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If you’ve been reading my articles here on Creative Income for a while, you probably know that I’m a serial entrepreneur. That is, I’ve owned one business after another since my senior year of high school. I won’t tell you what year I graduated but it’s been a long, long time.
One thing about owning so many businesses is that I’ve learned a few things along the way – some the easy way and some the hard way.
Julie Balzer and I on the set of Scrapbook Soup. Don’t be afraid to try new things and step out of your comfort zone – I did!
Here are 10 things I wish I had known sooner:
- Good employees are GOLDEN. If you are operating a small business, chances are that you aren’t paying very much and you can’t offer many benefits, either. If you find an employee that is hard working and easy to get along with, there are ways to bump up the benefits so that you can still afford her while making her feel like she’s getting a good deal, too. Do those things!
- If your employee can bring a child to work (if not every day or afternoon, then maybe on occasion) and not have to pay day care, that is a big deal.
- Be sure to give something a little extra for birthdays, major holidays and maybe her employment anniversary. It doesn’t have to be much, just show that you care.
- Show appreciation. Don’t take a good worker for granted or you will wind up having to do all of the work yourself.
- There will be bad times. You may lose a contract, a customer or a whole boat load of money in your business. The thing to keep in mind is that you can overcome these obstacles if you give yourself the chance, stay calm and think things through. I lost a business several years ago after taking out a second mortgage on my house and I’m still paying it off. It hurts but it’s not killing me. And I’m off running another business too!
- It’s just a business. Yes, you’ve put your heart and soul into it along with lots of blood, sweat, tears and sleepless nights. But lets face it – in the face of a major life changing event, a business is something you can give up if you really have to. Keep your perspective and be realistic.
- You need a plan. Even if you simply sketch out a flow chart on a napkin or write down how you want your business to look in five years, you need some kind of a plan.
- Know your core strengths. I’m an ideas person. I like to share my ideas and then have someone else make them happen. Knowing that about myself makes it easier to reign in my million ideas because I know that I’m the one that will actually have to implement them. I’m also not so good at numbers, so I leave all of that up to the professionals.
- Owning a business is really hard work but it also allows for lots of flexibility. Learn to make your business flow with your life so you can have the life you really want.
- Most things are harder than you think they will be. Go into it with the expectation that it will be harder than you think, but do it anyway. You’ll learn and figure it out as you go and you’ll feel pretty great after you figure it out.
- It’s okay to be afraid, shy, worried or anxious about new circumstances, situations and opportunities. Do it anyway. I was really nervous to be on Scrapbook Soup but I did it anyway and had a lot of fun!
- You are smarter than you think. Just because you don’t have a set of skills in your wheelhouse today, it doesn’t mean you can’t learn and put those skills in your wheelhouse later on. You can learn almost anything you need to from a website, YouTube or a mentor.
- It’s okay to say NO. Saying no doesn’t make you a bad person and there is no reason to feel guilty. Say, “No, that doesn’t work for me” and then move on to things that do work for you. You’ll be so glad you did and the person you said no to will be glad (eventually) that you didn’t waste their time.
Are there things you wish you’d known before you started your business?
By: Vicki O’Dell, The Creative Goddess
CreativeIncome
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Thank you for your insight! I’ve read a lot of articles just like this one, but yours hit home a little harder. I have been in the research and preparation phase of trying to start a sewing/crafting business for over 12 years now and need to get over my stage fright and just do it. Thank you for your encouraging words, they are appreciated.
Like you I have created and grown a number of businesses to good success. Woodworking, Professional Window Washing, Cleaning and Maintenace Company and also a Pet care Service. I have always gone the extra step and without being required by each of the industries sought out licensing, insurance and bonding, as well as registering them all with my state, pay sales tax and hold tax id numbers. As far as my latest venture, I am in the process of starting a jewelry design business. Still working on the name, but otherwise ready to put all the creatinve juices that are bubbling over in my mind to use. I am stocked with supplies, tools, bench, displays, etc. Here is my question. Do most folks in this industry register their name, get a tax id number… etc. In this instance I just want to do what is needed, and not get involved in anything that is not required. Thank you in advance for your assistance.
Your comment “its just a business” really hit home with me. For years I worked for a small company and got caught up in the mindset that the world revolved around the business. Now I’m trying to start a jewelry making craft business and have the old feelings of stress when I think about my future business. Your statement made me stop and have a “whoa!” moment and a complete turn around in my thinking. Thank you for that because now I’ll start my business and enjoy the experience!
I really liked these points; I have had many businesses myself and the one thing I have learned is just do it! jump in- don’t wait until everything is perfect- it will never be perfect! Don’t wait until all your ducks are in a row because there will always be a straggler…you don’t need the perfect work space- you just need to work! And for Pete’s sake- don’t let anybody’s “opinion” of what you are doing sway you from what you are doing (none of us really know what WE are doing anyway)!!