Go you! Starting a business is not for the faint-hearted. In fact, I’d be prepared – it’s a rollercoaster!
When I started a business back in 2019 I felt pretty ready, but there was still so much to learn. Here’s what you need to know.
Confidence in selling yourself
No sales = no clients! Sorry to say it, but it’s 100% the case. You might have deep experience in a sector, or have a brilliant idea for a new product, but the reality is that you need to be able to sell yourself. To do this you need a strong sales plan and a really proactive approach to winning your first customers.
Feeling nervous? Check out my sales coaching if so – I’ll help you learn the ropes and practice selling.
You don’t need loads of stuff
By that I mean an expensive logo, branding, a website, or actually very much at all. You might need certain software, a laptop, products or legal services, but I’d take time to research what you actually need. Make a list and cost these up. Then make a list of the nice-to-haves. This should help you avoid burning through loads of cash.
Time management
Most business owners I come across are really bad at estimating how long it takes to do things, so if you’re not sure how to quote for your time and projects, don’t worry!
That said, I would try to be really aware how long it takes you to do stuff and then adapt your prices. For example, if you’re offering website building services and you estimate that it will take one week to build a site, but it takes two, then your day rate has effectively been cut in half!
Networking
It’s not what you know, but who you know: in business-owner-land this is actually very true! If you’re starting a business it’ll take a while for people to build up trust in you. In the early days it can feel like a very slow process (believe me, I know!). But taking the time to build a network (either online or in real life) will pay dividends in the future.
People need to trust you
Business relationships (like personal ones) are based on trust. Your clients will need to feel reassured they can trust you to do a really good job for them. Or if you are selling products, people will want to know how others found them. Trust is essential and can’t be rushed. But you can use plenty of testimonials from previous clients to help establish this.
An income plan
Starting a business almost never equates to money rolling in from Day 1 (whatever the “gurus” might tell you!). In fact, many businesses run at a loss for months or years before becoming profitable. I would strongly advise anyone starting a business to have an income plan. This could look like working part-time, saving money ahead of the launch, or having support from friends or family.
Free isn’t always best
Most small business owners focus entirely on the free ways to promote their business, and I really understand that. However, free isn’t always good! For example, if your clients aren’t on LinkedIn, there’s no point dedicating hours to the platform, even if it’s free. It’s best to allocate a little marketing budget to the channels and approaches that will serve you best.
Learn from others
Starting a business is likely to be one of the steepest learning curves you’ll ever encounter. Burnout, exhaustion and loneliness are, sadly, very common. Many of my clients find themselves feeling this way and hugely benefit from the structure of having a coach to guide and support them. There are many ways to connect with other business owners and I’d recommend you join some groups, forums or networks to get some support.
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