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No matter how talented or ambitious you are, starting a business is hard and tiring work. In 2021, I left my 21-year career in finance and became a success coach, leadership consultant and author. I had heard the statistic that 90% of small businesses fail, but I thought starting my own business would be miraculously easy – but that wasn't the case. Here are four things I've learned since then.
1. Self-discipline is harder than you think
Owning a business means you are the boss. There are no tasks to submit and no deadlines to meet. Nobody writes a performance review for you. However, for some this can be very difficult – and I had to learn this unexpected lesson the hard way.
I have always been very organized and structured. For the last decade of my professional career, everything I did was planned and scheduled in advance. When I started my own business, everything was different. Conference calls and meetings weren't happening regularly, which left big gaps in my calendar. At first it was difficult to find a rhythm. I noticed that I wasn't using my time well. I slept long. When I said I would check my email for 10 minutes, it often turned into an hour. I realized that I was letting myself get distracted throughout the day because my day wasn't filled with all the hard stops that there had been before.
I'm starting to set a schedule for myself. The only way to write two books in my first two years was to schedule time to write. At the beginning of each week, I write down the week's most important priorities and set goals. I list what actions I need to take to achieve these goals. I schedule them in my calendar. Then I'll stick with it. This requires willpower, but if you don't do it, you will waste time.
What gets measured gets done, which is why I also set goals and KPIs. It's easy to lose motivation when you're not being graded on a scoreboard – that's why I created my own. I set goals for how many hours, pages, or words I want to write each week. I set goals for how many people I want to respond to and how many potential calls I want to make. When my books came out, I tracked sales, revenue, and earnings. On social media platforms, I set a few KPIs for my engagement rates. Figuring out which metrics you will keep an eye on is critical to success.
Related: 10 Things I've Learned in 10 Years of Running My Own Business
2. Choose the right customers and partners
Not everyone will be a fit for your services and products, and you won't be a fit for everyone else's needs either. One mistake I made in my first year was accepting anyone who wanted me as a client or partner. Since then, I have parted ways with my business coach, two suppliers and two customers. People who drain your energy or waste your time with nonsense should not be on your calendar.
In the case of my “fired” clients, they resisted all of my suggestions and were hesitant to take my advice. At some point I realized that neither of us were getting much out of the relationship. It feels good to keep space in my calendar for only those who are aligned in their thinking and want to achieve great things. Since I was just starting out, I was initially afraid of giving up my income. If someone was willing to pay me, I was willing to take their money. That is no longer the case. Great companies only work with great customers.
When it comes to providers, I'm now shopping around. Early on, I hired the first coach, web designer and publishing team I found. Some of these decisions were mistakes. Since then, I have decided to expand my search process when finding the right provider. I do my homework and ask for recommendations. In other cases, I like to see examples of previous work. If vendors can't do this (or get annoyed that I even ask), I know I'm not dealing with the right partner.
3. Sometimes it can get lonely; Find ways to incorporate human interaction into your day
Before I started my own business, I was always part of a team. For most of my career, I interacted with a few hundred people at work. That changed when I worked as a private coach and consultant – suddenly I was alone. As an employee, you are often constantly involved in conversations with others. When I started my own business, I wasn't involved in conversations for several hours a day. I immediately felt lonely. I didn't have an endless supply of people to bounce ideas off of.
I now make it a point to schedule lunch with clients, potential clients, or colleagues a few times a week. I also really enjoyed sharing so-called “Transformation Tuesday” videos with my network and regularly exchanging ideas with like-minded people on a number of social media platforms. When I share videos and articles about leadership or mindset, I get to talk to others about things that are important to me. This helps me overcome these lonely feelings. If you do most of your work alone and feel a little lonely, find ways to connect with others on a regular basis.
Related: I started my business in my mother's basement at age 17. Here are 5 rules I wish I knew but had to learn the hard way
4. Building a network of your colleagues is essential
At first I was hesitant to meet other authors and trainers. In a way I saw them as competition. Since then I have had a complete change of heart. Last year I was introduced to another trainer who does exactly what I do. When we met, we had both published our first books. Since then we have written the forewords for each other's second books! It was an honor and a pleasure to support each other in this way. I would like to work with a publisher for my third book. I recently joined a group of authors, agents and publishers and attended one of their events. I couldn't believe the camaraderie and value I found there. I have met other writers who face (but overcome) the same challenges that I face. I also met a variety of agents and publishers who could help me. There is power in numbers. Together we are stronger. Connecting with others who do exactly what you do (and do it well) can only help you, not hinder you.
I wish I had known these four things on my first day as an entrepreneur, but I'm also grateful that I know them now. Implementing them will only make you and your company stronger; I guarantee it.
Create your very own Auto Publish News/Blog Site and Earn Passive Income in Just 4 Easy Steps
