Starting a business is an incredibly exciting journey, but looking back on my experience, there are a few things I wish I had known from day one.
For starters, I never actually wanted my own business. I didn’t want staff, I didn’t want hassle, I wanted paid holidays, paid sickness and a Christmas party!
But here we are, a business owner for over 11 years with two staff and a number of associates. The initial wave of excitement and passion can make it easy to overlook the practical foundations. Building a business requires structure, clear thinking and patience, especially when challenges and setbacks arise.
If I could go back and give my younger self three pieces of advice, here is exactly what I would say:
- Know Your Numbers
I am not numeric. But I am passionate. Passion is essential, but it won’t keep the lights on. Keeping a close eye on your cash flow was my first lesson; understand your profit margins and never guess your costs. You can have a brilliant month with plenty of sales, but if your clients take ninety days to pay you (or if they don’t pay at all!), or if your overheads are too high, the business can quickly come under pressure. When you know precisely what is coming in and what is going out, you can make confident, informed decisions about when to hire, when to cut back, and how to price your services accurately. Having complete clarity around your numbers takes the anxiety out of decision-making and ensures your business stays stable and sustainable. Personally, one of the best purchases I have made is getting an excellent bookkeeper and accountant on board. Ensuring that they understand my business, my growth plan and are aligned with what I need to achieve has massively helped me to move forward.
- Hire Your Weaknesses
As a founder, it is tempting to try and wear every single hat. In fact, starting as a self-employed person, you have no choice but to do everything yourself. But the truth is, of course, that you can’t do everything yourself, nor should you. Trying to master every single business discipline will quickly lead to exhaustion, and your core service will eventually suffer.
Once more budget is available to outsource, then identify the gaps in your own skillset, whether that is admin, finance, IT or marketing, and bring in experts who can add the right knowledge and support. It is a common misconception that you need to employ a large full-time team to get this help, in today’s world you can easily access flexible freelance support or retained consultants who bring years of specialised knowledge directly into your business as and when you need it. Delegating these tasks frees up your time so you can focus entirely on your core strengths while knowing the work is being handled properly. The biggest single improvement I made to TMA was hiring a Virtual Assistant who came on board and took over monthly billing, contracts, documents, and much more. The first full-time staff hire I made was for an Account Executive who could support all of my clients, freeing me up to do what I am best at – strategy.
- Do Your Research, Then Build
Do not spend months creating what you think is the perfect product or service without talking to the market first. Test your ideas in the real world. Get honest feedback from target customers to ensure there is a genuine demand for what you are offering. Ask them about their frustrations, what solutions they currently use, and what they would be willing to pay for a better alternative. This initial research does not have to be expensive or overly complicated; it can be as simple as having conversations with people in your network, running small focus groups, or launching a basic test page to gauge interest. It is much easier and cheaper to adapt early on than to try and fix things later after a full launch. If the market tells you that an initial idea isn’t quite right, you can pivot quickly without having wasted significant time, energy, and capital.
- Find Your Village
Business can be a lonely place, especially for self-employed people working from home. Even with staff, you can’t and shouldn’t always burden them with the decisions and responsibilities of a business owner. The biggest game changer is finding a supportive community full of like-minded business owners. People you can learn from and share with. Once you have a village, it allows you the validation of ideas, the accountability and the general cheerleading. A community can also support you with networking opportunities, 3rd party recommendations and advice from those who have ‘been there, done that’.
The Path to Long-Term Growth
Building a business is less about having a flawless initial idea and more about consistency, clear planning, and staying adaptable. No matter how much you prepare, you will face unexpected challenges and shifts in the market. The founders who succeed are the ones who build strong operational foundations, keep a close eye on their performance, and remain willing to learn every single day. Focus on these four fundamentals early, and you will build a solid foundation for steady, long-term growth.
Let’s talk
At The Marketing Associates, we help businesses take a clearer, more focused approach to their marketing. If your marketing feels busy but not effective, it might be time to rethink the approach.
tabitha@themarketingassociates.co.uk or call 01233 720379
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At The Marketing Associates, we specialise in strategic freelance marketing support for professional service practices, providing excellent quality advice on your marketing strategy to develop and grow your business on a retained basis.