Being your own boss sounds really appealing especially if you’re stuck in a job you no longer like. Nobody to tell you what to do; no set times to come and go; better work life balance. Sounds great (and those aspects really are) but there are a few things I wish I’d know before I started my business in 2018.

When I started out, I was bursting with passion and big ideas, but I soon realised there was so much I didn’t know. There have been unexpected challenges, and I’ve learned lessons the hard way. If I could go back in time, there are a few things I’d tell my past self to make the road a little smoother.

Here are 8 things I wish I’d known before starting my business.

1. Not All Hours Are Billable

My ideas about how many hours I could charge for were way off the mark! I might be sitting at my laptop for 7 hours a day but not all of that time is spent on client work. There’s my own admin, marketing, networking and planning to do and those hours are not generating direct income. I’ve learned to block out some time each week to dedicate to these tasks.

2. Networking Works Better Than Social Media

To start with I thought social media would be the best way to find clients. I spent a lot of time agonising over what to post and hoping to grow a following of people who would buy from me. When I look back, I realise that most of my clients have contacted me after conversations at networking events or because somebody else has referred them to me. The oft quoted phrase “People do business with those they know, like, and trust” does seem to be true!

3. There are No Stupid Questions

When starting out, I felt the pressure to know everything—accounting, marketing, sales, web design—you name it. The truth is, you don’t have to be an expert in everything because there’s a lot of help available for new businesses. It took me a little while to realise that there are no stupid questions; you don’t know if you don’t know! I used free resources and advice from Business Gateway, took some online courses and talked to people I knew who already ran businesses.

4. Shiny Object Syndrome Will Drain Your Resources

Getting help and learning about aspects of running a business can have its pitfalls. It was so tempting to jump at every new tool, software, or idea that promised success. I wasted money on unnecessary subscriptions and switched strategies too often, thinking I’d found the key to growth. But really, chasing too many things at once distracted me from actual progress. Instead of constantly pivoting, I’ve learned to focus on what I want to achieve and to resist the urge to chase every new trend that pops up.

5. Pricing: It’s More Than Just Picking a Number

Pricing is a work in progress for me and I don’t think I’ll ever feel I have it right! In the beginning I undercharged because I wanted the work. But I’m beginning to realise I need to consider the value I provide and not just my business and personal expenses. It’s more than just choosing a number that “feels right” and it’s an exercise that needs to be revisited and reviewed regularly.

6. Marketing is important

Tell everybody what you do, and they’ll buy your service…… that’s it right? That was my idealistic thought when I was new to owning a business. In theory that IS all there is to it, but it takes a lot longer than I realised for this to happen. It’s something I’m still working on! Many factors affect a buyer’s journey and I’m still refining my strategy in an effort to find the best approach.

7. Clients Don’t Always Know What Support They Need

I assumed that clients would come to me with a clear idea of what they needed, but that’s not always been the case. Many business owners know they need help but can’t quite define what will benefit them most. This means part of what I do is discussing and clarifying their needs before I can deliver any support.

8. Delegation Isn’t Always Easy for Business Owners

 Again, I assumed business owners would jump at the chance to offload tasks they didn’t have time for, but I soon realised that delegation is a struggle for many. Sometimes it’s because of trust issues, sometimes it’s because it seems easier to “just do it myself”. I’ve had to adjust the way I speak to people about what I do to try and alleviate these concerns. I’ve written more about this in another blog.

 

Running my own business has certainly challenged me to develop new skills and it’s not always been easy, but the freedom and flexibility of being my own boss make the hard work worthwhile. It’s an ever evolving process but hopefully, some of the lessons I’ve learned will help you if you’re at the beginning of your own journey into starting a business.

Photo by Aaron Burden on Unsplash