Things no one tells you when you set up a business
Running a business can be an incredibly rewarding endeavour. The journey from idea to fruition comes with its own hurdles and you might think that getting your doors, literal or proverbial open, means you’re all set. But there are some things you only find out once you’re on the go…
You don’t have to take every job
You may feel, especially at the beginning, that you have to take everything that comes your way to establish yourself and get some much-needed income.
That’s not strictly true, though. No matter how long you have been in business.
I only saw this a few months ago and it’s led to some frank conversations with clients. If you genuinely can’t see eye to eye with a customer, or you don’t have a clear slot to take on more work and you’re already wondering how to explain to your significant other that you might not be able to go away for the whole family holiday, then you need to reconsider the value of the work.
If you’re building a new brand, you also need to make sure that your work aligns with your brand values and the image you want to create for your business. Doing something that doesn’t fit with you brand identity can have a negative impact on your business.
You are allowed to turn jobs down. Perhaps you can recommend one of your peers, thereby saving yourself a difficult situation and sending business someone else’s way. Your work has to sit well with your core values, not infringe on other work significantly enough to interfere with quality, and it must never negatively impact on your personal life.
Incredible highs and lows
You expect everything to be rocky sometimes, and you expect to be happy when you score yourself a big contract. But no one ever tells you exactly how intense the emotional roller coaster can be.
You may find yourself at the extreme ends of the emotional scale, from being so happy you are fit to burst, to feeling as if you are never going to see the light at the end of the tunnel.
Knocks to your confidence can also creep into your mind only to ambush you later on when you are least prepared for it.
Having a strong support network behind you is priceless during these emotional extremes. Make sure you maintain close relationships with your family and friends, and you can be sure to count on them when you hit those bumps in the road and when you just want to share your happiness with those who matter.
You will have to work. Hard.
There really are no shortcuts and you will honestly need to put in the hard graft yourself. Unpredictable hours, unforeseen circumstances, good or bad, they all contribute to make running your own business a very hard job. When it’s your own business though, for some reason you don’t find it too difficult getting up at 3am to finish a last-minute press release for one client before driving down to London to see another client on ITV’s This Morning. When it’s your business you check your emails like they’re Facebook and you’ll wake most nights with a eureka moment in the beginning.
There is no one size fits all plan
Just because it worked for someone else, doesn’t mean it will work for you.
You can follow the exact steps someone else did and you may never achieve the spectacular success they did.
Just like we are all individuals, every business operates under different circumstances with unique fingerprints. Use great ideas you see implemented by others, but don’t try and base your expectations off what worked for someone else.
You can change direction
Your first idea isn’t necessarily your best one. You will also realise as the business grows what you are best at.
Focus on what you do exceptionally well, rather than trying to cater to several small niche areas and diluting your efforts at all of them in the process.
You may also come to a point and realise that this isn’t what you want to be doing at all. Your interests and skills change and you suddenly find that you’d rather do something else.
That’s perfectly acceptable. You are allowed to change your mind.
Everything is your problem
…it’s really all your problem. Everything that goes right, and wrong, is up to you to deal with.
Things may happen that you genuinely, despite the best planning in the world, never saw coming.
Even if you don’t have exact specifications, make sure you have a rough idea of what to do and where to go for help and advice if something does go wrong.
It will take longer than you think
It just does. I can start sprinkling round quotes about how everything worth having takes time, but I won’t.
Sometimes you may think that there is just never going to be an end to the hundreds of things you need to do.
Don’t be too hard on yourself if you’re not a resounding success after two weeks or you’re still trying to sort out details on a potential deal. You will get there, but you have to be patient.
Everyone will have some advice for you
Just like when you decide to buy your first car, or when you buy a house or have a baby, you’ll find that when you start a business everyone’s an expert.
Take this with a pinch of salt. Advice from anyone other than someone who does in fact run a very successful business is just that: advice. You definitely don’t have to take on everyone’s contributions.
This is a big one and comes full circle to that rollercoaster ride again. Being in business is an unpredictable old thing. You just never know what’s going to happen next.
Don’t try and have a white-knuckled grip on everything. Some things are just beyond your control, and even if you have an exact system for everything, sometimes things happen that you never saw coming.
Events outside your business can very easily influence how well, or poorly, you’re doing. Learn to roll with the punches and build up some resilience.
The above perhaps has left out the true legacy of entrepreneurship: the reason that you decided to pursue independence and become your own boss in the first place. You view the world as a place of abundance and possibility, not as a stingy, miserly place of predetermined futures and inescapable circumstances.
You know that there are opportunities, something waiting to be created, customers waiting to be served. There is money waiting to be made and a world in which you can help to make a change.
You’re the only one who can make it happen for yourself. Good luck!