The Oostas Back Story

4 keys to turn your back story in to a great future story

If you're reading this, chances are you are involved in a small business to some degree or another. Maybe you're the owner, maybe a manager. Maybe you haven't even gotten started yet, maybe you're planning your retirement. Maybe your business is thriving, maybe you're considering throwing in the towel because it's too hard. Wherever you are, know you're not alone. In the US alone, roughly 543,000 new businesses get started each month. Many go on to achieve their goals of success, many don't.

So what separates those who achieve success and those who don't? There are likely many answers to that question, but here are a few answers I've found to be true.

Here are 4 keys every small business owner should be reminded of on a regular basis:

Key #1 - Ask For Advice

When I started Oostas I asked 10 local business owners in my area if I could buy them coffee and ask them questions for 2 hours. The things I learned in those meetings helped me build a solid foundation for the business.

Key #2 - Keep Asking For Advice

Learning is a life-long necessity. I have 2 business mentors I go to on a regular basis to ask questions. Sure, we talk about projects and discuss strategy in our office with our staff, but when I have a larger issue, or can't seem to figure something out, I lean on my mentors. And this doesn't have to be an expensive business coach either. Simply asking another business owner who is just a few years ahead of you in the game is going to prove valuable, and provide a great sounding board for your questions and ideas.

Key #3 - Staff Your Weaknesses

This is where humility comes in. If we're honest, we all know some of our main weak areas in business, whether it’s be keeping up with finances, marketing your business or any HR issues. Whatever your main weak areas are, do what you can, even baby steps, to surround yourself with people who are strong in those areas. Be humble and lean on them.

Key #4 - Cash-Flow Is King

If you don't have cash coming in, you don't have a business. Looking back, this is one of the main things I'd do-over if I could. When we started Oostas we focused on building recurring revenue, which is great, but it slows your profitability time. We hindered our initial growth by not balancing our recurring income with our one-time income. Make sure you're set to have cash coming in when you need it, and if you're just starting off, you're going to need it.

At Oostas, we have a team who is dedicated to serving small businesses and we offer resources aimed at equipping business owners to success.