Did you know that November is National Entrepreneurship Month in South Africa? In the spirit of this, I’m going to discuss 7 things that helped me to start and run my own business. These were realisations I came to while embarking on my entrepreneurial journey, and some of these strategies didn’t dawn on me until a long way into my story.
Here’s what I did that really helped me.
1. I saved before I started
When I decided I would go it alone and quit full-time employment, I created a budget of the essentials I’d need each month, and then I started saving.
For about six months, I put aside money to be used when I became an entrepreneur. During this period, I lived a very parsimonious life. I didn’t go out, and I didn't spend lavishly.
By controlling my expenses, I managed to save more. And by saving more, I had a bigger buffer to rely on when I finally did go it alone.
Lesson Learnt: Cash flow is key. I didn’t want to give up early on because there wasn’t enough money to sustain me.
2. I created a “personal board of directors”
Early on, I created a personal “board of directors” made up of: mentors who had more experience, role models that inspired me, a coach who gave me tools, and entrepreneurial peers that I’d connect with to share learnings with.
These people helped me strengthen my value proposition, improve my branding, and get the basics right - such as charging clients enough (more on this later).
Lesson Learnt: When starting out, it helps to be like a sponge, learning from those who have been in your position before, and those who are on the same journey.
3. I took up speaking opportunities
Something funny happens when you get up on stage and start speaking: people instinctively give you more credibility!
That’s why, as a new entrepreneur, I took many speaking opportunities to create my brand and share what I knew with others.
This taught me that courage is rewarded in society: putting myself out there gave me more speaking opportunities and clients!
I am an introvert and was historically terrified of speaking in front of people, so I had to build my speaking abilities and confidence through Toastmasters. I didn’t want to let my fear of public speaking stand in my way.
Lesson Learnt: Speaking in a public forum can put one in a position of authority, which is hugely helpful when one is starting out.
4. Managing finances well is key
I’ve learnt that the money that’s in the business should not be used for personal reasons. The business is the business - it’s not me.
It becomes very tempting as the business starts to grow to withdraw from the business bank account. But it was absolutely crucial for me not to do so. I separated my finances and put myself on payroll.
Now I have an accountant who helps me to manage my finances properly.
Lesson Learnt: The business is not my own personal bank account. That’s a clear boundary that I don’t cross.
5. I don’t take on every client type
One of the mistakes I made early on was trying to please everyone, and that meant taking on overly demanding clients.
These are clients that made me bend over backwards to please them, and took up a huge amount of my time, resulting in me working for free.
Letting go of these clients helped, and I made sure to have a clear criteria of the types of clients that I could partner with. The more experienced I became, the more I learnt to have healthy boundaries.
Lesson Learnt: In the long run, it’s better to be selective.
6. I am learning to not undersell myself
Another mistake I made was undervaluing what I had to offer. This is something women are often guilty of, and my mentor gave me a reality check: “You’re charging clients too little.”
In fact, this mentor told me that the market would typically charge “double” what I was charging. And so I made sure to adjust my prices accordingly.
7. Perseverance helps me on bad days
Finally, passion is good, but there are some days when I am not in the mood to run a business.
Fine - we all have those days.
But it’s in these moments when I remind myself that I’m doing what I love, and I have a system in place to help me get work done even when I don’t feel like it.
The system is simple: If I’ve committed to someone, then it has to be done because that builds trust. Trust in any relationship is big; it means people can come back to me because they know I’m reliable. I also create a realistic to-do list each day where I only give myself three tasks that are essential and urgent for the day, not more.
By having a system, I don’t rely on passion to do my work. I get work done, build trust, and stay realistic about what I put on my to-do list.
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