I Started This Business… Now What?
So you did it. You did something most people only talk about doing…you got that business license and opened that business. You have the business cards, the website, a little credit card debt, a computer and a printer that works most of the time. You’ve got the basics down. You’ve got a big goal, you’ve got little goals, marketing ideas, scaling plans, and you know that income needs to exceed expenses, but somewhere in between all that you know there’s more to know.
Breathe.
Here’s what I can tell you about what you’ll go through.
One: You’re Going to Struggle
You’re absolutely going to have self-doubt and question your sanity. You’ll be overwhelmed by financial challenges, with personal challenges as your focus shifts to your business, and you’ll be scared by what you don’t know. That’s the one thing I hear over and over from owners, “I don’t even know what I don’t know.” And all that is totally normal, but don’t spend a lot of time in that space of worry…you know that no good comes from that. Instead, do these two things:
Take a few minutes and focus on the successes that got you to your OPEN business, the obstacles you overcame. Derive strength from that. Smile. Now take a look forward to the next goal. Write down the tasks you need to do. Break it all down. Breaking it down makes it easier. One large task broken down into doable parts. Now start doing.
Understand that you can’t control what you don’t know in this moment, but you sure as hell can take some action on that to correct it. What areas of your business are you weakest in? List your concerns. Then go get answers. Never, ever accept not knowing as an excuse for inaction.
Focusing on your plan and taking action will replace thoughts of self-doubt. Keep movin’ forward! I remember back when I was running marathons…there was always a time in training or a time in the race where the only thing you knew was that you had to take the next step forward. You had to, to hit the next mile, the next water stand, the finish line. And that’s business ownership right there, step-by-step forward to the line.
Two: Things Won’t Go According to Plan
I’m not much into betting, but I’d take this one — your plans will change — they will have to. You can have a stellar business plan with a gold-plated schedule engraved on your calendar, but things will not go as projected. And that’s okay…roll with it. Be flexible! Be creative. I love the opportunity for problem solving that happens when things go sideways. And so many times you end with something even better in the end. Like this espresso stand I know. The owner had leased a spot on a busy corner and enjoyed growing revenues her first 6 months of business. But her landlord decided they didn’t want the stand there, and after an ugly battle forced the espresso stand out. She was a bit shattered by the experience but didn’t give up. She reached out to the property diagonal to her old location and negotiated a deal. Lower rent, a better facility, and a landlord excited about the partnership. Something bad turned into something good.
Approach your business operation with the expectation that good things will happen. So when you get thrown that curve, push through, knowing that you will grow personally and that you’re learning more about how to run a business. It’s all an opportunity, even the bad stuff.
Three: You’ll Be Tempted
It takes self-discipline to run a business and to keep the focus needed to succeed. The devil has placed all kinds of temptations in our way — ha! Okay, not the devil, just too much…distraction. Here are a few distractions that you’ll need to be careful of:
Social Media — I love love love the opportunities presented by social media. It’s a wonderful tool for businesses. BUT as a business owner understand that it’s just that — a tool. You going to hafta cut your use of it as a viewer, and lord, ain’t it easy to get sucked into the black hole of cute pictures or heart-warming videos. Limit your social media time as a consumer. Period.
Business Media — With the advent of the Entrepreneur-as-Hero there is now a boatload (and by boat I mean aircraft-carrier) of information on every aspect of business. There are Instagram feeds filled with inspirational business quotes, facebook pages and groups for marketing, and books and articles and podcasts and so on to infinity. And the resources are great, truly! But at some point you have to stop reading and start doing. Seriously. Pick a path and stick to it, listen to podcasts while you drive, spend a few minutes with business resources, but please don’t lose your time there. Be fully conscious of how you spend your time.
3. Networking — I love networking. I never thought I’d say that, but I do. But I’ve been lucky to find a couple of wonderful groups to hang with, and they aren’t really about networking, just about being in business. God knows, the entrepreneur path is a lonely one, so find a group of positive like-minded business owners to see every few weeks or so. Share stories, support each other. Network with people who aren’t focusing on sales or handing out business cards…like a non-networking networking group. Seriously. But here’s the warning… don’t network with so many groups that you’re not working in your business. Understand that networking is a slow growth path because it’s all about relationships and trust, and that takes time. Which leads us to #4…
Four: You Need Patience
I’m not going to lie, I’m always a little hurt when I get a new website up or launch a product and I don’t have orders lining up the first 15 minutes. You know what I mean, right? We’re putting out this amazing thing and the universe doesn’t acknowledge it? Humph.
It’s slow, baby. Just understand that. There are no shortcuts. You have to work hard. You have to make the calls, send the e-mails, do the meetings. Understand that most overnight success stories took years to happen. Don’t give up. Persistence, tenacity, and flexibility are qualities that will create success over time. I want ‘TENACIOUS’ put on my headstone. All caps. And maybe it’s just a word to substitute for ‘stubborn’ but that’s okay. I’ll own it. Because there have been times in my businesses that the only thing that got me up and facing the day was the knowledge that nothing would make me give up. And once you know that, it’s almost easy… you check your plan, put your foot out and take that step.