Starting a Business: Beat the Top Five Obstacles to Success
When you're transitioning into small-business ownership, or establishing a solo practice for the first time, the initial excitement of a strong start can often be followed by trouble getting to the next level. That is, to where your business can withstand your leaving for a few weeks' time. A real business can--and should--allow you the freedom to, for example, provide medical care to a spouse or family member, or to take a vacation.
If you step away, will you find a business there when you return?
“You don't really have a business if no money comes in whenever you leave,” notes Stanley Simkins, an organizational consultant specializing in small businesses in Albany, N.Y.
Here are small-business advisors' top tips for overcoming the obstacles to getting there:
1. Make a plan, Stan. Most business owners are too busy just getting it all done; they often postpone strategic planning. As a result, “A lot of people are just stuck,” says Simkins. It may take less time than you think. Lean on supportive mentors for inspiration – and to make sure your business-development vision is realistic; try a finding a counselor at a Service Corp of Retired Executives chapter near you.
2. Open the lines of communication. Before you need to leave, “Communicate with everyone -- your salespeople, your craftspeople, your clients. Let everyone know your situation,” says Sally Anderson, a book author on career and life transitions. In letter, or, preferably, in one-on-one conversation, reassure your clients that “while you'll have a lower profile, you'll oversee things from afar.” You might even get projects done before your departure or after your return if you communicate early enough, and get orders in advance.
One obvious quick fix to keep things humming is a Web site where potential clients can familiarize themselves with your services, and anyone can send e-mail and place orders. Many cheap, new Internet-based telephone fixes give callers the feel of a corporate switchboard, and they can route calls seamlessly to your (or an assistant's) mobile number.
3. Beat workaholism. The entrepreneurial world is a famous breeding ground for overwork. If you're stalling, it could be because time for refreshing, mind-clearing recreation and relaxation has slipped away. It's most pernicious when the hours you're spending in the office aren't even increasing revenue. One way to rein in out-of-control hours, advises Judy Feld, a small-office/home-office expert, who edited The SoHo Success Letter, is to schedule various duties strictly, and then watch the clock. Set up appointment times to return calls, for example. Then limit those calls to 15 minutes each.
4. Let go the fear of letting go. Doing it all yourself is the classic productivity killer, experts say. “Entrepreneurs often say, ‘No one can deal with my clients but me' and that's absolute baloney,” notes Marcia Rosen, New York business consultant and author. Recruit and promote a knowledgeable salesperson and teach him or her the operation: You'll be astonished how much better the business does.
5. Don't be 'penny wise and pound foolish.' Money may be tight, but it's a trap to lean too far toward financial conservatism. You must spend money to build something profitable, Simkins says. Try bartering to save cash. If hiring a manager or assistant has meant a sacrifice in profitability, remember: You're financing your future growth and accommodating other important interests and needs: Family, recreation, happiness.
6. Don't fear success. Strangely enough, the prospect of success itself can scare some people. If the idea of expanding, hiring or taking a leave puts you physically on edge, take a deep breath, suggests Marian Baker, a counselor with True Spirit Coaching in Chicago. No joke: it physiologically reduces paralyzing feelings of panic.
For more inspiration, and to add your voice to the entrepreneurs shaping American affairs and public policy, see American Entrepreneurs for Economic Growth.
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