A couple of weeks ago Ivan Bickett asked if I would offer my “One Thing” suggestion for his website.  Ivan asked if there was only  ”One Thing” I could tell someone just starting out in their own new business, what would that “One Thing” be.  This was my response:

FEED THE FARMER B4 THE ANIMALS

If I could only share “one Thing” with someone just going into business, it would be this…”Feed The Farmer B4 The Animals”. Using the metaphor of you as the farmer, and the animals as your business, you need to be “well” in order to grow a healthy business.

Our Family During The Early Business Years

This has not always been my philosophy, but I wish it would have been.  In 1997 I walked away from a job with great pay, great benefits, and tons of flexibility to pursue the dream of self employment.  My wife and I had four kids, our oldest was 13 at the time, and the youngest was 4, yes we were just entering the most expensive years of raising a family…what was I thinking?

The way I had it figured was, if we don’t feed the business first, then it will not be able to provide for us, which makes perfect sense, and carries an element of truth, but is fundamentally way off. If you travel this path long enough you will probably end up frustrated at home, and blaming your business for it…after all it gets everything first.  I made the same mistake that many business owners make, of always paying themselves last.

The business bills always came first, the electric bill, gas bill, advertising bills, job material bills, while bills at home went unpaid, or paid at the last possible minute, including our mortgage.

After battling this for years, I finally realized that I needed to pay myself first.  Just as the farmer cannot properly care for his animals if he is not strong and healthy, we as business owners cannot give our business the attention it needs if our own core needs are not being met. For instance, how can we possibly have the energy to focus on our business if we are worried that our electricity will be turned off at home, if we can’t afford groceries for our family, or if we’re avoiding phone calls from bill collectors.  These distractions steal our energy, rob us of our creativity, cause pain in our relationships, and shoot huge holes in our confidence.

Our Family All These Years Later

To build a strong and healthy business, we as business owners need to be giving our best self…we need to be “whole”.  Here is a quick example of how to prioritize the finances of your new business:

1. Pay your Taxes First…do not pay anything until you pay your taxes. Despite what you may have read, the IRS is not that friendly.  If you don’t pay your taxes, they will visit you, usually without an appointment, and at the worst possible moment.
2. Take care of your Family’s Core Needs.  Pay yourself enough to cover Food, Shelter, Utilities, and Clothing. Once these basic needs are met, it is a lot easier to focus on growing your business.
3. Pay business bills.
4. At this point it comes down to Values. Invest in family fun, and business growth as you see fit.

If you will practice these principles you can avoid much of the stress and pain of starting and growing a business that will leave a Legacy for years to come.

“Randell Mark” Olson,  The Intentional Legacy Group, LLC