5 Tips for Starting a Business
When I think of a successful business founder/owner, the first person that comes to mind is my dear friend, Margaret Selzer of RIVER+LIME. So, of course, she is the first person that I reached out to when looking to share some advice on starting and running a business.
Margaret started the full-service interior design firm, RIVER+LIME nine years ago. They specialize in resorts, vacation destinations and challenging projects in mountain locations. Their portfolio is quite impressive with multiple high-profile projects like Lone Mountain Ranch, one of National Geographic’s Unique Lodges of the World, and the historic Transfer Telluride Project, which is a stunning series of residences in the heart of Telluride’s historic district. The team is currently working on Electric Pass Lodge with East West Partners, a highly sustainable, Net Zero building in the heart of Snowmass that is set to begin construction in 2021.
So without further ado…below are Margaret’s tips on Starting a Business:
1. Create a roadmap
One of the most exciting, and potentially terrifying, aspects of starting a business is the ability to create something that reflects your unique point of view in your area of expertise while supporting the life you want to live. In the beginning, many entrepreneurs experience a flood of ideas and the inability to focus and prioritize may stop some from moving beyond this point. I suggest that you write all these ideas down….and then take 10 steps back. Begin by creating a foundation of personal and professional values and goals that will be the basis of all your decisions moving forward. Your goals and values will become filters for the flood of ideas and ensure you are headed in a direction with intention and purpose.
2. Assemble a team of experts around you
A business coach once told me that my expertise in interior design should be an inch wide and a mile deep. Does this mean I should be able to run QuickBooks in my sleep? No. Build a website? Certainly not. A successful entrepreneur isn’t good at everything; they are great at something and can assemble a team to support them with everything else.
3. Invest in yourself
I found myself utterly burnt out while working at a large firm which prompted me to leave and start my own interior design business. Within a year, I was headed towards burn out…again. The common denominator was evident: me. The situation may have changed but I did not. I started working with a business coach to help sort out thoughts and habits that were preventing me from creating a successful business that I enjoyed running. You are your most valuable asset, and your business will only flourish when you treat yourself this way.
4. Practice The Middle Way
In a very simplified explanation, The Middle Way is a Buddhist practice of avoiding extremes. A quote from Lou Holtz further describes this way of thinking: “Nothing is as good as it seems and nothing is as bad, but somewhere between reality falls.” Starting your own business can feel like being on an emotional roller coaster and it is normal for successes, but more often than not- failures, to feel amplified. If Buddha or Lou Holtz don’t resonate with you, I would describe it as bowling in an emotional bumper lane. Always remember to keep your emotions in perspective as you navigate a life of entrepreneurship.
5. Accept that failure is part of the process
Now that you’re practicing The Middle Way, failure is no big deal, right? I would love to say that I don’t have the stomach dropping, cheek burning, head on my desk moments, but I still do. Failing is part of the path to experience and it’s best to accept this sooner rather than later. While there is still a momentary sting, I now think of failure simply as information to use on the next project. Experience is developed through a series of successes and failures.
I want to give a HUGE thank you to Margaret for sharing her insight! Check out more of what they are doing at https://riverandlime.com
