8 things I recommend to anybody starting as a small business owner
At the end of last year, I was asked what tips I would give to somebody just starting out as a small business owner.
I’ve been doing this for over 5 years now, so have a few things I’d recommend. Here are the 8 things I can wholly recommend to anybody who is starting in self-employment.
1. Get a good support network
After about 3 months of being self-employed, I knew I needed people around me who were in the same boat, that I could learn from and who would be my support network. I found a networking group that I felt comfortable going to (I’m not good at those salesy events where you have to stand up and do your intro pitch).
At this group I met some of my best business pals and it was a huge support to me during lockdown. Surround yourself with great folk and you’ll be okay.
2. Experiment and see what works
You don’t have to have it all figured out from day one. I’m constantly iterating at 5 years in because I’ve learnt that it gets a better result. I also know that things will never stay the same, so be willing to just try things. Also, and probably more importantly, it might lead you down a path that you’d never thought about. I started out designing for clients… now I’m a brand coach.
3. Be confident in forging your own path
You’ll get a lot of advice. Some of it will be good, but a lot of it won’t apply to you or be right for you. Tap into your gut feeling and go with what feels right. If you’re clear on why you quit employment in the first place and keep that with you at all times, you’ll be able to decide what to do for you.
4. A lot of business is common sense
Nobody knows how to run a business. We’re all just figuring it out as we go (even the multi-million pound CEO’s). You can learn about figures and all that jazz, but much of business is common sense and you’ve got it in you to know what to do.
5. Seek out funding
There is a lot of support out there for start-ups. Some of it is money, but a lot of it is business advice and training. I got myself on the Ad:venture program in Leeds and had a great business advisor who I still meet for coffee now. I also went to the different trainings they put on which was so useful. All free. Ask people in your area what support they accessed to see if they can point you in the right direction.
6. Charge what you’re worth
If you knew what I charged when I started out you’d be shocked. I wanted clients but trust me when I say this, clients who don’t see the value of what you charge and want to pay the bare minimum are always the nightmare ones. You have skills and knowledge that the right people will pay for so charge what you’re worth and be confident in your abilities. If you’re unsure about what to charge, ask your support network. If you get some good folk around you they’ll be honest with you.
7. It’ll take time to build
Businesses weren’t created overnight, they take time to grow. Be patient and trust that everything you do every day will get you to where you want to be. Don’t panic if you’ve not got any leads, stick to your plan, keep meeting people and put yourself out there. One day you’ll look back at your progress and be bowled over.
8. Enjoy it and remember to pause
Running your own business can be very hard work so make sure you enjoy it whenever you can. It can be easy to fall into the trap of running around like a headless chicken and you don’t actually appreciate it. I’m writing this from a cafe - I’ve taken myself out for brunch to write some content. It’s moments like this that I pause and reflect on where I’m at now. I couldn’t do things like this when I was employed and stopping regularly like this helps me to keep loving self-employment.
I hope you can get some use from my own experience. As always, if you want to chat about anything I talk about, I’d love a virtual brew.