I did a little interview yesterday about my acoustics business with Tyler, a student from a local business school. Some of these questions tend to come up a lot in other conversations, so I asked his permission to share part of the Q & A here.

What motivated you, as the owner, to go into this business?

I had a computer software development business that was very specialized and I was interested in expanding into something more diverse in case the specialized niche changed or went away. I built some acoustic panels for my own recording studio, and I thought I saw an opportunity. I started offering them for sale on eBay and we grew.

Has the present economic state impacted your business?

Yes, it certainly has. One of the biggest impacts of the current economy is customers are choosing to do more do-it-yourself projects, so buying materials from us rather than finished product.

What are the very best 2 or 3 rewards of owning a small business?

For me, the best part is having a chance to try my ideas without having to get anyone’s approval. Of course there is a lot of financial benefit to being an owner of a successful business, but there is financial risk as well. The freedom and the platform to learn new things is another benefit I love.

What are the very worst 2 or 3 drawbacks of running a small business?

There’s a lot of responsibility on my shoulders. When things go wrong and all the other employees are home enjoying their evening I am left with the ultimate responsibility for resolving the problem and paying the bill. Being the owner of a small business requires a wide range of skills, and that is stretching, but it’s really not a drawback. I love what I do.

What was your biggest unexpected surprise once you got into business?

My biggest surprise was how well the customers responded and how steadily we grew. I thought it would take more rocket science, or I would find a fatal flaw in the business model that I hadn’t thought of. Really it only took hard work, sensible strategy, and initiative to actually do it.

What advice would you offer people thinking of going into small business?

Make sure your product or service is 1) something your customers find helpful, 2) better than the competition, and 3) suited to spreading the word about it. Keep your focus on helping the customer from day one. It’s not about having fun, making a bunch of money, or doing what you love. Those things will happen, but only if you are passionate about helping your customers.

What are the 2 or 3 factors that you have learned can make or break you in small business?

Legal issues can throw you some curveballs, make sure you have good advisors on that. It’s going to take hard work and diligence no matter what you do. (If not, your competition will beat you by working harder.) So be prepared to lean into the work. A realistic marketing plan is crucial. Just building a product that you like doesn’t mean you can afford to advertise it. Start small, don’t go out on a limb with a big experiment. Do a small experiment.

If you had it to do over again, would you still open this business? Would you change anything if you could start over?

Yes, I would definitely do it again. I would expand somewhat more aggressively and I would hire sooner and delegate sooner so I could focus my time on the new products and new ideas that I do best. I would require a higher level of performance from my employees, and I would fire people sooner who were not performing well enough.

What do you feel is the single most important key to being a successful small business owner?

Making your customers so happy that they tell their friends how great your business is. If you can do that, you’re golden.