Most people embark on business ownership having at least a vague notion that it will involve a lot of hard work. Although, often the apparent ‘pros’ overshadow the ‘cons’ (I will get to choose my own hours; I will be more available for more kids; I can take holidays whenever I want).

Anyone with a modicum of success will provide you with another perspective: running a business also requires sacrifice. Perhaps the ‘failure’ rate of small business (i.e. the number who don’t make it past two years) is linked to a failure to underestimate the price business owners pay to reach their goals.

Depending on the nature of your business, you may, initially at least, have to say goodbye to your social life as you knew it. Restaurant and café owners (with their night and weekend working hours) can attest to this, as can bakers (with their early morning starts), as well as anyone with a deadline. Some of your friends won’t stand by you, but hopefully you’ll have some great friends who are still there when you come up for air!

As my business has grown, my TV and movie watching hours have shrunk. This is in part because spare time is often used to catch up on business tasks, or because I am exhausted from a busy week and can’t stay awake! Although perhaps not a great sacrifice, it’s certainly a change.

You will have to sacrifice comfort: meaning that in business, you should be constantly learning and facing new challenges. If you are not, it probable means your business is stagnating. If you are, it is a good thing, but it can be mentally exhausting! In our technology-rich, fast-paced society, so many things change quickly and in order to keep progressing, you cannot be content to stay in your comfort zone. This doesn’t mean purposely setting yourself difficult challenges! But it does mean keeping yourself informed about your industry and business in general, and being on the lookout for opportunities to improve and do what you do even better than before.

Michelle Grice writes a weekly column for business women in The Western Weekender

I’m in my apartment in New York, sitting on my bed with a laptop, writing my column for a New York newspaper. Okay, so I’m really in a hotel room, not an apartment, and my column is for The Western Weekender not a New York newspaper. But I am really in New York as I write this, having fun pretending that I’m fictional New York columnist Carrie Bradshaw (from TV show Sex and the City)!

Some readers might think I’m being pretty silly, but I think it’s important not to be ‘serious’ all the time. If you’ve spent any time with children under age ten, you will know that they generally have outlandish and crazy dreams for their future by adult standards. Some of the most successful people are those who haven’t let go of those ‘crazy’ ideas and let themselves continue to dream big (think Richard Branson).

So how about you? Do you let your thoughts go wild about the possibilities for your business? Do you let yourself ponder questions like ‘what would I do with unlimited resources?’.

Start with paper and pen (there is a lot of research which shows that creativity is better supported by using ‘old school’ writing methods, rather than using a screen). Write down as many ‘beyond your wildest dreams’ ideas for your business. When you do this, don’t let practicalities get in the way. Be child-like and jot them down with no other intention. This might just be a two minute exercise or you might like to let your mind wander for longer. You could either pin these ideas on the wall, or put them away and look at them every now and again.

If you have never done this, or haven’t done it in a long time, I encourage you to try it! It doesn’t mean all those wishes will magically occur, or necessarily change the current trajectory of your business. But what it can do is open your mind to the possibility of something bigger and better for your business. Dreams can only come true if you have them in the first place.

Michelle Grice writes a weekly column for business women in The Western Weekender

When I started my business over ten years ago, I thought I was starting it at the perfect time. I was about to go on maternity leave so I would have HEAPS of time on my hands to get my business going (parents everywhere are now rolling around on the floor in fits of laughter at my pre-first child naivety!).

Of course that wasn’t quite how it all panned out! But while there were things that were not ‘perfect’ about my timing, it was also a good a time as any. The advantages were that I didn’t have to quit my job to start the business, and I had planned to cut back on hours (and therefore my pay packet) in that season of life anyway. The disadvantages were that with the quite small amount of time I had on my hands between caring for a new baby meant that my business started slower than I had anticipated or wanted. But if I had waited for a ‘perfect’ time to start, I really don’t think that time would have ever come.

Most aspects of running our own business involve a level of risk: sometimes it’s super risky, other times it’s just a bit of a stretch of yourself or your resources. Just like there’s never a perfect time to start a business, there generally isn’t a perfect time to branch into something new. It is simply a case of you deciding that now is the time to do it, after taking into account the relevant risk factors.

Waiting for the ‘perfect’ time means you will miss opportunities. If you know you have a great idea, waiting until ‘all the planets align’ is a great risk. Yes, there may be some failures along the way, but those failures will teach you a great deal more than sitting on your hands, waiting for the right moment. And quite often, the really great ideas come not from a perfectly executed plan: they are more likely to come about via trial and error, or by making a mistake and being forced to find another way to succeed. So what are you waiting for?

Michelle Grice writes a weekly column for business women in The Western Weekender

Most of us procrastinate in our business. We all have areas and tasks we prefer to work on, and those less-than-pleasant things are often relegated to the bottom of the pile. So how do you motivate yourself and become more productive?

1. Do tiny things. First write a list of a few things you can do that will make you feel productive. Then look down the list and do something tiny that is related to each of those things. For example, draft some emails, file some documents, do some research for an article (I’m talking to myself here!). This way you will have made a start on each item and the big jobs don’t feel so daunting.
2. Look after your physical needs. Sometimes procrastination stems from lack of energy. So make sure you are getting enough sleep and taking regular breaks. Many proponents of ‘enough sleep’ suggest going to bed between 9pm and 10pm and rising at 5am in order to be the most productive you can be.
3. Focus on the task at hand. As business owners, we are often ‘big picture’ people. We have a vision for our company or a big goal for our project. But this can sometimes cause us to be overwhelmed when we try to get working on the process and tasks. Get in the habit of focusing on the smaller tasks in front of you – break down tasks into smaller chunks if you need to – and then outline the steps, set a deadline for finishing the steps, have a coffee and then do it!
4. Give yourself a break. I’m not talking about having a break from working in this instance, but a break from doing the same tasks. It’s possible that your procrastination is because you are bored. So do something out-of-the-ordinary and have some fun.
5. Get inspired. Sometimes you just need to stop what you’re doing and get some inspiration, whether that’s from a book, a song, an article, a mentor, a walk in nature or whatever recharges you.

Michelle Grice writes a weekly column for business women in The Western Weekender

Over the Easter weekend I spent a few days at the beach. On one walk back to our cabin, loaded up with bags and beach chair, I was struggling to walk on the soft sand. Then I remembered that it is much easier to walk in the steps that others have made before me. The sand is a little more stable and it's easier to get a foothold in the indents their steps have made. I still had to make an effort, but the walk was made a bit better.

How true this is for us in business too! It is important not to be a 'lone ranger' in business, but rather to seek out people who have gone before us. Having a mentor who has been through startup, cash flow issues, staffing and recruitment challenges, and other problems common to many businesses, is invaluable.

This doesn't mean you are meant to copy ‘step for step’ what someone else has done. Most of us are striving to create a unique business, or at least a business that reflects our own uniqueness. And that's a good goal! But that doesn't mean we shouldn't learn from the mistakes and triumphs of someone who is further down the business track than we are, and follow some of their steps to help us on our way.

If you don't already have mentors or colleagues around you, get involved in a local business group where you can meet others. Most business people I know are happy to share their experience and the pitfalls to avoid. So don't be afraid to ask questions and learn from those who have gone before you. It might just save you from a great deal of unnecessary effort.

And by doing so, you can prove wrong this quote by Douglas Adams: "Human beings, who are almost unique in having the ability to learn from the experience of others, are also remarkable for their apparent disinclination to do so."

Michelle Grice writes a weekly column for business women in The Western Weekender

No matter how well we plan, there will times in our business where we are ‘under the pump’. Deadlines clash, a crisis arises, staff are away unexpectedly, and so on. As I write this article, I am frantically attempting to finish the items on my to-do list before I head overseas for a few weeks! And even though I have planned this trip for many months, because my break is not occurring when I would usually take time off, it has crept up on me somewhat.

So how can you (and I) manage periods like this?

1. Prioritise as you go: address the most urgent needs first and discern between ‘emergency’ and something that can wait. Putting things into perspective can also help (for example: is it really going to be dire if this is not done on time?)
2. Pay attention and think carefully: when you are rushed and trying to get through a long list of tasks, it can be easy to forget your usual procedures. Try to stick to the way you normally do things so that mistakes are not made and important items are not missed.
3. Take time to settle down. Sometimes when a crisis occurs, our first reaction might be to tweet about it or talk it over with multiple people. But sometimes the well-meaning comments from friends and family can ‘muddy the waters’. Take time to think a situation over (even sleep on it if possible) and then decide who to talk to.
4. Take a break: this might sound like the opposite of what you need to do! And it is definitely the one I struggle with most. But giving yourself time to relax and rejuvenate will give your brain greater capacity to get through a frantic period.
5. Breathe! Breathing deeply (count from 1 to 10 as you inhale and 1 to 10 as you exhale) brings more oxygen into your bloodstream. It tells your body and brain to reduce the intensity of what you are facing and will calm you down.

Michelle Grice writes a weekly column for business women in The Western Weekender

Should your business jump on the latest trends? A great example of a current trend is Pokémon Go, a mobile app released a few weeks ago. In case you haven’t heard about it, here is the basic rundown: the game uses your phone’s GPS for your real-world location and overlays Pokémon (‘pocket monsters’) on your screen (on top of what you see in front of you in the real world). You can join a faction and level up as you find more Pokémon. It is essentially the world’s biggest scavenger hunt – which recently created chaos in New York’s Central Park as hundreds, or possibly thousands, descended to the area (Google “Vaporeon Spawns In Central Park” to see the video footage!).

The positives are that it has forced people who might normally be indoors, to go outside in their community and find Pokémon. People have praised its health benefits and its social benefits – players are in the fresh air and meeting other Pokémon Go players in real life. The negatives are some security and privacy concerns, and you may have seen some news items about the game causing traffic accidents and physical injuries when people have run into objects because they are looking at their mobile!

The game involves going to ‘Pokestops’, based on real-life landmarks where players can stock up on digital game gear. So some savvy businesses have paid for ‘lures’ which increases the chance that a rare Pokémon will turn up nearby, thereby drawing people near their shopfront. A delicatessen in San Francisco advertised their store as a ‘Pokémon charging station’ for drained phones (as the game tends to be hard on batteries).

It is great if your business is flexible and creative enough that it can quickly adapt in order to use a trend to increase traffic and sales. However, it is also important to consider how your business could be affected if the trend goes sour. You need to consider how your reputation might be affected by negative press or worse, if it is found to have serious negative consequences. It is also important to know when a trend is no longer ‘cool’ – you will be perceived as outdated if you jump on, or continue with, a trend far after it has run its course.

Michelle Grice writes a weekly column for business women in The Western Weekender