8 Lessons From My First Year As A Small Business Owner
I have officially made it through my first year as a small business owner. They say the first year is the hardest, and I hope that I can look back on this past year with a sense of both pride (of sticking with it) and relief (of having gotten through it). I’ve always been transparent in sharing the reality that I’ve experienced a rollercoaster of emotions over these past 12 months, feelings that have ranged from fear and self-doubt to pride and purpose, and everything in between. I share my experiences because I think it’s important that aspiring small business owners know what to expect and have realistic goals for their first few years in business. Going out on your own in a highly saturated industry is not easy. It takes creativity, organization, emotional stamina, and a strong support system. Most importantly, I’ve learned that small business ownership is a marathon, not a sprint. It’s the small actions that add up, and it’s the resolve to keep going when things feel hard.
Now I am by no means an expert on the topic, but I thought I’d share some of the biggest lessons that I’ve taken away from my first year in business.
Treat Everyone Like a VIP
Because, honestly, everyone is a VIP. That’s not to say that everyone who walks in your doors is your “ideal client” or a perfect fit. But every person who walks in your door is an opportunity to “wow” someone, an opportunity for a 5-star Google review, a social media share, a referral. My goal for every single person who books an appointment with me is to give them the best possible experience I can offer, and to have them leave feeling great about themselves.
Be Unapologetic About What You Offer
My main motivation for starting my own business is that I only wanted to offer services and products that I wholeheartedly believed in. The skincare industry often feels like the Wild West, and it’s easy to get distracted by everything that’s available to us as licensed skincare professionals. There are so many gimmicky treatments, unproven modalities, and trendy ingredients. It’s been a major intention of mine to stick to what’s proven and what works, keeping skin health as the #1 priority.
That being said, every skincare line, every product, and every modality that I bring into my practice have been thoroughly vetted. I like to keep it simple, which is why I don’t offer 7 different types of facials, and I don’t offer services that seem questionable to me.
And I truly believe that being confident and unapologetic in what I offer is what allows me to consistently manifest new dream clients. There are hundreds of other estheticians in my market offering dozens of new, trendy treatments, but those that choose me do so because our values are aligned and they trust my expertise.
Don’t Do What Everyone Else is Doing
Which brings me to my next bullet point, don’t do what everyone else is doing! If you want to stand out, I can’t stress enough the importance of niching down. It all starts with understanding your “why?” From the very start, my "“why” has been: guiding people to take the health of their skin into their own hands by showing them tools that allow their skin to use its own natural functions to move into a state of balance as well as challenging the belief that staying “young” looking forever is synonymous with staying valuable.
Many skincare professionals use your insecurities against you in an effort to keep you buying their products and services. While I, of course, still need to support myself financially with my business, I will never do so in a way that goes against my values. I believe in maintaining a healthy attitude towards the aging process, which (sadly) makes me an outlier in this industry.
Stay Close to Your Numbers
One of my biggest pieces of advice is to set yourself up with a good system of bookkeeping from the start. Before I started seeing clients, I booked a meeting with my accountant, who showed me how to get set up on Quickbooks and went over some “best bookkeeping practices” with me. It’s so important to see where your money is coming and going each month, and it helps me to set realistic financial goals and forecasts for the future.
And believe me, being organized from the start will make things so much easier on both yourself and your accountant when tax season comes.
It has also kept me in check on the months that self doubt starts to creep in. I can look at my revenue on a graph and see that each month it continues to trend upwards. And on the months where things don’t move upwards, I can ask myself questions like “What didn’t I do this month that I did do during more successful months?” or “What extenuating circumstances (like getting sick, going on a trip, etc.) got in the way of reaching my revenue goals?”
Connect With Other Local Like-Minded Small Business Owners
What better way to reach your dream clients than to build relationships with local small business owners with a similar audience? Finding ways to connect with other entrepreneurs can be one of the most rewarding and most effective ways to expand your reach and book more appointments. Make it an effort to share about other local businesses you love to your clients, and it will come back around. It all circles back to one of my main core values, which is building community.
Surround Yourself With Positive People
In the words of the motivational speaker Jim Rohn, “you are the average of the five people you spend the most time with.” As I get older, I become more and more intentional about the kinds of people I surround myself with. It’s important to me that the people I keep in my life are those who have similar values, positive attitudes, and who generally make those around them feel good, uplifted, and supported.
Release the Pressure To Do It All
As a small business owner, you wear a lot of hats. In some cases, you wear all the hats. You are the bookkeeper, social media manager, director of marketing, director of sales, etc. etc. and then on top of it, you have to actually provide the services that bring in income! Something I’ve had to release is the expectation of myself to be the best at everything. There are certain things that come naturally to me- like branding, creating graphics for social media, and copywriting. And others that… not so much.
I do the best I can given my resources, and I give myself grace for the rest. There are weeks I’m super consistent with posting on social media, and then there are months that I’m not. And you know what? It’s okay! Like I said, growth is a marathon, not a sprint. Social media and other marketing efforts are great tools, but in my experience the best growth comes from referrals. Which means, as long as you’re doing a great job at what you do, and you’re leaving a lasting impression on your clients, growth will happen organically.
Supplement Your Income, If Needed
When I made the decision to quit my job at a day spa and start my own business, I had grand visions of never receiving another W-2 again for the rest of my life. HAHA! I quickly realized that starting a business from scratch takes time to grow into something that can fully support you financially. Now obviously this is going to depend on your current circumstances (maybe you have a large savings account you can live on for the time being, maybe you have a partner who is able to support the both of you while your business grows). For me, I knew that having some extra money coming in from somewhere reliable would take off SO much of the pressure. So about a month in to starting my business, I ended up taking a part time job at the garden center that I worked at all through high school and college. Not only were they willing to work with my schedule, it’s a job that I actually truly enjoy.
There is absolutely no shame in working part time while you grow your business, especially if you find an employer who understands that your business is your #1 priority.
If you’ve always dreamt of starting a small business of your own, I hope this post both helps and inspires you to some day take the leap. While it’s no walk in the park, I wouldn’t trade the freedom of running my own show for anything!