5 Things I've Learned About Running A Business
The number of women owned businesses has increased almost 3,000 percent since 1972. Running a business is challenging and ever changing. From emotional ups and downs to It can be empowering and humbling all at once. Here are some things I’ve learned and have been learning throughout my journey as an entrepreneur.
Your prices reflect the knowledge you have, not your personal worth.
Even now, I struggle with prices. Your pricing is not a reflection of your personal worth, but of the processes and efficiencies you create. It can be challenging to be confident in what to charge. It is important as a business owner to understand how overhead, variable and fixed costs, and experience are reflected in pricing. My best advice is to take yourself out of the equation. If you consider your business a separate entity, how much is the product really worth? It becomes less personal and more about creating a sustainable business that fosters community support.
Get help, no person is an island
Know your strengths and weaknesses. No one can do everything. Hire out the things you struggle with the most. Even in the beginning, before you are making money it’s important to start building your team. Start by hiring a lawyer, insurance agent, banker, and broker. These people are key to growing your community. In most cases, their success is dependent on yours. When I first started my business I researched and interviewed all of these people. If the meeting felt transactional and not team oriented, I moved on until I found the right fit. As your business grows little things begin to fall through the cracks and burn-out becomes a real problem. Look at the areas where you are struggling to maintain quality and hire someone who is better suited. This frees you up to grow your business and prevents burn-out.
“The dream is real, but the hustle is sold separately.”
There is never a perfect time to do anything. The time is now. Nothing is perfect, your product will evolve naturally as you go. ‘Every journey begins with a single step’, yes? Maybe it’s not possible to dive all in at once, but there are always little steps you can take to work towards your goals. What can you do right now, to bring you a little closer? Statistically speaking, people who actively engage in achieving their goals are more successful than those who wait for the opportunity to present itself.
Challenge your perception of fear.
True growth comes from facing fears. I loved the book Big Magic by Elizabeth Gilbert. “Fear is always, because creativity asks you to enter into realms of uncertain outcome. This is nothing to be ashamed of. It is, however, something to be dealt with.” Fear of failure can be a paralyzing force. Being vulnerable is hard and requires a level of self-acceptance and self-love that can be difficult to build within ourselves. Start by accepting your fear, and doing it anyway.
Know your audience
Put yourself in your customers shoes. Interact with your community. How can you connect your product with what drives them? The reason we start businesses is to create community. Fostering community is a two way street. It’s a give and take: you offer a solved problem, is the solved problem beneficial to your community?
