¶ Building a Successful Small Business
Welcome to how I Built my Small Business . I'm Anne McGinty , host of the show . While full-length guest episodes are on hold for the holidays , I've prepared a collection of short , impactful episodes to keep you inspired until Season 2 . Let's dive in . Let's dive in .
Take a look at what you're good at , what brings you joy and what needs doing , and the intersection of those three things is your action . That's where you should be .
People overestimate how much the mission of the company matters , meaning if you're like , hey , people are going to buy this because we're carbon neutral or because we're this or because we're that , doesn't work , never works .
And I think it goes back to that aha around like people don't buy your , why they buy their own , why Now , I'm not saying it's not part of your story , it doesn't matter , but ultimately it's a distraction from the reason they're ultimately going to be buying it right .
But ultimately it's a distraction from the reason they're ultimately going to be buying it right . Unless that mission is so tightly wound to people's why , in the first place , it doesn't work .
I mean so many brands that once they start realizing that that's a cool part of their story , but not the reason that someone's buying it , can change their business quite a bit .
Make attainable milestones . That 1% difference can add up and it does . It doesn't have to be this TikTok I got rich in 30 minutes situation , which I think that there's this trend that this is so easy and you could do it so quickly and you don't have to do anything and work two hours a week and you can running this massive business .
I think that sure , I'm sure that's possible and I think that's amazing if you could do it .
But I also think there's such a power in hard work and just doing , like making those 1% changes and constantly reevaluating yourself to see , like , how you could do better and looking within and saying like how could I be a better boss or how could I make my product better ?
Or listening to negative feedback , like don't be afraid of negative feedback because even though I'm super sensitive , so sometimes I would be like , oh my God , she like hated something or derived broken , which it's going to happen , but just using that more of like a tool of learning and approaching everything with like a learning mindset .
I'm learning all the time .
I think you got to ensure your spouse is aligned . If you're married or have a partner or financial people that are dependent on you , because it is risky and scary and you buy a business and it might mean you think you're getting a job but there's no 40 hour a week company ownership I've ever seen . So just make sure everyone's on board with this .
Set up a time frame and some limits , like treat it like a job . If you have a regular job and you want to do this , then set up like . I'm going to do 20 hours a week for 18 months and see what comes of it and I'm willing to spend $100,000 in costs .
Learning to let go and set your boundaries is really important . I put my phone away when I get home and I don't look at it .
I think it's really important just to get experience in your field , whether it's from having someone to mentor you or a consultant like someone who is experienced in the industry , who can help guide you through all the bumps in the road and the struggles , or even just , you know , pick up a few shifts at a shop and see what it's like , because I think to be
successful , you really need to understand how to do the job at every single level , starting with you know working the register , hopping on the bar and making sure that you understand what it's like for your team members and for your customers .
Otherwise , I don't think you can really expect people to put out a really high quality product and provide good service if you're not capable of like doing it yourself and being a good example for those people .
Truth is like if you grow something , you have all your clients who are like mini bosses , and then you have all your employees who are like little mini bosses and like you serve them all . And so I always laugh when someone's like , oh , did you want to be your own boss ? I'm like not really .
I'm like now I just feel responsible for way more people and way more things . But I would just say that , just really tapping into like why do I want to start this business ? For a lot of people , it is also financially driven . Like I want that upside of like owning it and I love that .
And I totally agree that , like the flexibility of time and the ability to grow your finances are both hugely cool opportunities and they are things that , like you only live once . It is cool to go and do it , whether you succeed or fail .
Don't be afraid to try new things and be willing to go out and talk with people . I used to be very , very , very shy .
Most people would not think that about me anymore , but being able to talk with other business owners , even owners that do the same exact thing , just being able to be open and candid with them , has really helped us and encouraged us to be willing to talk to people .
Who you're actually competing against is mostly not quality , it's mostly noise . I think that people often overlook small competitive advantages that are actually true , great competitive advantages . Trust is a competitive advantage . Hustle is a competitive advantage . Responsiveness is a competitive advantage . Hustle is a competitive advantage .
Responsiveness is a competitive advantage .
Work hard , stay focused on what your vision is , you know , try to figure that out , which can be hard , and just stay focused on what it is that you want to do . Sometimes there's so many ideas you kind of do need to like narrow it down until one vision or one brand of what that is , and then from there you can expand upon ideas .
If you're going to start your own business , you really have to be dedicated , and if you want it to be successful , you have to put the time in , figure out what you want to do , write it down , set a timeline and follow that . Write the steps out , what you want to do and what you want to get accomplished .
Fill up your knowledge and skill buckets first . So if that means working for someone else , getting your knowledge up . But what you put in is what you get out . So I'm constantly educating myself so that I can create more value , and nothing comes to you on a silver platter .
You have to work hard for it , and the more you put in , the more you will get out . One thing again , which is quite funny , because we've definitely had to deal with this one hire slowly and fire quickly .
Get in the marketplace , stay in the marketplace . The answers are in the marketplace . Don't surround yourself with yes people and an entourage . Know your competitor , know your customer , understand your cost structure , the three Cs .
But ultimately it's going to be about do you have an instinct and a fire in the belly to say I believe there's a gap , I believe I can tell a better story ?
The biggest challenge is definitely staff . It can be the most rewarding part at the same time watching staff members grow in that . But if you do have somebody in your team that doesn't align with your core values , then it can just bring the whole team culture down your core values , then it can just bring the whole team culture down .
¶ Pursuing Happiness Through Entrepreneurship
Don't let any surrounding members of your life tell you that you can't be something or do something . If you believe in it , follow that , and I've learned something at a late age in life . I've done a lot of things in this world that have been successful , but I wasn't successful because I wasn't happy .
I did it because I thought that that's what would bring me happiness the first time you challenge yourself and you follow your dream . That's true , true success . And so I just tell people follow your dream , go for it . People out there want to hear your story .
Thanks for listening to this bite-sized episode of how I Built my Small Business . If you enjoyed it , share it with someone who might find it helpful , and don't forget to subscribe so you're ready when Season 2 drops . As always , have a great day .