Fellow genetic counselors often ask how I came to specialize in ancestry testing. The curiosity is understandable since my path has been unique and led to me founding a small business. A solo journey is not easy, but it can have personal and professional rewards. If you find yourself percolating an idea, consider these steps:
Document your achievements (and lessons learned). This will remind you of the reasons you decided to consider a trek into small business.
- Figure out your purpose. What you set off to do should be a passion you have that fulfills a purpose. For quite a while, you might have to work for little or no pay. Test your business idea as a side hustle before leaving steady work. This will help you make sure there is a demand for your product or service and that you enjoy providing it.
- Identify your product or service. A sustainable business requires something produced for or provided to customers. Your business could sell a service, an item, your expertise, or a combination of these. You might need multiple revenue streams or pivot over time.
- Build your team. My business is structured as a single-owner LLC, but over time I have built a small team of part-time helpers who assist with bookkeeping and projects. You might want to partner with a co-owner from the start. Choosing who is on your team and how you’ll structure your business to include them is hard but important work.
- Establish your business type and location. Corporations, partnerships, and non-profit organizations require different set-ups. What works for one small business won’t necessarily work for yours. States also differ in their friendliness toward business owners, so investigate the pros and cons of filing your business in a different state.
- File the necessary legal paperwork to become official. I’ve used a combination of a small business attorney and LegalZoom for my business legal needs. Consider county requirements in addition to state requirements. The Small Business Administration website, sba.gov, is a good place for information if you’re based in the United States. If in Canada, try chamber.ca.
- Get proper permits. I operated my business out of my home without having a special license from the county for over a year until a foreboding letter arrived. Luckily, I got it sorted out, but I learned that you need to make sure you dot every “i" and cross every “t.” Honest mistakes may be forgiven, but it’s best to avoid them if you can.
- Create a visible presence. People need to know your product or service exists to benefit from it. In current times, this means branded accounts on social media and a website. You might enjoy this work yourself, hand it off, or share it with team members.
- Market, market, market. This relates to the prior point. This has been the hardest part of my small business journey, as I still need to explain genetic counseling and my unique skill set. Marketing is an ongoing task and requires being clear with a call to action.
- Secure start-up funding. You’ll need financial reserves or to secure a source of funding until your business stands on its own feet. Some types of business set-ups allow you to have investors who are also members while you control the business. Infusion from a venture capitalist or a small business loan are other possibilities. A financial safety net will allow you to focus on providing an excellent product.
- Keep good records. Good organizational skills are required to run a business because you need to document everything. This protects you, your business, and your clients. Don’t forget to document your achievements (and lessons learned) in a place you will see regularly. This will remind you of the reasons you decided to consider a trek into small business.
Your business might be something you simply test out. Maybe it will be a short-term exercise before you leap to other things. Maybe it will last for a few years, a few decades, or beyond your lifespan. There is a lot to consider and decisions to make, but no matter how it turns out, a small business adventure promises a long line of valuable lessons.
Brianne Kirkpatrick, MS, LCGC is a genetic counselor, consultant, and founder of ancestry testing specialty practice Watershed DNA. As an advocate for the expanding roles of genetic counselors, she’ll be co-leading the inaugural Blue Ridge Retreat for Genetic Counselors in May 2020.