8 Lessons Learned In Year One of Business
Starting a business can be overwhelming, but with the right tools, mindset, and support, you can make it work. As I close in on my first-year anniversary at The Marketing Concierge, I wanted to share eight things that I learned while starting up and operating my small business.
I was able to exceed my revenue projections for my first 12 months thanks to the implementation of what I am sharing with you. These strategies enabled me to start earning revenue from day one, which created a strong foundation for my business. While I typically offer marketing tips and assistance, I cannot overstate the importance of having a strong foundation for your business. By focusing on the areas that I will discuss in this article, I was able to grow my business consistently month over month, and I am confident that these tips can help other entrepreneurs achieve similar success.
#1 Use Contact Management and Billing Software
Managing your contacts, proposals, contracts, and billing can take up a lot of your time, but it doesn't have to. I discovered a fantastic piece of software called HoneyBook, which streamlines all these aspects of my business in one easy-to-use system. It allows me to set up automated email nurturing campaigns, schedule appointments, follow up with contacts with proposals and contracts, and invoice them individually or on a subscription-based program. Without this program, my business would be far more time-consuming to manage, leaving me less time to focus on clients. I highly recommend HoneyBook to anyone who needs marketing help.
#2 Get an Accountant Right Out of the Gate
Having an accountant to help you with your bookkeeping and taxes is crucial to the success of your business. It's one of the first things you should prioritize once you start making money. I found a local Annapolis bookkeeper, called Calc-U-Later who is amazing! She uses QuickBooks to manage all aspects of my accounting and bookkeeping. Thankfully this allows me to spend little to no time reconciling my accounts or reviewing my bank statements. It leaves me with only one responsibility, which is to look at my profit and loss and cash report each month for trends. Having an accountant to manage my money each month allows me to spend my time and energy focused on generating new business.
#3 Take a Vacation
Starting your business is all about having more freedom, including the freedom to spend time with your family. Allow yourself to take a vacation or several vacations throughout the year to rejuvenate and come back with more energy and excitement about your business. I took multiple-day vacations at least 5 to 6 times in my first year of business and found that I always came back feeling more energized. Even if you work while on vacation, try to keep it to a minimum, working first thing in the morning and checking some emails at night. Eventually, my goal is to contain my business only four days a week.
#4 Allow Yourself To Have Some Support
As a small business owner, it's tempting to do everything yourself, but that's not always possible or productive. I found that getting help, even on a small scale, can make a big difference in growing and expanding my clientele or offerings. I started with an intern for just a few hours a month and later brought on a virtual assistant for approximately for 40 hours a month. Look to make the investment into hiring support sooner rather than later in your business. Having others to help you grow your business is the only way you'll be able to stay focused on what you do best.
#5 Stay Positive and Believe in Yourself
Starting a business can be challenging, but it's important to stay positive and believe in yourself. Surround yourself with supportive people who believe in you and your vision. Focus on the small successes and milestones and learn from the challenges and setbacks. Celebrate your wins, no matter how small, and keep moving forward.
#6 Invest in Ongoing Education and Training
Starting a business can be daunting, especially for those who lack knowledge about how to run a successful venture. As a Certified StoryBrand Guide, I immediately found the Business Made Simple course by Donald Miller to be an excellent resource. This straightforward training breaks down everything you need to know about operating a small business into six simple steps. The course is easily accessible online and is self-paced, making it an ideal choice for small businesses just starting out, as well as larger corporations. It's a cost-effective alternative to an MBA and can be accessed here for a seven-day free trial, providing invaluable guidance to help your business thrive.
#7 Pay Yourself First
Another great resource that I discovered this year is the book "Profit First" by Mike Michalowicz. Mike was a speaker at our annual StoryBrand conference in Nashville, TN. What an incredible speaker and writer he is! Profit First provides a simple and effective framework for managing your business finances and ensuring profitability. The basic idea is to take your profits first and then allocate funds for expenses, rather than the other way around. This mindset shift had a dramatic impact on the financial health of my business. It really forced me to consider every expense and keep operating expenses to a minimum. The book also provides practical tips for cutting expenses, increasing revenue, and creating a sustainable financial plan for your business. I highly recommend "Profit First" to any small business owner looking to grow and thrive financially.
#8 Remember, Your Business Is Not for Everyone, and That Is Okay.
Focus on serving a specific niche and be prepared to recognize early on when someone may not be the best fit for your business. Have a plan in place to manage those situations, such as building a network of individuals to refer or subcontract business to. I am grateful for a team of 500+ StoryBrand colleagues that I work with daily. Without them, I would not be able to serve my clients as well as I do. Build your own network of business colleagues.
It's also important to separate your emotions from clients who may not be a good fit for reasons outside of your control. By understanding this and having a solid plan in place, you can better serve those who are a great fit for your business and maintain your own emotional well-being.
These are just some of the lessons I learned in my first year of running my small business. I hope they help you in your own business journey. Remember, with the right tools, mindset, and support, you can grow your business month after month.
If you need marketing help, feel free to reach out to us at The Marketing Concierge.