The first year of business is tough. In fact, statistics have revealed that 50% of businesses fail in their first year. During my first year in a partnership as a small business owner, I had my share of struggles and successes. The first 6 months were the toughest; there was so much to do, so much to learn. I was transitioning from working independently as a full time employee to being in a business partnership as a part time entrepreneur with a long-time and dear friend. We had our share of excitement and ups and downs which allowed us to grow individually and as partners.
Over the past few months, I spent time reflecting on the lessons learned throughout my first year. It has been on my heart to share these lessons, as they may speak to those trying to find their way as business owners.
The top 10 invaluable lessons learned in my first year:
- Don’t quit: This is by far the most important lesson I have learned. By quitting, we rob ourselves of success and guarantee permanent defeat. Starting a business is fun, exciting and pretty scary. Maintaining a business through the highs and lows is not fun and cause most of us to quit.
- Find your “Why”: This lesson is just as important as the first lesson. In fact, the 2 go hand in hand. When you are able to get to the core of the reason you are doing your business, you are less likely to quit. Discovering what drives you when the referrals are low, rejection is high, the cash flow is lower than the overhead and you feel defeated. “Your why should be so big it makes your cry!”
- The fortune is in the follow-up: I dread making phone calls. This “feeling” may be linked to fear of rejection. However, I have grown more fearful of what may happen if I don’t make that phone-call or worse; fail to follow-up. As a business owner, it is on you to follow-up on projects, referrals, etc. There is no boss to hold you accountable for your lack of follow up. You are the boss. The success or failure of your business is on you (following up).
- Treating your business like a “Fortune 500 Company”: My business may not yet be featured as a fortune 500 company. However, I still choose to treat it as such. If you treat your business like pennies, you will make pennies. Our professionalism, quality of services offered, quality of marketing materials and promotion of events all speak to the quality of our company. Would you be your own customer?
- Investing versus Spending: We spend money on entertainment, clothes and vacations. We invest money in building our brands. Money invested in marketing materials, promoting events and personal development are designed to build you in order to build your business. The price for success is paid up front and in full. When we put in the work, we will see a return on our investment (R.O.I)
- Be prepared to work non-traditional hours: Being a business owner is a daily grind; it may even be a “moment grind.” You are never really “off the clock.” There is no punching in and out of work. You are always “on,” people are always watching, you are constantly networking. Again, there is no boss to manage your time or work. You are on your dime. I have learned, “If it’s gonna be, it’s up to me.”
- Prepare for war in the time of peace: My late grandfather and successful entrepreneur, Earl Hemby always preached this saying to my family. There will be times when business is “booming” and there will be times when business is slow. As a business owner, you don’t get the benefit package of an employee. There are no paid vacations, sick days or paid time off unless you provide them. Can your business survive without you running it or working in it? What if you get sick? It is imperative to plan for unforeseen events that may require you to be away from your business.
- If your mouth is closed, your doors are closed: When we opened our doors on November 1, 2013, I envisioned HandinHand Counseling Services, LLC having satellite offices throughout the surrounding counties of Pittsburgh and eventually expanding throughout the East Coast. By the way, this is still my vision for HandinHand. I know in order to make this happen; people have to know we exist. We are blessed to have the ability to use social media as a free marketing tool. I have also learned the importance of being present in the communities of our targeted populations, attending events and collaborating with other providers. I am just as excited about HandinHand as I was when my partner and I envisioned our baby.
- Working in the business versus working on the business: “Build the business and the customers will follow.” Working on the business is an ongoing process. When we work on the business we are developing business plans, engaging in personal development activities (seminars, reading, conferences, workshops)handling the administrative tasks and promoting events. Working in the business includes collaboration and customer service.
- No limits: I may have mentioned many unappealing aspects to being a business owner. However, I am sure most if not all business owners would agree that owning your business is a surreal feeling. You have complete control of the direction of your business. You make the rules, policies and have the freedom to use your creativity to grow your business. You are your own boss!
Each day I set at least one goal geared toward improving my business. The goal can include collaborating with a referral source to reading a chapter of a personal development book. The lessons learned in accomplishing and even falling short of goals in 18 months of being a business owner were designed to shape me into the person I am today. I am not the same woman who opened her first business in 2013. I am still a work in progress, my journey continues.
Also check out Sharise Hemby’s book; Vitamin C: The Healing Workbook here.
Please share your experiences as a new or seasoned business owner. Maybe you are considering starting a business, please share your thoughts, fears concerns and questions.