10 Things I’ve Learned as a Small Business Owner
There is a Burn Boot Camp Franchise Partner, or heck, any small business owner, that needs to be reminded of this. Yes, you.
Last November, I celebrated five years in business and in the next five weeks, I’ll be opening my fifth Burn Boot Camp. The five-year milestone is one typically only half survive, yet there is so much more to survival than an “OPEN” sign.
Here are a few heavy lessons I’ve learned along the way:
1. Your business is only as strong as your own health. If you’re not prioritizing yourself, your business is a ticking time bomb. Your business needs YOU to think clearly and strategically to advance. Cloudy thoughts do not create a clear vision. Anxiety-ridden decisions do not create a stable environment. Exhausted leaders do not inspire energized employees. Your people need YOU to set the example of expectations and direction. If you’re not performing to your fullest potential, neither will your people.
2. Your people are everything. There is no profit without your people, and there are no people without a shared purpose. Your team is far more than a filled schedule. They are the heart behind your product. Choose them wisely and pour into them. Take the time to learn their strengths and who they are as a person. Equip them with the right tools and development so they can perform. Love them through mistakes and hold space for safe conversations and quality feedback. Shying away from hard conversations to give you more comfort is poor leadership. Be fair and kind.
3. You’re going to feel like you’ve failed 83,962,025 times…and then some. Pick yourself up and keep going yet be aware of when you truly need to rest. We all start messy. We all have scars and battle wounds. How you choose to recover and respond is what sets you apart. p.s. When you are so focused on your failures, you miss out on the celebrations. Hold space for the good stuff.
4. You don’t know everything, and you don’t have to pretend to. Lean on the experts you’ve hired. Their intelligence doesn’t take away from yours. Together, you’ll go further. Create space for them to lead up. Guide them well and let them fly. If you’re hesitant to let go, look in the mirror. Either your ego is bigger than it should be, or you’ve hired the wrong people. Your value in your business is not in the number of tasks you complete in a day, or the number of hours you work. It’s in the quality of your leadership and the results that follow.
5. Fear is a real part of business, but you can’t live there. When you make decisions out of passion instead of fear, you show up differently. Take the time to listen and trust your intuition. Passion creates opportunities. Fear constricts your potential.
6. Take the wheel to your own development and success of your business. No one is going to save you, nor is it anyone else’s responsibility. If you want to get better, you have to take the initiative. Find a local business peer group or mentorship program. Bury your nose in books and podcasts. Be a student – always.
7. Just because you can, doesn’t mean you should. There are seasons when you have to wear multiple hats, and others when you only wear one. Never be too good to vacuum or clean toilets. You are no more important than your team, but your role as the leader requires different impact. Get clear on where you add the most value. If you can make a bigger impact elsewhere because of your unique role and skill set, that’s where you should focus. It’s okay to let go and rely on your team.
8. You can’t grow a healthy business in toxic soil. Just like your own health matters, so does the health of your culture. A positive culture isn’t created on accident. It’s intentional and purposeful; it has boundaries and expectations. If people are walking out on you, look in the mirror.
9. If you’re a visionary, you are likely driving those around you nuts. Not every idea you have needs to be chased. In the same breath, if creating and building is a part of who you are, you will stifle yourself into misery if you can’t do so. Be aware of the chaos you are creating for yourself and others, and choose wisely. Lean on someone who can keep you focused and help you execute; know who they are and celebrate them hard. They are the wheels on your bus, and you need them.
10. There is life outside of your business. Hobbies, friends, and a healthy marriage are important. When you love what you do, it’s easy to fall into the vortex of work. One day, you’ll look up and realize you have no one. Don’t make leadership even lonelier. Take the time to invest in friendships, your spouse, and yourself. Setting those boundaries to step away from the business will feel impossible. It’s not.
Which parts resonates? What have you learned?