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LeslieBarber
Level 6

Six Things I Wish I'd Known When I Started My Business

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I’m one of the proud leaders of this amazing gathering place for entrepreneurs. But before this, a few years back, I was deep in the trenches of self-employment, just like you. In 2005, after hearing my pregnant friends complain about their impossible-to-swallow prenatal vitamins, I co-founded NutraBella, Inc. My business partner and I were determined to give women more palatable vitamin options, so we created the Bellybar.

 

I quickly realised that although I’d gone to business school and earned my MBA, I had a whole lot to learn about building, running and growing a business. My hard-earned degree had only partially prepared me for the complicated, non-stop, often overwhelming challenge of working for myself. Back then, I longed for an “instruction manual,” a curated list of things I needed to know right away to succeed as a small business owner.

 

Of course, there’s no single, right way to run a business, so no such manual exists. (If it did, everyone would be working for themselves!) However, I’ve come up with six key tips to help make your entrepreneurial journey smoother. I learned all these lessons over time, sometimes as a result of a decision I probably shouldn’t have made. But in the spirit of this generous, supportive QB Community, I’m excited to share what I’ve learned to help you, as you create the business of your dreams.

 

1. Follow your passion, no matter what. Like me, you probably decided to build your business around something you’re passionate about. Problem is, sustaining that passion for the long haul, especially in the face of ongoing challenges and obstacles, can be hard.

Fuel your commitment daily by reminding yourself why you started your business in the first place. Stay focused on your passion – often, it’s your burning desire to solve a problem or a need you’ve identified. If your first solution doesn’t work, don’t worry. Reconnect with your passion for solving the problem and keep searching for a better answer.

 

2. Create a rock-solid business plan. Running a business is an art and a science. The art is your passion. The science is your business model. It may seem obvious, but you need to understand your business plan better than anyone else! No detail is too minor, especially when it comes to understanding the finances. Knowing your “money-in, money-out” situation is critical to business success. Bottom line: Understand how your business is doing at every moment, in real-time, so you can make smart, informed decisions.

 

3. Communicate with partners. A business partner who complements your expertise and skill-set can be like rocket-fuel to your business growth. If you decide to join forces with someone, be prepared to nurture the relationship like you would a marriage, with clear, open communication about values and expectations. Want to take things one step further? Get ahead of potential pitfalls or misunderstandings by saying “yup” to a business “prenup.”

 

 

4. Hire smart. As a small business owner, you know you can do just about anything – but you can’t do everything! The sooner you recognise your areas of weakness (or, sometimes, your lack of interest), the faster you can find someone who truly loves doing your least favourite task (payroll, anyone?). But don’t rush to hire – you’ll be glad you took the time to find the right person for the job. Things aren’t working out? Fire quickly, and move on.

 

5. Protect yourself from the unexpected. In a small business, as in life, things happen that you just can’t control. If you can anticipate roadblocks, you’ll be better prepared to navigate around them. For example, set up systems and processes that allow you to step away from your business if you need to (think flu, sick kids or a much-needed vacation!) without everything falling apart. Remember, your business health is directly related to your own health, so take steps to ensure you can take care of yourself, too.

 

6. Work for yourself, not by yourself! As a small business owner, it can be lonely making all of the decisions. Everyone knows starting a business is challenging (and awesome!), and many people will be happy to support you any way they can. I hope you won’t ever hesitate to ask for help.

 

Throughout my business journey, my most valuable resources were other entrepreneurs. Find like-minded people (yes, there are plenty in this community!) who know what you’re going through. Maybe they’re a few years ahead of you. Maybe they’re just starting out. It doesn’t matter. Being part of a smart, supportive small-business network will help you when you need information, inspiration or just a word of encouragement.

 

Trust me. It really does make all the difference.

 

Before you go

QB Community members, what’s something you know now as a business owner you sure wish you’d known when you were starting out? Please share what you’ve learned in the comments below!

 

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Want to join the conversation but not yet a QB Community member? Click HERE to sign up in a flash!

17 REPLIES 17
EmilyCowan
Level 7

Six Things I Wish I'd Known When I Started My Business

"Work for yourself, not by yourself" is spot on! There's real power in knowing what you don't know and building the right support network to fill in the gaps. Ask around, find friends of friends with needed skillsets and take them out for coffee. Post your questions on QB Community! There are plenty of opportunities for new learning, and you never know where they might lead you on your small business journey.

Jess W
Intuit

Six Things I Wish I'd Known When I Started My Business

I love this post @LeslieBarber ! It was incredibly insightful and I could definitely make several connections.

 

I completely agree with this = "the art is your passion. The science is your business model". If an individual is not passionate about what they do, it can speak volumes. When someone isn't passionate, you can see it. I have always ensured I have stayed passionate about my work, this has made my readers excited about my services! 

 

There are two things I wish I had known when I was first starting out as a business owner - organising is KEY and being yourself is the greatest asset. Being yourself adds personal value to your work and being organised allows you to focus on the creative aspects of your role (the fun part!). However, I am always learning new things!

 

@Anonymous Carl, because you said that you were a new business in the U.K, I thought you would appreciate this post! What do you wish you had known when you first started out in the business world?


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Jess W
Intuit

Six Things I Wish I'd Known When I Started My Business

Hi, Karsty

 

I loved this post from Leslie on the six things she wishes she had known when starting out in the business world.

 

Is there one thing you wish you had known before you started out @Karsty? :) or do you feel like you are continuously learning?

 


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Jess W
Intuit

Six Things I Wish I'd Known When I Started My Business

Hi, simonsaidi!

 

Welcome to the QB Community! I see that you're a new member (that's so exciting!). You also told me that you want to learn from others as well as helping others...

 

What is something you know now that you wish you had known when you first started out? :) 


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Jess W
Intuit

Six Things I Wish I'd Known When I Started My Business

Hi, robinrosshhi,

 

When you started out in the music business world, what do you wish you had known? I would love to know if you could share some tips!

 

Like you said, your music business is a lot more fun than meeting plumbers at rental villas!Smiley Wink... So, having your insights into this would be interesting.


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Jac
Level 3

Six Things I Wish I'd Known When I Started My Business

Love it while reading..great point mentioned

Jess W
Intuit

Six Things I Wish I'd Known When I Started My Business

Hi, @Jac

 

Welcome to the U.K QB Community!

 

I would love to know more about what you do. Are you self-employed? Do you own a small business? :) 


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Jac
Level 3

Six Things I Wish I'd Known When I Started My Business

Hello @Jess W,

I am a consultant at MyQbHost, We offer the affordable QuickBooks Cloud Hosting services in the market.

If you wish to know more visit to https://www.myqbhost.com

Jess W
Intuit

Six Things I Wish I'd Known When I Started My Business

Hi, @Jac

 

Hope you're having a great day :) 

 

That's great! How long have you been a MyQbHost consultant for?


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Jac
Level 3

Six Things I Wish I'd Known When I Started My Business

Hello @Jess W,

It's been more than a year.

Jess W
Intuit

Six Things I Wish I'd Known When I Started My Business

Hi, @Jac

 

Wow, great! Smiley Very Happy

 

Is there anything you wish you had known at the start of your work journey?

 


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Jess W
Intuit

Six Things I Wish I'd Known When I Started My Business

Hi, Laura_Siegel

 

I hope you're having a great Wednesday so far Smiley Very Happy

 

I would love to know about your business journey! Also, what’s something you know now as a business owner you sure wish you’d known when you were starting out?  


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vixxi
Level 1

Six Things I Wish I'd Known When I Started My Business

This is very helpful for someone like me who is starting with my career into business. This forum really help me a lot , more power to your team. 
What i like about continuous searching is that i am learning and also able to find tools that i might use in the future. One of the tools that i found is the OnlineCheckWriter which i find very useful for someone like me who always commit mistakes with papers and stuff. It is very convenient , save me a lot of money and time. This is one is one i recommend for people who are  venturing business. Have a nice day !

anurag27091998
Level 1

Six Things I Wish I'd Known When I Started My Business

  • customer management system:Manually tracking transactions is hard. No one wants to do that. It gets too cumbersome as the business grows.
  • Research the competition: When going to market, and you're really looking to get your offer to the masses, you need to research the competition. Frasier says he uses two platforms to conduct his research.
  • Identify new opportunities: Analyze new opportunities in your business by understanding your demographic better.
  • Acquire other businesses: Sometimes, acquiring other businesses is a very quick way to grow your own business. If you can find competitors or businesses in other industries that would complement your own.
pcastro2
Level 2

Six Things I Wish I'd Known When I Started My Business

As Tony Robbins maintains, take "massive action" (all that it takes) quick and create a business. 

Do not be contented to be self-employed. In other words, if you cannot run your business from a cell phone, you are working by yourself.

 

salihagenter1
Level 1

Six Things I Wish I'd Known When I Started My Business

Thank you for sharing. Very useful information. I am a staff at Agenter Books which is an easy-to-use e invoicing software that makes it simple for customers to pay you on time.

salihagenter1
Level 1

Six Things I Wish I'd Known When I Started My Business

Thank you for sharing. Very useful information. I am a staff at Agenter Books which is an easy-to-use e invoicing software that makes it simple for customers to pay you on time.

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