Written by Tracy Shirvill
From Boss Babe, Sh-e-o, mompreneur, and girl boss, buzzwords for female business owners abound. With promises to earn as much or as little as you like, flexible work hours, the ability to work with who you want doing what you love, it’s no wonder women are drawn to starting their own business. Starting your own business can be appealing, and there’s plenty of encouragement out there. But is it all it’s cracked up to be?
The Truth about Business
Starting my own private practice has been one of the hardest things I have done. I not only needed to be the best counsellor I could be but I had to learn marketing strategies, become an SEO whizz, a web developer, copywriter, and financial planner. Conflicting information about how to run a business was everywhere. There have been obstacles I didn’t anticipate. Support that was promised but not delivered. And as a counsellor, I am bound by a code of ethics and practice which some people in the business world don’t understand, not just in the counselling room but in all areas of my business.
Recently I spoke with other small business owners about their experiences and the stress of running a business, especially in the early days, was evident. While their speech was upbeat, positive, eager for success, their bodies told a different story. They were tired, stressed, overstretched. They felt let down. Hits to their progress were taking a toll on their confidence. Many mentioned they had repeatedly taken two steps forward and three steps back. Each time they made a win there was a new obstacle. Many noted how easy it is to become confused by the masses of information that’s out there in the business world. And sadly, too many mentions of coaches and networking groups that talk a good talk but ultimately operate akin to multi-level marketing companies, leaving a trail of broken promises.
So, is being a small business owner everything that we have been promised? Turns out it’s not all bad news, sleepless nights, and insecurity. Being a business owner can be rewarding. There’s a wide variety of options that you can developing even while working full time. With over 2.5 million small businesses in Australia, it’s definitely a profitable endeavour.
Here are three I’ve learnt about starting a small business:
Get the right business support from day one.
When I say day one, I mean before you have registered an ABN, found a business name, and especially before you quit your job. As mentioned above, there is a lot of information out there that is confusing and contradictory. There are services available though that can tell you what you need to know. If you’re in New South Wales, the Business Concierge team can help you with these day one steps. If you’re going to engage a business coach, do your homework. Make sure they are trained, look for testimonials, and ask all the questions before you sign a contract.
Running a business can be lonely, and your family and friends might not be supportive. Think about who you can talk through your thoughts and feelings with. The mental health of CEOs has been linked to company performance. It’s not uncommon for senior executives to be going to counselling, and it can benefit you as well.
Know yourself
Think about who you are. Do you have times of low self-esteem or negative self-thoughts? Do people tell you that you’re overly confident? Are you outgoing, or more reserved? What skills do you have now? What are your values? You will be asked repeatedly, ‘what is your why?’. Start thinking about why you want to work for yourself, what is your end goal? How do you cope with stress?
Your experience isn’t everyone’s experience
One thing that I can say for certain about business is, just because it worked for someone else, doesn’t mean it’s going to work for you. And vice versa. You will come across people whose businesses are thriving after two years, others who didn’t make it to year two. Look for inspiration, learn from the mistakes of others but try not to compare yourself too much.
Starting your own business is hard work. There will be sleepless nights, maybe some tears but with good planning, support, and knowledge you could be one of the successful ones.
