Tuesday, July 16, 2024

Lisa Ducharme – Lisa Ducharme – On Top 5 Mistakes When Starting A New Business

Leaders Perception Magazine is currently running an interview series called – What Are The Top 5 Mistakes People Make When Starting A New Business?

Today, we had the opportunity to interview Lisa Ducharme who is a Owner/Coach at Lisa Ducharme.

Interviewee Name: Lisa Ducharme

Company: Lisa Ducharme

Lisa Ducharme’s favourite quote: “I do the very best I know how, the very best I can; and mean to keep doing so until the end. If the end brings me out all right, what is said against me won’t amount to anything. If the end brings me out wrong, ten angels swearing I was right would make no difference.” Abraham Lincoln

The Interview

Thank you so much for joining us today! Tell us a little bit about yourself. What is your backstory?

Lisa Ducharme : I am a retired Air Force veteran, Results Coach, Veteran Business Resource expert, Veteran Caregiver Advocate, Team Building Coach, Business Strategist, and co-author of “The Truth About How to Save Money and Time, Amazingly Simple Business Tips” My life experience as the daughter of a veteran, serving 20 years in the Air Force, as a veteran, doing outreach in the veteran community, a business owner, veteran caregiver advocate, and an Entrepreneur in Residence at the University of Conn, for the Entrepreneur Bootcamp for Veterans, class of 2022, gives me a unique lens to help and guide businesses. I spend my time figuring out ways to create action-based solutions to a variety of business challenges.

In your opinion, what makes your company stand out? Any examples?

Lisa Ducharme : My directness and unique lens. For example a Senior Executive who was so stressed with lack of staff, and the poor morale. I was able to do a team building session, and provide her with time management strategies. Two of the most important suggestions I make, 1st – write the last line of your obituary, and I assure you, you will not write I wished I spent more time at work. 2nd – recognize time not by your schedule, but by the number of minutes. We all have the same 1,440 minutes in our day, and most Senior Executives work more than 9 hours, but they can work 9 hour days (540 minutes).

What are the TOP 5 mistakes people make when starting a new business? Please share advice/examples for all of them.

Lisa Ducharme : The #1 mistake most people make when starting a new business, is they start to research without knowing what they do not know.
o The internet is filled with so much information, and we think with a couple of google searches we have the answer we are looking for. The fact is we do not know, what we do not know. So it is important to start with the experts, there are a lot of free resources to help those who are in the idea or start-up phase, one of my go-to for all businesses is the Small Business development Centers. https://www.sba.gov/local-assistance/resource-partners/small-business-development-centers-sbdc

Not having a ‘why” / “passion” for the business, and doing it for the money, they think they can make.
o Many times, people are focused on the money they can make in a business, an example most recently is health care services that do not require a license. However, being a business owner is demanding work, so when things do not go as planned, you need to have a reason to keep going. Knowing your why this business is important, or the passion you have in this business will help get you through the rough spots, and I assure you, there will be rough spots. Do not make it easy to give up!

Doing too much, and not narrowing your Niche.
o No one can be all things to all people. You can be a jack of trades and expert in many; however, you cannot run a business that way. You must have a niche when you start out.

Not setting up a business checking account.
o This may seem like a small and that it should not matter. However, it is critically important that when you are starting up your business, you open a business account, and only do business out of that account.
– It is completely acceptable to put your personal money into your business account. This will allow you to keep your personal money and business separate.

Not realizing when starting a business, you are wearing 4-hats, the Chief Executive Officer (CEO), Chief Financial Officer (CFO), Chief Executive Officer (COO), and Chief Marketing Officer (CMO) – note this title has many different names
o Many people starting a business will focus on only a portion of the business. Whether they are a solopreneur or starting a business with a partner. It is important that you have the mindset of all aspects of the business.

Leaders Perception magaizne would like to thank Lisa Ducharme for the time dedicated to completing this interview and sharing their valuable insights with our readers!

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