HGTV Canada’s Bryan and Sarah Baeumler are no strangers to turning their passion into a labour of love — and know that there’s more to running a business than doing that thing you love most.
“This is a conversation we have every morning,” says Bryan. “We have a lot of passion, but we have to run the business. There have been times when our business was smaller, when we were first starting out, we wanted to focus on the things we loved doing … But the fact is, when you’re growing a business you have to run the business.”
For instance, there’s sending invoices, paying taxes, sweeping up, managing inventory, hiring staff and more. While the administration and operational side of business isn’t necessarily what excites you, it all needs to be done to keep the business running smoothly and moving forward.
Think your business idea will fly? Use this checklist to help you turn your passion into a successful business.
While Sarah admits that there isn’t a simple solution, there are ways to nurture your passion while taking care of what your business needs. Here are some tips for balancing both sides.
1. Create a Set Time Every Day or Week to Deal with the Tasks You Don’t Love
Whether it’s invoicing on Friday afternoons or doing inventory checks Monday mornings, make the essential business tasks part of your routine so they get done. And by doing them regularly, these jobs won’t pile up and become overwhelming.
2. Consider Outsourcing
Running a business requires a wide range of skills — and you may not be proficient in every one of them. Numbers not your thing? Hire an accountant or bookkeeper to take care of your finances and manage your taxes. If you need to create a website but don’t know the first thing about the internet, find an expert to build it for you. Plus when you outsource tasks that fall outside your wheelhouse, you’ll likely get a better result than if you tackled them yourself.
3. Get the Training You Need
On the flip side, if you’re not comfortable outsourcing — or it’s just not in your budget right now — try to get proper training in the areas where you could use some additional knowledge. From computing to accounting to business writing, there are many courses and programs available to help you gain the expertise you need.
4. Work on the Business, Not Just in the Business.
When you’re doing something you love, it can sometimes be easy to get caught up in the day-to-day without coming up for air. But for your business to succeed and grow, it’s important to look up and look forward. That means putting in the time to evaluate the market, take stock of your competition, identify gaps and opportunities and create a plan for the coming years. A successful business owner has vision as well as passion.
“The truth is, we all want to sit on the deck and stare at the horizon and enjoy a little sunshine.” says Bryan, “But you have to steer the ship first.”
Restaurant owner Shalu asked HGTV Canada’s Bryan and Sarah Baeumler about finding a balance between doing what she loves and what her business needs. Take a look at more of the insights these passionate multi-taskers provide.
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