Things I Wish Somebody Had Told Me When I
Started My Small Business
As I hear from
small businesses owners from all walks of life, I am constantly reminded of the
things I wish I had known. Owning a small business is a challenge, but here are
six tips that will make the road to success easier.
1. Follow your
passion and don’t let go. Your
business probably stems from something you’re passionate about, but over time,
the day-to-day running of the business makes it hard to keep that passion
alive.
Fuel it daily by
reminding yourself why you started your business. Make sure that you fall in
love with a problem, not a solution. If your first solution doesn’t work, fall
back on your passion for solving that problem to find another answer for your
customer.
2. Cash is king. Running a business is an art and a science. The art is
your passion. The science is your business model. Make sure you understand your
own business model. It’s not something to abdicate to someone else.
Understanding money-in, money-out, is critical to business success. Ignorance
is not bliss. If you know how your business is doing at every moment, you can
celebrate your success or plan for how to get more cash.
3. Hire smart. Hiring a team is thrilling but also scary. Take
time to hire the right people for the right job. Fire them quickly if it
doesn’t go well. As a small business owner, you can do anything but you can’t
do everything! Hire people who love to do what you hate to do so you can focus
on your dream and evangelize your passion.
4. Communicate with
partners. Partners can be a great way to
bring complementary talent to grow your business but, just like a marriage,
it’s critical to communicate values and expectations. Create a business
“pre-nup” to set expectations for the partnership.
Related: Taking
on Risk, Embracing Rejection and Other Startup Lessons From the Trenches
Like every good
marriage, go on date nights and remind yourself why you went into business
together in the first place. You can also use it as an opportunity to brainstorm
new ideas or talk through problems in a less stressful space.
5. Protect yourself
from the unexpected. Think about
roadblocks you might hit along the way. Expect the best but prepare for
those unexpected hiccups.
Things will happen
that you can’t control. Do what you can to protect yourself. Set up systems and
processes in your business so that you can take a vacation or care for a sick
child. Make sure that things won’t fall apart if you step away for a moment.
Respect yourself enough to ensure that you can take care of yourself outside of
your business.
6. The buck stops
with you, but… You don’t have to
be alone! As a small business owner, it can be lonely making all of the
decisions. Ask for help. Not everyone has the courage to start a
business but most people want to help and support you.
Find other
entrepreneurs to learn from. Someone a few years ahead of you can provide
invaluable advice. Someone just starting can bring energy and creative ideas.
The best advice I ever received came from other entrepreneurs. It takes a
village.
Running your own
business is one of the most exciting, and challenging, adventures you will
embark upon. Take care of yourself as you set the tone and culture of your
growing business. Protect yourself to ensure the business will survive the ups
and downs. Running your business can be fun with a little bit of planning and
with processes to make things run smoothly. Take time to set it up right so you
can get back to doing what you love. I’m cheering for you! By Leslie Barber.
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