Is this something you want to do?
1 Commitment
Setting up your own business is not for the faint-hearted. Many people dream of being their own boss (and the reward is AMAZING!) BUT, do not under-estimate the challenges. If you want it, you need unwavering commitment to make it work, even when you want to hide under the sofa because yet again, you don’t have enough income! This is when you need to be most actively ‘present’ in your commitment to your business.
2 Contingency planning
If you put a good contingency plan in place, you will have more chance of weathering the inevitable storms. Expect your business to have a slow start and also plan for the dips in the year where you are getting less work. An income cushion of 3-6 months is ideal for a new business; if you don’t have a cushion, the bumps will hurt more. The alternative is a contingency plan of alterative income to cover bills whilst your business is getting established.
3 Enjoy the ride
When it doesn’t work, the lows are low; when it does work, the highs are dizzying. Owning a business is the best kind of roller-coaster, so it is important to enjoy the ride. Being your own boss enables you to make the decisions that you want to make, including when or how to work and play. You can live more flexibly and are not on anyone else’s agenda. You are only accountable to yourself but the buck stops with you to make it a success. It is life-changing and game-changing.
4 Learn your craft
You might be setting up a business based on prior experience, but you are still potentially new to setting up a business. This means lots of new learning. Beyond the knowledge of your business services, you have to learn about YOUR business within that field. What makes your business stand out? Who are your clients? What does your brand portray? When will your business perform well or have quieter periods? The more you can predict your business, the better you can prepare for it.
5 Balance
This is an important life-lesson. The balance between working hard on your business and playing hard in your life. It is also a balance between taking on-board the advice and views of others but calling the shots for your business. The art of knowing when to take advice and also having the confidence to reject good advice because it is not right for your business can be a game-changer.
6 Progress
It doesn’t matter if you get things wrong. Learning is the outcome of making mistakes. Most mistakes will not be catastrophic. Putting things off for fear of getting it wrong will be your biggest mistake in business because you cannot make progress if you are not active. Prioritising progress over perfection will help your business grow.
7 Vision
Only you hold the vision for your business. Only you can see all the pieces of the puzzle and decide how you want them to fit together. In a world of noise and opinion, make sure that your voice is not lost. You are good enough to do great things. Be wise when you select you will share your vision. Having the right people to support your journey will empower you and nurture your future business.
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