There are a few “New Business Owner Lessons Learned” that have become clear enough to me that I figured it was worth writing about. My first related post here remains mostly the same, but I was still finding my footing and now I am hitting my stride. Here are those biggest take aways and updates:
Table of Contents
Ask For Help
Throughout this journey I’ve realized that I am not and expert in many of the areas I need to touch to grow the business the way I want. One of our upcoming ideas involves the idea formation, design, and development of a new machine. I began thinking through the idea, making a rough design, and planning for what skills I’d need for development. At that point I paused and realized… I want this to be right. No matter how willing I am to build new skills in each of these areas, the most guaranteed way to get a good outcome is to work with a professional.
After my realization, I met up with doctors to finalize the idea and make clear requirements for the project. I then reached out to various engineering groups to determine who could reasonably develop it. I have now decided on a partner who I am excited to work with and confident will provide what I am looking for. My “New Business Owner Lessons Learned” for this is… Don’t over burden yourself. You are the director and if your energy is being spent too deep in the weeds, nobody is left to direct and accidents happen. If you are doing something important, get it done right by finding a partner.
Grab the Low Hanging Fruit
While it may not be as exciting, low hanging fruit needs to be prioritized as much if not more than large projects. Say you knock out every ‘low hanging fruit’ item on your list in a week. That will now pay dividends as you work towards your larger goals.
For me that was incorporating bloodwork into our offerings. It aligns very closely with our niche and has minimal overhead. While margins are very small, it is essentially additional passive income that is helping the development of our larger projects.
Hire People that Reflect your Values
It sounds like a cliche but the 3 most important things for a B2C business are:
- People
- People
- People
Finding folks who naturally can connect with others meaningfully and comfortably while prioritizing business needs are gold. These are the people that drive positive reviews, good customer experiences, and client LTV. In hiring another individual to support our weekends, I’ve realized this as she has done a fantastic job settling in and is treating people appropriately and as I would myself. People aligning with the values also will give you comfort in stepping away to handle other matters. People make the business successful and valuable.
Build a Community
One other crucial factor in developing the business is building a community. Having folks talk to one another, offering prizes and competitions, giving back, sponsoring events… While the dollar value here isn’t scientifically trackable, it is real.
We have recently concluded a free-to-enter fat loss challenge that left us with great results.
- Fun and engaging social media content and work environment
- Nearly every competitor leaving in a better state than they began
- A few extremely enthusiastic representatives for our brand.
Personal Growth
This business has significantly changed my lifestyle and has made a few things incredibly clear:
- Regular self reflection is immensely important
- External feedback is essential
- Ownership changes perspective
- Work can be personally motivational
Self Reflection
I’ve transitioned from a well paying yet grueling job to a better paying enjoyable job with more potential free time. This ‘potential’ is the key. Holding myself accountable has been critical for my success. The few days I decide “I deserve a lazy day off” have felt terrible to me. That with the extra funding has led to poor financial decisions and lack of direction. I’ve noticed this is temporary. As soon as I convince myself to begin working on the next project for the business, my footing comes back and I feel great. I would not have noticed this without my reflection and may not have been able to correct my poor behavior before experiencing real issues.
External Feedback
It is so easy, especially as an independent owner, to get bogged down in the specifics or miss something obvious. Talking about what I do and what I’m thinking through with friends and family has often shown me obvious things I am overlooking. Some groups address this with an advisor board, but the politics there and group setting aren’t for all businesses. I’ve found the most value in asking people independently for their advice and finding trends before compiling them myself. Importantly, their feedback should be heard through a lens as they don’t know the whole picture as the owner does. Think of this as due dilligence and a stress test.
An Ownership Perspective
At my previous job I never felt quite invested. It seemed like the work wasn’t ever worth it. Now, everything feels valuable and important. It is a fantastic feeling, but also is worth understanding for context when it comes to your employees. Yes, this matters a lot to you, but this may just be ‘another job’ for your staff. While it may be frustrating to you, they may not have the same attachment to the work that you do. This is only natural. I am currently thinking through ways to build that value and sense of ownership for employees as I expect it will drive great outcomes.
Personal Motivation
I’ve found it very useful mentally to get lost in my industry and enjoy it. Since I’m in the health/fitness industry, using our offerings/facility for my own benefit has been exciting. What may be harder to recognize is the other direction. Doing extra enjoyable things in the industry outside of work can still drive value for your business. For example, I have just decided that I’d like to increase my vertical by 1 foot in the next 3-4 months (reasonable since I’m currently untrained). Recording my progress and protocol is not only fun, but can then be used with the business! Various avenues such as social media content, conversation starters, and personal experience and knowledge raise value while helping yourself. Also, I personally feel better knowing that I am not wasting time. Knowing that what I am doing has a small chance of being valuable to the business further motivates me to continue and succeed.
New Business Owner Lessons Learned
Trying to summarize this all, I’d say you should chase down and knock out the boring things, keep your ego in check, and have fun and surround yourself with people you want to be around. Do this, and reflect consistently. Tweak to your needs and thrive. I’m loving this venture so far and would love to explore ways to help others achieve the same level of freedom and happiness I am experiencing now.
See other meta posts here!
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