Owning a small business is, by far, one of the most rewarding endeavors in which one engages. Taking charge of one’s future and building success for yourself, your family, employees, clients, and community benefit from committing to small business ownership.
There is no magic formula for small business success. Each person is different as each business is unique. But there are some common suggestions to help you navigate the twists and turns of owning a small business.
And with all of the rewards and successes are the equally important challenges, mistakes, and flat-out failures. Long-hours, unending task lists, economic uncertainty, and growing pains are just a few of most small business owners’ everyday experiences.
There is no magic formula for small business success. Each person is different as each business is unique. But there are some common suggestions to help you navigate the twists and turns of owning a small business.
Don’t Let Your Business Consume You.
This is the most important suggestion of all. Most of us go into business for freedom and flexibility. But before long, we find ourselves so engrossed in our business that it becomes all-consuming and overwhelming. Our physical and mental health suffer as well as our most valued relationships, often with our spouses and children. Keep in mind that our work will never be completely done, and there will always be more tomorrow. Build your business from the beginning around your life goals. One tip on doing this is to mark out your time on your calendar each week and block it out as if it were a work appointment. You will find that you are more capable, energized, and happy. Remember, you are the boss now. Be a great one to yourself.
Embrace Your Expertise.
Know what you are good at and build on it. We all have strengths and areas of improvement. Know yours and work with what you have. Practice delegating or outsourcing as much as possible as often as possible. This may seem counterintuitive from a financial perspective, but on the contrary, if you are not bogged down in areas of your business that you don’t understand, then you have more time to focus on the areas at which you are strong and therefore building your business. And you will be happier and feel better. Let “working on your business and not in your business” be your mantra. If outsourcing or delegating is not an option, then try this. Make a list of the aspects of your business in which you do not feel confident. Start each day with the things you are good at and excel in, and as you complete those tasks, then pick one of the items from the other list and work on that for a while, but don’t let working on the challenging issue overwhelm or frustrate you. Just take it a little at a time.
Find a Mentor or Coach.
Finding a mentor or coach can be one of the most effective things you can do for your business. As business owners, we often operate in silos, having very few people who can relate to our experiences, much less offer guidance. A good mentor or coach will help you build upon your strengths and improve your challenge areas. Look for someone you can relate to and with whom you connect. This will become one of your most important and valuable professional relationships.
Improve Your Networking Skills.
Effective networking can contribute a great deal to your business success story. Although Covid-19 has dramatically changed how we network, the process of doing it remains more vital than ever. It just might require creativity. Establishing and expanding contact with people inside and outside your particular field of work can lead to exponential business growth. When networking, be yourself, be authentic and be present. That will work well in your favor.
Be Flexible
Although growing and maintaining a business requires scheduling, planning, and executing, it also requires that you be flexible. Try not to be so rigid or over-booked on your schedule that you cannot accept a last-minute invitation to lunch or an impromptu Zoom call with a colleague. Often, those lead to personal and business success. Flexibility is also a solid skill to have when recognizing the time to pivot from an ongoing plan or strategy and go in a different direction or completely stop the process.
Take Time to Have a Plan.
No matter what we try to do, our chances for success increase exponentially when we have a plan. This is even more true for owning your business. It is crucial to have a business plan to help focus you on your business future. There are numerous templates and guides available online but don’t be afraid to modify it to fit you and your personality. Most business plan templates start with an executive summary. What if you start yours with a story as to why you have this business, your vision for the future and your definition of success. Incorporate a vision board page as well. Make the plan inspire you!
Take Advantage of No-Cost Learning Opportunities.
Today, more than ever, there are endless opportunities to learn skills and grow your knowledge of important areas of starting and growing your business. Many organizations, funded through the Small Business Administration (SBA), are right in your neighborhoods and communities. Please take a few minutes, look online for your local small business development programs, join their mailing lists, or become part of their organizations. There should not be a fee to be a part of their network, and initially, be wary of those that want to charge you a price.
Now more than ever, the possibilities for business ownership and growth are limitless. By taking the time and setting the foundation for how you operate, you are allowing yourself to feel the total rewards of each step of the way. By finding your specific path forward, you are well underway for a meaningful, impactful, and fulfilling life as a successful business owner.