There has never been an easier time to start and operate a small business. We live in the most abundant time humans have ever experienced; entrepreneurship is widely embraced and entrepreneurs are celebrated. Startups have vast access to data, research, and opinions like never before. Fantastic technology exists that simplifies barriers to start-up and create focused opportunities to fill niches. There is a massive groundswell of skilled people who want to be their own boss and can be. In short, we live in a wonderful and amazing time.
Yet, the likelihood of successfully starting your own business is sadly not in the start-ups’ favor. For many in business for themselves, the business has become stagnate and they may not be sure why. It has been written about many times, but all too often a person who has an amazing skill in a specified field believes this skill set entitles them to immediate success running their own business. This is the first of many potential traps and pitfalls that has destroyed many dreams, financially ruined families, and pushed loving relationships past a point of no return.
Don’t despair, there is hope! Just as you may be amazing at certain skillset and process, there are others out there who are amazing at their unique skillset. Think of it this way: if you are a professional looking to venture out and build your own practice, great! The cornerstone is that you need to be great at your chosen professional skillset first. That being said, it is statistically unlikely that in addition to your professional skillset, you will also have the skillset needed to do great at actually building and growing a business. If you are one of those wicked smart people who may be able to figure it all out, the question comes down to whether you should or not. In other words, is it the highest and best use of your time? What I mean by this is that starting, building, growing, and operating a business takes a completely different skillset then working as a professional within it. I have seen time and time again where a new owner, who could bill out at $150+ an hour for their services, ends up spending 30 hours a week on $50/hour or less work, because they can. The real question again is if they even should.
When your customers need someone with your expertise, they come to you and you help them; it is a “no-brainer”. It is something you can do well and is likely fun for you. Keep this in mind when you choose to do things that are not a no-brainer for you and you may have discovered why you are having your challenges.
The moral of this post is this: If you are looking to build or grow your business, think about all the components that go into growing a healthy vibrant one. List them out, take a step back, and look at them. Identify the ones that are a no-brainer for you and do those. For the others, I would highly recommend you find someone who can do those things better and sees them as a no-brainer.
Here at EA, we love helping professionals successfully start and build the business of their dreams. For us, it’s fun and easy. It is our no-brainer. Quite simply, our goal is helping you to achieve your goal. We are in the process of formalizing a new start-up/growth program. If you or anyone in your network would like to participate in our beta test, please let us know.