10 things I wish I knew before starting a business
Ten things I wish I knew before starting my business
When I started my business, I wanted to combine my knowledge and expertise in branding, marketing and interior design to offer entrepreneurs services to grow their businesses. I was full of energy and optimism and more than ready to start.
The day I decided to start my business, I registered the name and bought the domain. After that, I started working on my business brand and developed a business strategy. Finally, I felt I was on top of the world and had it all under control.
However, I quickly realised I was on my own, and building your own business is very different from working for a company. I was doing all the work, and it was a trial-and-error situation for a while!
I want to share ten things I wish I had known before starting my business on this blog.
Loneliness: I was used to working as a part of a team. I loved sharing ideas, thinking about strategies, finding solutions to problems, and communicating regularly with others. Starting my own business from scratch felt very lonely in comparison. I no longer had a team to share my ideas or thoughts with. Having your own business can be lonely sometimes, especially when it's only you and you haven't got a group of people to support you inside and outside of the business.
University was only the beginning: I invested almost 15 years in developing my knowledge or even more. Let's be honest; I am still investing in my education. Even though my business studies degree helped me a lot with my business, it did not teach me how to start my own business. Instead, I learned how to set up and run my businesses by myself through my own experience.
You will be wearing many hats at once: As a small business entrepreneur, I did not have the resources to hire specialists or employees from the beginning.
I learned about many different areas, such as project management, finance, creating processes, etc. I decided to hire specialists when I needed to. I know I don't have the right experience in HR, law, finance and accounting, so I engaged with different specialists in different fields and will continue to do so in the future.
You will learn new skills: The marketing and branding world is constantly changing, so keeping up with trends and developing time to learn new skills is a must. I've learned many new skills, such as creating web pages, SEO, graphic design, storytelling, content creation, analytics and image editing, etc. You will increase your knowledge and gain new skills when starting your own business, which is excellent.
You won't see the benefits of your hard work for a while: Setting up your business, creating processes, attracting new leads, social media and web management, copywriting, etc. You will invest much time initially and won't see any results for a while. So instead, concentrate on building your business pillars, growing your network, creating a business strategy, and developing a solid and authentic brand for your business.
Focus on a Niche: When I started, I wanted to help everyone who could benefit from my expertise. However, I realised that it was best to focus on a niche. So I reviewed my strategy, analysed my market and identified a niche market.
Focus on a few products: When I started my business, I was determined to offer business owners branding, marketing, and interior design services. I had knowledge and experience in all of those areas. However, I underestimated how much time and energy it would take to manage three different services. It was tough to handle, so I decided to concentrate on strategic brand and marketing. As a result, I have a clearer vision of how I want my business to grow.
Build a network: This was probably one of the hardest things. The last time I worked for a British company was in 2010. I worked in UK sales, direct marketing, and account management. I have worked remotely for my family's company in South America since 2011. I learned so much over the years! I was lucky enough to work as a Marketing Manager. I worked with senior management and high-end clients at a strategic level. I felt alone when I started my branding and marketing consultancy because I lacked enough connections. So I attended seminars and events to meet as many people as possible in the UK. After two years, my network has increased, and I am happy to say that I finally have contacts and a network of people in the UK.
Embrace change: Having your own business can be unpredictable; every day is different. There are things that we can't control. COVID is an excellent example of this. I was lucky because I was used to working remotely. I had the equipment needed and office space to work from home. However, homeschooling my son is not easy, and my routine had to change to allow homeschooling him during the day. I'm fortunate enough that my husband works mainly at home, making homeschooling easier for me. It's essential to embrace change with a positive attitude. It's also important to check your business strategy when situations like Covid happen. Have your values changed? Maybe your perspective about life and your business has changed. If so, check your business strategy and integrate those values. It could change the direction of your business for the best.
Be authentic, resilient, and trust yourself: Even when things get challenging, you always need to trust yourself. Be genuine and show others what you are all about. It helps build trust with others, and you will attract the right people to your brand. Don't change who you are! You will attract the wrong clients and people into your business and life. And lastly, be resilient. You will get through many setbacks before seeing results. Focus on building connections! Talk to people you know in your field and share your knowledge with others on your blogs and social media. You could make a positive impact on many people. Work on your strategy, change it if necessary, and never stop trusting yourself.
Let me know if you like this blog in the comments. Also, don't forget to share it with other business owners who may find it helpful. If you need business support, please send me a message.
With gratitude,
Lucía Rivera
Brand Strategy and Marketing Consultant