Every new experience comes with a learning curve. The first time you bake an apple pie, you realize you needed a touch more cinnamon and make a mental note for next time. The first time you drive a new car you realize the brakes are a bit more sensitive, and adjust yourself accordingly. Basically, the first time you have ever taken on a new venture you have learned a few things for yourself.

But running your own business is different. It takes an immense amount of time and effort to open your business, and one mistake may cost you everything; your reputation, future clients and even your entire life savings. So to keep you a few steps ahead of the game, here is a list of the three most common regrets for first time business owners.

1.) Being unprepared for growth. Every owner hopes their business will be an immediate success, but very few are prepared for when it happens. Being prepared means you have the proper personnel needed to handle the increase in work (shipping and manufacturing, for example), the skills and equipment to keep everything organized and the ability to have effective communication and collaboration among your employees. Remember, getting new customers isn’t too tricky; keeping them is.

2.) Failing to keep a database from the start. Many people put the record keeping tasks to the back burner when they open a new business. After all, they only have six consistent customers, so why not just worry about the customers you have and deal with more as they come? No problem, right? Not quite. This might have been a fine business strategy when you were 12 and running a lemonade stand, but not anymore. You need to have an organized and up-to-date database from day one, including your list of customers, their contact information and purchase receipts.  

3.) Hiring friends and family. This tends to be one of the most common business mistakes of all time, so we’re going to reiterate its importance: don’t hire someone because you like them, hire someone because they are the best possible person for that job. When you hire someone based on their likeable personality alone, you are setting yourself up for two major issues: the job won’t be done with the quality you’re expecting and bridges could be burned in the process. Nothing ruins a friendship like having to fire your friend, and you don’t want to put yourself (or a loved one) in that situation.  

 
 
Are you in love with your business partner?  Not just for their love of numbers, the company you have created together, or their customer service skills, but their cute little nose, their manly smell or the way they make your knees go weak with a passionate kiss?

Whoa, back up.  Passionate kiss?  Can entrepreneurs do that sort of thing?  

They can and they do!  Even though the U.S. Census Bureau does not provide exact data on the number of businesses own by couples, they do show that approximately 3 million businesses are owned equally by men and women, estimating that the vast majority of these are businesses owned by an “entrepreneurial couple”. It would wrong of us to assume that none of these couples are romantically involved. Out of 3 million…that sure is a lot of lovin’ in the office. 

In addition, the phenomenon occurs even more regularly when applied to small businesses with less than 10 employees.  Apparently when people live together, laugh together and decide to build a life together, the imagined life of working side by side through the long hours required of business ownership is a logical next step.  And it is.  They trust each other, they enjoy being together and they are often passionate about the same things.  These couples jump into the business with all of the passion that got them into bed the first time and it is a beautiful, passionate journey; most of the time.

To ensure it is a passionate and wonderful journey all of the time, here are 5 things to consider:

1.  Take a break.  Not from the business, but from each other.  Go for a walk, go on vacation and go out with friends…alone.  You simply have to have moments apart so you have something to talk about when you come back together.  No one wants to be the boring folks ignoring each other over dinner and no one wants to be the bickering couple either.  Spending time in separate locations keeps you both interesting and able to be just a little bit nicer when you are together.

2.  Take care of the couple first.  Someday the kids will be gone, the business will be gone and you will be left staring at the person you decided to build a life with.  Don’t wake up and wonder how you ended up in bed with a stranger.  Be romantic.  Be spontaneous.  Be a flirt.  Step away from everything but each other once in a while.  You deserve it.

3. Set clear goals.  There is nothing worse than working side by side hour after hour only to realize you were both going in different directions.  Knowing where you are going, when you want to get there and who is doing which tasks is essential.  Deciding your direction now, when everyone is calm, is a better plan than waiting till you hit a fork in the road; because that fork could very well be used to stab someone in the leg.

4.  Hire help.  Someone out there likes to clean toilets and I bet it is neither of you.  Someone also knows how to fix a computer, balance the books, and run social media.  Let them.  Make a list of everything that needs to be done- and what has to be done by you - then farm out the rest.  The trick is to use the time you are not doing menial tasks to earn money to pay for the people doing those tasks or to take care of the couple as talked about in point two.

5.  Don’t be the boss.  You can kiss your entrepreneurial partner, but you probably don’t want to kiss the boss.  The boss is a Big Ol’ Stinking Slob.  They think they are always right, use volume and intimidation instead of effective communication and would rather watch others work than participate in work.  If you are acting like the boss and your partner doesn’t like it you can be fired.  That firing usually means the kids and the house are divided and happily ever after is not going to be the end of your story.  Be kind.  Be helpful.  Be a partner.  Don’t be a stinker: don’t be a boss.

Bonus Point: You need other people.  And you have to let them into this crazy project you are doing together.  Enlist the help of a coach, an accountant, a lawyer and probably a therapist (better early on than when it is too late!).  Well-meaning friends and family do not know what you are going through, and truth be told, you probably don’t either.  There are people out there who do, and people who can help you lay out a game plan that will keep you sane, prosperous and most importantly, together.  Let them. 

Now go kiss your big ol bundle of entrepreneurial passion- and don’t stop till their knees go weak.  But, do it fast, you have work to do.
 
 

Starting your own business
is often a dream many of us share. The thought of being your own boss, making your own schedule, and most importantly, creating something you're proud of, are all some of the major benefits of owning your own business. Small question though, how do you get started? 

1.) Have an idea. Every business starts with a product or a service, so do you feel you have something to offer? Maybe you love cleaning and feel like you can clean a house better than anyone you know, so you're thinking of opening a maid service. Maybe you're a fantastic chef and have worked in kitchens your whole life and feel like it's time to run a restaurant of your own. Maybe you live in a community that could seriously benefit from a dog-walking service. In any case, make sure you have an idea of what kind of business you would get involved in. 

2.) Write a business plan. A business plan will help you decide what you need to do now and where you want things to go. It would be great if your business is successful, but if it begins growing faster than you expected and you aren't ready for the increase in demand, it could crumble what was originally a great start.

3.) Research business requirements in your area.
Your state may require different licensures and certifications than the next state over, so it's important to know exactly what you need to do in your area. And if you need to choose a location, there might be specific zoning regulations that affect what you can have inside your building or what kind of construction your building can undergo. 

In addition, it's going to be important to determine the legal structuring of your business (LLC or an S-Corporation?) and register for state and federal taxes. It may even be necessary to get a tax identification number. There are also going to be different rules and regulations regarding how you go about hiring employees. 

4.) Finance your business. A well written business plan will be able to help you determine what kind of start up money you'll need to get your business off the ground. There are many options to financing your own business, from using money you have in savings, to taking out a business loan to finding local or government grants to help with small businesses. 

5.) Train yourself and your employees. No matter what line of work you are in, there is almost always some sort of training that you or your employees could benefit from. You'll want to make sure any employees you hire are ready for the job they're going to be doing, otherwise your business could collapse before it even gets started. 

6.) Go for it! Starting a business can be a daunting task, but as long as you go
about it the right way (doing your research, making sure you're well organized,
etc), you'll have a better idea of the steps you need to take.

Good luck!