One-Year Status Report: 4 Big Lessons from a Small Business Owner

I knew running a business was going to be hard, but in reality I had no idea. 

You’re your own Finance, Legal, HR, Operations, Sales, Project Management, and Marketing (meaning, marketing yourself, on top of managing clients’ campaigns). 

There are times when I miss calling it a day at 5pm and shutting off my computer. But when you sign up for the life of a business owner, it’s not always going to be the case. 

However, I wouldn’t change it for the world. I love what I do. It’s an incredible feeling to help others with their businesses, and it’s so rewarding that I’m able to challenge myself, learn, and grow every single day.  I’m responsible for my life on my own terms--which can mean getting a paycheck or not (the scary side), or having that ability to do whatever makes me happy (the perks). 

Here are the 4 lessons I’ve learned being a business owner for one year.

Get a lawyer & accountant.

Your accountant and lawyer are the most important teammates on your roster. It is oh so necessary to find ones that you can trust. 

If you’re ballin’ on a budget, you’ve probably Googled contracts and downloaded it off the internet (trust me, I’ve done that plenty and plenty of times).  You’ve also probably done weeks worth of research on your own whether you need an LLC, SCORP, or what to write off for taxes. 

Now I go through our company lawyer for all-things legal and I pay for an accountant to file my taxes and my LLC. Just like  you’re an expert in your field, they are in theirs. And having that advice and knowledge is worth every single penny because—one—it gives you the ability to focus on what you do best,  and—two—it gives you peace of mind. 

There are more NO’s than YES’s.

Whatever happens, don’t give up. I can’t tell you how many times I’ve reached out to people and in return heard crickets. If you get to pitch one out of every twenty contacts, don’t beat yourself up. That's a win. If you don’t land the client, that's ok. Just know that this is something that everyone goes through and whatever happens, it’s meant to be. 

Find your squad.

These are your cheerleaders and people who will keep rooting for you even when times get tough. 

I was very lucky to have a business coach @room2rise when I was starting out. Without her,  I wouldn’t have been able to get to where I am today as quickly. What I loved most was her monthly roundtables. She brought all her clients together to talk about our problems and successes. It was like a think-tank. Not only did hearing from other people give me different perspectives on how to tackle things, but it totally lifted my spirits knowing that there was a community I could rely on. 

You can hire a business coach or lean on your partner, a mentor,  or a solid group of friends or family. Ask questions and talk about your journey. You'll appreciate their support. 

Take 1 day a week off, minimum.

While I try to take weekends off, sometimes it’s almost impossible when things are moving fast. When this happens, I do all my work on Saturday so by Sunday my laptop is off and my Slack is on snooze. By the time I get to work on Monday, I’m feeling a lot more refreshed and ready to tackle the next day.

As a business you need to invest in the right tools and resources to grow successfully. But I also believe part of that investment needs to be in yourself and your self-care. Remember running a business is a marathon, not a sprint.