10 things I wish I knew before starting my business.
A few years ago, I left a steady job I had held for five years. It was comfortable, but I felt a desire for change. My passion for technology led me to start an electronics business, dealing in electronics and phone accessories. Fast forward three years, it’s been rewarding but also full of lessons I wish I had known earlier. When a close friend asked me for advice about starting her baby products business, I decided to share these 10 lessons I’ve learned.
Passion alone won’t pay the bills. When I started, I believed my love for electronics would guarantee success. Reality check: it didn’t. Bills piled up faster than customers arrived. Passion is essential, but it needs to be paired with a solid budget and market research. If I could go back, I’d focus more on planning than relying on just love for the business type.
Customers aren’t always right (but they’re never wrong).
Early on, a customer claimed their charger stopped working because of “bad energy at home.” I replaced it for free, only to face more similar situations. Over time, I learned to balance customer satisfaction with setting boundaries. While some feedback isn’t valid, maintaining good relationships is key.
Taxes are real, and local councils don’t forget. I once thought tax compliance was optional—until I faced fines. By year two, I realized that staying compliant from the start saves time and money. Ignorance isn’t bliss when penalties start piling up, so register your business and keep up with your taxes early on.
Friends and family aren’t your target market. Don’t assume friends and family will be your best customers. Many will ask for discounts or delay purchases indefinitely. Focus on finding your real market beyond your inner circle.
Marketing is a continuous effort. At first, I waited for customers to flock to my shop. When they didn’t, I realized marketing isn’t a one-time activity. Whether it’s social media, WhatsApp updates, or word of mouth, consistent marketing keeps you visible. Today, I update my product catalogue daily on WhatsApp and am even working on a website.
Savings are your lifeline. Starting without savings is like riding a boda without a helmet—risky and unwise. Every business has highs and lows, and savings help you weather tough times. I was fortunate to have friends and family who supported me, but building a financial cushion beforehand would have made things easier.
Competitors are your teachers, not enemies
Initially, I saw competitors as threats. Later, I realized they were opportunities to learn. Observing their sourcing strategies and strengths helped me improve my own business. Treat competition as a chance to grow, not a reason to worry.
The hustle culture myth. I believed working 16-hour days was the only way to succeed. Burnout taught me otherwise. Delegation, breaks, and prioritizing tasks have since become my approach. Working smarter, not harder, is the key—and yes, sleep is essential.
Customer relationships are gold. Great customer service has been my best marketing tool. One happy customer can bring in multiple referrals. A smile, remembering names, and following up go a long way in building loyalty.
Patience is a must. I’ve lost count of how many times I wanted to quit. Business is a long-term game with setbacks along the way. Celebrating small wins and trusting the process has kept me going, even when progress felt painfully slow.
Starting and running a business is like raising a child—it’s messy, unpredictable, and challenging, but also deeply rewarding. Reflecting on my journey, I wouldn’t trade the lessons I’ve learned for anything.
To anyone starting a business: learn from others’ experiences but embrace your own journey. Success isn’t about avoiding mistakes—it’s about adapting, learning, and moving forward.
Credits: Innocent Lawrence Okima, [email protected]
The original article appeared in The Daily Monitor, 26th Nov 2024.