8 Things I’ve Learned After 8 Years in Business
As I sit in Terminal C waiting for my flight from Tampa back to D.C., I am overcome with gratitude for the life entrepreneurship has afforded me. Two weeks ago, somewhat on a whim, I decided to take off time to spend with my folks down in Florida. One Beyonce concert, a hurricane, and several 90-degree days later, I feel so rejuvenated, refreshed, and ready to forge ahead for the rest of this year.
August marks Black Business Month, a time when we celebrate and uplift the experiences and contributions of Black entrepreneurs. It’s also the reason why I decided to take a break. And there’s a reason to celebrate. Recent census data shows that there are 3.12 million Black-owned businesses in the United States, generating $206 billion in annual revenue and supporting 3.56 million U.S. jobs. The numbers look even better for Black women, who represent 42% of new women-owned businesses in the U.S., which is three times their share of the female population (14%).
However, despite our drive and entrepreneurial spirits, it’s no secret that Black business owners face a host of challenges from lack of access to capital to lack of mentorship and educational opportunities. This is why, unfortunately, eight out of 10 Black-owned businesses fail within the first 18 months.
Part of the reason why I started PR Girl in DC nearly a decade ago is because I am a firm believer in sending the elevator back down. That said, I am excited to relaunch the blog (for real this time) and provide tips that I’ve learned after eight years in business. Here are eight things I’ve learned after eight years in business.
Be impeccable with your word
While The Four Agreements has a slightly different take on what it means to be impeccable with your word, I have always taken it to mean that you have a responsibility to follow through on what you say you’ll do. Beyond just making sure to stick to client deadlines, this could look like following through on spending time with a friend on their birthday, even though you’re busy. It can look like making sure you’re working out and staying in shape, even when life gets hectic. I have learned that it is important to keep the promises you make to yourself and others. Doing so will only make you a better business owner. How often have you betrayed yourself in the name of business just to find yourself more worn down than ever? In the words of the inimitable Kobe Bryant, “I’m not negotiating with myself…I signed that contract with myself, I’m doing it”.
2. Don’t be afraid to part ways
While I’ve been fortunate to not run into many issues with clients, employees, and other partners I’ve worked with over the years, I have had to navigate some sticky situations. Whether it was consistent late payments from a client, or an employee or contractor who was underperforming, approaching the situation with grace, while still protecting yourself and your interests is crucial. I’ve found that it’s better to part as friends if a situation isn’t working, rather than to try and fit a round peg into a square hole. Bonus tip: make sure all of your contracts have a cancellation clause that states that either party can cancel the contract with notice (mine usually range from 15-30 days). This ensures that all parties aren’t stuck in a situation that’s no longer working.
3. Put your own oxygen mask on first
Entrepreneurship is tough. It comes as no surprise that 72% of entrepreneurs report having mental health concerns. As Kimberly Elise so elegantly put it, you must put your “oxygen mask” on first before assisting others. Self-care is a crucial part of your success as a business owner and goes beyond fancy dinners, vacations and spa dates. It’s taking time in your busy day to go to therapy. It’s about declining offers that don’t align with your values or will burn you out. It’s about turning your phone on DND to spend time with the world around you. Try to make self-care a part of your daily routine and watch how your life changes for the better.
4. Delegate Early and Ofter. Hire before you’re ready
For business owners, the mantra of success lies in two key principles: delegate early and hire before you're ready. Embracing delegation from the outset is paramount. As the captain of your ship, it's essential to recognize that you can't navigate every course alone. Trust your team, empower them with responsibility, and watch your business soar. Similarly, the adage "hire before you're ready" holds invaluable wisdom. Don't wait until the demands outweigh your capacity; instead, anticipate growth and preemptively bring in the right talent. Investing in a robust team early on not only alleviates your workload but also injects fresh perspectives and expertise into your organization. This proactive approach ensures you're poised to seize opportunities and weather challenges, propelling your business toward sustainable success.
5. Raise your rates
Often, the inclination is to play it safe and maintain current pricing structures. However, in the dynamic landscape of business, it's imperative to periodically evaluate and adjust your rates to reflect the value you provide. A rate increase is not just a financial adjustment, but a testament to the growth and refinement of your offerings. It allows you to invest in higher-quality resources, provide exceptional service, and ultimately elevate your brand's positioning in the market. Don't shy away from this pivotal step; instead, communicate the added value to your clients and showcase the enhanced benefits they'll receive. By recognizing your worth and adjusting your rates accordingly, you're not only securing the sustainability of your business but also positioning it for greater prosperity in the future.
6. Your net worth is your network
In the world of entrepreneurship, the relationships you cultivate can be as valuable as any financial asset. Your network encompasses mentors, collaborators, clients, and fellow entrepreneurs, each bringing a unique perspective and potential opportunities to the table. Cultivating these connections isn't just about transactional gains; it's about building a community of support, knowledge, and mutual growth. Actively seek out networking events, engage in industry forums, and foster genuine relationships. Invest in the people around you, and in turn, you'll find doors opening, partnerships forming, and new horizons of potential unfolding. Your net worth isn't just measured in dollars and cents; it's a reflection of the strength and depth of your network. Keep it thriving, and watch how it enriches not only your business but also your personal and professional journey.
7. Do PR for yourself
In today's competitive landscape, it's essential to be your own best advocate. Share your successes, milestones, and unique insights with the world. Utilize social media, guest blogs, and industry publications to showcase your expertise and establish your brand's authority. Take the initiative to reach out to journalists and participate in panel discussions. Your story and expertise are valuable, and by proactively promoting yourself, you not only elevate your personal brand but also boost your business's visibility and credibility. Remember, nobody knows your journey and your business better than you do, so take the reins and let the world know what you have to offer.
8. Always be kind
In the fast-paced world of entrepreneurship, it's easy to get caught up in the pursuit of success and overlook the simple yet powerful principle: always be kind. Kindness is a universal currency that transcends industry barriers. It fosters genuine connections, builds trust, and leaves a lasting impression on clients, employees, and partners alike. A kind demeanor creates a positive work environment, motivating your team and attracting like-minded individuals to your business. It's a cornerstone of ethical leadership and sets the tone for a culture of respect and consideration. Whether in negotiations, meetings, or day-to-day interactions, remember that a little kindness goes a long way. It not only defines your business, but it also shapes your legacy as a leader. So, as you navigate the complexities of entrepreneurship, let kindness be your guiding principle; it's an investment that pays immeasurable dividends.
What business principles would you add to this list? What piece of advice have you found most helpful during your journey? Let me know on X/Twitter: @prgirlindc.