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It’s amazing for me to think that my little consultancy is almost two years old.  Funny thing is, I didn’t set out to be a consultant.  It just worked out that way.  Today, I wouldn’t trade it for the world.

Naturally, the art (not the science, but the art) of running a business is something I’ve picked up (at least, some of it) along the way.  It’s one thing to practice one’s skill or profession.  It’s another to manage the business that allows you to practice that skill.  Sometimes it hits me like a 2 x 4.  Sometimes, I step in it.  But I know that many in the title and mortgage industry are starting their own businesses these days—some for the first time.  I’m a big believer in sharing knowledge, so I hope a few of these will help at least one other avoid some of the mistakes I’ve made…

By the way, if you have a story or idea to share, hop on in.  Please!

  1. It’s all about relationships.  Period.  Be careful which toes you step on, and how you carry yourself.  Things change quickly in this industry these days.  I’m proud to say that, for the most part, I have put a great emphasis on maintaining the relationships I’ve built over the years.  And remember, that starts with “How are you?  How can I help you?”
  2. Seek out partnerships.  Almost a corollary of #1.  In this day and age, it’s about profitability, rather than revenue.  There’s little room for heavy-duty overhead, unfortunately, and we need to do more with less.  There’s less money floating around out there.  Partnerships can really help there. I’ve been blessed to partner with some innovative and intelligent people over the past few years.  They’ve taught me much, and  helped me put my little business where it is today.
  3. Sniff out and gracefully avoid the parasites.  The flip side of the coin.  The dark side of the mortgage industry is that, because margins are so tight, many look to get something for nothing.  Usually, these folks show themselves fairly quickly.  I have happily spent time with companies and individuals sharing knowledge without charging a fee because I know that somewhere, somehow it will come back.  But I’ve learned that there are also folks who find relationships to be a one-way street.  Don’t burn your bridges, but steer clear of the time wasters.  In a service business, time really is money.
  4. Keep learning.  Who has time?  When it comes to honing our skill and our knowledge, we need to make time.  I actually use Twitter for much of this (although I also use networking, and trade pubs).  For as many self-proclaimed “experts” (read: windbags) as there are out there, there are also lots of intelligent people.  There is much wisdom to be gleaned.  The second one feels he/she has perfected his craft, or bellows that “that’s the way I’ve always done it,” is one second closer to the end of that person’s success.
  5. Stay humble.  Remember that, in small business, when you do get the big win, that another setback will eventually follow.  A good stretch always seems like it will last forever.  It’s human nature to want to pat ourselves on the collective back when we do well.  But that rarely plays well with those unfortunate enough to witness it.  People remember the arrogant ones…especially when the winning streak ends.
  6. Don’t take it (too) personally.  I’ve never seen a business where people take so much so personally.  In some ways, that’s great.  This indicates passion, engagement and a sense of ownership.  But I’ll go out on a limb and say that business is not the end-all/be-all of life.  Small business, I see now, is a roller-coaster ride.  Not every day brings a big win.  The pace varies from surprisingly slow to nauseatingly fast.  It’s good to be passionate about what you do, but if you let every small pause get you down, you’ll be mainlining Prozac before you know it.  Sometimes, businesspeople have to make unpopular or unpleasant choices.  Note that I didn’t say “unethical.”  Burning your bridges in a relationship-based industry is a phenomenal way to ensure you will, in the end, have no business to turn to.
  7. Don’t get too focused on the competition.  I get that the market is down, the orders are tight, and that it’s difficult to differentiate in this industry.  But it seems, at times, that some in the settlement services industry fixate on the competition.  Worse, they’re not doing much about it but grinding their teeth and hissing.  I’ve heard that resentment is like taking poison in the hopes that the competitor will die (ok, I’m paraphrasing).   Well, I’d suggest that there’s too much to be done at the small business level to spend our time whining about the competition.  Know what they’re doing, take decisive and bone-crushing steps (don’t let this stuff linger) if they cross the line of ethical or legal behavior, and otherwise enjoy the fact that competition drives us to our own personal bests.

And the final rule for small business?  Marry well, and have supportive friends and family.  I know that I did, and still do.  Thanks to all who’ve helped me get this far.  It’s been fun, with much good stuff yet to come.