9 Critically Important Lessons I’ve Learned from 9 Years in Business
Episode 828: Show Notes
It’s difficult to believe that I have been in business for nine whole years! For those unfamiliar with the story, nine years ago, in March, I was laid off from a startup — I had only been working there for three months. This startup had recruited me for a position I had held for years at a financial firm, where I worked as a graphic designer in strategic marketing. Then, three months later, the entire marketing department was axed in one fell swoop, leaving me with 30 days' notice. What I didn't know at the time was that they were attempting to avoid paying me unemployment.
So there I was, paid to occupy space at my desk while I ostensibly hunted for new work. Instead, I seized those 30 days, predominantly throughout March of 2015, to kick-start my own business. Jump forward in time – it’s nine years later – and I am still loving this wild ride! I’ve learned a LOT over the past nine years, and today I get into key lessons I’d like to share with you. Join me today for a trip down memory lane and a breakdown of 9 critically important lessons I’ve learned from 9 years in business!
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Simple is Better
This needs to be on a bumper sticker because I keep ignoring it. Simple is better. I've made my life and business way more complicated than necessary, countless times. Not just a couple here and there, but like, hundreds, if not 1000s of times. Whether it's complex sales funnels, over-ambitious tech, or too many offers, I've over-complicated things. Building stuff like The Creative Template Shop was cool, and I wouldn’t change it for the world, but it certainly wasn't the most straightforward path. Although, sometimes choosing the more complicated alternative is more about your own enjoyment than anything else!
Another reason many of us overcomplicate things is that we think it will validate our decisions (and our worth). But in reality, you just don’t need all that complicated stuff. I'm not kidding. All those fancy funnels and tech gadgets that the industry tries to sell you? They only become necessary once you start bringing in 5 million or more. You can run a kick-ass business with just Google Docs, an email list, and some free social media!
You Need to Know Your Cash Flow
In business, you always need to know the state of your cash flow. I’ve had to learn this lesson the hard way quite a few times. Grasping this concept is especially important when you’re starting out, because your cash flow is bound to be less consistent, leaving you with a lot of highs and lows. One month you might have several high-paying clients, while the following month you’re struggling to bring in just one or two.
Plus the bigger your business becomes, the more risk you’re taking on. And by bigger, I mean larger overheads, namely all of the hard costs you’re taking on, like software systems, salaries, advertising, etc. Your risk goes up because you can’t break even unless you hit that minimum. So learn what the numbers mean and always remember to keep an eye on your cash flow!
Build in Recurring Revenue Early On
I really regret not focusing on building recurring revenue sooner. For years, I concentrated on one-time sales, and while I don't discount their importance, I wish they had been just one piece of the puzzle rather than the entire picture. The problem was that every time the clock struck midnight at the end of the month, my business reset back to zero.
Much of my operating budget consisted of fixed costs, so breaking even required over $60,000 a month. It’s difficult to understand that pressure until you’ve actually experienced it firsthand. All of that changed when I started focusing on recurring revenue. Recurring revenue has only been a part of my business for three and a half years, but it's astounding when I look back and see that some of these clients have been with me the entire time!
Figure Out How You Want To Show Up
Now this next lesson is an interesting one. And I think people often convince themselves of this insight, without fully understanding what it means. The lesson is to worry less about how others are doing things and worry more about how you want to show up. And this can apply to anything, whether it’s getting the sales, setting up tech, or how you run your business.
While I see plenty of people who are focused on how they want to show up, I also see a lot of people struggle with implementation. What’s crucial is first determining how you want to show up, and then learning from others whose methods align with how you want to do things (and worry less about those that don’t). I’ve often seen people be so determined to be unique that they put way too much energy into reinventing the wheel, which is time-consuming and unnecessary. Figure out how you want to show up, find out the best ways to do that, and tune out all the extra noise!
Employees Are Valuable Team Players
Truth be told, if I could go back, I would have hired fewer contractors and built a lean team sooner. I’m not saying I would have gotten to four employees that fast. But I think I could have brought on a part-time or full-time person much sooner than I did. That’s not to say that contractors aren’t valuable — they undoubtedly are! But there are a lot of benefits to having employees that you just don’t get with contractors. For one thing, you have their undivided attention for 40 hours a week! That means you are getting way more value out of the money you’re spending. You can still pay an employee very well for their work, but the bonus is that you get to have a valuable team player that you can really rely on!
Give Yourself Credit
Number six has a touch of irony, especially given how I kicked off this podcast. Let's talk about giving yourself more credit for what you achieve. I often find myself brushing off my accomplishments, not because I'm not proud, but because I'm not big on the limelight.
I bet you're not giving yourself enough credit either. So, can you just pause for a moment? Even if it's just a quick acknowledgement? Write it down, treat yourself to dinner with your partner, give yourself a pat on the back – something. Because too often, we just keep going. And you deserve more than that.
Your life should be fulfilling and exciting, and your career is a big part of that. So, take this as a reminder for all of us. We need to take the time to appreciate what we've done and stop downplaying it. Because if you’re a woman in business, you already stand out. A lot. There are far fewer women running companies than men. You deserve some credit!
You Don’t Need To Be Passionate About What You Sell
I don't know when I learned this lesson, but it pops up again and again in different ways and at different times, and it's definitely a lesson worth knowing. The lesson is that you do not have to be passionate about what you sell – it’s not a requirement for success. Passion can absolutely turbocharge your efforts, attracting more people, more revenue, more opportunities, and plenty of other good things. I just want to acknowledge that sometimes, a business is simply a means to an end, a tool to fund our livelihoods, and that is perfectly okay and acceptable.
Keep Adapting
Over the course of the last nine years, I have seen a lot of different waves and trends in my industry. And recently I’ve seen a more pronounced resistance to change. I think that can be attributed, at least in part, to the fact that things are changing at a speed that we haven’t seen in a long time.
We need to bear in mind, however, that trends will keep changing, and what people want will keep changing, and there will be seasons where you need to be willing to adapt. So, while you shouldn’t feel like you need to hop on every trend, you also shouldn't let yourself get stagnant. You have to find a balance. There's a reason I’ve made it through nine years in business: it was a willingness to keep going, to keep trying, to move through challenges, and to adapt, in a very big way.
Never Stop Thinking About Visibility
For any small business, visibility needs to be top of mind, something that you’re constantly focused on. But I didn’t stick to this rule – and it cost me a lot. Early on, my business saw rapid growth, largely due to a supportive community. It grew so rapidly that I didn’t have to look for new leads. I just had to nurture them and tell them about what I had coming up, and they would participate.
But then my warm leads started to dry up. And suddenly my business was at grave risk of falling apart. That was when I realized the importance of visibility. It’s not that I didn’t know how to create that visibility. After all, I had built a loyal community and following of people. I knew what it took to get visible and grow that network of people. I just hadn’t been putting my time and energy there.
Almost every single business will get to the point where they will have exhausted their warm leads and will need to focus on visibility and getting new clients. Unless they incorporate this from the beginning. But if you’re in the scary position where your leads have dried up, or you’ve been there before, or you’re approaching that, then you know how terrifying it can be. Trust me, I've been there. But thankfully, I also found a way out of it. By redirecting my efforts to visibility I’ve discovered a strategy that has yielded remarkable results. And I want to share it with you!
If you’re ready to boost your visibility and turn those leads into solid sales, it’s time to check out The Instagram Profit Playbook. Let's make sure your marketing game is strong enough to secure long-term success! You can also feel free to send me a DM on Instagram if you have any questions.
Quote This
Take the time to really appreciate what you've done. And stop minimizing it.
Highlights
Simple is Better [0:05:52]
You Need to Know Your Cash Flow [0:08:43]
Build in Recurring Revenue Early On [0:15:53]
Figure Out How You Want To Show Up [0:18:43]
Employees Are Valuable Team Players [0:22:34]
Give Yourself Credit [0:25:36]
You Don’t Need To Be Passionate About What You Sell [0:28:43]
Keep Adapting [0:31:11]
Never Stop Thinking About Visibility [0:38:00]
OUR HOST:
Abagail Pumphrey
Boss Project on Instagram | Facebook
Abagail Pumphrey, the Co-Founder & CEO of Boss Project, has been a driving force in the creative entrepreneur industry since 2015. With a passion for empowering service-based business owners around the globe, she became internet-famous after the launch of the transformative training, "Trello for Business." This innovative system revitalized the operations of over 10,000 business owners, making a significant impact on the online business landscape.
Under Abagail's leadership, Boss Project has been featured in prestigious publications such as Forbes, Marie Claire, INC, and HuffPost. Her twice-weekly podcast, The Strategy Hour, is a staple in the business community, continuously topping Business and Management Charts on Apple with millions of listeners from around the world.
Abagail's superpower lies in her ability to break down complex concepts into easy-to-implement, duplicatable systems. As an expert in online sales and a data-driven strategist, she has turned a layoff into a 7-figure work-from-home business. Abagail's mission to help more female founders become financially free, without letting their businesses take over their lives, continues to inspire and guide entrepreneurs on their path to success.
Key Topics:
Simplicity, Cash Flow, Recurring Revenue, Employees and Contractors, Adaptability, Visibility
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