Why New Businesses Succeed

A young client had a dream of starting his own tattoo business.  Now he is set to move into a commercial space in a month and has bookings for the next three months. 

So, how did he do it?

Luck – No, luck isn’t at the top of the list of reasons new business startups succeed, but a little luck helps.  Not everyone grows up knowing what their life’s work will be.  Like being a doctor, firefighter, or tattoo artist.  But it helps.

Vision - He knew exactly the type of high-end product he wanted to produce setting himself apart from the competition.  He researched competitors in the region and discovered few if any could do the complex multi-color customed designed tattoos. 

Passion – A passion for beauty and to be creative. 

Humility – Willingness to do whatever job that was available.  Through college and after, it included landscaping, bartending (and bouncing), driving taxi at any hour of the day, among other jobs.  All this while working on his art portfolio.

Commitment – To become a surgeon, takes more than completing the coursework. One doesn’t walk from the classroom to an operating room and start cutting.  Likewise, being a good artist doesn’t qualify anyone to start creating permanent images on someone’s body.  So, this young man searches the country to find the most talented tattoo artists.  He found one of them in Las Vegas.  He traveled to Las Vegas to convince the expert to take him on for 16 months as an unpaid apprentice.  This took more than one trip and many phone calls.  The artist agreed to take him on as his apprentice.  This also required a $5,000 investment in supplies and equipment upfront.  

Back in Colorado after his apprenticeship, he put the word out to friends and acquaintances.  One by one clients came knocking on his door.  Posting his work on Instagram for followers to see, new customers started coming from as far away as Denver.  Now six months later, he is ready to open his new studio.

Planning – My client made a time commitment to develop a business plan, researching the competition and pricing.  Calling on a network of contacts developed over 15 years he was able to acquire his first clients.  

Take Away  

1. Was a business degree necessary to start a new business? No, but that didn’t get in the way of creating a business plan and a financial forecast using the ForecastProfit$ tools.
2. These principles apply to starting any business whether the founder has found a cure for cancer or wants to be the best tattoo artist.