Business Tips I Learned The Hard Way
I wanted to escape the 9-5 and follow my own passions. I wanted to help people, to solve their problems in an authentic way. I worked in sales for over a decade, and eventually transitioned into a digital marketing media role. I loved what I was doing, but hated how I was doing it. I hated just being in the sales and consultancy side - I wanted to actually do the work, and ensure my clients got what they paid for.
After years of dreaming and envisioning, I finally decided to take the plunge and open my own digital marketing agency. I used the word agency lightly, considering it was just me. But nonetheless, I was determined to create a business that appeared stable, established and successful right out of the gate. I didn't want everyone to know I was knew, and I certainly didn't want my first few clients to know they were my first few clients.
If I'm being honest, it was way harder than I thought it would be. Naive? That's putting it nicely. Stupid might be a better choice, but my sheer determination and work ethic is what got me through. There was no way I would go crawling back to my corporate job, begging for another chance. I was willing to do whatever it took, to sacrifice anything required, to be successful.
So, I thought I'd put together a list of tips I learned along the way.
Do a business plan.
I know this is old news, but it's really, really important. If you plan to work from home like I do, it's not quite as significant. But if you plan to rent a space, you need a business plan. If you're going to be purchasing inventory or looking for loans or investments, you need a business plan. No one will take you seriously without one. And, you really need to know what you're getting into. What is the bottom line? How much revenue do you need coming in every month just to make rent, keep the lights on, and make your loan payments? You must go into this with open eyes. Even if you're starting off from home, you'll still have a lot of expenses and your own salary to cover.
Save, save and save some more.
If you plan to quit your job, make sure you have at least 6-12 months worth of salary saved up. This business will not be able to pay you, and you need to survive. In my case, I launched my business in April, and didn't receive my first check in the mail until September. I had been working for months but that's how long it took to get from free consultations to actually completing the work, and getting paid. If people mail checks, you're waiting even longer. I knew it would take a few months to get the ball rolling, but I was not prepared for nearly 6 months.
Moonlight if you can.
If you're able to start and grow your business on the side, do it. This gives you the opportunity to test the market, and see if there's truly a demand for what you have to offer. Just because people like the idea of something doesn't mean they are actually willing to pay a decent amount of money for it. Tread lightly though, because if your employer finds out, you may get fired. This wasn't an option in my case, as it was a complete conflict of interest. I knew I had to resign before I launched my website. But, if the industries are completely unrelated, you may be able to get away with it for a while. Lots of people do. Just be prepared in case you get canned.
Get a website.
You absolutely can't and won't be taken seriously today without a website. If you're just starting out, chances are, you can't afford to hire someone. Use one of the free and easy DIY templates, so your only costs will be the domain, hosting, and email. Start as early as you can on this. It took me months of developing the content for my first site. Invest the time early on, so when you do land those first few opportunities, you have a professional online presence to back you up.
Start working on your social presence.
Something else you want to do months before you launch is working on your social media accounts, and even starting a blog. Assuming you don't have money for paid advertising, this is going to be the most effective form of marketing you have access to. This is how you will start getting traffic to your new website. I started with just Facebook and Twitter, and eventually included LinkedIn, YouTube and Instagram. I must admit though, I just couldn't manage all 5 effectively and now I mainly focus on Twitter. In my industry, Twitter is huge -- so for me, it makes sense. For other industries, you're going to want to do your research to determine where you should be prioritizing.
Do thing legitimately.
It's easy to just fly under the radar, but it can come back to bite you. I strongly suggest registering your business, setting up your bank accounts, and getting some accounting software. Assuming you're going to be successful, you want to do things right from the beginning. And if you ever want to approach the bank for a loan, you need to have a paper trail from the beginning. Setting up separate banks accounts and keeping your finances separate will provide major benefits come tax time -- you won't have a complete mess on your hands, as you'll be able to easily see what's coming in and out. And, using some proper accounting software is definitely a must. There's plenty of them out there that only cost around $20/month, and they will provide you with everything from tax reports to client invoices.
Maintain a good attitude.
Creating something out of nothing is hard. Really, really hard. Surround yourself with people who support you, and are happy to eat bologna sandwiches with you when it's all you can afford. Remember why you started down this path, and be prepared for tough times. Running your own business is like existing on an emotional roller coaster. One day, you're as high as a kite and the next day you feel an inch tall. You just need to keep moving forward. Seek out groups - both in person and online - that are full of people just like you, who are there to support and help one another. I belong to few local networking and entrepreneurial Facebook groups, and I get a huge amount of value from them.
Make changes when you need to.
The last thing I learned the hard way is that sometimes, you just need to pull the plug and change your plan. You will learn SO much in the first few months, and even years, of being a freelancer or running your own business. I'm a few years in and I learn something new every day. I'm still making changes to my game plan on a regular basis. Make sure you listen and absorb everything you learn. If something isn't working, change it. Don't give up too quickly, but recognize when something isn't working and try a different approach.
What tips do you have for new start-ups?
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