Lessons Learned After One Year in Business
We have a birthday announcement! Local Union quietly turned one years old. We can hardly believe it, but it’s true! It’s been an honor to work with small businesses at every stage of their business, from manufacturers, to realtors, retail, coffee shops, pet shops, salons, cleaning services, artists, landscapers, and non-profit organizations and more (phew!).
We wanted to take a moment and reflect on the past year and share some key lessons we learned along the way from our own experience and client interactions.
Starting a business is a hard work (yet so rewarding)
In the beginning we had to build credibility and learn what the Local Union voice meant. We were a new business in town. Of course, our guiding principle has always been “help local businesses,” but getting other entrepreneurs to trust us with their strategies, goals, and dreams took time. Rightfully, people are protective of their businesses and will only invite you in if they trust you (which takes time).
Don’t worry if you’re not an overnight success.
The key take-away for us:
Building something beautiful takes time and it’s okay if the beginning is slower than you anticipate. Keep tinkering on your messaging and offering until you find that something special people gravitate towards. If your messaging or product isn’t yielding results, don’t waste time doing the same thing over and over. Try something new (after you’ve given it some time, of course).
Eventually you’ll become a trusted brand, but the trust and relationship may take some time depending on your industry.
Should you pay yourself? YES
Too many entrepreneurs are afraid to take money out of their business, but something magical happens when you start to pay yourself. You feel validated by the work you’re offering, see the fruits of your labor firsthand, and then that expense becomes a part of your normal operating budget. Next thing you know, salary just becomes another expense and you’ll probably up your revenue numbers to ensure you’re breaking even.
The key take-away for us:
Even if it’s a small payment once a month, start getting a base salary into your monthly operating expenses. As you grow your business, try to ramp up your salary if you can. We’re not suggesting you overburden your salary expense on day 1, but you owe it to yourself to pay yourself something.
Planning and processes can save you so much stress and time
Many businesses get started, have initial demand and then get caught up in the day-to-day operations. They put on pause crafting the strategy needed to ensure their business grows sustainably. Revenue success is gratifying, but don’t get lost in the day-to-day.
Make sure you work on your business, not just in your business.
The key take-away for us:
A long-term / company-wide implementation plan or process plan is critical to not burn out. Many of the solutions a business implements on day one should probably be updated at some point in the journey (but we often pretend we are too busy).
Our suggestion is to always find solutions that make your life easier and create processes that remove yourself from the business. Work smarter, not harder.