I don’t know how many people have started or succeeded in running a small business. I never thought I would – but here I am – over three years later and still going strong.
One of the reasons I started my own business was because the only jobs I could get after being made redundant were minimum wage. And the long term financial viability of such a life was already getting tough.
Another reason was because I saw a gap in the funeral market that I thought people were wanting – and they were.
Challenges
There are always challenges running a small business – from working out how to actually start, to overcoming obstacles all along the way, to opening your doors, to your competitors reaction, to busy and quiet periods… The list doesn’t stop. There will always be challenges and the only thing you can control is how you react to them. Remember that every challenge is also an opportunity.
When I have quiet times I research or work on developing my business – website improvements, brochure updates, networking…
You’re it !!
The buck stops with you. No one else is going to do the work for you. Win or lose will be determined on you and the decisions you make. Which is a good thing. Work hard, but also work smart. Give yourself every chance to win.
Never think of yourself as a victim. The markets crashing, Covid, red-tape, competitors, etc etc. The list is endless and overcoming each and every one will make you and your business stronger and better.
And there are often many more people out there happy to see you achieve. Get advice, get support but know in the end it is going to be you who needs to do the work.
Finances
I wasn’t a money person – but I had to be. I had to be smart and I decided to be conservative. One of the first things I did was create a nest egg for those quiet months, unexpected bills and taxes.
When I started I was making good money. I thought this was easy and I was on my way to a house with a view. But the next year I had something called GST and Income Tax and Terminal Tax make me a visit. Then Covid, which slowed things again. I had competitors drop their prices and market hard against me.
There were some moments when I was only able to pay bills because of the savings I did from the very start. Especially the tax. But remember if you are paying tax you are making money.
I got an accountant, because I knew my strengths and weaknesses and my accountant definitely covers my weaknesses.
Conclusion
This is by no means an exhausted list – but they are some of the things that come to mind. No one will love and care for your business like you. No one will understand your business like you.
At times I feel so lucky to be able to do this. I love helping people and making one of the toughest times they face a little easier. Seeing them take a breath and know that a funeral doesn’t need to be complicated or more stressful is so good.
My hat goes off to all those who tried and succeeded (and even those who gave it a crack) with their small business. It is not for everyone and that’s a good thing. It is not for the faint-hearted. So strap on your sword and the more dragons you face and defeat the stronger you will be.