5 Things You Learn When You Start A Contracting Business
You may have found this article because you are interested in starting your own contracting business.
Perhaps you are just curious about what the experience would be like, or if pursuing business is a sensible fit for you. At the time I am writing this article, I have been a business owner for just one month short of 2 years. In this time I have learned a tremendous number of things, but today I will choose 5 to share that I hope will give insight to those who are looking for it, and give some guidance to those who are in search of clarity. The small business journey can look very different from person to person, and industry to industry, so take my thoughts for what they’re worth, just the opinions and experiences of one person learning every day in this challenging landscape.
1. Clarity of Purpose
Before you explore the idea of starting a venture of your own in too much depth, it is very important to determine your motivations. For some it is time or freedom, for others, it is money or status, but unfortunately, many never spend the time to decide what they are doing this for. Getting clear on your motivations will help you decide what kind of company you will build, and what kind of clients you need to serve. If you would like the freedom and flexibility to spend more time with family, it is important to structure your company and its growth around that goal or it can be easy to lose sight of the purpose and find yourself working against the things you truly want.
2. Learn to Love the Process
Starting a business is difficult. It is a lot of work. It is very often thankless, with little gratification in the short term. The positive reinforcement you require to stay motivated will be your responsibility to create for yourself. It will be stressful and taxing on you, your loved ones, and your relationships through the natural ups and downs that you will experience. But you’re building something. You will have the opportunity to create something that didn’t exist before, and you will experience the full spectrum of emotions. The best thing I can compare it to is those who like living in a place with distinct seasons. Owning a business comes with many distinct seasons too. It’s important you learn to love them all. There will always be parts of your profession you like more than others, but when you begin a business, it becomes your responsibility to find passion in the process. Those that don’t are bound to fail. If you don’t find joy or fulfillment in the trails and the journey you won’t be willing to work as hard as you will need to in order to find success. Finding small things to appreciate and take satisfaction in is a skill that can be developed, and it is a good idea to practice this skill often.
3. You are the Key. You are the Lock.
As you begin your journey, you will find that one of your largest obstacles to overcome is yourself. You may find it challenging to let your team operate without any input from you. You may think nobody is willing to pay the rates you deserve because of the economy, or because of the area, you work in. You may feel everyone has a chip on their shoulder and doesn’t have the kind of work ethic folks used to. The funny thing about it all is that you are the common denominator in all of those perceptions, and as they say, your perception is your reality. Being a business owner will test you to become a leader, a better communicator, and a stronger individual in general. Many cling to ego and tradition, leading them to operate dysfunctional businesses indefinitely. They struggle with money, turnover within their team, bringing in new work, finding good people, and so many other things. Their ego will prevent them from changing because to do so would be to recognize past failures or mistakes. It is harder to address these shortcomings head-on and do the work it will take to grow, but you will be better off for it, and so will your business and your team. Decide to be the key.
4. You Work for Your Team, Your Team Doesn’t Work for You.
Jobs that treat you like a number are a dime a dozen. Your team has likely had jobs that made them feel expendable, and chances are, you have to. Is that how you want your team to feel too? Your team shows you faith in your ability. They trust in your leadership. They rely on you for your good judgment and guidance. They are there because they believe in you, and they believe in what you’re doing. It is your vision they are building, and they are deserving of dignity and appreciation for their contributions to your goals. It wouldn’t be a bad idea to repay that in kind and invest in some of the goals your team has. Send them to training in something they’re interested in and have them bring that passion back to the team. You never know how your team will serve you until you are willing to serve them first.
5. Get Comfortable with Math.
Whether you enjoyed math in grade school or not doesn’t matter anymore. Your teacher isn’t here to scold you. Your parents won't be disappointed by your grades. Math will be your compass, and it’s your responsibility to yourself to get comfortable with it. It will help you decide what to charge for your services, what to spend on your marketing, how large of a shop you can afford, and how much work you need each month to keep the rent paid and the lights on. There are tons of very advanced mathematical concepts developed by economists that you could use to do many things in your business. Still, the truth is that nearly all of the essentials you need to know while you’re a small business, you learned in grade school. With a bit of clever deductive reasoning, you can make many powerful projections about your business and the path you must take to reach your goals. Learn to lean on it. It will not lead you astray.
