Balancing Business Ownership

I am a Spiritual Life Coach and have my own coaching and training business. I was part of a Woman-Owned Business Networking Class last year at the local community college and was invited to the class this year to be a guest speaker. The college asked me to speak on “Balancing Business Ownership.”

I was very pleased to be asked to speak, because I love to talk about the importance of balance in our lives. However, there were so many things I wanted to share with the class and I only had about thirty minutes for the presentation.

So in preparation for the talk, I did what I always do when I need my thoughts to flow – I got quiet and still and listened to the voice within. I then went and exercised at the gym and only then did I sit down to write.

The following are the key principles that began to flow and what I shared with the class that night. They have served me well in all areas of my life, but are especially important and critical as you attempt to manage your own business. I trust that they may be useful on your journey.

1. Remember Your “Why”

It is so easy to forget our “why” when we are so busy with the “how” of the business. Your “why” is the reason you got into the business in the first place. Your “why” is your purpose, destiny, calling and cause. It is what excites and motivates you. It is what brings light and joy to your life.

In business ownership, however, you may not have others around you, like a boss, to remind you of the why of the business. So you have to continually remind yourself. You have to continually share and speak your “why” to others. Each time you share your why, it becomes more of a part of you and your consciousness.

In the weekly meetings at the community college, each business owner had to introduce themselves and their business. At times, this exercise seemed so repetitive and unnecessary. Why did we have to do this every time we met? But what happened over the course of our meeting together was that each business owner learned how to refine their message so that the essence and soul of their business was revealed. Having to share who we were each week helped us to really become our “why.”

In addition to being able to powerfully speak your “why”, you want to ensure that your “why” is on paper and is visible. This is especially true when things are tough and not flowing the way you expected. Post your why in as many places as necessary. Post it so you can see if often. They say that “seeing is believing”, so make sure you see yours daily.

In almost every business you enter today, you will see a vision and mission statement. If someone comes into your business, will they see your “why”?

Remembering your “why” and sharing your “why” may be one of the most important things you can do for yourself and your business.

A wonderful resource if you are reflecting on or want to refine your cause, calling and destiny is the book – Inspire by Lance Secretan.

2. Staying focused but yet having fun in the process

I am one of those people who initially resisted putting together a business plan. Okay, I admit it; I love spontaneity and am a free thinker. I thought a plan would box me in and limit me. In fact, it is just the opposite. A plan gives you a road map and a compass. A plan helps you know that you are moving in the direction you want to go.

I put the concept of a business plan in this section because having a business plan allows me to have fun in the process of business ownership. I can have more fun because I have a focus.

I can have fun because I am continually planning and revising my plan. Having even a basic plan supports me from getting overwhelmed and over my head.

And speaking of “head”, I have to add a comment here about “staying out of our heads.” Staying out of our head is about not second guessing ourselves. It is about not worrying about last week, the last customer or the last mistake. Staying out of our heads is about staying focused on the good things we are doing. Trust me, there are so many more good things that you are doing in the business than bad.

To support us in staying out of our heads, you must guard who we let into our “heads.” Be sure to surround yourself with positive, caring individuals who also believe in your dream and “why”. It takes so much energy to try to convince others of why you are following your dream. You expend so much energy and they still don’t get it. Keep this simple – find a circle of supporters that believe in you and will be there to remind you of how great you are.

These are the things that will help you stay focused and, most importantly, have fun in the process. If you find, that over an extended period of time, that you are not having fun, it is time to change something. When you stop having fun, you can no longer be as effective and as powerful.

3. Knowing when to say NO

I love talking about this principle, because it is the heart and soul of a happy and balanced life.

We will get to saying yes in the next principle, but the truth is that you will never get to yes, until you learn how to say no.

In business ownership, you must learn how to say no to clients. Not every client is your client. You are not going to be able to assist and help every individual that comes into your life. If you help everyone, there will be no one left for the other entrepreneurs.

Having a well thought out and identified “marketing niche” will serve you well in knowing who you should and should not serve.

As a life coach, I wanted to help everyone and was taking on anyone who needed anything. As you can imagine, my scope was too wide and I quickly became drained and exhausted. While I have lots of experience and expertise, I have particular interests, skills, and strengths. Once I learned to narrow down and identify my “niche”, I started to attract those individuals I could most serve.

Now, I am able to boldly say that I support individuals in “remembering who they are, having a balanced life, and living their divine purpose.”

Saying no is also about knowing when we have done enough for the day. If you work for someone else, there are specific hours and defined work for the most part. When you own your own business, you set the hours and the workload. Over time, you have to learn when you have had a good, productive day. It helps if you set some goals for that day. But even that is not the sole measure of when to stop for the day. Feeling exhausted and overwhelmed often comes when we have stayed too long on a project and are trying to force something to happen that is just not going to happen.

Listen to your body: it usually tells you when it is time to stop and return to your family and friends and seek your renewal.

4. Knowing how to take care of ourselves – Saying Yes to ourselves

Renewal is totally about knowing how to take care of ourselves. It is about saying YES to ourselves.

Knowing how to take care of ourselves is having a process in place where we, on a regular basis, do an internal check up on all of the areas of our lives.

One of the exercises I do with all of my coaching client is to have them complete “The Wheel of Life.” I ask them to look at the following areas of their lives and identify those areas that may require their attention. They reflect on and assess their emotional, physical, professional, life purpose, financial, intellectual, friendship and family, and love and intimacy.

Just like we take our car in for a check up and to check the alignment, tire pressures, and change the oil, we too need to regularly schedule maintenance on ourselves and our relationships.

What is it about us as humans, that we have to be in crisis mode before we make changes or do things differently in our lives.

It is not necessary to have a heart attack, or be on the verge of a divorce before we say yes to ourselves and to those things that are important to us.

We are only able to give what we have ourselves. If we are drained, depleted and running on empty, this will seriously impact our work. Ultimately, it will affect every area of our lives.

Building in regular reflection and exercise time is critical to developing and growing your business. Learning how to say yes to your needs is the greatest gift you can give to yourself and your business.

A wonderful resource/tool in this area is Just Enough by Laura Nash and Hoard Stevenson

5. Knowing when to ask for help

Attention all entrepreneurs – it is not a sign of weakness to ask for help. In fact, it is a sign of a healthy individual to know when they need help and to seek out resources and individuals when the need arises.

When you really know your strengths, you will know what you need to call forth to compliment those strengths.

Asking for help is a sign of strength and allows others to share their gifts and talents with you. Just look at nature and you will see how beautifully connected and interdependent all of life really is. We too were meant to be connected and supportive of each other in this same way.

I do admit that I had to learn how to ask for help and assistance. I thought that because I was in businesses for myself, that I was by myself. This is so far from the truth.

There are a host of resources, mentors and guides who are anxiously awaiting you call for assistance. There are individuals who have walked your path and have valuable lessons and experiences to share with you.

One of the first things I did, when I moved to my new home a year ago, was to get a Spiritual Director. How could I be a Spiritual Life Coach and not have one myself.

So, I invite you to be open to the support and fellowship that is all around you. You just have to open your arms and your mind and be willing to receive.

Working for yourself and having your own business is one of the most rewarding experiences of our adult life. How it plays out and whether it will be a rewarding and amazing experience, I believe, depends on: remembering your “why”; staying focused and having fun in the process; knowing when to say no; knowing how to take care of ourselves – saying yes to ourselves; and knowing when to ask for help.

This is What Transfer of Business Ownership Entails

There are many reasons that may lead one to transfer his business ownership to another party. One reason is that, the owner may wish to move on to a different locality, and since he may not be able to oversee its operations from far, he may be forced to just give up his ownership rights to someone else. The steps are easy, but should follow a legal process, in case of misunderstanding issues that may arise later on.

Since there are many methods through which someone can carry out the transfer of a business ownership, it is good to first understand the implications of each method and settle for the one that suits your personal situation. The most suitable is the one that fits your psychological satisfaction as well as financial state. Methods of transfer, like sale of the business will mean that you will be able to receive some financial gains from what you have invested in over years.

If on the other hand you choose to pass on the ownership to a son or daughter, you may not have the full confidence that the venture will run the way you will want it to. All the same, there is a price to be paid for all the choices we make. If you decide to lease out your business, be sure to follow all the legal requirements that will protect both you and the lessee from future misunderstandings.

Leasing allows you the opportunity to continue earning from the business as you will be entitled to monthly payments or periodic payments according to what both parties will agree and sign to in the contract. In the lease, you could also agree with the lessee that they will buy the entire business after some period of time.

Exploring Business Ownership – Putting it All Together (part 7 of 7)

We’ve explored the options for earning income in this 7 part series, ranging from the world of employment to full entrepreneurial business ownership. We’ve covered some basic concepts of what it means to be in business, the personality types that do well in this arena, and how to gauge your tolerance for the risks involved.

If, after absorbing all this knowledge, you decide you’re still interested in business ownership, then you’ll want to know how you can stack the odds of being successful in your favor, and when in life or an economic cycle is the best time to start or buy one.

When Is the Best Time to Start or Buy a Business?

Frankly speaking, there’s never a best time in life to get into business. In fact, there’s almost never a “good” time to get into business at all, because there’s always a good reason not to.

Reasons not to include, “We just got married and we’re saving for a house.” “We’re expecting our first child and we’re saving for that event.” “We’ve just started a college savings account for the kids.” “We’re pregnant (again).” “We just bought a bigger house and it’s put a big strain on our budget.” “The economy is up, so my job is secure.” “The economy is down and we have to watch our expenses ‘just in case’.” “I just got laid off, so we’re really watching our budget.” “I just got hired, so we have to rebuild our savings.” “We have kids in college and tuition is due.” “Our parents are in failing health and we’re contributing to their financial upkeep.” “Retirement is just around the corner and we’re making maximum contributions to our.401(k).” And finally, “We’re retired.”

So, there’s never a best time in life to get into business for yourself. If you’ve decided that your risk temperament is right for some type of business ownership and you have the motivation to take the plunge, then at some point you just have to take the bull by the horns and do it.

Why Businesses Succeed

Remember that you must have the basic ingredients in place to be a successful owner, regardless of your degree of risk tolerance or the business model you operate; self-motivation, the willingness to ask for help, a clear understanding of what you want to achieve, and the emotional ability to change when the business or market needs require it.

Of all the attributes I’ve listed, the willingness to ask for help, insight, advice, and counsel at every opportunity is the single most important thing you can do. Don’t try to go it alone; there’s simply too much at stake.

Successful business owners have a drive to succeed, know that they don’t have to singlehandedly blaze their own trail, recognize what’s at stake if their business fails, and realize that every great team and performer has a skilled coach helping them.

Eric Schmidt shared in the July 6, 2009, issue of Fortune Magazine that the best piece of advice he ever received was to hire a coach. And frankly, if the chairman and CEO of Google needs a coach, then you need one, too.

Why? Good business coaches give a 3rd party look at an issue and how you’re handling it, they discuss alternative approaches or options with you that may be more effective, and they encourage you to change habits or take risks that you wouldn’t be prepared to do on your own. They are a sounding board; they become a trustworthy confidant who has your best interest at heart. Finally, a good business coach will help you break through to achieve what you couldn’t on your own.

Then, successful business owners will grab the bull by the horns and implement the advice they’ve received. And if execution is not their strong suit, they’ll ask for help in learning how.

Wrapping Up

Business ownership is a high risk venture that can have great rewards. I hope what I’ve shared here has given you some personal and professional insight as you explore the world of business ownership. I’d enjoy your feedback on whether this series has helped you in your decision making process. If you decide to go forward, I’ll look forward to hearing how you’re doing. I wish you the very best of success.