They say, “To succeed; you need money, a college education and to be really, really smart…”
Bollocks! I started Boost Juice Bars on my own kitchen bench and grew to over $2 billion in global sales since inception – and I’ve never spent a day of my life at uni or business school. Worse yet (according to advocates of a traditional pathway to success) I’ve never had a job I was qualified for.
What you really need is:
- A huge care factor
- To be a quick learner
- Have impeccable integrity
- To work, really, really hard.
When you don’t have formal training to fall back on, it forces you to rely on your own innate abilities to achieve the unbelievable. In my case, one of those strengths was being constantly underestimated as a woman. You’d be surprised how much power it gives you to be underestimated! I converted this into opportunity after opportunity, earning me the nickname the “Perfumed Scorpion” from my husband, Jeff. (I think he was jealous).
When I reflect back on the early days of my journey with Boost, I realise what an incredibly hard slog it was. But when I see people going into business now I see them buying into all the same myths I fell for at the start.
Here are the top three.
Myth 1: “I will have more time for my family and life balance if I own my own business”
It took me 8 years before this became a reality. When you start your own business, the only way it will succeed is if you throw your whole body and soul into it. You need to understand every aspect of the business and to do this; you need to do every part of the business yourself. Sometime people think that that can buy a business and put a manager in. This way of thinking is the quickest way to go broke.
If you have a seven-day business, it will be you who gets the call when you’re at the park with your family, asking you to come in because one of your staff members had a big night the night before and called in sick!
Myth 2: “I will hire a bookkeeper so that I can focus on the business and this will help me make more money”
As per myth one, if you leave it to someone else then you will never understand the ins and outs of your business. There is nothing like handling every single invoice and paying the staff yourself to fully understand how you make profit from any business. It is not the bookkeeper’s money, so they will not care the way you do. Also YOU MUST do a bank reconciliation EVERY MONTH and make sure your profit and loss is done monthly. A common mistake from people is to do the P & L every quarter, or even yearly, when commonly by the time they see that there is a problem, it can be too late.
Myth 3: “I will hire my children and my friends as they will be more reliable”
The quickest way to lose friends is to do business with them or hire them. Sometimes friends are best to stay that way as they may have a very different work ethic. A relative of mine took a year to forgive me for firing her daughter! It does work sometimes, but mostly it’s wise to keep business away from personal life.
At the end of the day, you need to enjoy life and business. Make sure you have great people surrounding you and do not settle for mediocrity. If you do; then this is what your business will be.