Hindsight can be a wonderful thing, and clearly nowhere more so than in business, as seven successful entrepreneurs recall the things they wished they’d known when starting their own businesses:
Lesson #1: Hire people who do certain jobs better than you
When Heather Jackson launched An Inspirational Journey she had a lot of responsibilities, but amid the excitement of building her brand, she was unaware of her limitations.
“I was the main point of contact for all the internal and external processes, and as a result business growth was stagnating because my focus was divided,” she says. “I hadn’t considered investing in the skills that I didn’t have, but later learned that these investments were essential to the prosperity of my business and brand.
“Hiring skilled employees for internal processes eased my workload, and enabled me to see where else I needed to reinvest my time and money externally. By investing in proficient and intelligent employees you can redirect your focus. You can’t do everything yourself.”
Lesson #2: Be yourself
As startups grow they sometimes lose sight of the principles on which they were founded, as Adam Banister, founder of web design agency Curly Kale recalls.
He says: “We were rattling along, doing well, working on some big projects. Things were good, so we took on more big projects. Then I looked at our website and the work we were doing and realised it just wasn’t us, or what we wanted to be. Everyone was putting on a brave face, but the work was stale. We had simply become Photoshop monkeys, shuffling pixels around and trying every font. We were losing sight of our creative ideas and our passion.
“We decided to rebuild our website and go back to our roots – a scary move – but it meant our brand message was once again about standing out and showcasing who you really are. Now we have some wonderful customers come through our door willing to trust us to look after them, and we’re loving it.”
Lesson #3: Stay focused on your business priorities
Entrepreneurs lead a busy life, and in their first year of trading they can be overwhelmed by opportunities and offers, all of which are very tempting.
Agnes Cserhati, founder of AC PowerCoaching, was just 17 when she started her first business, an age, she admits, when prioritising definitely did not cross her mind.
“Now, 25 years on, I believe it has played a pivotal role in my business success,” she says. “Working all hours and saying yes to everything that came my way might have worked for an extremely short period of time early on, but once I started growing I realised that prioritising was the key to success. It made a huge difference not just in terms of hours worked, but also in terms of revenue and profit.
“Establishing key KPI’s and the criteria to base my decisions on which projects to engage in made a huge difference in terms of scalability and growth and also in setting clear goals and strategies.”
Lesson #4: Put the angel into your investor
Aspiring entrepreneurs often seek investment for reasons beyond cash. This was the case for Gavin Hammar, founder of social media management software Sendible.
“I worked for a fintech company while starting Sendible on the side,” he says. “When it started demonstrating traction I showed my employers, who then offered me desk space, paid time off, and the promise of capital, contacts and collaboration.
However, none of this promised input ever materialised. Hammar says: “When you have confidence in your business model be sure that those who see your potential, and want to be part of it, live up to their promises. If you don’t feel this traction from your would-be investor, immediately move on. The right partner proves their worth through actions.”
Lesson #5: Less is more
One of the biggest business decisions that beautician Cherry Woods made was to offer a smaller range of treatments that she was passionate about, rather than trying to offer everything to everyone.
She says: “Once my business was established, with a regular client base, I decided to focus only on treatments that I really enjoyed. So I reduced my treatment menu to facials only, which I’m truly passionate about, and removed waxing, pedicures etc., which I wasn’t.
“At first I was concerned that specialising could lose me business, but in fact it did just the opposite. Within three months, I had waiting lists for the first time and now my Saturday waiting list is seven months long and I have been able to stop advertising.”
Lesson #6: Stretch your cash
Every business owner knows that cash is king, but Scott Phillips, co-founder of online art platform RiseArt, wishes he’d known earlier about the government grants and tax credits that were available.
He says: “These allow entrepreneurs to stretch their runway without giving away more equity or taking on debt. It can be tricky to navigate but, with a little effort, startup founders can find ways to take advantage of government funding programmes and grants, for example, by following organisations like Nesta and Innovate UK.
“We have become more careful with working capital, but we can bring forward revenues and defer payments to provide negative working capital, creating huge short-term cashflow benefits that can extend our horizon even further.”
Lesson #7: Get a mentor from day one
Entrepreneurs growing a business usually do so with a healthy dose of bravado, resilience and stamina. In putting on their game face, some avoid dealing with their business weaknesses.
Adam Landau, managing director of DeVono Property admits to doing just that in the early days of starting the business.
He says: “It led to an accumulation of stress, worry and a backlog of putting off what I felt were the areas of the business where I was weakest. Eventually I found a mentor, who held a mirror up to me, showed me my weaknesses, and how I thought they were holding me back, but also how easily these issues could be solved.
“You can try and do everything but it’s not possible. With a mentor you have an outsider’s view that can help you tackle your perceived weaknesses, leaving you to focus on building the business through your strengths.”
This advertisement feature is paid for and produced to a brief agreed with Simply Business, the UK’s biggest business and landlord insurance provider, and sponsor of the supporting business growth hub.
