Doing good business: Expect the unexpected

While having your own business comes with the freedom to do things on your own terms, it also brings the weight of responsibility.

For Caleb and Alice Pearson, company owners and former winners of The Block NZ, ensuring their eyes are wide open to the challenges and pitfalls of business-ownership is key to their success. Planning for both the good and bad times is vital, they say.

“When it comes to running a business, there will be endless fires that you have to put out,” says Caleb.“There are highs and there are also lows. So a huge part of being a business owner is about problem solving. I’m a planner. So I like to have a backup plan and a backup-backup plan.”

Identifying periods that will be harder for the business than others helps to prepare. When they know they have a quiet time ahead, they make sure they use it to spend with their children or go on a trip together. In busy times, they plan ahead and try to see it as an adventure.

“Maybe the kids get to go stay at their grandparents or they come along with us for a renovation, but we are realistic about the work and make sure that we've got enough time set aside so it doesn't impact our mental health and our family dynamics,” says Alice.

Another challenge many business owners will understand is an irregular income stream, so careful planning around cashflow is required. The couple are disciplined budgeters.

Alice says, “We try and keep our lifestyle very consistent, so regardless of whether we’re in a high or a low in terms of finances, our spending is intentional and planned.”

Caleb says there are constant distractions when running a business, so it’s essential to be clear about your key goals and objectives. Managing expectations and preparing yourself for when things don’t go to plan helps too, says Caleb.

“You can have good intentions and a plan and a goal, but it doesn’t always work out how you would like it to. So dealing with disappointment is one of the realities of business.”

The couple, who are parents to Alek, seven, Mika, five, Blake, one, and four-month-old Brooke, also avoid the mindset that bigger is better.

“Growth can be great,” explains Caleb, “but growing too fast may have some implications that you're not prepared for. You might have to rely on other people, or the quality of your service may decline. It’s about aiming for healthy growth. Growth we can manage.”

Managing relationships and working with others is also a big part of business ownership, but Caleb and Alice have made the decision not to hire staff. By managing the work themselves, they’re able to steer the business in the direction they like while safeguarding family time.

“We are intentional about not growing bigger than our capacity, so the business does not impact on our day-to-day life and our time with our children,” says Alice.