Six Pieces Of Advice For Starting Your Own Business From A Veteran: Part 2
We are still getting ready for our big Anniversary Celebrations this Saturday. In the meantime, here is the second half of the advice I'd give anyone thinking of starting their own business. After 15 years of owning one store and five years owning two, it comes from experience.
Community over competition. Collaboration might be the thing that has kept us afloat for so long. We are so fortunate to have the incredible Alexandria business community. Being a part of Old Town Boutique District and now Old Town Business, creating Makers Mile with my fellow retailers, contributing to Stylebook, participating in Where's Waldo, Spirng2ACTion, and Doggie Trick or Treat are just a few examples of the wonderful ways we've gotten to work with this amazing community over the years. Rising tides raise all boats, and I have always believed that when one person succeeds, so do the rest of us. If you're going to have your own business, then I cannot stress to you enough how much you need to find folks with whom you can build your business and theirs.
You don't have to go it alone. t takes a village to own a company. Do not assume you have to have all the answers or must do all the work yourself. That will not serve you well. Start building your village as soon as possible. A good lawyer and accountant are a great first start. If you need property, then get a good commercial real estate agent (the landlord pays their commission, not you). Want to write a business plan? Then do what I did and work with Alexandria's Small Business Development Center; they are amazing! Collaborate with other business owners (see my last point). As you grow, add team members that will take the things you're not good at or aren't worth your time off your plate. For instance, had I hired someone to handle my daily financials ten years ago as opposed to four, I would have saved so many sleepless nights. Build a small network of business owners or find a friend that can serve as a sounding board and offer guidance. Over the years, I have built several networks of fellow retailers across the country just by reaching out and telling them how much I love what they do. These have been some of the most valuable relationships. During the pandemic, we were sharing ideas and crying on each other's shoulders. I wouldn't have made it through - or figured out our PPP - without them. Get yourself a village and watch your business grow!
Find an outlet outside of work. I've talked about this before, but it bears repeating. When I was starting to plan for opening Red Barn Mercantile, I reached out to other retailers for advice. One woman who owned a store in Kansas City and was kind enough to take time out of her busy schedule told me something very important. It's the one thing that I always share with others who are contemplating this little adventure. You will always be thinking about your business. When you work for someone else, you can go home at night and turn off all or most of it. But when you own your own business, it's omnipresent. That's not to say it's a bad thing; it's that you need to be prepared for it. I love my work and enjoy thinking about it, but there are times when I have to turn it off for my own sanity. Volunteering in my children's school was how I could turn it off. Now that they don't need me, I get out a puzzle. Virtually every night, my daughter, Kate, and I are downstairs in our basement watching television. She's on her phone, and I'm working a puzzle. It gets my mind off work, and we get to spend time together -even with the phone. Maybe it's meditation, exercise, knitting, or ceramics. Whatever it is, find it and make time for it. You will thank me later!
That was a lot. I hope it was helpful, and I hope we see you Saturday at our anniversary festivities! Best wishes on your entrepreneurial journey!
