Integrity was fortunate to quickly find a location for the new business that appeared to be “turn key,” requiring minimal fix up work. Integrity’s owners were also comfortable because they knew the right people to help them get the equipment and insurance they needed for their new business. However, once the agreements were signed and the keys turned over, a new reality quickly set in. The building required much more work than anticipated. The time crunch to get everything in order for opening day proved much more daunting than planned. According to co-owner Julee Baxley, “All we thought about was opening the doors and making money and that all the “little things” could be fixed later. But all the little things add up later. The sleepless nights and long days put a toll on your mind and your body and you start taking the easy way sometimes. The overwhelming urge to choose quick fixes is not always the best. You can over plan and under estimate before you realize it.”

What Integrity’s owners experienced in starting up their new venture is certainly a story that’s been painted and re-painted many times over. Michael Gerber, author of “The E-Myth Revisited,” so eloquently describes this experience as an “entrepreneurial seizure.” The adrenaline rush created by the excitement of owning your own business somehow numbs the pain of the eminent reality one must face. Most new business owners truly underestimate the sizeable task that faces them to get business operations fully functional, especially with a compressed timeframe. The lack of time is the enemy of rational, solid decisions. The more time constraints in play for opening a business, the more money that is usually spent and the more potential for costly mistakes.

When asked Integrity’s owners would change if they could do the process all over again, the answers were clear. First, delay opening the business an additional two weeks. This would provide the time needed to get several bids for all types of products and services that Integrity Automotive needed to run the business, likely saving significant costs. Second, they would have assigned just one individual in the partnership to be responsible for acquiring all the products and services needed, instead of splitting up the task among several partners, which led to more complication and differing expectations.

When starting up a business, a solid business plan usually forms the foundation for how the business will run. However, to supplement the plan, a detailed checklist of all things needed to be acquired and completed for starting up business operations is essential. The checklist should include who’s accountable and the deadlines for completion. Start-up purchases should also be guided by a pre-established budget. Be sure to allow enough time to minimize any rush decisions. When establishing your budget, be cautious to error on the conservative side, as you will likely underestimate the cost of items needed to begin business operations. Cash conservation should be a critical priority during start-up time, so all purchases should be carefully considered. With emotions running high and time running short, a new and anxious entrepreneur will have the tendency to overspend, rationalizing away the decision. The reality of those decisions will appear in due time and could put significant financial and operational stress on the new business.

Starting a new business is certainly a daunting task. The mass of decisions to be made and actions taken is simply overwhelming and indeed can lead to mistakes in several areas. While Integrity’s owners have had to spend considerable time addressing some of the key mistakes made early on, the lessons learned through that experience have proven to be very valuable for this young business. Thankfully, Integrity’s business is doing well and continuing to grow each month and is poised for a great future.