Have you decided to launch a small business? Congratulations! This is an exciting and new adventure.
You probably have figured out what you want to build and have started talking to people about it. You might be jumping out of bed every morning because you are excited. You might be thinking about your business in your spare moments. It’s not a business – it’s an obsession!
Some days you feel so brave that you could slay a dragon.
Some days you feell so overwhelmed you can barely get out of bed. That task/meeting/call may get done today. This emotional roller coaster is a normal part of being a small business owner.
As a new business owner, you will make mistakes. Lots of them. If you have a problem with this, don’t start a business.
As someone who works with small business owners, here are seven suggestions that will help you survive your first year, or first few years, as a small business owner:
1. Know that you won’t know everything. There may be a few things you don’t know, or there may be a lot of things you need to learn. Come to terms with the fact that there is just too much information available today and you’ll need to prioritize. What do you really need to stay current on? Information that is directly relevant to growing your business and to serving your clients. Every other topic and shiny object is a nice-to-know, not a need-to-know item.
2. Remember that it takes a village. Even solo business owners shouldn’t go it alone. Collaborate and interact with other small business owners. Make it a point to check in regularly with other people who are building businesses. You will get support and maybe even some ideas for your business. I also highly recommend that you find real-life and virtual mentors.
3. Protect yourself from negativity. It will take every ounce of energy you have to keep yourself “up” and focused on the high-priority tasks you need to accomplish to move your business forward. You may have to distance yourself from some friends – and even some family members – who don’t support your dream.
4. Acknowledge time constraints. Realize that there may never be enough time. Sometimes (maybe all the time) you will have competing priorities and it will seem like there are not enough hours in the day. Concentrate on the high-value tasks and let everything else wait.
5. Embrace the concept of “good enough.” Do the best you can, but know that sometimes good enough will have to suffice. Perfectionists will chafe at this, but often it is better to get something out than to wait until it is perfect. Consultants use the colorful expression “polishing the turd” when people are just nitpicking at small things instead of declaring something done for now.
6. Give yourself permission to fail. Some things will work out as planned, and some things definitely will not. Give yourself permission to fail. All successful people fail a lot (you just may not hear about it). When in doubt, do something. Sometimes any decision is the right decision. Analysis paralysis is a small-business killer.
7. Understand that self-care is not self-indulgent. Taking care of yourself – taking time away to recharge, eating well, resting, exercising – will make you more productive and successful. Don’t think you have time for that walk or run? I guarantee you will zip through your tasks quickly when you get back.
These may not be the business tips you were expecting, but this is my best advice.
You probably have the skills and the industry knowledge (or you are working on acquiring it) that you need to succeed. The above points are where I see even the most competent professionals stumble and fall.
And, by the way, these also are important points for experienced small business owners. I coach my clients around the self-care bullet on almost every call.
Photo by Thomas Bormans on Unsplash
