Real-life advice for new business owners

Starting a new business can be one of the most terrifying yet invigorating things you can do in your life. Fortunately, with so many outstanding resources available to small businesses, you likely have insights into where you need to begin.

There are specific steps you’ll want to follow that are critical for starting a business. You need to tackle major pieces of your business’ structure. For example, you need to develop your brand and understand your target market. You’ll need to write a detailed business plan, complete with your mission statement and goals. You’ll need to figure out how to structure your business.

Yet there’s so much more you need to know that isn’t always as obvious. As an entrepreneur and former brand-new business owner, I recommend the following real-life advice for new business owners. These small tips can help you stay on course as your business grows.

I’m sure you know that quote, “Choose a job you love, and you will never have to work a day in your life.” There’s a lot of truth in that, especially if you’ve made the choice to launch your own business. The thing is, a passion can turn into a daily chore if you aren’t careful. 

What are you most passionate about? There are a couple of ways you can incorporate it into your business. While some people love writing or photography, which can steer naturally into a business, your passion might be slightly different. I started in real estate because it came naturally and was something I loved. But I also have a passion for serving my community. At JAG, I built that into my business, and now, the JAG team proudly supports organizations across the Triangle.

Identify what drives you and keeps you up at night. Then figure out how it can serve your business.

When you’re going out on your own, you need a strong support network. This network should be people who can help you think outside of your comfort level and push you to do more.

I always recommend you load your support network with a mixture of friends, colleagues, business professionals, or really, just about anyone who can bring different perspectives to your work. If you have an honest friend, consider that person a resource. If you have former coworkers who have insight into your work, call them. Join the Chamber of Commerce and any professional organizations that can give you access to other business owners who can help you brainstorm and solve problems. You may even want to include a leader from your church or favorite extracurricular group.

The purpose of your network is to help you think about your business differently and encourage and challenge you in ways you may not see on your own. The right support network will go a long way toward helping your business flourish.

Are you ready to start hiring employees? There are so many great resources that can help you figure out how to make that happen. But when I say you need to hire the right people, I mean you need to find the team that inspires you.

There are many great types of people you can hire for business. But I’m also a big believer in hiring beyond the resume. Hire people who aren’t afraid to challenge you. Find people who will fit the culture you’re looking to create. Look for those who get your mission and values and will live them. And make sure you hire people who are smarter than you in many aspects of your business since you can’t be expected to know it all.

As you’re just starting to grow, these employees will be critical to your success. Make sure you work hard to find the right people to join your team.

Perhaps one of the most important pieces of starting a business is one we often forget: take breaks. If you’ve started a business alone or have a small staff, chances are, you’ll have a hard time taking time off.

Don’t run yourself into the ground. Taking time off to rest is critical to staying healthy, ensuring creativity, and staying inspired to keep your business running at its best. Be deliberate about planning breaks into your work weeks before your days start to slip away and stress takes over.

Starting any business is a brave endeavor. But with the right mindset, I have no doubt you’ll find success. Do you have tips that have worked for you? Share them in our comments!

Jim Allen is a business leader and entrepreneur who has built one of the top-producing real estate groups in the Triangle. He is President of The Jim Allen Group, which is consistently named one of the top real estate teams in North Carolina and even North America.