Throughout the duration of self employment and owning or running a business, you will find yourself in a number of learning curves. Whether that be weathering the effects of a pandemic, building a recession proof businesses or just figuring out how to juggle it all.
We can all relate and you certainly aren’t alone. I speak to business owners on a daily basis and they all say the same thing. The main takeaway however, is that they have grown as a business but also as business owners. Have you ever heard the phrase “Tough times make tough men” well it’s true!
The business owners I speak with are an absolute inspiration and have never lost sight of the ‘why’. They focus on the reason they began the journey and they continue in their pursuit. They are truly incredible.
As a business owner I would like to share a few of my biggest hurdles over the years and how I overcame them with some handy tools.
Burnout
This is something so many business owners will face at one time or another. It is so easily done and often we aren’t even aware until it hits us. In my personal experience, I found myself taking responsibility for every role the business had to offer. I was front of house, back end, cleaner, accountant, marketing exec, social media guru and so much more. It wasn’t that I didn’t have a great team, it was my own overriding drive for perfection that made it difficult to trust others to lighted the load.
Over time, I found my core team and gradually began letting go. I oversaw most things but I gave my team the opportunity to take responsibility and consequently they grew and as did their confidence. Several years down the line, I have this same team who are an absolute asset to my business. By relinquishing a little control, it has made for a much more enjoyable work experience and the ultimate work life balance.
When you first open your business this is of course not always possible. Funds are limited and we stretch ourselves as much as we can. With clever financial planning and goal setting you can however reach this point and I think the consensus is this is the key having a successful business.
Funds in VS funds out
Balancing the books is never an easy job and in my experience, for a long time, there were more funds going out than coming in. This is not an ideal position to be in. For the first couple of years I was new to the business word and self employment, as most people are. It can be an absolute minefield trying to juggle the small amount of funds you have available.
Over time I found what worked and that meant checking in reguarly. I checked my overheads to identify any fluctuations and any areas of the business I could reduce costs e.g. electricity, gas, suppliers. I structured my payment methods to ensure we were always in a positive and I reviewed my service and what I was offering vs my price point. All of this has a positive impact on the business.
Becoming Accountable
Being accountable as a business owner might not sound difficult but it can be. We often get caught up in a blame game; my staff aren’t doing what I am asking, the customers were moaning, the licencing department won’t issue my licence. Often it can seem the world is against us.
Being accountable helps keep us on track and gives us perspective. If your staff aren’t doing what they are told, it is likely to me an issue within management and perhaps it is not being conveyed well enough. Have your team had the adequate training do they need more guidance. Of course there is always lazy staff but if it is becoming an issue for your company, they are not a good fit. If the customers are complaining, find out why, what can you as a business owner do better to make the customer journey a more enjoyable experience. If the licencing department aren’t issuing your licence, then there is a reason. They aren’t being difficult, there is a chance you aren’t meeting their criteria or your team need more training.
Being accountable allows us to drive our business forward.
Changing my mindset
I am a can do person however when I first started my journey in self employment I began to change and became slightly more negative in my outlook. The small obstacles became big challenges and I was moany!
Looking back on how my mind was wired vs now it is very different. I approach my problems with ease and remember nothing is insurmountable. If there is a problem with staff, it becomes a training opportunity. If there is an issue with a customer, it becomes an opportunity to become an ever better business and rectify something we may have missed. If money isn’t coming in the speed in which I need it to, it becomes an opportunity to get create and change things up.
Owning a business means there isn’t a ceiling to what you can achieve, the options are absolutely endless.
As a business owner we are often responsible for a team which means we must look after them but also ourselves. I like to check in with myself. How many hours am I doing, am I working clever, how d0 I feel mentally and physically and did the outcome mean I could always show up as my best. If there was a little scope for a day off based on my figures, I treated myself and re-energised, brainstormed and came back stronger. As the creator of the business and the vision behind the brand, it is important we find time to create as well as run our businesses.
I really hope some of the challenges I have faces over the years, helps you and your business. Pet Concept grew from all of the challenges I have faces and wanted to find a space where people could connect, network and find resolutions to their problems. Our team is always on hand to help and we welcome the challenge.