Business: start up with enough support
Many small businesses have taken a pummelling in the past 12-18 months. Hospitality, bricks and mortar retail, arts and entertainment, recreation and tourism have all been impacted by the COVID pandemic and the restrictions. Some outfits have collapsed completely, others have managed to rapidly innovate. We’ve also seen new businesses emerge.
Of course, there are many benefits to being in business — freedom, control, increased earning potential, creativity and time flexibility are just some. Establishing a venture is also becoming more accessible — we have more resources and technology than previous generations (thank you, internet). This means that going out on your own or launching a side hustle doesn’t require much (if any) capital investment at all. However, making sure you have access to the right advice and support is crucial.
There are more than 220,000 small businesses in WA and more than 2.3 million Australia-wide. And the rates of stress, anxiety and depression are also far higher for business owners than the general population.
As someone who has been in business since I was 25 years old (just over 12 years), I can say it’s quite a personal development journey. Starting and growing any kind of venture can take a toll on your personal life, finances and health if you don’t manage your time and resources well. The start-up scene is full of puffed-up promises and inflated ideals. So it’s really important not to fall victim to “drinking the Kool-Aid”.
So, how can founders and business owners support themselves and their businesses?
First, get really clear about your values. Don’t throw your life away because of money or a good idea. Your health and key relationships matter — invest in and prioritise them above all else. Also, know that most businesses fail within the first three years. So it’s reasonable to expect challenges, feel pressure and uncertainty at times (it’s par for the course). It’s a good idea to make friends with fear and failure.
But also be aware that you don’t need to carry any burden alone. There are many business networks in Western Australia and online that are really useful for support, advice and camaraderie. Seek wisdom from those who have gone before you — find a mentor, hire a coach, listen to podcasts . . . and if you’re really struggling, see a therapist.
Time is precious. You can always make more money, but you can never create more time (again, don’t compromise your values, wellbeing and relationships). Part of establishing a healthy business is knowing the difference between (what I call) “blind ambition” and “divine ambition”.
Persistence is key but there is also an element of the right timing and right people in every situation (this is why knowing your values matters). We often don’t appreciate that long-lasting businesses take a steady approach. They establish strong foundations and build at a rate commensurate with the pace of nature (the pace of grace).
If you push against the natural rhythm and timing within your business the walls may crumble (trust me on this one). Things generally take longer than you initially think they will. The overnight success has been working up to that moment for years, sometimes a decade or more.
Finally, always trust your intuition but leave nothing to chance. Execute, remain agile, embrace change (it’s here to stay), push the boundaries of possibility but take a measured approach. I’m a firm believer in business as a force for good. Though work and business is what you do, it’s not who you are. No endeavour is ever worth losing yourself, your relationships or your life for.
Lifeline: 13 14 11
Small Business Development Corporation (WA): 133 140
This article was first published in The West Australian in Renée Gardiner’s weekly column in Agenda, 3 July 2021.