5 Things We Wished We Knew When Starting a Business

When we started the business it was thrilling and challenging. As founders who had to (and still do) navigate the unpredictable waters of starting (and maintaining) a business, we reflect on the lessons learned and the insights gained along the way. 

In this blog, we share the five things we wished we knew when we took our first steps into the world of entrepreneurship, and hopefully this is a useful guide for other aspiring entrepreneurs on their path to success.

1. Adaptability in the world of unknowns

Starting a business is similar to embarking on a trek with twists, turns, and unforeseen challenges along the way. We wished we had known the importance of adaptability — how to pivot, adjust, and reinvent our strategies in response to changing circumstances. 

We set out as a duo to start the business and had to adapt to each others way of working, to the twists within the industry, as well as, to the change in direction that naturally happens when you start a business. For us, we started with the basic idea of running a company that lends a hand to companies and tackles an administrative to-do list. Soon we learnt we were more than that! Our clients leaned on us for project management, B2B/B2C liaison and relationship building, high level executive assistant, creating processes and developing complex workflows, managing a team and more. We had to adapt our model of working and with this came a reevaluation of our fees and how this would now match with the new scope of work. We updated our website to reflect our skill sets, as well as, discovering that we could offer more value to out clients, the discovery calls thereafter became far more advanced and interesting!

One takeaway from this experience was that the business landscape is ever-evolving, and the more flexible and resilient you are, the better equipped you'll be to navigate the unexpected.

2. Building a Strong Support Network

Entrepreneurship can be a solitary journey, and we underestimated the value of a robust support network. We pulled on a range of skill sets within our network to get us through the first year. Surrounding yourself with mentors, advisors, and like-minded individuals can provide invaluable insights, guidance, and emotional support. Do not underestimate the emotional support you will need!

In the initial days of starting the company we worked directly with our clients however soon reached capacity. This was a great problem to have but we hadn’t yet found a solution for servicing new clients. We asked ourselves how we would grow the company if capacity was lacking? So we began the journey to recruit and our starting point was pulling from within our friends, family and professional networks to grow our team. Within a year of operating we had a team of 5, all hands on deck and chipping in with client work!

Never be scared to expand your team! 

3. Understand that not all prospect calls will result in a partnership

This is a short one! There is no such thing as failure!

Over the past year we have had many prospect discovery calls with the hope that we will become their admin partner. However, this is not always the case for a variety of reasons. That is ok! That is part of the growth mindset. 

Keep going, continue building relationships, continue the conversation and you’ll find the right partnerships will transpire.

4. Get a knowledgeable accountant

Financial management is a cornerstone of business success, and we wished we had prioritised financial literacy from the start. Understanding cash flow, budgeting, and making informed financial decisions are vital for the sustainability and growth of your business. Seeking professional advice and continually educating yourself on financial matters is an investment that pays dividends.

5. Set yourself goals!

Goals help to drive the business forward. It can be small daily goals or larger monthly/quarterly goals. As we got busier with clients, we set ourselves a 30 min - 1 hour daily goal to work on our own business, this can be client searching, responding to emails, getting blogs out, website updates. It's important to meet the needs of your business as you get busier and bogged down with client work! 

Conclusion:

Starting a business is a transformative journey filled with highs and lows. Reflecting on our experiences, we share these insights with the hope that aspiring entrepreneurs can navigate their paths with greater awareness and resilience. 

Embrace adaptability, cultivate a strong support network, learn from set-backs, prioritise financial literacy, and set goals. Remember, the journey is just as important as the destination, and with the right mindset, every step forward is a step toward success.