10 Beat-the-Odds Tips Learned From 10 Years in Business

August 21, 2024

If you’ve ever read Robert Frost’s poem “The Road Not Taken” you may recall this poignant verse: Two roads diverged in a wood, and I – I took the one less traveled by, And that has made all the difference.

Ten years ago, I stood before two roads and made a choice that made all the difference – I veered off the more predictable employment path and opened my own public relations agency. I had no idea what a bold move it was, but perhaps the surprised reaction from a few well-meaning family members and friends could have been an indication. Fired up by a passion for my profession, an identified need in the region, and pure delusion, I ignored any what-if thinking and gave it a go without pouring over reports from the Small Business Administration or taking classes on entrepreneurship. Silly me!

Going the lesser-taken path is filled with risk. In fact, according to data from the Bureau of Labor Statistics (BLS), approximately 20 percent of new businesses close within the first year. For those entrepreneurs who find initial success, the road ahead is more challenging. Fewer than 35 percent of businesses – or a wee bit more than a third of companies – that opened their doors in March 2013 were still around a decade later, according to the BLS.

Within my industry – PR – the gender imbalance presents an additional roadblock. At a glance, it would appear to be the opposite. The Holmes Report recently noted that women comprise 72 percent of the PR agency workforce, yet only 30 percent of females run them.

Against all odds, I forged forward. A decade later, it seems like an ideal time to pause, reflect, and share 10 lessons I’ve learned that could help someone with a big idea go from being a sad statistic to a savvy success.

Build a community – At the start, it may feel like you are alone, but it doesn’t mean you have to be. Seek out fellow business owners, mentors, and professionals. You will save so much time and frustration if you surround yourself with other entrepreneurs and humble yourself enough to ask them questions about how they did things or the lessons they’ve learned. Also, be willing to share your resources and connections so you can pay it forward.

Be a joiner – Get involved with groups early and often. Join a local or regional Chamber of Commerce, volunteer for a cause you care about, or be part of a nonprofit board. Seek out a professional affinity group and dive right in. Getting integrated can lead to business opportunities and make the ownership journey more fun and enriching.

Believe in your brand – Invest in yourself early on to build trust. See your business the way you want others to see it. Don’t skimp on a professional logo, secure website, headshots, business cards, or investments that allow you to put your best foot forward. If you won’t spend on your own company, why would anyone else feel comfortable spending money with you?

Live by your values – One of the most transformative things a business can do to thrive is to figure out what it stands for and the why behind what it does. A clear compass makes decision-making easier and attracts right-fit clients and customers.

Seek out your complement, not your duplicate – As a business scales – and it should, because growth is good – that means bringing on employees. Rather than hire a whole bunch of people just like you, hire the best, brightest people who have strengths you do not. A diverse team leads to fresh ideas and innovation.

Be your own best client – Even when things are busier than busy, carve out time to work on your top client or customer: your own business. That might mean attending conferences, earning credentials, learning new technology, or dedicating time to think deeply. Investing in your own business pays more than any client or customer can.

Know when to say no – Reserve your best bandwidth for the customers who value your offering and fit with your value system. Be honest about what you’re the expert in – and what you’re not. There are options for everyone; nobody is the best option for everyone.

Share and reshare your story – While you know what you do and why you do it, everyone else isn’t as familiar with your backstory. As you bring on new team members or customers, keep reminding people why you started in the first place and what differentiates you from your competitors. Remember to use marketing and PR to tell your brand story in a captivating way – it works!

Celebrate constantly – Don’t wait a decade or two, or more, to enjoy the splendors of your success. There are many milestones along the way. A win helps give you momentum to achieve the next goal – and the one after that.

Lastly, Don’t let fear of failure stop you. Great things exist on the other side of your comfort zone. You’ll learn from what doesn’t work, build upon what does, and have lots of great stories to tell along the way, all of which make scary reports far less frightening.