I've Been Running My Small Business for 16 Years. Here Are the Biggest Lessons I Learned

I have been running my own small business for 16 years and my company has provided me with some great opportunities, including the ability to work anywhere and the ability to spend my time working with people that I respect and admire. I've also been able to grow my income substantially since my company started, so it now provides a nice living.

During the many years when I've been operating my company, I've learned a few important lessons which may be helpful for other business owners -- especially those just getting started. Here's what they are.

1. Paying for the right tools is well worth it

One of the single most important things I learned is that I should not be afraid to pay for the tools I need to do my job efficiently and effectively. For me, this means I buy myself a nice new laptop every year or two so it runs quickly, and I pay for software that makes it easier for me to manage my work and keep track of all the links I need to have on hand. These are worthwhile expenses I can cover with a business credit card.

You may need different tools for your business, but don't skimp on spending what it takes to get the equipment necessary to do your job well the first time. If you're wasting a ton of time or producing a substandard product because you don't want to spend on the right tools and materials, your company will suffer in the end.

2. Don't be afraid to ask for help

Since I've been running my business, I've been fortunate to encounter many great people who are always happy to share their wisdom with me. In asking for help on things where I wasn't as strong, I've been able to acquire lots of new skills that enabled me to grow my business. For example, as a writer, crafting good headlines was initially a challenge for me -- until I got to work with a great editor who worked with me to get better at this skill.

As you run your business, you're also likely to find people with more expertise than you in certain areas who may be eager and willing to share their acquired wisdom. Never be afraid to ask them for help and advice, as long as you're also willing to reciprocate and work hard to help them out if and when they need it.

3. Find the best professionals you can to accomplish certain tasks

When you start out running your company, you may feel as if you need to do everything yourself. But that's not necessarily the case, and it can be a waste of your time and effort to try to tackle every task on your own. You could also make mistakes that cost you.

For example, I hire a professional every year to do my taxes because it takes time to do so and I don't want to make an error on IRS forms and end up owing penalties. Hiring professional help for things like taxes, accounting, legal advice, and compliance with government regulations can be well worth it.

4. Make a plan for work/life balance

Finding a work/life balance is also really important. For a long time, I was tempted to work all the time because the more I worked, the more money I could make. Unfortunately, this can lead to burnout and can also result in too little time to do other important things that you value.

Now, I limit the amount of work I do each day to make sure I spend time with my husband and kids, and also have time to do other hobbies. With as many as one-third of small business owners reporting they work more than 50 hours a week and a quarter working more than 60 hours per week, it's important not to lose sight of what you're actually working for: Living a good life.

5. Know how to value your time

Finally, it's important to learn how to value your time. When you're just starting out, you may want to take most jobs that come your way. But as you develop expertise, you need to be choosier about who you work for and make sure that you're making a good hourly rate as you have only so many hours in a day.

If you're running your own business, whether you're just getting started or have been doing it for a while, ideally these tips can help you to be more successful and happier as an entrepreneur.