Things I wish I knew before I started my business

Here are seven things that I didn't know before I started my business.

It is just over a year since my complete transition from being employed to being a business owner. My transition was a steady and planned one. I was able to access flexible working arrangements as well as reduce my hours from full-time to part-time as my business grew.

There have been ups and downs like any business journey, but it has been an incredible ride so far. On the anniversary of my resignation I reflect on the things that would have been handy for me to have known at the start of my journey.

1. You will work more hours than you anticipate.

You want to offer your expertise to the world, that's why you start your business. But you will probably be faced with a massive learning curve, and many of the skills you will need you will have to learn from the ground up. You will probably spend 20% or less of your time in your zone of genius, and the rest of the time marketing your business along with other activities associated with running and growing a business. I can remember hovering my finger over the button to post # MyFirstTweet and only ever using Facebook to stalk my teenagers. Learning to use social media was time-consuming, then there was the back-end of my website and basic business cash flow literacy to name a few of the things I had to quickly become competent at.

2. If you focus on helping people and not making money, the money will flow.

Have you ever met a small business owner who is so desperate to sell that it makes you feel awkward? If you think about serving instead of selling you will be able to form relationships that are longer lasting and lead to organic referrals and business. When you provide value to people, the money will naturally follow. One advantage of still being employed when starting my business was not worrying about when or where the next client was coming from.

3. Don't get lured by shiny object syndrome.

A fancy CRM is not required when you have a handful of contacts. There are so many tools and applications that you can be sucked into wanting. Start off with the free versions of any tools that you need and work up as you need to. The monthly subscriptions soon add up! I've since unsubscribed to most apps except my cloud accounting and my scheduling tool. You don't need a fancy website to get started; your brand will evolve. Start off with a basic landing page or an About.Me page so that you have a digital presence but you can change it simply and quickly as you test your offering and who your ideal client is. You are bound to evolve. Having a costly website that becomes quickly out of date is tough.

4. Protect your Intellectual Property.

As a new business owner cash flow is tight. You may not feel that safeguarding your IP is a priority. Weigh up the cost of trademarking versus the risk of not doing so. Your IP is your most valuable business asset and what differentiates you. Copycats are out there - and though it is true that everything has probably been done before, but not by you - some people will jump on, and run with your idea and brazenly call it their own. Get expert advice on this one. You'll sleep better at night knowing that your hard earned ideas and work are protected. 

5. It is ideal to have multiple streams of income.

Some people will say that cold turkey is the way to go, but for me having a job and a transition plan was a great asset. As my business grew I reduced my hours. There are many ways to have another stream of income, maybe consulting, freelancing or casual hours will be a good fit for you. If you have jumped right into your business and the cash is not rolling in per that manifestation don't feel guilty. If you decide to go and get a part-time job it does not mean you are a failure.

6. Be wary of experts.

There are self-proclaimed experts everywhere. When seeking out people to work with, ask the plenty of questions, check out their credentials and speak with others who have used their services and are pleased with their work. I made several mistakes in engaging people to help me, and then finding out they lacked integrity or didn’t deliver on their word. I could have avoided this if I'd asked better questions and checked out their expert status. If you are seeking coaching or mentoring, take time in finding the right mentor, preferably one who has walked a similar journey.

7. Not all your friends will be on your cheer squad.

Don't be put off by people who will tell you that you won't make a profit for the first three years or you will fail. The naysayers are out there and they are often the people who you least expect. The people you thought were your friends may well be the ones to tell you that you won't make it. Maybe its time to step back from some friends and make way for people in your life who support you.

I wish you all the best in your entrepreneurial journey.

As a Certified World Class Speaking and Storytelling Coach, I’ll help you mine, refine and deliver captivating stories for your business or brand. Whether it is the boardroom, platform, podium or stage, together we will craft powerful presentations with compelling stories that are hard to forget.