As a business owner of two companies, I definitely went through some steep learning curves as I got started. And let’s be honest, those learning curves keep coming, no matter how long I’ve been at it! I’d love to share some things I’ve learned that I wish I could tell myself BEFORE getting into owning a business. And I want to share these with you, to help YOUR confidence as a current or future business owner!
- Owning a business is like being a parent. Everyone comes out of the woodwork to give you ALL the advice of how to best do it right! And everyone’s advice is DIFFERENT! When I bought my current company, A Little Lady Shop, so many people wanted to “help” and give their advice. I tried implementing everything that people were telling me. But after listening to everyone, I started realizing I was getting opposite advice from different people, and a lot of the advice HURT my sales! Who do I listen to? Do I do it this way, or that way? I finally realized I need to listen to myself, acknowledge their concern, and move forward the way I want to.
- No one else has your business as their first priority. This lesson was a tough one to learn! I definitely learned it the hard way. After being burned numerous times, I now see that I’m the only one that puts the company first. Everyone else has different motives. These could be money, influence, saving you from failure, or even to see you fail. It’s true. And disheartening! But before you despair, there is a solution! Make sure to set your boundaries, and make decisions based on what you know and what your heart tells you. Even if you sign contracts with people, they may let you down, and that’s part of the process. You’ll find your people, and they will support you as you forge ahead as the head of the company.
- Running a business takes SO much head-space! I wasn’t naive enough to think it would be easy to own a business, but I didn’t expect to spend so much time thinking through so many behind-the-scenes logistics. It has helped tremendously to make big changes in my company to have things run smoothly without having to micromanage. This leaves more time for me to focus on the vision of the business. If you find yourself consumed with thinking through all the things, consider implementing different and new strategies. Maybe it’s delegating, maybe it’s automating media or marketing. It will be specific to you and your business.
I wish I had known these three things BEFORE owning my businesses. Preparation and expectation is key. I hope these three things help you through your business endeavors!