14 Things Business Owners Wish They Knew Before Getting Started

Starting a business is one of the riskiest and most complicated things a person can do in their life. Even if someone has an endless amount of money and an extraordinary number of influential contacts, there still isn’t any guarantee of success. Every move a new business owner makes has to be carefully considered and calculated, as each action or decision sets the stage for their future growth and success. 

Many owners wish they could go back and tell themselves all the secrets they learned the hard way through overcoming obstacles and challenges. Here, 14 members of Forbes Coaches Council share the things they wish they had known when they first started their businesses and explain how they learned these lessons. 

Forbes Coaches Council members share things they wish they had known when they started their businesses.PHOTOS COURTESY OF THE INDIVIDUAL MEMBERS.

1. Keep It Simple

Don’t overcomplicate your processes, systems or marketing. Above all, stay true to who you are—your voice. When you overcomplicate your processes, you slow down your own innovation, decision making and ability to go to market. Build on simplicity, not on complication. – Shelley Smith, Premier Rapport

2. Connect With Industry Associations For Networking

I found my professional association two years after starting my business. I would recommend that any aspiring business or startup owner connect with their industry associations for networking and fellowship, as well as to learn best practices around your service offerings. One way to learn about some of the best associations is to look up the industry in the Occupational Outlook Handbook from the U.S. Bureau of Labor Statistics. – Debra Ann Matthews M.A., Let Me Write It For You

3. Have A Clear Idea Of Who Your Ideal Client Is

At first, you are eager to serve everybody. Experience will challenge you to identify who your ideal client is instead. It was a game-changer for our business. Not only is your ideal client loyal to you, happy to refer you and frequently buying your services or products, but they also find that you provide the perfect solution and are a joy to work with. Gaining clarity about who they are will save you time, money and frustration. – Asha Mankowska MA, Your Favorite Business Coach & Consultant

4. Understand Your Market, Competitors And True Potential

Understanding the market, competitors and the true potential of the business idea would have helped us to be profitable earlier. Despite doing research and client interviews, we did not do enough. Testing, validating and being more open about the idea would have helped a lot. I learned it the hard way, paid my “dues” and learned to be flexible, fast and adapt on the fly. – John Nielsen, The Nielsen & Co Coaching and Leadership Consulting

5. Good Business Is Not A Solo Sport

Of course, you rely on a core team of people who develop, implement and improve the work. But that is not enough. As the leader of the business, you need to ignite the input of colleagues and advisors to better see around the corners and gain different perspectives. Even the top of the house needs a team to provide honest input and fuel growth. Don’t try to lead it alone. – Marita Decker, FutureCourse Education

6. Always Take A Test-And-Learn Approach

Get something out in front of a customer and iterate through continuous feedback. I used to be a perfectionist who wanted to get the product/service to a good place before putting it out there in the market. I feared creating a subpar product. Through a test-and-learn approach, I quickly realized the benefit of creating early and smaller successes, then improving iteratively. – Alan Trivedi, ADAPTOVATE

7. Focus On Personal And Business Development 

As an owner and founder, I learned a few years into running my organization that personal development and business development go hand in hand. Every time I had a quantum leap in my thinking, my business took a quantum leap in growth in terms of productivity, efficiency and finances. – Claudine Reid, PJ’s Community Service

8. Learn How To Delegate Sooner Rather Than Later

I fell into the same trap that many business owners fall into when starting out, which is not delegating. It seemed as if doing it all myself was the thing to do in order to be in control and deliver to my standards. However, as the business grew, I soon realized that I couldn’t keep up with the demands on my time. If I had sought help sooner, I believe I would have scaled much more quickly and more efficiently. – Rakish Rana, The Clear Coach

9. Focus On Diversifying Your Service And Client Portfolios

Despite being fairly knowledgeable about what it takes to run a successful business, I was not focused on diversifying my service and client portfolios as much as I should have been. The most recent effects of the pandemic and global economic shift forced my colleagues and I to look at things from a new perspective. Having conversations with veterans in the business allowed me to pivot in new ways while positioning myself for success. – Izabela Lundberg, Legacy Leaders Institute

10. Manage Your Time Effectively

I wish I had known how to manage my time effectively. All too often when starting a business, we get caught up in making sure our calendars are full of activities. Are they productive? Will they fuel your business? Are they aligned with your goals? Learn and implement a time management strategy so that you ensure your time is being spent where it makes an impact. Measure your results and hold yourself accountable. – Bryan Powell, Executive Coaching Space

11. Schedule Time To Think

I wished I had known to create time to think in my schedule early on. I now regularly block out time to think through ideas and concepts in my schedule. Sometimes, we get so focused on the “to-do’s” that we don’t allow our brains enough time and space to think things through. This can often be even more productive than checking items off the to-do list. – Lisa Rangel, Chameleon Resumes LLC

12. Double Down On Your Strengths

I scaled up my first business to a national level and lost it. I scaled the current one to a global level because of a lesson I learned the hard way: I am capable of doing anything, but not everything. I have to understand what I am the best at and double down on my strengths, and I need to find complementary partners who love doing what I cannot stand to do. – Csaba Toth, ICQ Global

13. Empower Your People With Autonomy

Your people are always your most important resource. When we get caught up in the daily grind of work, it can be very easy to forget that top priority and allow ourselves to slip into command-and-control mode. However, our teams will thrive most when we develop trust and give away power and control. Empower them with the autonomy needed to tap into their own passions, meaning and purpose. – Jonathan H. Westover, Utah Valley University & Human Capital Innovations, LLC

14. Learn To See The CEO In The Mirror

When I first started my businesses, I honestly struggled with the idea that I was a “business person.” Because I came from being a tenured professor in academia, I had defined myself as a professor and author for so long. Once I began to see the CEO in the mirror, I was able to step fully into my leadership position. – Shellie Hipsky, Inspiring Lives International and Global Sisterhood

Source: https://www.forbes.com/