen to the original audio)
It is a scary move to make to head out on your own to start your own small business. The comfort and security that working for someone else can offer goes away. You become 100 per cent responsible for 100 per cent of everything involved in running a business.
The liberating feeling that comes with starting something new of your very own can soon begin to consume your life. Is the tradeoff worth it?
I recently had the opportunity to sit down with Alan Finstad, president of Ducada Recruitment Corporation in Calgary. After many years working in the staffing Industry, Alan made the bold leap to go out on his own and form his own company.
I asked Alan what his secret to success was, and he referenced three key foundations that have helped him hit the ground running.
Always stay true to your core value: Competing against larger national or even international players can be daunting when you are a small business. Potential customers may have regulations in place whereby they can only work with National partners, or within contracts or pre-existing business relationships, which can potentially cut the smaller business out.
This hurdle can be daunting, but at Ducada Alan ensures that every closed door remains open. He values the relationships that he builds, and often it is this positive relationship that will result in business coming his way in the end.
Always keep your batteries charged: The responsibility of starting a new business is overwhelming. Working for someone else makes it easier to leave those business worries at work. When running your own business, those worries likely will spill over into your personal or family life.
Alan has always lived by the code of maintaining a balanced lifestyle. He understands that he needs to devote as much energy into other aspects of his life to ensure his batteries are recharged each day for the challenges and opportunities that Ducada presents. This balance allows him to keep it all into perspective.
Measure success in little wins: Growth of a small business is always the focus and maintaining patience is at the root of it all.
Alan believes that when starting out in a new venture, the little wins are what need to be celebrated. Whether it is an old rekindled business relationship or a successful implementation of a new process, celebrate the milestones and enjoy the ride.
Alan’s approach to starting his new business is refreshing. His keys to success have allowed Ducada to flourish out of the gate as well as reinforcing that he has made the right decision to step out on his own.
-- Loraleigh Kovacik
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