I'm frequently asked for time from working professionals who are in the early stages of their businesses. This is very humbling for me because often I feel like I'm just getting started myself. When I have these calls, I always want to speak less and listen more (that's likely the coach training in me). Although our services have expanded greatly since I got started, I feel my journey, the "how I got started part" is pretty out there and our time is better spent hearing about their ideas and unpacking where they may feel stuck.
Nonetheless, there are a few universal things that I think every service based business owner should know when getting started. Here they are:
Understand your risk tolerance. When I resigned from Viacom, my risk tolerance was high. I was in my twenties, I had paid off my student debt, built some savings, had no one expecting me to provide for them and my living expenses were relatively low (I knew how much I needed down to the penny). If I were to leave a role today, my risk tolerance might be very different as my living needs are very different. One way to minimize risk is through preparation. If you are planning to leave a full time job, map out your plan as much as possible before you exit. Create that financial model - learn how much you need to make to maintain your desired lifestyle. Then build the plan to make that amount - you can use AI to help you refine a business plan.
Begin with the end in mind. What size business do you want? How long do you want to run the business? Do you plan to manage employees or contractors? How do you see yourself exiting? Forcing yourself to answer these questions will help guide how you build and direct you to the right resources.
Spend more time with customers. A business must have sales to operate - so you need to be in front of people who have purchasing power. When you are with clients, listen more and talk less. What are your client's biggest pain points? How do you provide a solution?
Seek more “NOs.” When I was first getting started, I used to cry (literal tears on the phone with my mom) over every deal I pitched that didn't close. Now, I recognize that if one "No" affects me that much, I am too dependent on a singular deal. The solve for that? Pitch more. Pitching more will get you more nos, which helps normalize them, and it will undoubtedly also get you more "yes'es" as well.
Likes aren't cash. Visibility is undeniably important but that visibility should be intentional and with a focus on lead generation. Additionally, some of the biggest deals will not be accompanied by a press release. Stay focused on what really matters & drives value to your bottom line.
My company operates a US-based small business program that offers free trainings weekly across the country & offers tactical skill building for small business owners. If you are in more of an exploratory phase, consider coaching as a tool to help you chart out your goals.
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