As the founder of the multi-location VIDA Coworking and other successful ventures, I’m sharing the small business must-haves I learned along the way!

My journey into entrepreneurship was entirely accidental. 

Back in 2002, I had a post-college job I loved. I was an event planner for a small agency, and I loved my coworkers and our international NGO client. I was on an exciting path!

But fast forward two years later, too many red flags appeared, including shenanigans by the company’s owner and a bounced paycheck. It became clear I needed a plan B. 

That’s where my entrepreneurship journey begins. My two coworkers and I banded together to buy out the division of the company we worked for — and poof! — I became a business owner of BDI Events. 

I immediately loved owning a business, even amongst the uncertainty and massive responsibility involved. There was so much to learn, to do, to achieve, and we were lucky to have the stability of a large client and an assumed lease. The sky was our limit on growth!

Since a business owner is a Jill of all trades, I learned so many all at once. I had to do bookkeeping, financial modeling, hiring and firing, managing client expectations, and, of course, choose the perfect frequent flier program. 

I loved my business partners, traveled all around the country, met amazing people and produced some very special events for very worthy organizations. 

Needless to say, we quickly caught the entrepreneurship bug and founded two more businesses together: Where Will They Stay? and The Modern Concierge. 

With three businesses under our belt as a team, I was soon ready for my next entrepreneurial journey — on my own. After 15 years, I left the company I cofounded to launch VIDA Coworking (my life’s true passion!) in 2019. Along with that came a whole new batch of learning opportunities. This included how to find investors and raise money, build a thriving community, design systems to scale and create a company culture that aligns with my values. Oh, and we can’t forget the biggest curve ball of all: operating a place-based business during a global pandemic. 

Entrepreneurship likes to keep you on your toes, to say the least. But it also gives you so much to look back on with pride and joy. 

For example, last month the BDI team and its original partners got together in Mexico to celebrate their 20th year in business. It’s an incredible milestone that got me thinking about all I had learned over these last 20 years (and four companies!). 

While my list could go on and on, I’ve narrowed it down to the top 5 things I think are most important to new and experienced entrepreneurs alike:

1. Self Care is Smart Business

    Serving in the role of CEO is a full-body sport. I make hundreds of decisions each week, keep thousands of details in my mind, and have to be prepared to weather the ups and downs of running a business. In order to do this, I have to be in tip-top shape in all the ways… So, I spend a lot of time planning my week to be sure that I not only have time to get in all of the necessary to-do’s but also to keep my whole self healthy.  

    For me, this includes my exercise schedule, nutrition and meals, sleep, managing my energy, and finding time to dream and plan. I have a daily routine that allows for enough sleep and downtime, and activities that ground me and keep my brain sharp. This will look different for each person, but it is a critical piece to making it work as an entrepreneur.

    2. Keep the End in Mind

      When starting a new venture, one might not always know what they want the outcome to be. At BDI, we never had a larger overarching mission of where we were going. But when I had the idea for VIDA, I was lucky that I envisioned the entirety of the company I wanted to build. Knowing how I see it playing out has become my guiding light and allows me to see the bigger picture, especially when the small details threaten to overwhelm. Of course, changes must be made to the plan (like when a global pandemic happens!) but having a sense of the direction, and the “why,” brings clarity and comfort.

      3. Great Things Take Time

        And way more time than you might think. Quick starts are possible and very lucky, so give yourself grace if things aren’t moving with the momentum you planned. I planned to open five VIDA locations in five years, yet we have two (very awesome!) workspaces with plans for #3 to open in 2025. Just keep plowing forward and give it your all. I’ve found that to be a winning combination.

        4. Always be Selling

          We have all heard that to have a truly successful business — whatever that means to you! — there must be a need in the market. That means you’re able to sell your products and services to folks who are willing to shell out money for it (ideally at a price that provides a profit). 

          When I was launching The Modern Concierge, I was super focused on the logo design and the service concept. That was a fun project, so I decided I could save the “selling” part for later, when the brand was “perfect.” 

          Well, perfect never ever came because when I was finally ready to hit the pavement, the financial crisis crashed down on Los Angeles. Large employers (our target market) were no longer ready to invest in concierge services for their employees. 

          The future is unknown, but one thing is certain: selling is critical. When sales gain momentum and a business starts to grow, magic happens. Every day of your entrepreneurial life should include some sales activity. Otherwise, you might not have the revenue to forge ahead. 

          5. Cash is Queen

            I serve in many roles as the CEO of VIDA, but my most critical function is ensuring we don’t run out of cash. Cash rules over any business. Unfortunately, small and new businesses have the hardest time gaining access to it. 

            Especially in the early years, you are likely reinvesting all of your money back into the business. There is always something to buy, a bill to pay or a helpful person to hire. 

            Luckily, there are several strategies for making sure you have cash on hand, such as a sales pipeline, financial prudence and access to capital. But there could also be times when you just don’t have any. As stressful as it may be, try not to fret too much, and instead focus on the strategies you can employ to get dollars flowing in. 

            If you’re a growth-focused business, not having a savings account full of cash might be uncomfortable and scary, but, looked at in the right light. It can also be a grand challenge.

            In order to be highly successful, a company must have these five things on lock. But every business owner is different – motivated differently, manages their business differently, lives life differently, stresses differently… And that’s okay! 

            The constant challenges and rewards are why I became an entrepreneur. To this day, they give me the motivation to keep growing – professionally and personally. I can’t deny this lifestyle has brought about hard decisions, financial stress and uncomfortable conversations. On the flip side, though, it has also given me so much joy, many amazing relationships and immense gratitude. 

            I am thankful every day for the opportunity to serve our VIDA Members and grow this business. I can’t wait to see what the next 20 years have in store. I found my calling as an entrepreneur and hope you do too! 

            For additional resources for those launching or growing a business in the Portland area, be sure to check out Xcelerate Women and the Oregon Entrepreneurs Network. 

            About VIDA Coworking

            VIDA is a coworking community with locations in NE Portland and Beaverton, Oregon. Our mission is to Make Life/Work for our Members: women, families and small businesses. If you’re nearby and are interested in joining a vibrant coworking space, we’d love to meet you! Contact us today to schedule a tour.