The truth of the matter is that I used to suck at business.
Despite the business degree, it turns out that didn’t help all that much – even if I had a great time getting it.
Nothing can really prepare you for owning a business until you’re in at the deep end – probably something you’ve realised for yourself, too.
I wonder how many would have taken that leap had they really known what was ahead of them?
That’s part of the reason why I’ve such admiration for business owners; they took the leap – with no guarantees – when most people don’t.
That takes a certain amount of guts, and it’s admirable.
What I quickly discovered with my first business was that a few things I thought I knew about business turned out to be not true.
To begin, I thought that to earn more money I simply had to work harder.
More hours = more profit, right?
Seems kinda obvious really, and in my previous job selling financial services it was certainly accurate. The more calls I made, the more people I spoke with, the more sales I made. Simple maths.
So, when the chips were down I just increased my hours in my business.
I started my day earlier and earlier.
Then finished later and later.
Then laid weekends on top.
Then the holidays stopped.
Then I realised I was living my own version of hell.
The same mathematics no longer worked. It wasn’t possible to simply try harder, work harder or increase my hours anymore.
In fact, I’d run out of hours and there was still so much to do… and so many bills to pay.
That story didn’t end well sadly, but mercifully the lessons learned were just about worth the pain (well, some years later anyway, not at the time!).
My problems were;
→ I didn’t know my numbers well enough and I was treating all sales and all customers the same… when the reality was that some were significantly more valuable than others. Big mistake.
→ I wasn’t using the leverage I had around me well enough in the form of my team. I was trying to do it all myself meaning I quickly ran out of time and had no time for the stuff which actually mattered. I was a “busy fool” as the saying goes.
→ I didn’t truly appreciate how valuable my own time was and I was wasting it on jobs which, quite frankly, were way below me. Like going to the bank or the Post Office. (Not even joking).
I’m glad I got it all wrong as it meant I didn’t make the same mistakes with subsequent businesses… but ironically now I see the same patterns with many salons I work with.
If this sounds anything like you, and you want to break the mould once and for all, then we can help.
We’ve got something coming next month and I think you’ll like it. It’s specifically for salon owners who want to up their profits but with working fewer salon hours, not more.
It won’t be for everyone, but perhaps it’ll be a good fit for you.
Watch this space.
