What I Have Learned Since Starting a Small Business

A couple of years ago I was made redundant. I had worked in retail banking for 17 years, across three different banks and building societies. It began for me at the age of 18 and at one point I felt like I had a job for life. I knew the job inside out and worked on autopilot every day. I was well and truly in my comfort zone. I adored the job I began in 2004, but times had changed and so had the job. If I’m honest, I was bored to death and I felt slight relief when the news came.

During my latter years in the banking industry, I began to work a few hours a week on the side as a Virtual Assistant for a friend who was an accountant. His business was growing, he needed the support and I needed the extra money. I started to open my eyes to the world beyond a giant corporation. The vast world of opportunity! I gained many skills working in the banking industry many of which I use today, but in three and a half years of supporting a small business owner I learned so much more beyond what those 9-5 gigs could teach me.

With some encouragement from the man I now call my mentor (the accountant I still support now), I decided to start my own business as a Virtual Assistant. I had already been doing it for two years and felt like I could finally pursue a career that utilised my skills and made a real difference in people's lives. And so began Stealth Office Services (named as such to abbreviate to SOS which is truly what I am about; saving individuals and small business owners from their admin nightmares!)

Anyway, I have written this blog as I have learned a lot about starting a business from scratch. It is a rollercoaster I am still riding and I am excited about the future. Supporting small businesses is something close to my heart - everyone needs help in their beginning stages if they're going to reach success later on. I wouldn’t be in a position to be writing this blog had it not been for the support I received.

So here goes. These tips are relevant to anyone thinking about taking the plunge and starting a small business.

Don’t be too proud to take advice from those with more experience than yourself

Starting a business is no easy feat, and anyone who has the courage to pursue their dreams should never be too proud to take advice from people who have been in the same situation before. After all, nobody can know everything, so it's wise to seek out those with more experience than yourself. Not only will they provide invaluable insights into areas you may not know anything about, but they also often have solutions to potential problems that you may be blind to. It's important to constantly reassess your decisions with the guidance of others and never be ashamed to say "I don't know". Listening to the words of wisdom of those who have come before you will ensure your success as an entrepreneur.

Peers are not your enemy

It's easy to view others in your industry as business rivals who should be viewed cautiously. However, I've found that having positive relationships with peers can actually be beneficial. After all, you cannot specialise in every area so connecting with others in your industry can lead to great moments of collaboration. You can offer your support with areas you know more about and vice versa. A good relationship with others in your industry could generate more business as your peers may send you referrals that they feel would be better suited to you and you can do the same for them. Overall, building relationships within the industry is much more rewarding than viewing peers as enemies - so don't be afraid to reach out and connect!

Facebook groups are a valuable resource.

There are few resources out there as valuable as a Facebook group that can help a small business owner build a strong base of support and customers. With these groups, you can connect with potential customers, get feedback on products or services, and even partner with other businesses to create connections that could be mutually beneficial. Plus, they are free! Find a group full of your peers for support and find a group where your ideal client hangs out.

It’s a steep learning curve and you will make mistakes

Starting a business can be intimidating and requires a lot of hard work and dedication. No matter how much research and preparation you do, you will inevitably make mistakes along the way. This is nothing to be ashamed of - these blunders are basically steps on your learning journey. You must learn to embrace mistakes, as they are key to discovering new opportunities, identifying weaknesses and growing as an entrepreneur. So don't get discouraged easily - consider it part of the process and make sure you look back at each mistake with a positive outlook.

It’s harder work than you could ever imagine but the rewards are great

Starting a business requires ambition, hard work, and a lot of sacrifices - but it's worth it! It may be difficult to put in the blood, sweat, and tears that are necessary to get your business off the ground, but the rewards you reap can be life-changing. By starting your own business you get to enjoy the independence of becoming your own boss, setting your own pace and choosing how you want to structure your days. You also gain recognition for having achieved something challenging and significant. Of course, there are no guarantees that any business venture will be successful; however, with determination, resilience, and dedication you may find the experience to be as rewarding as you'd hoped!

There are quiet days and you should learn to embrace them as they soon become a rarity

When it comes to running a small business, there will be days when things inevitably slow down and the workload won't be so overwhelming. I still struggle to embrace these moments of peace in the midst of an otherwise unpredictable life as an entrepreneur. Years of working as an employee taught me that my day-to-day should look like a 9-5 job Monday to Friday; consequently, I have difficulty taking advantage of quieter times. As hard as it may be, learning to appreciate and take advantage of the paradoxical respite that slower periods bring is key; you never know how long they'll last! Once your business begins to grow and customers start flooding in, you'll look back on the quiet days with fondness.

There are days when you feel like your head is going to explode

It's absolutely normal to feel overwhelmed when running a business. It almost seems like the more you do, the more there is for you to do! But before completely panicking and feeling like your head is going to explode, remember that this type of stress is part of the job. It's important to take a step back and assess what needs to be done and prioritise tasks accordingly.

Your first paid invoice is the best feeling ever!

The best feeling you can have as a business person is receiving your first paid invoice! It means that someone was willing to pay money for the work you've done, which can be both validating and empowering. It doesn't matter if your customer was a large corporation or a single person--all that matters is that they had confidence in your product or service enough to hand over their hard-earned cash. It's concrete proof that all of your effort, dedication, and hard work actually paid off.

Technology is your friend

If you're running a small business, technology is your new best friend! In the age of computers and smart devices, many mundane tasks that used to take up precious time can now be completed with just a few button clicks. Whether it's accounting or customer relationship management, there are plenty of solutions available that can streamline your workflow and help bring success to your company. Looking for assistance with operations? There's an app for that!

Networking can be uncomfortable

Networking can be an intimidating task, especially if you’re an introvert. Making sure you have the right conversations and giving a good impression all while trying to connect with strangers, can be quite a daunting experience. If you don’t have much practice, chances are that these interactions will feel awkward and uncomfortable. I for one, do not enjoy it! However, it’s worth investing some energy into networking as developing relationships with interesting and influential people has the ability to open up so many incredible opportunities!

Referrals from existing clients make the best leads

When looking for new leads, referrals from existing clients can be incredibly useful. Hearing first-hand accounts of satisfaction and success with your services directly from other customers is more convincing than any marketing message. It’s also a great way to spread the word and build trust in your brand. Plus, customers who come referred already have an established relationship with you so they’re more likely to purchase and remain loyal. The best part? Referrals from current clients cost nothing but your gratitude.

You will spend a lot of time outside of your comfort zone

Starting a small business is an exciting journey, but it can also be really intimidating. Everywhere you turn there's something new to learn. There are no cheat codes here; everything requires hard work and determination. It means pushing yourself out of your comfort zone and taking chances. It means investing in yourself, trusting your instincts and making decisions independently. Working long hours with nobody around to help prod you along. This is what it truly takes to be an entrepreneur - but believe me, it's worth it!

So there you have it, starting a business is not for the faint-hearted but if you’re prepared to put in the hard work it can be immensely rewarding.

Is starting a business hard? Yes

Is starting a business scary? Yes

Is starting a business worth it? Yes!

If you would like admin support getting your business off the ground get in touch, we have a range of services available to help small businesses grow. You may find my blog 16 Admin Tasks to Consider When Starting a New Business useful too.