SEATTLE – July 27, 2010 – Coffee, butter and sugar keep Dani Cone on her toes. Cone, owner of the Fuel Coffee shops and High 5 Pie, was just named one of Puget Sound Business Journal’s 12^th annual 40 Under 40 program, which recognizes leaders in business and industry as well as the community.

Cone reflected on the road that led her to being recognized as a business leader and she offers the following 10 tips:

1. Take yourself seriously
2. Be thorough: Create a business plan, do the research, choose your site thoughtfully
3. Know your industry, your market and your audience
4. Be prepared (and even excited for) a lot of hard work
5. Stay current on developments in your industry and market
6. Good communication is important
7. Value teamwork
8. Support your staff, your customers and yourself
9. Get involved with your community and support your neighbors
10. Take yourself seriously — again!

Dani also offers these secondary tips:

1. Learn how to effectively use a Blackberry or iPhone.
2. Find a good wrinkle cream. You’ll need it.
3. Formulate a diplomatic and polite response to the never-ending onslaught of comments you’ll get that start out with “You know what you should do is…”
4. Learn how to delegate.
5. Learn how to accept kind and much-needed gestures, like a friend bringing you dinner after a 30-hour shift when you’ve just realized that Clif bars perhaps are not sufficient for all three meals.
6. Stand tall. Even when your back is killing you.
7. Fake it til you make it.
8. Take yourself seriously, but don’t forget to laugh too.
9. Being the boss means that you have even more people to answer to, not fewer.
10. Remember that you love your job.  Act accordingly.

Dani explains her top-10 list of business tips:

1. Take yourself seriously. To me, this is the single most important first step in starting your own business.  I’d thought about opening a coffee shop for years, and even when I had barely begun the process, it was this tip that kicked things into high gear. Honestly, I remember the exact moment that I switched from saying “I want to open a coffee shop” to “I’m opening a coffee shop.” Granted, it was very early on in the process, but as soon as I heard myself say it, it didn’t matter that it was still almost a year away. It is the difference between having an idea and acting on an idea. This action sets you apart from the pack. After all, many people have many great ideas, but it is very few who have the courage to make a go of it.
2. Be thorough. First things first: research and write your business plan, even if you are already an expert in the field!  When I began this process, I had already been a barista for 13 years. I thought for sure I could skip over some parts or just breeze through. But, the bank loan demanded otherwise. This turned out to be a very good experience for me. Even though I thought I was pretty fluent in all things “coffee shop” related, the exercise of researching and writing a business plan, number-crunching my way through pro-forma financials, analyzing market and industry trends and statistics, and thoroughly fleshing out every detail of systems and operations of my future coffee shop proved hugely beneficial. With a focus on being thorough in every step of the process, I was able to successfully select a site that matched up to target demographic, traffic count, and other variables I had determined through the research. Additionally, the process allowed me to have a concrete yardstick to which I could compare forecasted and actual numbers (sales, inventory, labor, etc) throughout the first three years of business.
3. Know your industry, your market, your audience. Do your research! Regardless of whether you are starting a business in a field new or familiar to you, take the time to thoroughly research and analyze the industry, the market, and your audience.  Start out broadly, looking at the industry as a whole (e.g. Specialty Coffee), and then narrow it down to your market (in Seattle, and then further to your desired neighborhood). For instance, spend a little time with each of these questions:  What is going on the industry/market today?  Is it growing/shrinking?  What are the industry/market trends of the past 5 years?  What are industry/market experts and analysts saying about the next five years?  How do economic times (booms or busts!) affect your industry/market/product?  Next, analyze your audience:  who will buy your product/service?  Where are these people located?  What can you offer them that is different/better?
4. Be prepared (and excited for?) a lot of hard work! Owning your own business is as much hard work as everyone says it is…but it is not a thankless job! I think the most important thing is just to be aware of and prepared for the amount of work and the many hats you’ll wear as a business owner. Ideally, you can do the things you want to and love to do and hire someone else for the rest…but, usually a small business-owner starts out doing it all for at least a little while! Don’t be scared, but be ready. Focus on the bigger picture while you’re plunging that toilet…it’s YOUR toilet in YOUR business that YOUR customers use! Ok, so that may not help a whole lot in that example because, after all, you’re still plunging a toilet…but hey, it did get me through many a dirty job.
5. Stay current on developments in your industry/market. Business and trends move fast, and technology moves even faster.  It is important to stay current with not just “what’s hot” but with “what works.” Industry magazines, blogs and more can definitely keep you up to date on the latest trends, product development, research, innovation, and more.
6. Communication is key. If you are not great at communicating, learn now. If you are, get even better. Communication is essential to the success of your business. After all, every business relies on effectively communicating to any combination of staff, customers, co-workers, partners, vendors, banks, and more. Good communication is based largely on knowing your audience. For instance, each of your employees may respond best to different communication styles and it’s up to you to learn what those are and how best to utilize that information. Keep open lines of communication, and make sure to have a clear process to synthesize suggestions, feedback, ideas, and more.
7. Teamwork: More often than not, an idea becomes a reality thanks to a team of people. Sure you may get the credit for your successful business, but in truth it is good to realize all of those around you who continue to make it possible. Working together with all sorts of people is a crucial and defining element of successfully running your business. Take your time to assemble your team, whether it be of staff, partners, a board of directors, vendors, etc.  These people will be working with you and for you to achieve your goals!
8. Support your staff, your customers, yourself! After you’ve assembled your team, it is important to support them in every way possible. Without your support, they cannot be expected to perform at their best. You are the catalyst for this motion and you have every bit of control over the success of your team. Identify their strengths and weaknesses without judgment, but merely as a means of placing each in his/her most effective role. Support your customers by providing them with the best possible product or service, and continually striving to do better. Seek out and listen to their feedback and use all information constructively. And yes, support yourself!  It’s a tough truth to swallow, but the fact is you just can’t be everywhere at every second, and you have to trust your team to carry out your vision in your absence…be it for 5 minutes, 5 days, or 5 weeks! I remember my first week of business, and I was working every day from open to close (6am-10pm), not including extra hours on either side of that prepping for the morning or doing the nightly orders and paperwork. One evening, a small group of folks came in after a great dinner and plenty of drinks from a neighboring restaurant. He identified himself as a high-position executive with the world’s largest coffee chain. When he heard that we’d just opened earlier that week, and saw what must have been a the biggest bags known to man under my eyes, he kind of laughed and smiled (perhaps nostalgically) and said “remember, you don’t have to be here for every minute of it.” I thought he was crazy. Not just crazy, but totally out of it and disconnected from the real nitty-gritty of small business ownership. I almost blurted out my immediate thought: “Why not? Where else would I be?” Well, I have to admit, I still feel that way. But, I bring this up because I now realize that he’s right. You just can’t be everywhere at once. I’ll be honest though and say I give it my best shot! But, I don’t necessarily recommend that. Trust that your staff has been trained well, and remember to take care of yourself.
9. Get involved! One of my favorite parts about owning a business is the opportunity it affords me to get involved with the city, the local community, the neighborhood, and many organizations. I believe it is every business’s responsibility and privilege to work hard to be an asset to its community. Not only is it good for business, but it is so rewarding to use your business as an effective vehicle to “do good.”
10. Take yourself seriously, again! Yeah I know I said this already, but it is so important that it deserves a second mention!  Take pride in your work and take your efforts, your energy, your ideas and your goals seriously. Don’t expect this from others, but rather earn it.