On the other side of 5 Years-Advice for New Entrepreneurs

Beating the Odds: Advice for Business Success

Alisha Anderson’s successful cosmetics company, Dioné will celebrate 5 years in March. She’s come a long way since she started her make-up business and was storing products in her parent’s basement.

“You’ve got to do what you’ve got to do for complete world domination,” Anderson jokes.

“I had to get all the products out of my parents’ basement and now I have a storefront in Rothesay, sales reps in B.C. , Alberta, Florida and Washington,” she says.

Anderson says the support she received in the beginning was critical to giving her company a good foundation.

“In 2012, I got a loan from the Saint John Community loan fund, but what was lacking, was the operational information I needed to run my potential business properly: how to price my product, market my product, when to stop doing the accounting myself and hand it over to someone else. Enterprise Saint John helped me with all of that,” Anderson admits.

Hitting the 5-year mark is a major milestone in a business’  lifecycle.  According to Industry Canada’s latest stats from 2010, 51% of new businesses will fail by their fifth year.

The GoForth  Institute in Calgary which offers additional business training to entrepreneurs has a suggestion for why the percentage is so high.

“It’s due, in part to entrepreneurs being unwilling or unable to transition their skillsets from entrepreneurial to managerial – it’s a whole different ball game to lead and manage a team at the five year mark,” says President of GoForth  Instititute, Leslie McGeough.

Vennture Garage SJ Mentor -in-Residence, Rivers Corbett says Entrepreneurs need to also take care of themselves.

“The marathon race of business is 90 percent mindset, 10 percent execution.  ‎And just like a marathon, to make it past 5 years or the proverbial wall, you will face hurdles and pains.  Understanding and appreciating an investment in your mindset as part of the success of your business is critical.”

Anderson agrees.  She suffered from anxiety and depression and says focusing on keeping a healthy mind, helped her business. This year, she finally let go of some aspects of the company, including Marketing, which is now handled by the local Saint John firm, ICS Creative Agency.

“I was just featured by a major style-maker and make-up blogger www.kristenleannestyle.com as one of the Top 10 foundations to try in 2017. So, I’m pretty excited about that.”

Momentum Canada also recently secured a contract for Dioné Cosmetics to be used in the Kreative Cosmetology Institute in Woodstock, NB.

Anderson is a good example of how it’s important for entrepreneurs to tap into different resources at different times of the business lifecycle to ensure their success.

Anderson gives this advice to new entrepreneurs.

“Don’t be so hard on yourself. I think not having it all figured out is fine. There are so many resources available to you, you just have to ask.”

If you want to get your business idea off the ground, Enterprise Saint John has several programs that can help, go here

Originally Published in Saint John Telegraph Journal February 26, 2017