The Unfiltered Truth about Startups

Starting a business requires more than HUSTLE.

You need a solid plan, passion for your idea, and competency to run the business effectively.

Tune in and hear more on the raw truth about startups! Coach Kay Wds dives into the critical components of the startup phase and dives deep into the entrepreneurial journey, sharing her own experiences and invaluable insights on the latest episode of The Woman's Hustle: Thrills and Spills Of Entrepreneurship.

Are you a woman aspiring entrepreneur or a startup founder? I want to hear from you! Schedule a quick chat and let's discuss more.

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Transcript

0:01

Welcome back to the woman's hustle, thrills and spills of entrepreneurship. It's your girl, coach K. Woods and. I am back to talk about the. Relevant things that matters when it comes to entrepreneurship. Thank you so much for tuning in. The feedback just from the announcement of this podcast has been so dope and I'm forever grateful. Thank you so much for the encouraging words. Thank you so much for letting me know that this was something that was needed. If you all know, I have walked this entrepreneur journey for four years and I didn't have it all together when I started. So I wanted to create a platform. That would help other women be able to get it together quicker than I did. So thank you guys so much for the feedback. If you have not subscribed to the podcast, this is now your time to. Do so because we are going to. Talk about the thrills and the spiels, baby. And let me dive right in to what I want to talk about today. I want to talk about the word startup. When you hear the word startup, you. Assume that it is basically somebody that's wanting to kick start a business. There's like a technical definition for the term startup. Startup is a company that's in the initial stages of operations. It could be founded by one or. More entrepreneurs to develop a unique product. Or service and bring it to market. Now when people hear that, they're like. Oh, you know, that's nothing. I can do that I can start a business. I can start a business. Hey, I thought the same thing in. June of 2020 when I launched upgraded mindsets because I did have a passion. To want to help other women because I had been doing it not officially as a coach, but just as a confidant. I used to be called the bone collector at my old job, right? I would be that person that everybody. Could come and talk to, and they. Knew that I wasn't going to go being messy and gossiping and telling other people's business. I've always been an unofficial coach to women. I've always been an unofficial mentor. I've just always been that supportive person. The reason why things weren't going how. I wanted them to go is because I wasn't that supportive person to myself. So 2020 was the transformational beginning for me. I kind of hit a mental low and I knew I needed to get my shit together. Okay. So I began that personal transformation. And in the midst of the personal. Transformation, upgraded mindsets was created. I literally came up with the name upgraded mindsets during my 30 day fast. From social media in April of 2020. Yes. I took a 30 day fast during. The pandemic when all we could do was communicate with each other on phone or social media. We was on lockdown. We couldn't lead a house. You all remember all that? I took a 30 day fast from. Social media back then, okay? But it was critical for me to do so. So I launched upgraded mindsets in June of 2020 because once I came up with the name, I was like, oh, I want to be a coach. I want to help women. And I created it. Upgraded mindsets was made official in June, June 5, to be exact, of 2020. So I guess you could say I. Was in the startup phase, right? Listen, y'all, I had no idea all. Of the shit that really truly came. Along with starting a business. So in 2020, it was a lot. Of us starting businesses, right? I mean, a lot. I remember being on social media and it was so many people that was. Launching businesses and a, we was getting money, baby. Folks was getting money. But as I look back with more. Experience now and more insight, we was just hustling, right? We was in hustle mode. And I'm not trying to discredit anybody from their business. I'm definitely not. Because let me say this. If you are still operating in that. Business in 2020, baby, you is doing it, okay? So please give yourself on a pat. At the back and don't let me try to discredit you because I'm definitely not doing that because I know it. Took a lot, but we were just operating in hustle mode. We was seeing an opportunity and we. Was operating in hustle mode. But what we did not have was a plan. And if you are an entrepreneur or. You'Re thinking about being an entrepreneur, or you're stuck at a certain phase in your entrepreneurial journey, do you have a plan? Because if you're stuck, I'm going to be real with you all. You don't got no plan. You operate in hustle mode. You in that hustle mindset instead of incorporating the hustle mindset and the corporate. Mindset, because what I learned on my journey is you definitely have to incorporate the corporate mindset. All right, listen, three things that matter when it comes to starting your business is, is it able to be monetized? Do you have a passion for it? Because a lot of people be starting businesses and they really don't got a passion for it. They see that it's money that could be got from it, but you ain't going to get money from that if your passion ain't behind it. Right? So those are things that you really have to realize, and you got to be competent enough to run this business. Okay. Like, so many of us will just start something and there's really no thing. I'm in hustle mode. That's all fine and dandy. And we say that as entrepreneurs because I definitely will say that. I've been in hustle mode, really with regards to a couple of projects that I got coming up. I have an event here in my city, the renewing our resilience luncheon that is upcoming as I record this. So, hey, I'm in hustle mode trying to make sure that I got things together. But you can be in hustle mode, but you can't have a hustle mindset when you are trying to build a business. There's a difference, right? I didn't have it all together when I started. So what I want to do is be able to create a resource for. People to listen to the things that I might have messed up on. Other guests that will be on here, that'll tell you what they may have messed up on, how they had to get they stuff in order so we. Can make it easier for you. So for those that started businesses during. COVID it was easy. It was easy because, hey, everybody was doing it because we had nothing else to do. We was in a house thinking. I did a lot of reflection. In 2023, things matter. You want to make money, okay, we. All know that you want to make. Money, but the passion has to be right there, too. If the passion is not there, you're. Not going to thrive as a business. You're going to start something. You could start 50,000 things, but if. The passion is not there, I am here to tell you, you will not thrive in that business. Okay? Why does that matter? Why does passion matter? Because this is something you're doing for the long term. So there has to be a passion in it. You're not doing it to flip it, right? I'm speaking those street terms, but you're not doing it to flip nothing, right? You're doing it to establish longevity. You're doing it to establish legacy. I'm hoping that's what you're doing it. For, because that's what I'm doing it for. To establish longevity. To establish legacy. And just know that I'm capable of building a brand. Some things that I recommend that we have to think about is you have to start with the basics first. So although you might have a business. Goal, that's huge, but you got to. Come back to the basics. You got to come to the fundamentals. Of that business, and that really involves. You coming up with a business plan. I'm talking about out the gate. A business plan is something that you should have before you even officially launch. Anything, before you officially make it public. That you have, quote unquote, a business, because the business plan is the whole trajectory of what you want your business to be. Or if you just saying, hey, I'm. Selling t shirts, but what's the purpose behind selling your t shirt? Are they motivational quotes on there that reflect things that you've gone through? Have you done the research on the t shirt? I know that this is a great seller because people can relate to these specific quotes on these t shirts. Like that matters. Okay. The inner workings matter. I don't care what you all put on social media. I don't care how many followers you get on social media. The inner workings matter more. What are the inner workings? The inner Workings are your business plans. The inner workings are your research. The inner workings are your structures, your finances, your marketing, your tools, all of that stuff. If you don't have each and every. One of those things that I just. Listed within your business, you better do some rerouting and reflecting, and it's time. To round the back around and get them things together. That business plan should be number one. Research really should come immediately after because you got to make sure you can have an amazing idea. Right? And I have talked to some women. That have had amazing ideas, but it still has to sell. It might be an amazing idea to. Me, it might be an amazing idea to you, but it still has to sell. You've got to be able to monetize whatever it is that you're trying to bring to the forefront as a business. Okay? Another thing, finances. I know out the gate, we are funding ourselves. I know we went through Covid and they was giving out money galore. Grants galore. Let me tell you something that is no longer happening. And I'm not saying that to say. That there are not grants and loans and stuff out there. They are, but they're not given to. Anybody as easily as they was back in 2021. That routes back to your business plan. Most grants and loans that are given. Out now, they want to know what. Your trajectory, what you're intending on making. In the next year. What have you made in the last year? Those things matter. They're going to ask those questions. That's something you got to think about. The inner workings of a startup is you've got to make sure that you have all these things in order. Will they change? They most definitely can. As you pivot and grow, yes, your things can change, but you still have to have a blueprint. And a lot of you all are. Operating without a blueprint. You are going to need a team. And the first thing you all going to say is just starting off, I can't afford to hire nobody. I can't afford to get nobody. Then I'm going to need you to look at it like this. You may not want to start a. Business because let me tell you all from personal experience, I did not have. A team, probably for the first 18. Months of launching my business. And y'all, that was tough. That shit was tough. If I could go back and do. It over again, I definitely wouldn't do it the same way that I did it. Now, I'm on the other side of. The hump at this point. Thank God. But if I didn't have to go. Through 18 months of severely struggling, all. I had to do was get somebody involved, get somebody on my team. I would have did that with no hesitation. It's called investing in your business. Because let's be clear. We got money to eat out. We got money to buy clothes. Recession or not, right now we make. Do and we will get what it. Is that we want to get. We will vacation, we will take trips. We will just splurge and buy three full $500 shoes. If you're starting a business, you got. To think about that. What is it that you can take away from that? You can turn around and invest it in your business. If you really, truly don't have the. Money, then, okay, let's put it like this. You still got to get a team. Ever heard of collaborations? Ever heard of bartering services? You ever heard of getting around groups. Of like minded people? Because if you're telling me that you can't afford a team, then those are. Some of the most key things that you better start doing. You better start having conversations about potential collaborations. You better be reaching out to other people asking if they are open to bartering services. If you provide one service, then they. Give you another in exchange. That's what bartering is. And you better start getting yourself around like minded people. I know we want our family and. Friends to be our biggest supporters, but let me tell you something. As an entrepreneur, I need to be around other entrepreneurs. It's critical. It matters. If you want to thrive as a. Business owner, you got to be around other entrepreneurs. Yes. Even the ones that might do the same thing that it is that you. Do because you all be so worried about that. But that's who you need to be around. You should want to be around somebody that has been in the business longer than you. You might learn some tips because somebody that's established in a business, they not. Worried about you because they got their business plan in order. They're not worried about what you got going on. Real people that are really trying to grow their business, they don't have a. Problem with providing resources. Me for example. That's why I have the woman's hustle, because I don't mind providing value in. Regards to helping women elevate their businesses. Or start businesses or what they need to become better versions of entrepreneurs. So listen, I'm going to say these again before I get out of here. The real startup process is going to. Involve a business plan, research, structure, finances, marketing tools, and insurance. The insurance will come once the business plan is established. The insurance will come once you have officially launched your business. But you got to protect yourself. You got to protect yourself. So listen, if you are someone who is seeking any type of guidance or. Any type of assistance on any of. Those things, then you can definitely reach out to me. My link information will be listed in. The podcast notes and let's have a conversation. The first chat is always on me. Let's talk about what it is that. You want to start or if you. Started and you just don't know where. To move forward at let's have a conversation. I'm here to help you grow and. Regardless on how we say we want to do it and we got it. And we can handle it, don't do yourself a disservice by not reaching out for help. I appreciate you all so much for tuning in. Definitely give me some feedback. Let me know what you thought of this episode. I definitely want the feedback from it. What other topics do you think would be relevant with regards to the entrepreneur life? I definitely have some recordings coming up to bring some other guests that will be providing some amazing feedback on their. Insight on their journey, tips and strategies. That's going to help you as well. I'm super excited about that. I'm just super excited about this podcast as a whole. I'm loving to be able to provide this platform for us ladies because I know it's needed. So I thank you all so much for tuning in. Be sure you are following your girl. On social media at Coach K Transforms and make sure you subscribe to the podcast. This episode is brought to you by the upgraded mindsets online store. We are promoting positivity in every level of our brand. You will catch your t shirts, your housewares, your self care resources, all things positive growth at upgradedmindsets shop. Be sure you go check that out. Thanks so much for tuning in. Share this with a friend, share this. With your fellow entrepreneur and I'll holler back.