Whether you’ve done it before, or if you’re new to the game, starting and running a business can be a challenge. Quite often you’ll be the receptionist, finance department, marketing department and the customer support department all at once.
Sound off-putting? It shouldn’t be! Becoming your own boss is an opportunity to learn new skills and work on your own terms. Meaning that providing you’re passionate about your business and what you do, work will never feel like work!
We surveyed some of our customers to find out what they learned in their first 2 years of running business. Here are the top lessons you’ll learn owning a business based on feedback from our own customers.
One of the most valuable lessons learned by our entrepreneurs within the first two years of running their business was work ethic. 30% of respondents said that they learned that working hard was important and that striving to always deliver a good service made a difference to the success of their business.
So how do you demonstrate a good work ethic running your own business? Being determined to succeed is a good start. If you’re invested in the success of your business, you’ll naturally find yourself working out ways you can realistically achieve your goals.
Whether we like it or not, money is important when you run a business. 15% of respondents said that within the first 2 years of running their business they realized just how important a factor it was. Budgeting is important to get through quieter periods and you’ll always need to account for smaller costs like travel and printing of sales or marketing materials.
So how can you be better with your money? If finance and number aren’t your thing there are plenty of people out there who can help. A bookkeeper can help you keep track of your day to day transactions and an accountant can help keep you compliant, give you objective business advice and financially plan for the future.
Management and operations
15% of our respondents also said that some of the biggest lessons they learned starting up centered around the importance of management and operations. Having a business plan can help your business grow and keep you on track with regards to what it is you want to achieve. Our entrepreneurs also noted the importance of keeping your paperwork up to date and making sure that contracts are set out in writing.
So how can you ensure you’re managing your business well? Tracking your time and working out what tasks you could outsource can help you focus your efforts. If there is something you spend a lot of time doing that you don’t enjoy or understand then perhaps it’d be better off in the hands of an expert.
Ready to start your own business? We can help you whatever stage of starting up you’re at. Our packages are easy to understand, and we make the process of forming a limited company simple, cheap and easy because nobody likes paperwork and complicated bureaucracy.