Last week I was at a business conference where the whole purpose was to learn how to make more money. Now obviously, the topic tells you why I was there, but what it doesn’t tell you is what else happened.
I got a swift kick in the pants. I got slapped upside the head. And I knew I would – which is precisely why I went.
Being a business coach, I knew that I needed to get back on track. I knew that I am no different than anyone else who has ever run a business that has fallen victim to focusing on everyone else and not themselves. I am sure it is the same for you. How many of you seem to get caught up in daily life and get pulled in a million directions? Before you know it, the day is over and you have not accomplished half of what was on your to-do list! This is is a pretty normal situation for small business owners. All it seems to take is one phone call or one email to derail the entire day’s agenda. The to-do list just keeps growing because you put things on the back burner that really need to get done.
But the fact of the matter is you have to get all of those things done. You have to focus on all the tasks at hand – especially the revenue generating tasks. The ones that have the potential to push the business onward and upward. Often these are the tasks that get pushed back the most. They are usually time consuming, and possibly expensive, and sometimes even scary. But the truth is: what you resist, persists. What you focus on grows.
I bet you thought that when you went into business for yourself you would never have to answer to anyone. That is simply not true. There is a reason larger companies have a board of directors or some sort of management – the business needs structure and accountability. There has to be a person, or group of people, to be there to nudge you in the right direction when you are not accomplishing the projects that should be your main focus. Most recently, it was the ALL the people at this conference. The presenter, as well as my peers. Pushing me out of my comfort zone and forcing me to look in the mirror.
But how does one go about creating an accountability plan or finding an accountability partner? However you decide to set it up your accountability plan, you will want to focus on some key elements:
- Choose someone or a few people who are not afraid to tell you the truth – no matter how painful.
- Book at the very least a monthly accountability session with them.
- Find someone who has strengths where you have weaknesses so they can guide you where you need the most help.
- Take a look at the systems that run your business. Are they helpful or disruptive and expensive?
- Determine what is not your skill set and either learn what you need to become better – or delegate and MOVE ON!
- Work with them to establish SMART goals (Specific, Measurable, Attainable, Realistic, Timely)
- Establish a DEFINITIVE timeline AND deadline for those goals.
- Create fair consequences for not achieving those goals. Punishment is not necessary – but there are ALWAYS consequences.
Accountability is a MUST for every small business owner. Why? Because isolation is the enemy of wealth and success. So get comfortable with being uncomfortable. The longer you run from someone holding you accountable, the longer it will take for you to achieve your goals and put your business in the position you want it to be in. I am thankful this weekend provided me with a swift kick in the behind. I once again have someone who holds me accountable. I also provide accountability services for my clients. It is one of my most favorite things I do.
You know the beautiful thing about accountability? It means you are not alone. It means there are people there to help you.
I would love to help you.
What works for you as a small business owner? What are some ways you have inserted accountability in your business?
I am about to celebrate 15 years of being in business with my husband. Our company, MB Tech, Inc., is a technology company that has seen a lot of changes over the years. Since we are planning a lot of fun surprises and taking a walk down memory lane, it has brought up a lot of memories of how we made it this far. Amidst all the planning, the remembering back, and even the day-to-day operations, there is still only one question that I get the most often:
What would you say the secret to your success is?
That’s easy. I can answer that with two words. The first one is DISCIPLINE.
When we first started running our company, we naturally fell into our prospective divisions. He handled all the IT stuff and I handled the sales and marketing. We both had to grow with the technologies that allowed us to do our jobs, but we still stayed focused on what we needed to accomplish in order to make our company grow.
So as the marketing arm, my duties have really grown over the years. I started out networking all the time – at every event I could find. We did not have a brick and mortar – still don’t – so getting out there and putting in the face time was key. Then came email marketing, then came social media, and now the most prevalent – video marketing. Somehow, business owners are expected to maintain a marketing presence and still do whatever it is their business does.
I understand this can be hard for a solo-preneuer. That is where the discipline comes in. Myself, I have a schedule that I follow to the letter that I follow. Every day, week and month I have a deadline of some sort. And I follow it. I figured out what represented our company the best and I ran with it. For us, this is STILL networking face to face, social media/email and treating the people that know and love us with respect to keep the referrals coming. That is the discipline. But I am a crazy, super Type A individual and actually enjoy this level of organization. I am not not normal.
The fact of the matter is most people are not disciplined to this degree. But what do you do if you simply can’t be everywhere? You have some discipline, but simply not enough hours in the day. I totally get this. It happens. I am no saint, sometimes we are late on the marketing deadlines I set for our company.
This is where the excuses come in. I hear excuses from my clients and colleagues all the time as to why something is not getting done. Excuses and whining WILL NOT GET YOU THERE. Yes, I said it. STOP WHINING. If you want something bad enough, you will find a way to make it happen. If you can’t be the one to get them done – then you have to delegate.
Discipline also means knowing your limitations. No one can do everything. I delegate plenty. In order for a small business to succeed, the next thing you need is to have is someone holding you ACCOUNTABLE. This can be a business coach, peers in your or complementing industries, virtual assistants, etc. who will not only help you accomplish tasks, but to push you to the next level.
I am not suggesting jumping into something blindly. I am saying have a plan. If you need help, call me, call a coach, call a trusted colleague, just call someone. Formulate a plan, realistically plan who is going to do what and when – and then actually do it. This type of DISCIPLINE, partnered with ACCOUNTABILITY is really the secret to any business’ success.
Final thought – don’t get caught up on hiccups. Life is full of hiccups. Roll with it. Don’t let delays, failures, or flat out not knowing how de-rail you. Find someone who can help you. Google it. Do whatever you have to do. Just get back on the horse. I believe in you – you should too.
I was recently approached by several people about coming to speak at their event about networking. It is very common this time of year to re-focus your efforts on networking and analyzing where you should be spending your time to grow your business. Rather than tell it like it is to a small group, I am choosing to lay it all down and put it out there – the COLD, HARD, UGLY TRUTH about networking.
- Everyone’s process is a bit different. Most people shy away from networking because they think this means going to some boring mixer, drinking your glass of wine, passing out business cards, all while collecting some for yourself. Ugh. This IS NOT networking. This is wasting time. Networking does not just happen in meet and greets. Networking DOES NOT have to happen in a certain way. It can be anywhere. I network just about in every situation I am in. The grocery store, the school pick up line when I am getting my kids, chatting with other Moms, talking with the neighbors, all my friends on social media, you name it. Technology certainly has opened some doors for us to keep communicating. The point is – choose strategies that appeal to YOU. Maybe it is face to face events, or a lively LinkedIn Group, or simply making an amazing blog and staying in touch with your followers that comment. The point is – you will shine if you are having fun. People will be drawn to you, and that is really what you are after.
- It’s not all about you. It’s about building lasting relationships. This takes time. I once had a job many moons ago where I was required to return with at least five business cards from people I had “connected” with at an event. The proverbial “get in, get out” method, or as some may call speed networking. This will get you no where. You cannot expect to get serious leads EVERY time you go out. Networking takes time and patience. You have to go into it with the mindset of building relationships. Start conversations with questions. This takes the spotlight off of you in the beginning and allows you to learn something about them in the process. People love to talk about themselves. Then you turn your focus on “what can I do for you” by doing the following:
Share who you know. This means everyone you have ever met. It is as simple as that. During your chatting, really listen to what the people are doing, involved in, trying to accomplish and think about if there is anyone in your circle of influence or database of people that you think they should meet. People will remember you for making the connection.
Share what you know. This means your life experiences, your observations, what you just read on Facebook, tips from email newsletters you subscribe to, etc. Share the knowledge that you think will help them in their agenda.
Share how you feel. Sharing your compassion will always bring you the greatest rewards. Show concern, show empathy. It will not only help you with your bottom line, but also knowing that you are following your heart and your integrity.
- You MUST keep in touch. Otherwise, this networking thing is a complete waste of time. This is also the number one thing most people will not do. They make quality connections, work on building relationships – and then….nothing. Work gets busy, life gets busy, or they simply get lazy. Such a shame. Create a system for yourself and stick to it. I like to use Trello to give myself a to-do list, where I include time in my schedule for a keep in touch strategy. Regardless of how you remind yourself, you have to follow through.
Networking in some form is a must. On the bright side, it can be in many forms. Just stick with what works for you, make sure it’s not all about you, and you will do just fine. Approach every event/encounter with an open mind, making new business contact, and maybe even a friend. You never know who knows who, who they can lead you to, and what can come of that new face from across the room. Those kids that invented the Kevin Bacon game were on to something. Six degrees is not very far. Good advice to take with you to every networking opportunity in the future.
What is your favorite networking strategy? What works best for you?
It is safe to say that 2016 was quite the year for everyone. Whether you are focusing on politics, pop culture, the economy or simply your own life, I am sure if you take the time to take a look back at your calendar or some of your emails you could refresh your memory on some major events and life lessons that help to make you who you are today. For entrepreneurs, this is a very important task. If we are not learning – we are not growing. We must do what makes us uncomfortable in order to grow and thrive in our business. So I did just that. I took a look at my emails, and my social media posts and here are some great reminders – that I often say to myself – that I think everyone should say to themselves as they embark on the New Year.
Things may come to those who wait, but only the things left by those who hustle. — Abraham Lincoln
This is so true. All too often we get caught in a routine or the new normal. We are stuck in a rut of just doing what is on the schedule and and we lose sight of a goal or a dream. A lot of people have ideas or vision – but not nearly as many actually take the time to get out there and find out what it takes to accomplish that vision. My advice? Time will pass regardless, so why wait on achieving your vision? Right them down your goals and post them in your office. Start at the end and work your way backwards. Get help. Ask questions. Study those who have done something similar. Hustle means, well HUSTLE.
Don’t cling to a mistake just because you spent a lot of time making it. – Dr. Laura Schlessinger
I think a lot of entrepreneurs are guilty of this one, including myself. I know it is easy to become gun shy when you mess up. All of the sudden that is the only thing you can focus on and then you spend all of your time focusing on how not to do THAT again. I am here to tell you – don’t waste your time with that. Mistakes are an important part of learning. It is just as important to learn what NOT to do as it is what TO do. When you start to focus on the negative, all you are doing is putting the energy out there that will attract more negativity. Mistakes are simply part of life. Don’t let them hold you back.
A strong spirit transcends rules. — Prince OR Either I will find a way or I’ll make one. — Philip Sidney
This one is one of my favorites. I have built my entire company on finding a way. When my husband and I first started helping people with their technology back in 1995, very few people even knew what the Internet was. We had to make up the rules as we went along. We were literally learning as we went. Think about how far technology has come in the last twenty years and you can understand why we were flying by the seat of our pants most of the time. We had to learn as went, come up with programs and packages based on what our clients needed, and find a way to make money at it. Was it scary? Yes. Would I do it again? Yes. I have written about this before: the answer is always yes, and then you find a way.
Stay afraid, but do it anyway. What’s important is the action. You don’t have to wait to be confident. Just do it and eventually the confidence will follow. – Carrie Fisher
Courage and confidence does not mean there is an absence of fear, but rather there is something more important than the fear. Heard that somewhere, but it is very true. My coach Michael Port always said “Get comfortable with being uncomfortable.” A little fear never hurt anyone, and I am certain that many successful people still operate with an element of fear. But this quote could not be any more poignant. Just do it. Confidence will follow or possibly a mistake – but you will learn and grow.
You can reach your goals a hell of a lot faster when you have help. — Lou Bortone
Love this one from my friend Lou. And he is so right. I, myself, was once afraid to ask questions. I was scared to reach out for help. Once I signed up with my first coach, all of that disappeared. If you are waiting to ask someone for help – then STOP IT. Not one person on this earth can possibly know everything, but for some reason I continually see entrepreneurs trying to do everything themselves. INVEST IN YOURSELF. Invest in your education. Whatever it is you need help with, then go get it. Maybe it is mapping out the steps to your next big thing. Maybe you just need some motivation or a slap across the face. Whatever it is – just do it. This is exactly why I created my Accountability Program. Contact me to learn more. Even if it is not me – just contact someone.
The key to success is learning how to monetize what you had to learn the hard way. — Danelle Brown
Every entrepreneur I know has to learn something the hard way. There is no definitive map to success. It is full of twists and turns that you have to overcome and learn from. Whether it is figuring out how to launch a new product to the masses, writing a book, coming up with a new program, or simply paving the way on something that does not exist yet – if you have the knowledge, then figure out a way to package it and sell it to people that want to do the same thing. Life is full of mentors who went on to teach others how to do what they had to struggle to learn. You could be next.
I could go on and on with inspiring quotes, but I believe you get the idea. 2017 needs to be a game changer for you. I am excited for all of us. So share with me and my readers – what is the next big thing for you? Post it in the comments and let’s all cheer each other on.
It seems using video to promote your business is all you see anymore when it comes to fresh ideas for marketing. And with good reason. Video is completely exploding. Just the new features of video inside Facebook alone can make your head swim. Video is really escalating your ability to connect with your followers and fans in ways we weren’t even thinking about as little as a year ago. But you cannot ignore the facts:
- Videos have a 135% greater organic reach compared to photos.
- Between April and November of 2015, the amount of daily video views on Facebook doubled from 4 billion to 8 billion.
- Videos used in emails lead to 200 – 300% increase in click through rates
- YouTube reports that mobile video consumption rises 100% EVERY year.
- After watching a video, 64% of users are more likely to buy the product they just watched about.
But enough about that. We know we need to do it, but there are several reasons holding most entrepreneurs back.
They don’t know what to talk about. They think it is hard. They think they don’t have time. They don’t know how to begin.
It is time to change that way of thinking. So I have put together a series of articles that will give you the information you need to start chipping away at this beast one step at a time. I have broken this down into three digestible parts so hopefully you won’t feel overwhelmed.
Today we are focusing on Part 1: What do I talk about in my videos?
Think of videos the same as a blog. Brainstorm relevant topics that your customers or clients want to learn more about. Every video should be educating your audience somehow on either how you can help, or giving valuable answers that will help them accomplish something, thereby painting you as the expert. Below is a list of topics to get you started:
- Instructional Videos
This one is always helpful and typically the most sought after on YouTube. I know everyone reading this article has looked up a video on YouTube to learn how to do something. It is the same with what you do for a living. Show people various ways you can help them, or they can help themselves, by doing a quick instructional video.
- Introduce Your Staff
The best way to get people to know, like and trust you is to get in front of them. Introductory videos to yourself and your staff will help people feel like they already know you, hence feeling like they are your friend. People like to do business with their friends.
- Testimonials Of Happy Customers
EVERYONE reads the reviews on something, so why not put a review in video form? Ask one of your raving fans to let you record them giving a testimonial.
- New product announcements
If your business is constantly getting in new merchandise, stop and take a quick 30 second video about the latest and greatest product available at your store! This works great for restaurants too!
- Question & Answer Videos
This one is super easy. It is just you, sitting in front of the camera, answering commonly asked questions. End each of those videos by giving your viewers opportunities to contact you with more questions. This not only helps your viewers, but it really establishes you as the category authority.
My suggestions is to not jump into something that will overwhelm you. Start with doing a quick video once a week. You can either film four videos in one sitting and release them once a week, or you can make the time to sit in front of the camera weekly. Either way, you are delivering great content on a weekly basis that your followers will come to love and expect. The key here is consistency. Decide how often you will do it and stick to it. I promise – the results you will get will be worth it.
So now that a HUGE piece of what holds people back (the whole, “what do I talk about thing”) is out of the way, the next article in my series will be the next big stumbling block: equipment. I will go over simple ways to get you started – that you probably already own.
Are you feeling better about taking on video? If not, give me a shout and we will figure this out together.
When I first started my coaching business almost eight years ago, I have to admit I was crazy scared. Even though I had been running a successful company for the past seven years with my husband, I had my fears and doubts about being as successful with this new branch to our company. Every entrepreneur has doubts and reservations, but what makes a successful one is the one that has the ability to not let the fear prevent him or her from pushing forward. Having been coaching entrepreneurs for the past eight years, I am seeing a trend of the types of fear that tend to hold people back, thus preventing growth and success.
Fear Of Change
I know what it is like to not want to change anything out of fear that something will not work, and thus cost you money. But change is inevitable. You have to roll with it. Let’s take technology for example. The world is moving at such a rapid pace, it is imperative that you move with it so you can remain competitive. Don’t let your website become stagnant and outdated. Invest in your technology infrastructure so it is easy to do business with your target market. Learn the best platform of social media so you can speak directly to your audience and form relationships. All of these things can be frightening. I have seen many a business not want to change their website or infrastructure because they are afraid of possible hiccups. Let me be clear – if you don’t stay up to date, your customers or clients will find someone that is.
Fear Of What Other People Think
This has happened to me multiple times over the years. Let’s take my website for example. I have never really been a fan of my website. I always put together what I thought was the “proper” business site that would attract my target market. Boy, was I wrong. I was stifling my creativity and my personality. And I did it repeatedly. I thought if I did what I wanted, I would scare off would-be clients. I was completely wrong. I finally stopped caring that I was going to upset someone and embraced what I teach my coaching clients: THE RED VELVET ROPE POLICY. RVR, in an extreme nutshell, means you only work with the clients that energize and inspire you, and motivate you to do your very best work. So I changed my website – from top to bottom. I put together a site that I feel will attract the people I am meant to serve. And I could not be more excited about. But it took guts. It took getting over the fear of what other people will think when they see my website for the first time. Some people may not like it at all – and that is OK! I am clearly not meant to work with them. AND THAT IS OK! You are never going to please absolutely everyone, so stop holding back something you are wanting to do out of that fear.
Fear Of Growth
This is a big stumbling block I see with business owners. They want to grow, but are afraid of what comes along with growth. With growth comes greater responsibility, new systems to learn, new employees, new processes and new challenges. It is easy to sit back and maintain the status quo – but that will never get you anywhere. My advice is that you assemble your very own “Business Dream Team.” If you are taking on growth, you need a team. Schedule appointments to talk with your banker, accountant, tech person, whomever you need, and formulate a plan to move forward. Most importantly – have someone hold you accountable to get it done. That is where I see most business owners mess up. They have big plans, know all the numbers, but get side tracked by life or FEAR and never accomplish their goal. Don’t let fear hold you back. If you need help, get help. You can do it.
I spent a lot of years being fearful and trust me – ain’t nobody got time for that! Embrace your fear head on. Maybe you will mess up. That is okay. At least you have learned what not to do. Don’t let your fear of what could happen – make nothing happen.
Starting in 2009, I took it upon myself to develop a “Business State of the Union.” Our company had been growing since its inception in 1997, and with the way technology was changing all the time I felt I needed to have everything in one place. I needed to have information available to me or to my husband if something were to happen to either one of us. Articles have been written that touch on pieces of what was going through my mind. In fact, there was an article from the NY Daily News about having a social media will.
But it is not just about social media. Think about your entire business. The infrastructure, the access, the passwords, the chain of command. What happens to all of that if something unexpectedly happens to you? Who has access? Where are the passwords?
Setting up your own State of the Union (SOTU) is an essential part of running your business. So let’s go through the basics of what you need to do in order to set up your own personal SOTU.
Step One: Collect all the data.
- Business Systems – what technology do you have in place that is a vital part to running your business? Is it a specific software or database? Who has access? Where are the passwords? Does someone else understand how it works?
- Social Media – As it stands, Facebook will not give you access to your loved one’s account when they pass. They will “memorialize the account” so only confirmed friends can see and still post. Now for most people this may not be that big of a deal, but what if you have a lot of Facebook Ads tied to this account? Pictures? You cannot access this without the name and login. There are types of legislation the will assist in certain cases, but why not avoid it altogether and have your login and password accessible to the person that will need it? This of course also applies to Twitter, LinkedIn, Pinterest, Instagram, you name it. Gather your logins and passwords to all the social media sites you frequent and list them on your SOTU.
- Email – Where is it hosted? What are the passwords? Do you have access to all of the machines, such as home or work laptops, phones, iPads, etc. where you can log on to the email?
- Websites – Again, where is it hosted? What are the logins and passwords? How many domain names do you own, and when do they expire? Where did you register them? This is especially true if your livelihood is tied to your brand and website.
- Internet/Back Ups – Gather your logins and passwords to deal with our internet account. Do you know your wireless network password? Do you have a guest account with a password? Do you have a Time Capsule or other back up hard drive that is password protected? You need to know what these are!
- Cell Phone Accounts – Again, having access to logins, passwords, and plan information is vital. It is extremely rare that anyone has a land line any more, so you need to be able to get on the carrier’s website and adjust whatever is necessary.
- iCloud/iTunes – Apple is typically very helpful in retrieving someone’s music if they have passed, but if you have access to these accounts and can relieve a lot of extra work and aggravation.
I could go on and on with the list of different programs, products, services like PayPal, Amazon and various people like lawyers and insurance agents, but you get the idea.
Step 2: Where To Store It
Now that you have all of this technical data in one place, what do you do with it? First, I recommend using an encrypted system to store all of your vital passwords. We use and recommend Passpack. Passpack.com is a password management system that will allow you to manage and organize your passwords, create accounts for family members or team members, and it is all encrypted and secure.
Next, it is time to create the official SOTU: a Word document or Excel spreadsheet that lists the physical location as to where to find your important documents, such as wills, life insurance policies, bank accounts and so on, and then also include your Passpack account information. This document can be as simple or as thorough as you want it to be. Then you find a place to put it.
My husband and I have placed our SOTU onto Dropbox, which is not only accessible to us both, but makes it easy to update the information. I also have a hand written copy that I keep with the wills in a safety deposit box – just because I am anal like that.
Step 3: Update on an annual basis.
For us, that just happens to be every August. Set a date on your calendar – one that you will stick to. It only takes us less than an hour to go over any changes to passwords, business systems, bank accounts, etc. Just a small amount of time can really save you a lot of grief and struggle in the long run.
The SOTU is very personal since everyone utilizes technology and social media in different ways. Honestly – you don’t need to be a business owner to have one. Everyone should. Get your info together and then pick a person in charge.
So how many of you have a SOTU? Am I the only one? Did I get your wheels spinning? What are your thoughts?
Back when I was building up my business, I had a part-time job working in a Chiropractic/Acupuncturist’s office. When people would inquire if their certain ailment could be dealt with using acupuncture, he told me to always tell them yes. At the time, I just thought, “Wow, that is a bold move. What if you don’t know? Then what are you going to do?” But honestly, his advice has gotten me very far in my business.
The answer is always yes – then you figure out how to do it.
What I have come to learn is not only did he get new clients in the door (smart), but he also furthered his own education at the same time. He pushed the envelope of his knowledge every day. He loved what he did and he wanted to share it with the world, as well as help people. So if they called asking if acupuncture could help with their situation, he always said yes – and then he figured out how to make it happen.
That is what entrepreneurialism is all about. The answer is always yes, even if you don’t know how, and then you find a way to do it. So what if you do not know how to do something right now. You will learn. You will figure it out, and then you will know for next time. You may even discover a new offering you did not think of before. This my friends is called INNOVATION, and a lot of products we use today are because someone said yes – and then figured it out.
So let’s think about some of the things that will help with figuring out a way to say YES.
Are you using all the methods of technology possible to make this task happen? My husband and I have had an IT business for the last 18 years, and we have definitely seen technology evolve. For example, when we first started out he physically had to be on location at all times to deal with the problem. Now there is software he uses to remote in to your machine and take care of it. Faster for the locals, yes, but now he can help people virtually anywhere in the world. My point is to look for various software applications or programs that may help you accomplish what your clients are asking you to do for them.
Tapping In To Your Network
Sometimes, it does indeed take a village. Maybe what you are trying to do entails some knowledge that is not your specialty. But you know who can help you with that piece. So reach out to them! Every entrepreneur should have a network of professionals surrounding them. If you are a smart entrepreneur, you are constantly networking to get the word out, but you should also be meeting other people that can potentially help you someday. So comb through your list of contacts and see if there is someone who can help you and then brainstorm a way to package it!
Maybe you plain just don’t know how to do it and no one else does either. Fine. Then find a class or webinar and learn it yourself. There is a webinar for everything these days. Further your education by mastering a new skill. I will use my husband as an example again. When he is setting up WordPress websites for people, we are constantly being asked if their site can do a particular task. And guess what – there usually is a plugin already out there that will handle the job. And if there isn’t, we will learn how to make it ourselves. Because that is what you do to get the job done. And in the end, you just furthered your knowledge as well as made your client happy – just like my chiropractic friend. That is a win win in my opinion.
Necessity is the mother of all invention. A wise saying, but that is why we have entrepreneurs. Entrepreneurs are the ones that continuously come up with products or services that will fill the needs of their clients or customers. This should be you. What is the last thing someone asked you for and you told them no? I realize there may be very specific circumstances where you cannot say yes, but those are becoming less frequent. The world is evolving and technology is helping. So I challenge you to make a mindset shift and start saying YES instead of no. That yes could be the next stream of income you never knew you had.
So tell me, when have you recently said no? What were the circumstances? Post in the comments and let’s all help figure out a way to say YES!
I am turning 40 next week, my first really big birthday that made me take a pause and evaluate my accomplishments. When you turn 20, you really don’t care because you are just biding your time until you turn 21. And 30 didn’t bother me either, most likely because I was still not fully comprehending the fact I was actually getting older. Chalk it up to young and naive. But 40, as it looms before me, really has me thinking. What have I learned? What have I accomplished? I have been doing one never-ending retrospective of my life ever since August began. So I thought, maybe I should share some of my thoughts and findings in regards to my professional life with other new entrepreneurs and hopefully spare them some of the grief I encountered.
The business I run with my husband technically was started when our kids were born. I joined him on a full time basis shortly before I turned 30. I am not ashamed to admit that we probably made every mistake there was as we found our way. This is part of the reason I later wanted to become a business coach – to save other young entrepreneurs from mistakes I had either made or seen others make. Below is a list of some of the ones I think stand out to me the most.
1. Ask For Help Sooner Than Later
Whoever said “pride cometh before the fall” must have been an entrepreneur. When we first started out, we never asked anyone for help. Whether it was with processes, finance, or marketing, we didn’t think we could ask for help. We thought it would be perceived as weakness, or that we were unstable and likely to go out of business soon. I had never even heard of a business coach, much less sought out any kind of help like that. We did our actual jobs very well, but we were learning the hard way on pretty much every aspect of running a business. When I finally got the nerve to ask other entrepreneurs for advice, a whole new world opened up. I found out that other business owners LOVE to help you. It’s like there is some secret brotherhood of entrepreneurs – an unwritten rule to help – that I never knew about. Once I trusted in the quality relationships I had been making over my many years of networking, I had answers, advice, and a whole new outlook on my business.
The other piece of asking for help is knowing when to delegate. This is different for everyone. What I have found to be true is that if you are spending time on tasks that can easily be done by an assistant, you are not out closing deals and bringing in the revenue. This will lead to trouble. You could find yourself overwhelmed or you might just be dropping the ball because you are handling mundane tasks instead of taking care of clients. Hire help sooner than later.
2. Manage Your Money
This probably seems obvious, but it is so important it must be mentioned. Find yourself a banker and a financial advisor you can trust. Make relationships with people that truly care about you and your prosperity. Then LISTEN to them. Do what they advise. They were trained for this, so give them the benefit of the doubt by believing what they say. Cash flow is critical so make sure you have a plan to keep it flowing. Come up with multiple streams of income. Create information products that bring in cash while you are sleeping. And no matter what anyone says about saving enough money to start a business, I want you to take that number and double it. There will always be a hiccup or an unforeseen issue – so save those pennies for that rainy day. You will need them.
3. There Will Be Highs and Lows – Don’t Give Up
In the beginning as you are finding your way, it is easy to get frustrated when the clients are not beating down your door. Maybe you put a product together that was not as successful as you had hoped. Maybe you are hitting your slow season and the phone is not ringing. I wrote about being prepared for slow times which you can read about by clicking here. Keep yourself focused and busy so you don’t give in to that little voice in your head that says you are not good enough. My friend Suzanne always called it the “itty bitty shitty committee.” Don’t listen. Your passion and persistence will always prevail if you let it, even in the slow times. Don’t give up on your dream – ever.
4. Continuing Your Education Is SO Important
This does not necessarily mean going back to college or school. This also means online classes, webinars, tele-seminars, video series, books, eCourses, etc. Find a leader in your field and see if they are selling products that show you how to do what you do BETTER. Invest in yourself. Hire a coach. Establish accountability with someone. Stay current with trends and technology in your field. You want to be known as the best – so act like it and soak up all the information you can that is available to you. Rely on experts, read blogs, do your research. Whatever your method, just be diligent with keeping up with the most current trends.
5. Technology Changes Every Day – Find A Good Technology Professional
Disclaimer – I am very biased because this one of the things my company does. I have seen businesses trying to handle their technology on their own and it does nothing but cost them their precious time and money. Too many entrepreneurs waste the day away trying to troubleshoot an issue instead of earning money. Find a trusted technology professional that will put together a system that works for you – not necessarily what everyone else is doing. Your technology needs to be reliable, backed up and mobile. Make sure you are able to keep up with the fast paced world of technology. It will affect every aspect of your business, so please pay attention to your technology from the beginning. Rely on a professional.
6. Being Your Own Boss is … Awesome!
On a personal note, I cannot imagine what my life would look like if I had worked for someone else these last ten years. First and foremost I am able to follow my number one rule: the Red Velvet Rope Policy. I only work with clients that energize and inspire me. I choose my clients. Additionally, I was able to be home with my kids as well as work during the day. I got to watch them grow up into their teens and I did not miss anything. I was also the main caregiver for my mother from the moment my youngest was born. I was fortunate enough to be able to manipulate my schedule so I could get her to all the doctor appointments and then be there for her during her final days. Those days were some of the hardest of my life, and I cannot imagine having to endure my grief while working for someone else. I am so very grateful I didn’t need to answer to someone else during these last 10 years. Entrepreneurism may be difficult at times, but this reason alone is when the pros far outweigh the cons.
So as I embark on the next decade, I am looking back with pride. Pride in my business, pride in my clients and their success, and pride in myself. I can’t wait to see what wisdom the next ten years will bring…