Founding a business is not for the faint hearted. It takes courage, hard-work, determination and a massive amount of resilience. It can also be incredibly rewarding both personally and professionally.
I’ve been co-founder of 10 businesses across a range of industries. While I am very proud about the achievements of those organisations, as with everything it has not always been smooth sailing. I’ve learnt a lot of lessons over the last decade. Here are my top ten.
Passion doesn’t pay the bills – cashflow does
It’s very easy to get swept up in the passion of your business, especially during those early stages. Passion is critical for driving business growth. However, it doesn’t pay the bills. You need financial acumen and a healthy cash flow to keep going.
Your first hire will make or break you
Always hire for attitude, as you can train for skills. Our first official hire is still with us today. Her attitude has set the tone for the organisations she works across and has been a driving force in setting a positive cultural tone for the business. You want your staff to elevate your company rather than stifle it.
Sometimes failing fast is the best option
Knowing when to stop and get out is one of the most powerful things you can do in business. If something isn’t working, whether that is a hire, project or idea, don’t keep flogging a dead horse. Step away, even if it hurts to realign on what will bring you true success.
People invest in you, not just the business
When it comes to business, “It’s not what you know, it’s who you know”. People invest in relationships as much as they do the services you offer. If you say you’re going to do something, do it. Respect grows when we stick to our word.
Automation and delegation are lifesavers
If you use automation correctly, it can significantly improve efficiency. However, using it appropriately is crucial. Getting the right people around you, who you trust and respect, to delegate too, can enable you to spend time on the things within your business that can really turn the dial.
Partnerships can be double-edged swords
I’ve had good, bad and some disastrous business partnerships over my career. Picking who you get into business with can make or break you – from both a co-founder and client perspective. Transparency is key in business as it ensures everyone is aligned on expectations.
There’s no one-size-fits-all in marketing
Each business has different challenges that it is looking to address and solve, therefore the approach to each business needs to be specific to solve those challenges. Using a cookie-cutter approach to marketing will prevent your brand from growing.
Adapt or get left behind
Growth is constant, agile and mobile. If something isn’t working, pivot and adapt to the situation. What worked five years ago doesn’t work now. Businesses need to evolve to match the landscape.
You won’t always love it – and that’s okay
Success is not a straight line. It comes in ebbs and flows. As a business owner, you have to be prepared for the bad times, no matter how unpleasant they feel. You need to have them in order to identify the good times.
Celebrate the small wins
Each time we move into a new office, I take a picture to try and remember the moment. It reminds me of how far we’ve come. Business is not all about the grind. For many people, running a business is about something bigger. It fuels a passion and provides a sense of purpose. Watching that grow and be fulfilled is something to celebrate.
