5 Things Small Business Owners Wished They Knew Before They Started

Many people starting a small business want to know the hard-earned lessons learned by other owners and what pitfalls to avoid.

Fortunately, most small business owners are open to sharing their knowledge and insights after years in business. Here are some tips I came across when looking for lessons business owners wished they knew before they started.

1. You'll need to delegate more than you like

One thing that some business owners said they learned the hard way is to outsource what they aren't good at. Some business owners struggle to hand the reins over to someone else, even for small tasks, but it's usually a mistake not to.

Instead, figure out what you're good at and what you're not. Focus on the parts of the business you do well and delegate to employees or outsource what you can't do. This might be bookkeeping, marketing, customer service, or other core parts of the business.

2. You have to be ruthless with your processes

Some small business owners said they spent too much time clinging to processes that didn't work. Instead of being flexible in finding solutions, they stuck with what they knew.

For example, if you're afraid to implement a new payment method on your website -- even though it's better or cheaper than your existing one -- you might need to be more open to change. Some business owners suggested you need to be ruthless with your processes to improve the businesses.

3. You'll spend more time running the business than you think

Some people have romantic views of what they'll work on when they start a business. It might be making food for people or developing a cool app.

However, the reality is that many small business owners spend much of their time managing their companies. Sure, you'll still cook, create, write, or develop your product, but you'll also spend a lot of time managing people, scheduling, fixing problems, and plotting your business strategy.

4. You'll need to manage your cash

Cash flow management is critical for any business, small or large. This isn't just knowing what expenses you have or what equipment you need -- it's knowing when you can spend the money and when you can't.

Small business owners who learn cash flow management see their company's broad financial picture. This means understanding how more debt will affect next quarter's bills, when to use (or not use) the business credit card, and how to correctly project next month's sales.

5. You're responsible for building an audience

Despite what you may think, most people aren't chomping at the bit to get your product. At least, not yet.

Business owners realized that opening a restaurant or releasing a product is only the first step. You also need to put in the work to build an audience and reach potential customers. Marketing campaigns, social media, and generating word-of-mouth buzz are all part of a small business gig.

One bonus tip about starting a small business that many owners recommend is finding a mentor. Most small business owners understand that going it alone doesn't work, so find someone who can help you work through problems and guide you when things get tough. If you're starting a business this year, keep the above tips in mind for a greater chance of success.