Want to Start a Business? Take These Lessons from My Entrepreneurship Journey
Lately I’ve been getting a lot of questions from people who are considering launching a new business, or trying to make a go of a side hustle as their secure corporate job suddenly doesn’t seem so secure after all.
This has got me thinking about what it felt like to be at the very beginning of my own entrepreneurial journey, and what I’ve learned every year since then. For anyone thinking about entrepreneurship, here are some lessons from my own experience that I hope will help you find your way.
Setting Up A Business Is Hard
If there’s one thing that I think we can all agree on, it’s that being an entrepreneur is no walk in the park. Still, I find many people aren’t prepared for just how overwhelming it can be to “simply” get your business set up. If you’ve always worked for an employer in the past, you have to learn about legal regulations, make decisions about how to set up the infrastructure of your business, and take responsibility for every aspect of your company.
This might include:
Incorporating your business
Getting a business license
Setting up accounting software or hiring an accountant
Creating contracts for employment and services provided
Setting up a bank account and credit card for your business
Choosing a system for accepting payments
Choosing a web hosting platform
Creating a website or hiring someone to do it for you
Building a brand, or hiring someone to help you
Setting up a business email account
Finding a workspace and/or storefront
Choosing a system for collaborating with employees or clients, and delivering projects
Creating a business plan
Creating a marketing plan
Managing a budget
Fundraising to get your business off the ground
Finding your first customers
Feeling overwhelmed yet? Even though this all may seem daunting, it doesn’t necessarily all need to happen at once. My advice is to focus on the most critical things first – like making sure your business is set up to legally operate wherever you live, and figuring out how to make your business successful with a sound business strategy and marketing plan.
You Have To Put Yourself Out There
Once you decide to make the shift from working for someone else to running your own company, you have to learn to tell your story in a new and compelling way. Instead of telling people who you work for and what they do, you have to speak about yourself and what’s so special about your company.
As an entrepreneur, having a strong personal brand can really help set you apart, even if your business is just in its infancy. Every time you meet someone you have an opportunity to network, spread the word about your business and get people excited about what you’re doing.
When I first started The EMMS, I joined a coworking space which immediately forced me to get good at pitching my story. At first after chatting with so many people who seemed to be doing really exciting things, I felt like I didn’t belong with my fledgling company, but my husband convinced me that it wasn’t that I wasn’t good enough, it’s just that I needed to get better at selling myself - just like everyone else. Eventually that coworking space became my biggest driver for new business leads!
Being prepared for conversations with a thoughtfully crafted message is part of it, but creating those opportunities to network is equally important. If attending networking events or joining a coworking space isn’t an option for you at the moment, look for ways to network online, or start building out your own marketing channels to tell your story.
Prepare To Constantly Evolve Your Strategy
If you don’t like change, entrepreneurship probably isn’t going to be for you! Every year since I started The Emms, I’ve had to adapt my strategy either because something that had worked in the past was no longer possible or effective, or because I identified a new opportunity to grow my business.
For example, early on I was spending a lot of time writing long blogs explaining topics in great detail, or doing free consultations to help startups and entrepreneurs. While this was rewarding, it wasn’t an effective way to help a lot of people, and it meant that I was taking time away from my core business.
I’ve since adapted my content strategy to provide shorter blogs that offer easy-to-digest insight, and I started offering workshops and one-on-one consultations. Not only has this enabled me to more effectively help people with their challenges but it’s also helped to raise awareness for my own business and led to several new business opportunities.
Be Sure That Entrepreneurship Is Really For You
In case this isn’t obvious by now, it’s important to know whether or not entrepreneurship is a fit for you before you begin. You have to be prepared to put yourself in the spotlight, persevere through challenges, constantly adapt your strategy, and always look for the opportunity in everything.
If this all sounds good to you, there can be tremendous rewards in building your own business. If you’d like support on your journey, please get in touch. I would love to chat with you!
Marielle Reussink
Founder of The Emms, Marketing Professional, Entrepreneur & Advisor to Start-ups