The buck stops with you, but… You don’t have to be alone
As a small business owner, it can be lonely making all of the decisions. Ask for help. Not everyone has the courage to start a business but most people want to help and support you.
Find other entrepreneurs to learn from. Someone a few years ahead of you can provide invaluable advice. Someone just starting can bring energy and creative ideas. The best advice I ever received came from other entrepreneurs. It takes a village.
Protect yourself from the unexpected
Think about roadblocks you might hit along the way.
Things will happen that you can’t control. Do what you can to protect yourself. Set up systems and processes in your business so that you can take a vacation or care for a sick child.
Make sure that things won’t fall apart if you step away for a moment. Respect yourself enough to ensure that you can take care of yourself outside of your business.
Communicate with partners
Partners can be a great way to bring complementary talent to grow your business but, just like a marriage, it’s critical to communicate values and expectations. Create a business ‘pre-nup’ to set expectations for the partnership.
Like every good marriage, go on date nights and remind yourself why you went into business together in the first place. You can also use it as an opportunity to brainstorm new ideas or talk through problems in a less stressful space.
Hiring a team is thrilling but also scary. Take time to hire the right people for the right job. Fire them quickly if it doesn’t go well.
Hire people who love to do what you hate to do so you can focus on your dream and evangelise your passion.
Cash is king
Running a business is an art and a science. The art is your passion. The science is your business model.
It’s not something to abdicate to someone else. Understanding money-in, money-out, is critical to business success. Ignorance is not bliss. If you know how your business is doing at every moment, you can celebrate your success or plan for how to get more cash.
Follow your passion and don’t let go
Your business probably stems from something you’re passionate about, but over time, the day-to-day running of the business makes it hard to keep that passion alive.
Fuel it daily by reminding yourself why you started your business. Make sure that you fall in love with a problem, not a solution. If your first solution doesn’t work, fall back on your passion for solving that problem to find another answer for your customer.