Avail Advisors is sweet 16. Here are some lessons I have learned as a solopreneur.

Avail Advisors is celebrating its 16th anniversary. This is the longest job that I have ever held. Of course, it is way easier to hold a job when you are your own boss.

In celebration of 16 years, I am reposting last year's 15 tips for going out on your own. I hope they help any aspiring soloprenuer or entrepreneur!

Thanks to all of my clients, past and present for trusting me to help you simplify your problems, decisions, data, and communication.

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Going out on your own: 15 lessons from 15 years

Brad Kolar

Helping Leaders Simplify Their Problems, Decisions, Data, and Communication

163 articles

July 6, 2022

It has been 15 years since I decided to go out on my own.?

There have been many times when I did not expect to reach this milestone.?

The first came two months after I started my business. Bear Stearns melted down marking the start of the worst recession since the great depression. I had a lot of “buyer’s remorse” as my last real paycheck still lingered on my most recent bank statement.

But with a lot of work, even more luck, and even more help from friends and colleagues, I weathered the worst storms. I would not characterize myself as a remarkable success by any means. But I am still here, still trying, and hopefully, still helping leaders do their jobs better.

In the spirit of my 15th?anniversary, here are 15 lessons I’ve learned (in no particular order) about running your own small business.?

--YOUR BRAND--

Be likeable??

This may sound superficial. But as a small business, you are the business. If people do not like you, they do not like your business.

When I started, I thought that I had to be the smart one or the one who gets results. After all, why else would someone hire me??

However, I encountered many people who were way smarter than me but struggled to get business. I also saw a lot of lower performers who tended to get hired back.

You must bring something to the table and get results.??But that is not enough.?

It is simple human nature. People want to work with people who they like.?

Be honest and transparent

This should not have to be said. Yet I have seen so many people try to take a shortcut at the expense of a client.?

Your integrity is challenged every day. Your lack of integrity only needs to be confirmed once.

Admit what you cannot do

I was once told to take any work that I was offered. If I did not know how to do it, I could figure it out later or find someone who could. That type of work will never make you stand out.?

My clients know that when I tell them I am the right person for the job, I mean it.

Be easy to do business with

People are busy and have limited attention. If they must work too hard to do business with you, they will find someone else.?

Build your brand BEFORE you go out on your own

I learned this one too late.?

I worked at two world-class organizations (Accenture and University of Chicago Medical Center). I did not use that time to build my reputation through speaking and articles.?It would have been easy then.

Conferences build their credibility by having speakers from major companies. I could have submitted my grocery list and been accepted to speak.?

No one is interested in having a speaker who USED to work for a successful organization. There are plenty of people who still work there who can speak.

--YOUR VALUE--

Only do what you can do great

It is easy to be good at something. That’s why so many people are.?

If you are selling “good”, you are a commodity.?

When I started out, I would take any work to get my “foot in the door”. Even when I did well, I rarely got called back in to do the work I wanted.?

There were two problems. People often label you based on their first experience. As a result, they did not think of me when it came time for the actual work I wanted to do. In other cases, I worked with the wrong people. They did not have influence or connections to the people who needed my main offerings.

Always show the best version of yourself

Have higher expectations for yourself than your customer has of you

I once had an executive tell me that my strategic planning session was the best she ever attended. I asked her what made it so good. She said, “You did not make us do any of those stupid icebreakers.” Most people have a low performance bar these days. They do not expect much.

Set your bar at a height that will make you indispensable.

Do not compromise your value

You certainly need to be flexible and accommodating wherever possible.?

However, hold a firm line if a request is going to diminish the value that your client will receive.?

You know what it takes for people to get value from your products and services. Do not sacrifice that.

No one will remember the accommodations you made. They will only remember the result.?

You cannot care more about your client’s success than they do

You should be completely driven to make your client succeed.?

However, if you find that your commitment and investment in their success is greater than theirs, take a step back. They are not going to get the value they need from you. And, as mentioned above, they are not going to remember whether they were committed. They are only going to remember the result.

--YOUR BUSINESS--

Remember that you are running a business

Most people go out on their own to follow a passion or interest. That is fine. Focus your time and energy on that. However, do not forget that you are running a business.?

If your internal processes are inefficient or unprofessional, you will not have time to focus on the “fun” part of your work.?

You do not have to be a business expert. However, if you do not get your accounting, invoicing, payables, collections, taxes, insurance, and licensure right, you will quickly be out of business.?

If necessary, get outside help for those business tasks.?

However, do not relinquish understanding how you are performing in those core business functions. That is still your job.

Do not be a pushover

Customer focus does not mean that your customer can take advantage of you.?

You should expect your customers to treat you honestly, fairly, and with respect (and you should treat them similarly). They should uphold their commitments to you as rigorously as they expect you to deliver on yours.?

When your customer fails to meet your expectations, there is nothing wrong with holding them accountable.

Learn and master your customer’s payment process

Most of your contacts will not understand their company’s payment process. That’s not a criticism. It is not their job.?

That means you need to understand it so that you can troubleshoot and resolve issues. Take time to learn their systems and processes. Pay attention to where errors typically occur and what causes them. Figure out the signals for when a problem has occurred.?

Do not rely on their systems to run smoothly or alert you to issues.

Understand basic contract terms and get an attorney review?

Large companies will often insist that you use their contract template (since it has already been vetted by their legal team). Those templates rarely focus on protecting your interests. In addition, because they reuse the templates, the contracts are often written to address the most complex situation. That means there is probably way more than is needed for your agreement.?

You do not have to be an expert in contract law.?

You should understand basic terms related to intellectual property, indemnification, payment, insurance requirements, and arbitration. For anything else, consult an attorney. You do not want to find out, after the fact, that you are committed to something you did not know about (or that they are not).

Never enter an agreement that you do not understand.

Pick your battles?

Major corporations are not going to alter their contracts much.?

You need to prioritize.?

For example, my attorney once alerted me to a major issue in the contract. Based on the phrasing in one section, the company would never have to pay me!??That was not their intent. The section was related to something else. However, because of how it was worded it could technically be applied to payment.?

I did not request a change to that section. I knew they probably would not change it. I also trusted this company. They had a strong payment history with me. It was unlikely that they would not pay. And, given the scope of my work, I could absorb the loss from a non-payment. So, there was very little risk.?

I had bigger priorities. This company’s contract was notorious for making claim to all intellectual property associated with the project. I focused my contract changes on making the intellectual property section more specific and clear. While I can afford to absorb a non-payment, I cannot afford to lose my intellectual property.

Figure out what is non-negotiable for your business’ success.

And the final one . . .

Do not fall in love with your ideas, words, or programs??

Be passionate about what you do. But also, be open.?

I have seen many people who fall in love with their models, frameworks, taglines, slogans, or products and fail to see that they are not resonating with others.?

Around ten years ago, I rebranded my company. A major part of that was changing the company name.?

I worked with a marketing company who came up with ten different names. We decided to test them with current and potential clients. I asked them to add additional name to the test. It was a name I had come up with a few years prior. I really liked it. In fact, I bought the domain! I was sure that was going to be the winner. It turned out to be the lowest rated name of the eleven we tested. More importantly, it was the only name for which people expressed their outright hatred!

Commit to your ideas but be willing to listen and change.

Here’s to fifteen more years

Running your own business is a journey. Most of my lessons have been about what not to do. I’m still working on figuring out how to get it right.

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Brad Kolar is an executive consultant, trainer, and speaker with Avail Advisors. He helps leaders simplify their problems, decisions, data, and communication. Contact Brad at [email protected].