10 business lessons to learn sooner rather than later

From someone who's been there/done that.

My goal with this newsletter is to help you get where you want to go in your business, profitably, in less time, doing what you love, and having some fun along the way. Because really, if you’re not at least some having fun, what’s the point?

With that in mind, here are 10 things I’ve learned in the last 10+ running my own business and helping others launch and grow theirs.

May they help you run and grow yours.

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The 10 lessons.

While there is a logical flow to this list, the lessons are not in order of importance… if they were, they’d all be numbered 1.

1. Know your numbers from the start.

This is a big one. You need to know what your revenue is, what your expenses are, and what your net profit is before taxes. The financial report that reflects this is your Profit & Loss Statement (aka your P&L).

What percentage of your revenue is going to your expenses? What percentage is dropping to your bottom line?

Then you can dig deeper to see where the bulk of your revenue is coming from (which clients/offerings/products). And you can see where you’re spending your money.

This knowledge is powerful. It allows you to make decisions regarding where to double down and invest and where to let things go.

2. Choose your clients and customers wisely.

When you’re starting out, you want people who want what you offer and you want to get revenue flowing in. What you’ll learn over time is that you don’t necessarily want all of the people that want you. Some clients/customers are better for you than others.

I say “for you” intentionally, as everyone is different and vibes with different folks. When you start to get a sense of what works for you and who you can best help, honor that. And learn to say no.

3. Don’t under-value your services or products.

Please, please, please don’t do this. Yes, I said triple please. If you’re not pricing your services or products in a way that allows you to make a Iivable income (whatever that is for you), then you don’t have a business. It’s not going to work. I say this with love, but also a kick in the pants.

You need to charge for your services or products based on the outcome you’re delivering AND what it costs you to deliver that service or product so that there’s money left at the end of the day to support yourself in the lifestyle to which you have been (or want to be) accustomed.

4. Know your customer or client and why they buy from you.

You will be more effective and successful, all around, when you know who wants to work with you or buy from you and why. What problem are you solving? Why are you the one to solve it? What is your solution? What is the outcome you’re delivering?

Your offerings and your messaging flow from this knowledge. Make sure you have this information from the start. THEN take what you have to market.

5. But realize, everything is a test.

This is true for everything you do in your business, forever. Whether it’s launching a new product or service, trying out new brand messaging, giving TikTok a go (or starting a Substack newsletter :). You’re going to do all of your homework, create your plan, then go out with your best set of assumptions and 100% of your effort, and you’ll see what happens.

That’s the truth. Because you won’t know what works and what doesn’t, what to go all in on and what to tweak, until you put the thing (whatever it is) out there. As a female founder once told me… I wish I’d started sooner because I didn’t know what the service needed to be until I got it out there. Learn from her.

6. Pretty much everything will take longer than you think.

And I mean everything. You want to find the right bookkeeper or creative agency. You want to create a rocking online course. You’re ready to sign your first client. An example from my own business… I planned (and worked the plan) to launch this newsletter on Substack at the end of June; I launched it at the end of July.

Too often, you think you can get more done in less time than it truly takes. And most efforts are 1) contingent on other people and their timing and 2) contingent on life.

Knowledge is power. When you know this you can plan for it. And you can give yourself some grace when the timing doesn’t go according to plan.

7. Don’t jump on every business and marketing trend.

Truly. There is something new thrown at you every week (or at a minimum, every month for sure). You need to stay focused and committed to the plan you’re working. You need to give things a chance to work (ideally 6 months). You need to know yourself and how you work best and you need to know your client or customer.

If it helps, keep a list of all the tools/resources/offerings/articles that catch your interest. Put them in your Notes app or a Google doc so you know you haven’t lost them, but they’re also not keeping your attention captive. Then once a quarter, set aside time for strategic thinking and planning and pull out your list to see what, if anything, is worth exploring or testing in your business.

8. Passive income is not passive.

No matter what anyone tells you, passive income is not passive for a very long time (see 6.). You need to spend your resources (both time and money) to first create the offering (course, membership, paid media channel, etc.) then price it and market it to attract and convert the right people — those who can benefit most from what you have to offer (see 2.).

This effort is anything but passive. I’m not suggesting you don’t do it. Rather, I’m saying to go into it with full awareness of what’s involved in terms of time and money, and a solid understanding of how it fits into your overall business strategy, timeline, and revenue plan.

9. Thoughtfully spend money to make money.

At some point in your business, you’ll need to move beyond “doing all the things’ and you’ll need to spend some money to make money. This could be hiring someone to do digital marketing/social media, a VA, or someone to help deliver your services or ship your products, or deciding it’s time to do paid ads or launch a podcast.

The beautiful thing is, when you have a handle on your numbers (see 1.), a good sense of the goals for your business, and where your time is best spent (because it too is a valuable resource), you’ll know where to invest your money to maximize your return.

10. Ask for help.

Running a business is challenging and can be a lonely endeavor. But it doesn’t need to be that way. If you see a problem or opportunity in your business but aren’t sure how to deal with it or act on it, respectively, seek help.

Set up a call with a fellow business owner, join a networking group, seek out a mentor, find free resources in your community, hire an intern, ask an AI assistant for its perspective (not kidding on this one)… there are so many ways to connect and people who would be thrilled to support you. But you need to ask.

And a bonus…

11. Build a business that works for you.

Forget what everyone else is doing and what everyone is saying about the size of the business you need to build and how much you need to work. You need to build a business that works for you.

One that generates the wealth and income you desire. One that gives you the time you want to spend with your partner or family or to pursue your passions. That allows you to live the life you want to be living. And that looks different for everyone.

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How to use this list.

This is not intended to overwhelm you… that is the last thing I want to do. Instead, my hope is that you pick two or three areas (max) and focus on those. Prioritize them in order of importance, impact, the first right thing, whatever makes sense to you and where you’re at in your business.

And start checking them off one at a time. You likely have some of these nailed already. Build on that. And congratulate yourself for what IS working. That’s more than enough.

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Here are the links to the deep dive into all eleven lessons.

Business lesson 1 - Know your numbers from the start

Business lesson 2 - Choose your clients and customers wisely

Business lesson 3 - Don’t undervalue your services or products

Business lesson 4 - Know your client/customer and why they buy from you

Business lesson 5 - Everything is a test

Business lesson 6 - Pretty much everything will take longer than you think

Business lesson 7 - Don’t jump on every business and marketing trend

Business lesson 8 - Passive income is not passive

Business lesson 9 - Thoughtfully spend money to make money

Business lesson 10 - Ask for help

Business lesson 11 - Build a business that works for you