3 biggest lessons I’ve learned from Owning my Own Business

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It’s been a little over a year since I left mainstream media and decided to start my own podcast and media company. I’m beyond proud of the fact that I took a risk, took my severance payout from my last radio gig (Thank you to everyone who pushed me to launch), and decided to invest in myself. 

But let me tell you this past year has been eye opening when it comes to running my own business. As a small business owner I’ve learned that the mistakes I have made I’ve needed to correct quickly, and at times just the act of putting one foot in front of the other has been a huge victory.

Although, I could go on and on I wanted to share with you the 3 biggest lessons I’ve learned in starting my own business:

Being Nice Will Cost You! It’s no surprise to a lot of you who know me well and have been following me for years that I really try to be nice. In lots of cases I’m too nice, and when it comes to business that can really bite you in the ass. For me, over the best year and a half I’ve let my niceness effect my bank account. No matter how sweet an employee might be if they’re not producing for you you can’t keep them around as a favor or as a friend. I made this mistake on a couple of occasions. Paying for people who weren’t performing and taking to long to cut them loose. 

A Couple Steps Back Can Be A Good Thing – Two months ago when I announced that the Hey Frase podcast would be going to once a week I got a lot of emails and comments that this didn’t look good for my business. Many people reached out to me with sincere concern that I would lose listeners and that it appeared I was less committed by going to one podcast show a week, but I felt the complete opposite. If I had stayed trying to produce 3 podcast shows a week to keep up appearances I would currently be burned out, have less of a handle on my time and money, and the quality definitely would have suffered. Now with doing the show once a week it’s had the opposite effect. My business is growing exponentially and I’m hoping that soon I’ll have the resources to launch either a second podcast a week or more video content. 

Keep Searching For The RIGHT People! I’ve been really discouraged at times over the past year when things didn’t work out with Samy, a sales person, an event, or a marketing person. I can see how it can be easy to think working for the man makes more sense. Clock in, let the company take all the risk, clock out. But that is so much less rewarding. YOU HAVE to keep going. Just make one phone call a day, send one email, but DON’T stop. Constantly reevaluate, but don’t give up! There are people that see your vision. I’ve been thrilled that Paul Wharton has stepped in and become an awesome co-host and partner, new sales/interns folks have also joined Hey Frase and are producing and developing in ways I never would have thought possible 5 months ago. 

This journey is so rewarding and I would not be here if it wasn’t for all of you supporting me. I’m even more determined than ever to create this monumental nationwide Hey Frase media brand. I am proof that you can self distribute, you can have it your way, and you can make money and help others on the way up! 

I’d love to hear the biggest lesson you have learned in owning your own business. Comment below. 

xoxo, Frase 

BONUS MOMENT: I started reading Rich Dad Poor Dad thanks to my brother. This book is fantastic – truly helps you start thinking about being rich and how easy it can be, but also how much we talk ourselves out of wealth and independence. 

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Mervis Diamond