After ten years in business, there have been so many impactful lessons I’ve learned! In today’s episode, I’m sharing the top ten lessons I’ve learned since turning this passion of mine into a business. These ten lessons are the things I wish I could go back and tell myself early on in my business!
Called to Both is brought to you by Joy Michelle, mom of two and multi-passionate entrepreneur who’s on a mission to help others find balance between the worlds of motherhood and business. Called to Both is the podcast for women who have big business ambitions and also want to be intentional and present moms. At Called to Both, we truly don’t believe you have to choose between these two worlds tugging at your heart You can be Called to Both.
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10 Lessons After 10 Years in Business
If I could go back in time and change some things in my business, these ten lessons are the things I would tell myself so I didn’t make the same mistakes!
Spending money to make money isn’t always the case.
I received so much advice that you had to spend money to make money, yet throwing money at a problem isn’t always the best advice. I had to lose some money to learn this lesson. Spending money on the right thing at the right time is really hard.
It all adds up and catches up.
If you’re looking to be in business for the long haul, it’s important to understand that it all adds up and catches up. This is in regard to doing things the right way and putting in the work. While it may not feel like it is working, excellence adds up. This principle of ethics and hard work is highlighted in The Compound Effect.
Decisions made in fear or out of FOMO rarely work out.
Oftentimes we make decisions based on fear or even being left behind. A perfect example is hiring before you’re ready to hire—which costs money and takes us back to lesson number one. If you’re in that space, episode 47 is a great resource for what to do before you hire.
Failure is not fatal.
I’m a firm believer that if you’re not failing, you’re not doing enough. Failure is not fatal, in fact, it moves you forward and helps you grow. In the beginning of my business, I was scared of so many things and very risk-averse—which ultimately is not an effective way to run a business. The fear of failure holds us back.
“Success is not final failure is not fatal. It is the courage to continue that counts.” – Winston Churchill
Grit and determination have taken me further than talent or skills.
When I first started my business, I saw the low numbers around pay for women in this industry who were entrepreneurs, yet I was determined that if I was talented enough, I could overcome that. Now, I know I’m not the most talented photographer, yet it was my grit and determination that helped my business succeed.
Businesses fail for 1 reason: Not enough money. Cashflow is king.
There are so many sides to understanding money in business, but the very next thing you need to implement into your systems is Profit First. Cashflow is so important to understand in order to run a successful business. If you don’t have the cash flow for expenses, taxes, and paying yourself, your business will fail.
If you are excited about your content (even if it doesn’t make perfect sense in terms of alignment with your offers), it’s 10x better and your audience will engage more
Your personal passion and interest in a topic will top any other logical reasoning for the content you’re creating and what you’re doing. Others will feel that excitement! Some of my BEST content didn’t align with my offers, yet connected me to my audience. Your assignment: try something new without overthinking!
Your past client is your most likely future clients.
While I used to think that I had to constantly recreate the cycle of marketing and getting new clients, I’ve learned that my most likely clients are from past clients. Through repeated clients and referrals, I can always count on past clients in a way that new marketing can’t bring them in.
Nothing lasts forever ….so think about the end now
After this much time in business, I’ve realized that no team member, partnership, or software will last forever in my business. Setting up an exit plan now will help preserve your relationships. Additionally, you need to consider your own exit strategy from your business—including for retirement.
Success is an average Tuesday.
As you reach more milestones in your business, you will realize that those exciting moments happen on regular days. Tuesdays happen once per week—when you build the business of your dreams, what is it that you’re doing to make your average Tuesday feel like a raging success?
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Mentioned in This Episode:
Connect with Joy:
Instagram: instagram.com/joyymichelle
Youtube: youtube.com/channel/UC-Ou6jRKxcjMrVMxWxLO_fQ
Facebook: facebook.com/joymichellephotography
Coach with Joy: joymichelle.co/coaching
If you decide to use any of the links above and buy through them, I’ll receive a small commission back. All of those affiliate income commissions really add up over time and help generate revenue to help support this podcast.
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