After 16 years in business I cant tell you how many learning logs I have completed and I’m still making mistakes and learning in my small business. I have often asked myself how long will it take till I’m earning a healthy profit and managing my business with ease. Last week a colleague who ventured into business about 12 months ago shared at a meeting that she wasn’t sure if she had the confidence or courage needed to be a small business owner. I immediately related to her pain and I honour her courage for sharing it out loud. I like to be positive in my language and be conscious about what I affirm out loud. Im going to say it though – being in your own business is hard! I think anyone telling you that its easy are lying.
One key I think is being aware of the time that it takes. I think there are a lot of assumptions out there. The obvious one is that small business owners are cashed up. Sure some are, however most of us that have begun our businesses, have started out small. By that I mean that we started from meagre investment and savings, have managed growth when cashflow allowed and have done it with hard slog.
All of this leads to timing. Many people I have spoken with have confided that they believed they would open and after a few short months they will be earning and expanding. I saw one store recently that opened in a busy village. They opened wanting their business to be the first in a chain of homewares stores. This business owner did not engage with any local business chambers, fellow retailers in their village, networking groups and also declined any offer of support. Okay, thats fine, however, 8 months down the track, there are declining sales, a grumpy store keeper who is not happy and is losing her customer focus, and the lighting is so bad in the store you cant see the products. They aren’t building relationships with customers and the store is often empty. Its so devastatingly sad because clearly there is significant investment, blood sweat and tears.
So how long will it take? Certainly there used to be a saying that if your business lasted 2 years you were doing well. I think that this has now been reconfigured to 5 years. Its certainly been my experience. Also take into consideration how much there is to invest. A business that can set up with significant funds to power advertising and marketing alongside a good product and service will probably grow more quickly than businesses growing through cashflow.
So what is realistic? If you have come from a corporate role with a great salary, you may find it quite challenging to draw that kind of wage in the first couple of years. I’m not saying to not plan for it or set your goals to create it, I’m being real here, It takes time to grow. Its a little bit like weight loss, if you lose it slowly it stays off for longer, if you build your business slowly then you will build a solid foundation that will grow and prosper over time.
The main thing is hang in there. There are days that you will feel like packing it in. You may find you don’t want to be part of this marathon, but a marathon it is, and each step you get closer. Get support, share and connect with others and get the help you need to see thew tough beginning years through.
Love Andy x
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