Thinking of a Business?
Thinking of starting a business in 2023? Or maybe you’re making plans to start a new business venture in a few years, either way, I’ve got your covered.
I am going into 2023 owning a business now for 7 years, and a few of those years have also been through a pandemic - something that I never dreamed we would have to journey through.
I learned a few things over the years as a business owner, and just in case this has been a thought or dream of yours too, here are some tips you can use so you can be smarter than I was about it.
#1. Develop a business plan and really detail everything in this (objective, target audience, and a financial plan)
#2. Must have money for a bookkeeper or accountant! There is so much to remember throughout your year. Remembering to pay your GST should be left for your accountant. After all, this is what they specialized in. This is huge and well worth the money. I was fortunate to have married an accountant and that has been a huge plus in my daily operations.
#3. Support system: Do you have family and friends that will not only listen to you, but will also dive in to help wherever needed? I am not talking about staff, it’s the support that will pick up your kids from school, drop off groceries or help in the business when you are in over your head.
There will be days where you just can’t get out of bed to start another day of craziness, you need someone there to pull you out of bed and help get you motivated.
The first year of my business I almost burnt myself out by trying to do it all and sometimes I didn’t do it all well. My son was in speech therapy three times a week that year, on top of many other medical appointments. I never felt like I got anything accomplished well. Then comes negative comments that you will remember for ever. One comment on a hard day was someone telling me “You will never make it a year in this business, you know nothing.” BUT with tears in my eyes another client came in and she looked in right in the eyes and said, “if you are going to remember every comment someone makes about you and your business then remember the many good ones instead of the ones that breath negativity”.
#4. There will be times or seasons of nothing. I am not talking about the pandemic either. I have had some moments in my business where I have been quiet. It is this time I am focused more on another part of my life, being a mom, wife, or a friend. This is where if you have staff then they become your go to. I have staff that are committed to the business almost as much as I am. That is hard to find, but they become your secret weapon. In 2019 I went to the hospital with my mom to check on why she was so tired (which was out of town about two hours away) we then heard the worst news; she didn’t have much time to live. I then was in hospitals, palliative care, 24 hours a day till she passed away, only 14 days after going in to get checked. I didn’t return to my business for two months from when I left thinking it was just going to be one day that I would be away for. Even then I wasn’t ready to come back BUT we are in business today because of our staff.
Author Seth Godin said, “people will respect you when they trust you and will trust you when they respect you”. That has stuck with me over the years.
#5. Connect with other business owners. Check in with them, encourage one another or seek out business owners and ask what motivates them to keep going. Connection is so vital in a small business.
I have more points, but this blog is getting a bit longer than I anticipated so I will make another part two later.
Have a great week and thank you for taking the time to read this blog, supporting a small business.
Cheers,
Shannon