What I wish i knew at the beginning of my business
Starting a business is an exciting, nerve-wracking adventure. It’s full of unknowns, highs, lows, and lessons learned the hard way. Looking back, there are a few things I wish someone had told me. If you're just starting out or even if you’ve been running your business for a while, these tips might save you a few headaches!
1. Understanding Finance is Non-Negotiable
When you’re passionate about your business, it’s easy to overlook the numbers. But the reality is, understanding your financials is one of the most powerful tools you can have. Knowing how to read a Profit & Loss (P&L) statement and the difference between fixed and variable costs is crucial.
Please explain: A P&L helps you track what you’re earning versus spending, so you can stay on top of profits. Fixed costs (like rent) remain the same, while variable costs (like materials) fluctuate with sales. Mastering these early will give you a solid foundation.
CTA: "If you're unsure about your numbers, now’s the time to dive into it. Ask questions and use Goole or Chat GPT to get a better understanding!"
2. Marketing is a Numbers Game, Not an Emotional One
We all love a good creative campaign, but in the end, it’s the data that drives success. Marketing is more about numbers and less about feelings.
Please explain: It’s not enough to create pretty ads or exciting posts. You need to track analytics like engagement rates, conversion rates, and return on investment (ROI). The data will tell you what’s working—and what isn’t—so you can tweak and improve your approach.
CTA: "Check your analytics once a month to see what's working and what’s not. Test, track, and repeat!"
3. You Must Embrace Change (or Risk Becoming Irrelevant)
No matter how perfect your plan seems, things won’t always go according to it. Being flexible and ready to pivot is essential.
Please explain: Just look at brands like Kodak and Tupperware—they failed to adapt, and it hurt them big time. Stay in tune with market changes and be ready to problem-solve and adapt on the fly.
CTA: "Have you been working on your biz, not just in it? Remember to take a step back and assess how things are going frequently!
4. There Are No Friends in Business (But That’s Okay)
Business isn’t personal. Even though you’ll collaborate and connect with others, remember that everyone has their own agenda—and that’s not a bad thing.
Please explain: Collaboration is key to growth, but always be clear about what both parties are aiming for. It’s okay to make sure your goals align and protect your interests.
CTA: "Collaborate, but do your homework. It’s business!"
5. Mindset is Everything
Entrepreneurship is a rollercoaster full of highs and lows. Your mindset can make or break your experience.
Please explain: The journey can feel lonely, especially when things aren’t going your way. Maintaining a strong mindset, embracing mindfulness, and setting boundaries will help you ride out the tough days.
CTA: "What’s one mindset shift you’ve made that helped you overcome a business hurdle?"
In conclusion: These are just a few things I’ve learned along the way. The business journey is never straightforward, but the more you embrace these lessons, the stronger and more resilient you’ll become.
Running a business is full of learning curves, but embracing these lessons early on can set you up for long-term success. Remember, it’s not about getting everything perfect, but about staying flexible, tracking your progress, and keeping a strong mindset along the way.
If you ever feel stuck or need extra support, please don’t hesitate to reach out. I offer coaching and mentoring and absolutely love helping fellow businesses succeed. Your success is my success, and I’m here to guide you every step of the way!