Things I've learned in my two years of business

It's now been two years that I've been running my business, I wrote a blog last year about what I'd learned in my first year and while all that is all still true, there's more I've learned...

1.     You always need more money

You can plan and plan and plan, but there will always be unexpected costs, opportunities or even trips that will crop up. There's no such thing as spare cash when you start a business but try to keep something aside or a bit spare on the credit card for these little surprises.

This does get easier if you become more successful and pick up more clients, and this opens up more financing opportunities which can help you develop and grow your business.

2.     It can take a long time for things to come together.

Depending on your profession, this could have a big impact on your business. Your timeline is not your client's timeline. It may be important for you to get that deal done and dusted, but it might be low on the list of priorities of your client - always be working to build up business in your pipeline while balancing the fine line of not overloading yourself with too much work.

I still haven't found the perfect balance, but I have found smaller, shorter jobs to fill my time in between the bigger projects, and these can just keep everything ticking over until the bigger projects come in.

3.     Don't fit your business around your client

At one point I had three potential clients coming in at once. I put everything on hold for this, waited and waited and it never happened. I then had no alternative clients to cover this shortfall which left me in a difficult situation. Don't assume because you've had verbal or written confirmation that things will happen quickly, or even at all. Always work at putting your business first, be flexible and accommodating but make sure it's in your best interests.

This also applies to difficult clients, you can say no. In my experience, you tend to lose money and time with difficult clients, and one of the reasons we all become our own boss is to have the choice of whom we deal with. Not every project is the right project and it's ok to say no.

4.     Constantly re-evaluate your plans

Things change. All the time. If you don't move and change with the needs of the business then you'll get left behind. What I thought was a good plan 12 months ago has dramatically changed since then and I'm constantly re-evaluating my plans to keep moving forward.

In my second year, this has again changed dramatically. By being open to different types of work has led to massive opportunities for the business. Try and stay flexible on your services, if you don't know if you can do a project be honest and say you'll try it. Who knows what it could lead to...

5.     There will be meltdowns

I would be worried if there wasn't! It is perfectly normal to question absolutely everything you are doing, feel overwhelmed, and a success and failure at the same time. It's part of the process and it makes you stronger. Many times I have questioned if I was doing the right thing, should I just give it all up, but I wouldn't be any happier or fulfilled for doing that. Which leads nicely on to my next point...

6.     Don't be afraid to ask for help

If you don't ask, you don't get. I like to think of myself as a strong, independent individual and I used to think that asking for help was a sign of weakness. It is, in fact, the opposite - it takes a lot of strength and courage to ask for help whether it be financial, emotional or physical, from friends and family or suppliers. Don't sacrifice improving your situation because you're stubborn, embarrassed or ashamed, it could end up being the best thing you can do for yourself and your business.

In my second year, I think this is particularly important around seeking advice from other professionals. They can guide you through the process and it doesn't have to cost a lot. There are a lot of workshops and clinics that are free to small businesses, so take advantage.

7.     Network, Network, Network

Whether it be physically at events, or online through platforms such as LinkedIn, get your brand out there. I've had business from networking events as well as LinkedIn, it does take a lot of time and investment but with patience, it will prove successful.

Well, that's my thoughts and learnings from the last two years, as I enter my third year and as my revenue grows I'll be looking to outsource the areas of the business that will benefit from professional assistance - coaching, marketing, accounting, legal, HR. And what a position to be in, I could not have hoped for this as I originally wrote this blog a year ago.

What's your experience been? Why not get in touch and let me know [email protected]