9 Lessons Learned From Decades Of Being A Business Owner!
When you hear someone say they are a business owner, what images come to mind? I’ve asked strangers to describe what a business owner is and typically hear, “They are lucky because you get to call all the shots and keep all the money.” People often assume being “the boss” somehow makes life easier because you make more money, set your schedule, drive a fancier car, or spend more time on the golf course. It might even sound glamorous to call yourself the president or CEO of a company. Yet, what people don’t realize is how difficult this job title is.
I’ve been a self-employed business owner for 25 years and have coached hundreds of other business owners. Glamorous is not the word I’d use to describe the job. Being the person in charge is full of unexpected challenges and pressures. Although it’s nice not having someone else telling you what to do, that can also be a drawback. You have to come up with all the ideas, make all the decisions, put them all into action, and nobody is paving the way or motivating you onward. Many business owners are also solo practitioners, so they don’t even have someone to brainstorm ideas. It can be very lonely at times.
Sure, I set my hours. Yet, business owners tend to put in twice the amount of time of their employees. Heck, I’m writing this article at 12:30 am when I should be sleeping. While others are fishing, golfing, or watching sporting events, business owners decipher how to build and launch their next sales, marketing, or advertising campaign or learn how to become a copyrighter, funnel builder, or online course creator. Don’t even get me started on the work it takes to track expenses and pay taxes, even with an accountant. Most of the business owners I’ve coached haven’t seen a golf course in years. There’s no such thing as 9 am-5 pm office hours when you’re the boss. It’s on your mind 24 hours a day.
You always have to be learning, growing, and adapting so you don’t lose your business because of some surprise like a terrorist attack, global pandemic, or giant tax bill, of which I’ve experienced all three! There are so many factors that affect consumer buying decisions, as well. It isn’t easy to even budget because you don’t know how much money you’ll earn from week to week. Even when you have a dependable system for generating leads and revenue, election years, bad weather, or the latest economic scare can quickly bottleneck your income.
Fortunately, business owners enjoy learning new skills and have often tried a hundred different approaches to become financially independent. We work hard, deeply care about our customers, and are hellbent on making things happen even if it seems impossible! Business owners are also some of the coolest people you will ever meet because of how they’ve grown personally and professionally over the years.
After riding out so many storms, you begin to believe that things always work out for the best, even if it doesn’t feel that way at the time. We never quit, never surrender, and always believe there is a way to make situations better. This mindset is one of the reasons why business owners tend to be successful in whatever they do. But now we find ourselves in yet another scenario where the future is far from certain. So here’s a quick snapshot of what my business has been through and what I’ve learned that will help empower you!
I moved into my first actual office space in 1997 and then moved out towards the end of 1998 because I could no longer afford the rent. The economy was tough in Northwest Indiana, and many people in the bible belt didn’t trust a small town hypnotist with their troubles. It was painful losing that office, but it led to my getting a job traveling the country, facilitating group hypnosis workshops. I saved up some money and made one of the smartest decisions of my life by investing in a business coach. He taught me how to run a business and put reliable systems in place. I then put all my chips on the table and opened up another office with my fingers crossed. The marketing plan worked, and I ran a thriving coaching business out of that location up until 9/11/2001. I still vividly recall sitting on the couch watching television before going to the office that day and seeing the second airplane fly into the New York Twin Towers. Time froze for the next few months, and clients stopped coming in. Again, I found myself in dire straights and had to let go of my office and staff.
A few months later, I joined forces with another business owner who had a wellness center. After working with her for a couple of years, I had generated enough revenue to open my new office. The kicker was that this office was 131 miles away in another city. You have to be willing to get way out of your comfort zone sometimes to make your dreams come true. I ended up moving to that city, Indianapolis, and have had a great practice over the last decade. Now I’m watching my business transform again. I worked so hard to move from running a coaching practice to building a keynote speaking career. When I finally had speeches booked out for the entire year, the world shut down due to COVID-19, and my speaking engagements disappeared.
So, what am I going to do about it? I’ll do what I’ve always done. Pivot, watch for trends and reach out for support from trusted mentors. I’m switching my business to virtual coaching, speaking, and training because this is the trend, and things will not go back to normal for at least another year. I’m not sure life will ever go back to how it was, so we must set our sights on what kind of future you wish to experience.
Here are the 9 lessons I’ve learned through this journey so far:
1) It’s not what shows up, but how YOU show up that matters most!
2) Avoid wasting time complaining or feeling sorry for yourself. There are problems to solve and customers to serve. Focus on bringing more value to others rather than fantasizing about your impending doom.
3) You have to be willing to get way out of your comfort zone to make dreams come true.
4) Embrace the transitions in your career as opportunities that can lead to more significant business growth. Every time my business took a financial hit, I rebounded stronger and more financially secure. I’m excited my business is down right now because whatever’s headed my way will be spectacular!
5) In uncertain times, like the one we’re now in, seek advice from mentors and coaches who are pros at excelling under pressure. (LegendSummit.com)
6) Surround yourself in a Culture of Achievement. Hang out with people who have achieved their goals and made their dreams come true, so it rubs off on you!
7) You can cause yourself to suffer by worrying about what you cannot control. Or you can decide to have a beautiful day by concentrating on how you can bring value to the lives of others, especially your loved ones.
8) Always pay yourself first and your bills second. There’s nothing more comforting than knowing you have accessible cash in the bank in case of an emergency. A fancy car won’t feed your family, so when times are good, stash some of that cash away and do not touch it!
9) Do not allow the pressure of money to turn you against your spouse. Remain encouraging, supportive, and compassionate. It’s challenging being married to a business owner.
Instead of sitting around feeling sorry for myself after losing 90% of my business overnight, I decided to make the most of my free time and assembled 17 of the best Business and Mindset Mentors on the planet to help us figure out how to produce more income and prepare for whatever is coming our way.
After months of hard work, the Legends Summit is finally happening this weekend, October 24th & 25th, 2020. It’s two exciting days learning from ICONS of the personal development industry who have weathered the storms of business for decades!
Les Brown, Brian Tracy, Bob Proctor, Dr. Denis Waitley, Patricia Fripp, Jim Cathcart, Mitzi Perdue, Mark Victor Hansen, Don Hutson, Dr. Joe Vitale, Mark Brown, Michael Hauge, Dr. Willie Jolley, Ford Saeks, Bill Stainton, Mark Sanborn, Evan Carmichael, and I will help you know what’s working now to grow your business and become more profitable in the 21st century!
These are some of the most trusted people in the business. We don’t need more internet gurus pitching their fad version of “How To Make $$$ With FB Ads and Webinars!” We need a long term approach from people who have been teaching others how to win for 50 years! We have over 1000 years of combined experience to share with YOU this weekend!
The business landscape is changing, but success principles will always remain the same, and who better to you teach than those who’ve lived them for decades. We go live on Saturday, and you still have a chance to hang out with some of the sharpest minds on the planet while we discuss what your next move should be!
If you’re having a difficult time, hang in there. You will figure this out, and you don’t have to do so by yourself. I’ll help you along with 17 of my legendary friends, and together, as Dr. Willie Jolley says, we will turn this setback into a setup for a comeback that will better than anything else thus far!
Reserve Your Seat Now.
LegendSummit.com
Thanks for reading. I believe in you!
Tim Shurr, MA
Proud Business Owner