I think the word ‘Business’ evolved from ‘busy-ness’! Lots of businesses are created because someone has a passion for something – and then they discover that their business needs more than their passion.
When your passion is your core offering, the other ‘stuff’ that goes with running a business can feel onerous. The administration, the accounts, the customer acquisition, recruitment, management, marketing – the list is a long one.
It can result in you being very busy, but not doing the very thing you started out in business to do.
If I had to recommend just one book for a potential business owner to read it would be The Emyth Revisited, by Michael E. Gerber. This outlines the pitfalls of not giving enough thought to how you run your business and offers lots of practical advice to help you to stay ‘in love’ with your business.
I’ve got the T-shirt
I’ve been self-employed for 30 years and have made most of the mistakes small business owners make. These are the key challenges – and my suggestion for not falling into that particular pit!
Challenge: I don’t need a bookkeeping system, the business isn’t big enough yet.
Suggestion: But it soon will be and trying to backtrack when you’re really busy is not good news. My advice, get an accountant and/or a bookkeeper at the beginning and that’s one worry off your mind.
Challenge: I can do the administration during out-of-office hours.
Suggestion: You can, but that’s a recipe for burnout. My advice, allocate a time every week during working hours for administration. As you get busier this is something that you could outsource to a good VA if you’re not ready for an employee yet. Alternatively, you could take on a part-time person.
Challenge: If I tell enough people about my business I’ll start to get customers.
Suggestion: Networking definitely works, but pick your networks to ensure you’re connecting with the right people for your business. If you’re trying to reach the trades, networking in groups full of accountants and solicitors isn’t going to work! My advice, invest some time in developing a detailed ideal client profile and then go where they hang out.
Challenge: If people like what I offer, they’ll give me a testimonial.
Suggestion: They are probably willing to, but they won’t do it unless you prompt them. My advice, have a system for asking for feedback. This may be on the email that accompanies their invoice, or a phone call after every order is completed (this will depend on the type of business you’re in, it’s not practical for high numbers of sales). Many companies have an automated system that sends a reminder to provide a review. Find what works for you and then automate it. Third party validation is valuable.
Challenge: I don’t have time to do marketing/social media/write blogs and newsletters etc.
Suggestion: If you don’t do marketing you’ll struggle to keep your business afloat. People forget quickly and are attracted to the next ‘new shiny object’ (i.e. a competitor they’ve just seen a social media post by). My advice, get a system and set aside a couple of hours a week to populate it. You don’t need to post on social media every day – but you do need to post good quality material. When your company grows and you can afford it, outsource it to experts. An hour or so a month of your time can give a marketing service enough material for a month of content for your blog, social media, newsletter and email marketing campaigns.
These are just a few of the typical challenges, but they’re not uncommon. I did get an accountant the day I started my business, but I’ve fallen into the other pits at various times. I’m always learning!
