I love working with new entrepreneurs, there’s a fresh passion, determination and optimism that their business will succeed no matter what.
My role as a coach is make sure that bubbling positive energy isn’t extinguished by ensuring they’re prepared for the challenges along the way; and that they not only have the necessary tools they need to make their business succeed, but also know how to use those tools.
Anyone who has a business, no matter how successful will tell you it’s incredibly hard work; especially at the beginning. There are a few things I’ve learned, either from my own painful experience or those around me – clients, family and friends. For those who are either thinking of starting a business or are already in it, you may find these useful:
Live well Below Your Means. We all want to look fabulous (my favourite word 😊); it’s easy to be seduced by the Jones’s and want to keep up with them. But if you want to start with a good foundation, simplify your life and do try to live as inexpensively as possible.
Always, Always Have Savings. If you don’t already have savings, please try and start, even if it’s £5.00 a month and it’s increased over time. Start with any amount you can consistently afford. But the key word is CONSISTENT. Whatever amount you can start with, it must be done regularly, i.e. monthly.
You may want to have three savings for the following:
Financial Freedom/Your Dream – to clear your debts or and your business website, marketing, etc.
Short-Term – for car, furniture, etc.
Golden Goose – towards your retirement (no matter your age).
Education – for books, courses, events for your self-development.
Never Eat Your Golden Goose. Don’t spend the money you’re saving for retirement. Not everyone agrees with me on this one, I know people who have used money in this account, given themselves a deadline to pay the money back and paid it back with interest…and I know people who have not yet been able to pay all the money back.
Never Spend Your Tax. I know it’s soo obvious that you shouldn’t spend the money set aside for your tax; but it’ll look very enticing when there’s an emergency. Don’t touch it! Do not do it! You’re better off getting multiple jobs to get the money you need.
People will Disappoint You (including friends & family). There’s nothing you can do about this one. Sometimes people do what they say they’ll do, other times they’ll disappoint you. They may not mean to, but it’ll happen. Saying ‘Be prepared for it’, sounds pessimistic; so, I’ll just say ‘There’s a lesson to be learnt from it.’ C’est la vie.
I know there are many more, these were the ones that seem to be the most painful.
Having a business is still 100% worth it, but it’s always much better to be prepared. 😊
What lessons have you learned from your entrepreneurial journey?