Hindsight. It's a wonderful thing!
Would I do anything differently? Honestly? Probably not.
Running your own business is a joy and a privilege. And at times it is a massive worry!
As I enter my 8th year of trading I am reflecting on my successes and challenges over the years. Like this amazing business woman Tina, I've shed many tears....as well as experiencing countless delightful moments. Here are some of the things I've learnt along my way as a sole director of a limited company.
* Loving your work is great, but remember to put it down regularly. Rest is vital. You are your business.
* Be fierce about the clients you choose work with. They are your reputation. Make sure you have shared values and that they live them too. Too many people talk a good game, but fail to live their personal or business values. I've now cut ties with two longstanding clients - it was very hard to do, but ethically the right thing.
* Keep your eye on the money - don't rely on someone else to do it, no matter how qualified they are. I learnt this painfully, my first accountant was negligent and cost me thousands of pounds. It was a betrayal and it nearly broke me and the business. I nearly threw in the towel at that point. I'm so proud I came back!
* If a world crisis hits, don't expect financial support. Not all governments favour little limited companies like mine. Make sure you have some financial reserves. Be prepared to change direction quick sharp. Don't waste energy on regret - things are what they are.
* When setting your fees remember the years of work, experience and development you've put into becoming the professional you are today. That's what you are charging for, not just your time. Never shy away from reminding prospects of that. There will always be people out there who charge less - and clients happy to settle for lower quality. They aren't meant for you and that is just fine!
* Employ a coach. When you work on your own, it is easy to lose perspective. Coaches provide challenge, wisdom and encouragement.
* Don't forget you are in charge - if you feel like taking a walk at midday, finishing at lunchtime on Friday or working on a Sunday, do it! Remember, greater autonomy is why you left the 9 - 5. Have some outside interests. Crazy pursuits are optional.
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* Build a tribe of loving critics. Ensure you have a team of advisers and supporters around you - people who think differently and come from varied backgrounds and disciplines.
* As soon as you can afford to, outsource as much of the non-earning activities as possible. I have the most amazing people helping me with administration, social media, marketing and finance. Without them, the whole thing would collapse.
* Never apologise for being professional and having high standards. Some people call me a perfectionist and might prefer I gave less attention to detail. I've learnt to embrace the backbone of strength this integrity adds to my business.
* Keep learning and stretching. Try new things, even when it is a bit scary. Not only does it keep my imagination fired, it adds tremendous value to my client work.
* Reflect, reflect, reflect. Taking time each week to think through business challenges, successes and learning points is NOT an indulgence. I have regular Thinking Environment sessions which are one of my key reflection tools. Find a way to reflect that suits you. I work with many leaders and entrepreneurs who have also learnt to value this skill.
* Embrace the quiet times. They won't happen often, so make the most of them. Try not to panic when the phone goes quiet. Rest. Learn. Work ON the business for a while, rather than IN the business. I'm still working on this one.....it's a bit too quiet for me right now, but I'm holding my nerve!
* You can never be too kind. Thank everyone you meet along the way. By the way, kindness extends to you too. Cut yourself some slack. Being a little less 'strivey' and a bit more self-compassionate is a huge help. As a wise person once said to me; 'slow down, you'll go further'.
Here's to the next chapter of fun, growth, fear and joy!
If you'd like to talk to me about YOUR next chapter and how I might coach you towards it, grab a (virtual) coffee with me here.
Founder: Pink Horizon Limited
3 年and congratulations - that's a great achievement.
Marketing Strategist and Actor: Helping you get your business seen ??
3 年Some great lessons here Lucy. As always I'm taking notes and learning from the best :) I particularly like the reflection advice and hope to do lots of that this next few weeks. It's a pleasure working with you and thank you so much for mentioning Cleartime Marketing. ??
☆ Leadership & Career Coach ☆ EMCC Senior Practitioner ☆ CV Writer & BACVW Member ☆ Leadership Facilitator ☆ Outplacement Specialist helping you to shape your future career ☆
3 年Congratulations on your work birthday Lucy, some great advice in here for anyone going solo and great to share some of your reflections and experiences as it’s not all rosy!
Director of Corporate Relationships
3 年What a fantastic post Lucy. I can relate to all of your points and as a relative newbie to running my own business it’s very comforting to know I’m not alone. Good luck for your next 8 years!
Outsourced finance department supporting charities and small business with bookkeeping, payroll, accounting and virtual FD services * Xero geekspert * Chartered Accountant * Co-Founder at Contando
3 年A great read Lucy and your usual level of wisdom and considered thought is reflected in this