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Lessons from My First Year in Business
Starting a business is an exciting yet challenging journey. Having gained valuable insights from my experiences and errors over the past year, I have learned a few important lessons that could benefit fellow entrepreneurs on their journeys.
Always Start with a Plan
Do not start anything without a plan, not even picking a business name. Naming your business marks the beginning of branding, and effective branding relies on a clear direction. Your business plan is your guide, laying out financial details, goals, and business direction. Your business name should mirror your identity, values, and mission.
I remember when I was a kid, I dreamed of becoming a lawyer. I often listened to a radio show where lawyers gave advice to callers. One day, a caller named Baby Boy wanted to change his name because it was embarrassing to be called that at 65 years old. This story has always stuck with me because it illustrates the importance of choosing a name that reflects your identity and stands the test of time. Just as Baby Boy struggled with his name, a business can struggle without a strong, clear identity.
This lesson came to mind recently when a former colleague asked me to partner with her in starting a branding agency. I went to the first meeting thinking she had a clear plan. But to my disappointment, we only wasted our time because she had no plan, even though she already had partners and a name in mind. I was shocked at how unprepared she was, considering we had been in the same industry for over ten years. She wanted to start a branding business but did not understand the importance of strategy and planning before diving into branding activities, which made it difficult for me to take her seriously.
Your business plan will define your direction and should come first. This plan will guide you in building your brand, and your business name is a foundational aspect of that brand. Just as Baby Boy’s name caused him personal challenges, a poorly chosen business name or a lack of planning can lead to significant hurdles in your business journey. Without a clear plan, your business name may not effectively represent your mission and values, causing confusion and missed opportunities.
Choose Your Partners Wisely
Business partnerships are like marriages. You do not just marry someone because you love them; they should also be the right fit for your life. Similarly, your business partners should complement your skills and share your vision.
Consider how well potential partners complement your skills and resources. In the recent partnership offer I received, the proposed partnership did not match my strengths and weaknesses. Both of us were good at managing clients, but I also had a strong background in creative strategy and design, while all she brought was client management. She wanted to add another partner to handle design work, even though she knew I was a former Art Director. She was thinking narrowly and forgot that we might need a great salesperson instead.
In this offer, people with similar skills to mine—without any additional capital or resources—wanted to partner with me. I could not make any sense of the offer. I already had my agency, and they had no other resources to offer except skills that overlapped with mine. A successful partnership should balance out your weaknesses and leverage your strengths. If my partners could handle pitches and sales calls, I would have taken the offer more seriously.
Think about the skills you and your potential partners bring to the table. If everyone is good at the same thing, what good would that do? For example, if you are great at marketing but hate sales calls, find a partner who excels at sales. This way, you can focus on your strengths and support each other where you might struggle.
Do Not Expect Equal Enthusiasm from Your Close Circle
We all hope for support from our loved ones; however, you cannot expect them to be as passionate about your business as you are. Think of your business as your baby. You may be willing to sacrifice everything for it, but your friends and family have their own lives and priorities. They will offer help and support, but it will not match the love and care you give.
Be Cautious About Selling to Family and Friends
Selling to close family and friends, especially if it is a service, can be tricky. They might expect discounts or freebies, which can strain relationships and affect your business. Here are a few scenarios you might encounter:
- You charge them the full amount, and they get upset
- You offer a discount, and they still feel they're paying too much
- You do it for free, and soon everyone expects free services
These situations can create tension and set unrealistic expectations. Establish clear boundaries and communicate the value of your work. Ensure that your relationships don't undermine your business's financial stability.
Expertise Alone Is Not Enough
Being an expert in your field does not guarantee business success; be ready to keep learning even the things that least excite you.
When I founded UpBrand, I quickly realized that knowing my craft was not enough, especially given my limited capital. I needed to learn to balance spreadsheets, build a website, write copy, file taxes, and sell effectively. Despite my solid grasp of branding and marketing, sales calls and pitches were challenging for me as I was not the most confident and articulate person. I had great tips, advice, and ideas that I struggled to verbally communicate with my prospects. Coupled with my social anxiety, it was often a complete disaster of a pitch, making it hard to gain clients' trust. My nervousness and lack of articulation hindered my ability to secure new clients for a while.
Burnout is Almost Inevitable
Burnout is a common challenge for entrepreneurs, especially at the beginning of the journey. The intense workload and lack of immediate rewards can highly impact your mental and physical health. During my first year, I experienced burnout and had to take a pause. My core team at UpBrand stepped up, ensuring our clients continued to receive the best service while I recovered. This break was crucial, as pushing through could have compromised the quality of our work.
This experience highlighted the importance of having a supportive team. When you choose the right people to work with, they can help sustain the business during tough times.
Burnout is often higher for solopreneurs because they handle everything themselves, making the workload unmanageable. It is vital to recognize the signs of burnout and take steps to prevent it, such as delegating tasks and ensuring that you have a reliable support system.
Running a business involves continuous learning and adapting. Each challenge teaches you something new, and every mistake is an opportunity to grow. And when you think you have everything covered, trust me when I say that you don't. Whatever that thing is, it will come out to show itself to you sooner or later. Just embrace the journey and keep pushing forward.
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