Lessons from a Small-Business Owner

by Nancy West

After 20 successful years in corporate communications, I decided to go into business for myself because I wanted the flexibility self-employment offered. I did my homework, left the corner office behind, and opened my own business—Nancy West Communications.

I am thankful that my business is thriving. As a one-woman operation working out of my Pennsylvania home, I serve a wide range of clients and have created a niche for myself in healthcare communications.

I’ve learned a lot along the way. There are five things I wish I’d known when I got started:

1. Set an income goal.
Decide the minimum annual salary you need to make your business profitable and break it down into monthly increments. I figure out how many hours I have to work each month to meet my goal. If I miss my monthly quota, I increase my hours for the next month to make up the difference. Sheer determination helps me stay on track.

2. Know when to call it a day.
I work hard, but I’m not a workaholic. I take on as many assignments as are necessary to meet my income goals. I’m disciplined, but I know when it’s quitting time. In your own quest for success, don’t lose sight of the reasons you started your own business in the first place—most likely the flexibility it offers.

3. Get comfortable with peaks and valleys.
You will likely hit peaks and valleys along the way. Dealing with the valleys can be tough. In the beginning, I did a self-assessment every six months and asked myself the tough question: “Can I deal with the dry spells?” After 18 months, I was able to anticipate them, which allows me to plan personal obligations and vacations during those times.

4. Prepare estimates carefully.
I can almost guarantee your first few projects will take longer than you think. It took me two years to get really good at estimating time and costs properly. With that in mind, you might want to give your clients a range of how much the project will cost. Otherwise, you will probably shortchange yourself.

5. Network, network, network.
Networking is key to success. I can trace a good portion of my business back to industry organizations I belong to. Friends and family are also valuable contacts. My neighbor, who works for a major bank, gave me the name of someone in the corporate communications department. That simple lead brought in more work for me. Make it your business to market yourself at every opportunity.

Has being in business for myself been worth it for me? Absolutely. I made the decision to go into business for myself thoughtfully and purposefully. Now, I have control over my work and income. I exercise that control to maintain a very balanced and satisfying personal and professional life.

For more helpful tips, visit my website at www.nancywest.net