My Nearly First Year in Business - Lessons Learned and Other Advice

It’s been nearly a year since I first registered my business and eight months since I left my full-time role as Head of People. I know many people dream of taking the leap, I was one of them for a long time!?

It felt like a pipedream, maybe something I’d do in a few years when we were more financially stable. I couldn’t see how I could make it work, until one day I was chatting to Jo Wright from Coaching Culture, I flippantly mentioned my dream of setting up my own business and she told me how she’d sacrificed holidays for a year to enable her to take the leap.?

She made me see that it wasn’t impossible, I just had to focus on how it could work rather than assuming it couldn’t. I decided that I could sell my car if needed and lease a cheaper one (I still haven’t had to), then my employer agreed a period of consultancy for a few months which really helped to ease the transition.

If you're someone who dreams of taking the leap, I hope my story might give you an insight into my nearly first year in business.

Network. Is. Everything!

Everyone I spoke to gave me this advice too, for good reason, it’s true! It’s not about what you know but who you know, or really,?who knows you and what you’re known for.?

I felt for a few months that I did nothing but have zoffees (zoom coffees) with people! But it was well worth it. It’s been really helpful to be on this journey with others who started up around the same time and to support each other through the highs and lows.?

The contacts I made early on have led to friendships, collaborations (check out Happi HR on Facebook), and many referrals for my services and from me for others.

I’m a member of several HR Facebook groups which have been a great source of information, leads, opportunities and networking.

I decided BNI wasn't for me after being called unprofessional for wanting to turn my camera off for 2 mins to give my son medication and walking straight out of that meeting, it's not in line with my values on a few levels. Others find these networks helpful though.

Specialist vs Generalist

That comes to my second point, ‘what you’re known for’. This has been the thing that’s caused me the most indecision.

The fact is, people like to put you in a box, this makes it far easier to think of you when a certain need arises. If you have a ‘unique thing’, then whenever someone in your network, or on a Facebook group has that need, you will get recommended or tagged. If you’re consistently posting about your specialism on social media with clear messaging, you will come to mind and be recommended.

But, if you’re vague about what you do or you do the same as many others i.e. HR Consultancy for any sector or management training, then it may be harder to get recommended. It’s important to stand out and stay in people’s minds.

I knew I didn’t want to run a generalist HR consultancy, I wanted to focus on leadership and management development, HR projects (including D&I) and coaching, and work with innovative and ethical organisations. However, this is vague, and these are competitive markets. I still don’t feel I’ve nailed that elevator pitch or niche!

In hindsight though I’m not sure I would do things any differently, I wanted to spend some time discovering what I enjoyed and getting exposure to lots of different work, and actually I’ve had work from day one at the level and income I set out to achieve.?

So don’t feel you have to niche or specialise if you really don’t want to, it’s OK for things to emerge over time. But, be aware that specialising?a)?makes it easier for people to refer business to you and?b)?means with each piece of work you can reuse, repeat and refine your offer.?

Getting off the blocks

The first work I had was from existing contacts, I was lucky to stay on with my previous employer for a few months which really helped, then I became an associate for several other consultancies and training companies. This has given me great exposure to how different business operate.

If you’re just setting up and worried about income initially, I would definitely reach out to other consultancies and find associate work to get you started.?

Be aware that this will delay you working on your own business though.?

Costs

OK, this one I’m going to admit being very na?ve about. I really didn’t think there were many upfront costs to think about and before I knew it, I’d spent my first four months income on a laptop, a new PC, ‘pro’ memberships to things like Canva, a website and a coaching qual!

It really is important to track outgoings as well as income from day one!!?

In hindsight I wouldn’t have paid ￡1.5k for my website. Nothing against the website, it’s fab, but unless it’s a vital part of your business functionality I think it’s worth getting an off the shelf one for the first year, which is what I’ve done with a new business (www.supervisionservice.co.uk ). If I was designing my website again now it would look very different and I don’t think having a nicer website has led to any more work.

In terms of other spend, really identify your priorities for year one and make sure any spend aligns to these. There are lots of people trying to sell you things as a new business owner, but most of them are unnecessary and you really do need be strict.

Masterclasses and coaching

A bit like when you have your first child, everyone has loads of well-meaning advice for you when you start a business. Some of this is great, but just like parenting you have to do it the way that works for you.

It’s easy to get caught up signing up to every masterclass and programme out there. Some are useful, but just be aware that they are a funnel for the person to sell you their product. It’s easy to feel confused with so much advice and get overwhelmed, or spend a lot of money signing up to the follow-on courses hoping for a magic bullet. Actually just getting out there and doing the work is what is needed in these early days.

I had a year’s worth of coaching before, during and after setting up my business, this was absolutely vital and without it I wouldn’t have made the move or had any idea what I was doing, so I would recommend getting yourself a good coach. Mine certainly helped me avoid pitfalls and get through some of the tougher times.

Emotional challenge

The two hardest parts of running the business for me have been emotional. The feeling of isolation that comes from working on your own, and the mental pressure.?

Because of Covid I’ve now been 100% wfh for nearly two years, and as an extravert this doesn’t always give me energy. I really miss having a team and colleagues, I miss having someone ask how my weekend was or complimenting my new clothes (although they’d only be complimenting Sweaty Betty leggings now???).

Having said that, as I write this, I’ve just spent the day with my children, at the gym and having a massage. So the flexibility and not having to ask permission does definitely make up for it. It’s been critical for me to have that supportive network and make sure I work from the gym or co-work as much as I can.

It really has been an emotional rollercoaster. The first few months overall were really positive, I loved not being accountable to anyone else and was buzzing just from starting the business after so much planning. Every time I sold a thing, or an invoice was paid I did a little happy dance!?

There have been many sleepless nights though when I worry about the mortgage or unexpected costs, or feel guilty that we might not get holidays etc. (It’s been fine on these fronts).

There have been some hard months and steep learning curves too.?

One rookie mistake was not getting T+C’s agreed with a client who then cancelled a session at the last minute, after I’d paid for DiSC profiles and spent time designing. I now ask for a deposit on any business like this and have clear cancellation and postponement terms.

I’ve found that the people I’ve supported on their journeys, haven’t necessarily been the ones who have supported me in return. Some even cut me out as soon as I launched, which didn’t feel great. Equally though, I’ve had this support in abundance from others and the majority of people are supportive, helpful and incredibly generous. You have to learn not to dwell and take things personally and to spot people who are genuine and those who are not, then distance yourself from those who are not at all costs.?

In hindsight I think my journey would have been easier with less financial pressure. It’s not that we’ve needed the money but worrying about it has meant I’ve over committed at times and stressed myself out. Which has taken away one of the main reasons I took this leap, flexibility, and work-life balance.?

If your priorities are the same, flexibility and work-life balance, get some really strict boundaries in place from day one. Running a business can be all consuming. It can be the first thing and last thing you think about each day, it can take over weekends and holidays. And if you let it consume you, you might decide it’s not worth it eventually and go back to a role where you can close the door at 5 on a Friday and not think about it till the Monday morning.

What’s next

I’m nearly a year into my journey. I’ve had business from day one thanks to having a great network. I’ve hit more than my minimum each month, learned many new things, and developed a fab network. It’s still boom or bust, either working very long hours or worrying about not having a enough work when things drop out, but it’s definitely getting easier.?

The next phase for me is thinking about business models and scaling. I could stay as a self-employed consultant; many do and it’s one option. But for me I would like to develop my business and grow. Subscription / retainer models are more financially secure and digital development offers a lot of potential in terms of platforms, apps and products. There’s also funding out there particularly in the digital development space, which I’m exploring.

I’ve recently read the E-Myth which has been really great in helping me think about separating myself from the business and focusing on creating replicable processes and systems instead of me being the business. I’d definitely recommend reading this!

The most exciting thing for me on this journey so far has been collaborating with Dr Jo Burrell and Dr Felicity Baker to design and launch a service offering ‘Supervision’ for HR professionals and Senior Leaders. This ticks all the boxes for me. I’m passionate about supporting people and it completely matches my core values. I’ve loved being able to explore my entrepreneurial side with projects and collaborations like this and hope that it will be a great success.

I’m 100% glad I made the move, I’ve not regretted it for one second and even in the more challenging times I wouldn’t want to go back to employment.?

If you’re thinking you’d like to take the leap at some point, you can do it! You might need to make some short term sacrifices, you will definitely need to become excellent at networking and there will be times when you need to grit your teeth and hang in there. But the rewards and freedom are liberating and well worth it.?

Best of luck in your journey!?