Starting a business is a lot like adopting a pet rock. It seems simple at first—until you realize your rock needs a LinkedIn profile, a marketing strategy, and a retirement plan. But unlike a pet rock, your business won’t thrive on neglect. (Unless you’re selling pet rocks. In that case, carry on.)
Robert Frost once wrote about taking the road less traveled. Entrepreneurs know this well: they ditch the 9-5 freeway for a bumpy dirt path filled with potholes, detours, and the occasional existential crisis. But fear not! With the right habits, you can turn that path into a smooth highway to success—or at least avoid driving into a ditch.
Here are five healthy business practices to keep your entrepreneurial journey from turning into a Lord of the Flies remake.
1. Assess Your Product: Is It a Unicorn or a One-Trick Pony?
Before you sell a single thing, ask yourself: “Does the world need another pineapple pizza?” (Spoiler: It does not.) Your product or service should solve a problem, not create new ones (looking at you, glitter bombs).
How to avoid a product flop:
- SWOT Analysis: Think of this as a therapy session for your product.
- Strengths: “My organic cat sweaters are hypoallergenic!”
- Weaknesses: “Cats hate sweaters.”
- Opportunities: “Winter is coming.”
- Threats: “Dogs.”
- Pricing: Too high? You’ll scare folks off. Too low? You’ll look like a yard sale.
- Market Need: If your product’s USP is “It exists,” go back to the drawing board.
2. Gauge the Market: Your Competitors Aren’t Your Frenemies. They’re Just Enemies.
The business world is like high school: everyone’s jockeying for popularity, and there’s always that one competitor who copies your homework (but changes the font).
Survival tips for the marketplace Thunderdome:
- Spy… Legally: Use tools like Google Trends or social media to stalk—er, study—competitors.
- Dodge Landmines: Watch for price wars, flashy ads, or that viral TikTok trend you missed.
- Blitzkrieg-Proof Your Biz: Build a loyal customer base so competitors’ 50%-off sales don’t poach your clients.
Pro Tip: If a competitor’s slogan is “We’re #1!”, respond with “We’re #2… but we try harder.” (Thanks, Avis.)
3. Evaluate Yourself: Because Guessing Your Business’s Value is Like Playing Darts Blindfolded
Here’s a fun fact: 98% of small business owners don’t know their company’s worth. That’s like not knowing your own shoe size! (And yes, that’s a cry for help.)
Why business valuation isn’t just for Forbes lists:
- Retirement Planning: If 70% of your wealth is tied to your business, you need to know if it’s a golden goose or a rubber chicken.
- Selling Smart: Buyers won’t take “Trust me, bro” as a valuation.
- Insurance: Underestimate your worth, and you’ll be paying for a Honda Civic when you drive a Tesla.
Enter Buy-Scale-Sell Valuation: This tool is like a Fitbit for your business’s financial health. For 1/25th the cost of a fancy coffee habit, it spits out a 29-page report telling you exactly what you’re worth. (Spoiler: Priceless. But also, here’s a number.)
4. Transparency: Don’t Be a Mysterious Stranger in a Trench Coat
Transparency isn’t just for ghost hunters. In business, it means keeping records cleaner than your grandma’s kitchen.
How to avoid becoming a true crime podcast guest:
- Track Every Penny: That $3.50 latte you bought “for the team”? Receipts, please.
- Legal Shields: Contracts, licenses, and clear terms of service keep lawsuits at bay.
- Honesty Wins Trust: Admit mistakes. Example: “Our app crashed. Here’s a free month… and a therapy coupon.”
Pro Tip: If your finances are a mess, hire an accountant. They’re like wizards, but with spreadsheets.
5. Set Realistic Goals: You’re Not Michael Phelps. Yet.
Dreaming big is great—unless your dream is to colonize Mars by 2025 with a budget of $200.
How to avoid delulu (delusional + lu-lu-ness):
- 12-Month Rule: It takes a year for a customer to be worth more than the cost of acquiring them. Patience, grasshopper.
- Baby Steps: Focus on one market before conquering the globe. (Looking at you, “World’s Best Cupcake” shop in Nebraska.)
- Avoid Burnout: If you’re working 80-hour weeks, your business isn’t thriving—it’s hostage.
Conclusion: Your Business Isn’t a Baby, But It Still Needs TLC
Starting a business is hard. Sustaining it? Harder. But with these practices, you’ll be less “struggling startup” and more “smooth operator.” Remember:
- Know your product’s purpose (beyond funding your caffeine addiction).
- Watch competitors like a hawk (but legally, please).
- Value your business—because guessing is for carnival games.
- Keep it transparent (trench coats optional).
- Aim high, but pack a parachute.
And if all else fails? Remember Robert Frost’s lesser-known second poem: “Two roads diverged, and I took the one with Wi-Fi.”
Hi, I’m Heather.
I help people buy, scale, and sell businesses. Think of me as your “anti-corporate” guide to ownership.
If you like blunt truths, dry humor, and leaders who’d rather light a fire than follow a script… let’s talk.
Started my first company at 23.
Now have 5.
Learned 1,000,037 hard-earned lessons so you can skip the trial-and-error phase.
Current obsessions:
✅ Turning “boring” industries into wealth-building machines
✅ Helping ambitious people escape soul-crushing corporate cultures
✅ Proving you don’t need an Ivy League MBA to win at business
Let’s connect if:
-You want to own your future, not rent it
-You’ve ever been told you’re “too much” for corporate America
-If you are ready to work on your business not in your business.