6 Things I Wish Somebody Had Told Me When I Started My Small Business
By Leslie Barber, entrepreneur.com
I co-founded my business NutraBella, Inc. in 2005 after hearing my
pregnant friends complain about their horse-pill sized pre-natal
vitamins. We dreamed of giving women better vitamin options with
Bellybar.
Fast forward to today where I spend my days on the QuickBooks team
working to make small business management easier and more fun.
As I
hear from small businesses owners from all walks of life, I am
constantly reminded of the things I wish I had known. Owning a small
business is a challenge, but here are six tips that will make the road
to success easier.
1. Follow your passion and don’t let go. Your
business probably stems from something you’re passionate about, but over
time, the day-to-day running of the business makes it hard to keep that
passion alive.
Fuel it daily by reminding yourself why you started your business.
Make sure that you fall in love with a problem, not a solution. If your
first solution doesn’t work, fall back on your passion for solving that
problem to find another answer for your customer.
2. Cash is king. Running a business is an art and a
science. The art is your passion. The science is your business model.
Make sure you understand your own business model. It’s not something to
abdicate to someone else. Understanding money-in, money-out, is critical
to business success. Ignorance is not bliss. If you know how your
business is doing at every moment, you can celebrate your success or
plan for how to get more cash.
3. Hire smart. Hiring a team is thrilling but also
scary. Take time to hire the right people for the right job. Fire them
quickly if it doesn’t go well. As a small business owner, you can do
anything but you can’t do everything! Hire people who love to do what
you hate to do so you can focus on your dream and evangelize your
passion.
4. Communicate with partners. Partners can be a
great way to bring complementary talent to grow your business but, just
like a marriage, it’s critical to communicate values and expectations.
Create a business “pre-nup” to set expectations for the partnership.
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