Unsurprisingly, the festive period is where most founders decide to make the jump from employment to self-employment. Perhaps it’s due to the amount of alcohol they consume, or maybe it’s the break from their current job that gets the brain ticking a little.
Founding a business is on one of the most thrilling adventures of your life, but (speaking from experience) it’s not as straightforward as the Christmas rum might have you believing.
As we step into a new year, it’s the perfect time to turn those entrepreneurial dreams into reality. But once the initial excitement fades, you might find yourself wondering, “What the f**k do I do now?” Fear not, dear hungover entrepreneur, as we’ve compiled a list of things for you to crack on with as soon as the paracetamol kicks in.
Learn to Chill the F**k out.
Starting a business can feel like trying to solve a quantum physics in the dark, but remember that every successful entrepreneur started from scratch. It’s okay to feel overwhelmed.
Remind yourself why you started this journey and trust in your ability to figure things out. If in doubt, speak to a founder a little further ahead in their journey and ask for guidance. You’d be surprised just how willing other founders are to help one another.
Clarify Your Vision
One of the best pieces of advice I got as a first time founder was ‘start at the end and work backwards’. Define what success looks like for you. Is it about making a certain amount of profit? Changing the industry? Impacting the community? Or do you just want to be filthy rich at some point.
A clear vision will not only guide your business decisions but also keep you motivated during tough times.
Get Your Finances in Order
It’s easy to get carried away with spending in the early stages, particularly when it’s human nature to run before you can walk. Budgeting and financial planning is a must to ensure you survive the bad months.
It’s important to prepare for unexpected things and don’t rely on being paid on time by customers or suppliers. 2023/24 is predicted to be one of the toughest times in business (congrats!), so your customers will likely be battling with their cashflow forecasts on a daily basis.
The Lean Startup, by Eric Ries is a great book that teaches good principals when bootstrapping a business.
Legal Stuff
Most founders assume the legal side of things to be expensive and super complicated, but nowadays, thanks to companies like Founder Catalyst, you can sort your legal documents yourself and at a fraction of the cost of hiring a lawyer.
The legal side of business isn’t something to ignore or take lightly however. Employment contracts are vitally important to get right before taking on your first employee, as any conflicts later down the line will often refer back to the original contract. The same can be said for customers and suppliers, so you should always seek legal opinion where possible.
Build Your Brand
A brand is supposed to differentiate you from others and allow you to stand out in a crowd, don’t base your brand around ‘fitting in’ because it won’t be remembered.
A brand is way more than just surface level too, a brand is the company culture, how you interact with your customers and even the type of coffee you buy. Be meticulous, do everything by-design and ensure that your brand is reflected throughout the company.
What You Do Is Who You Are by Ben Horowitz is a fantastic book for anyone looking to build a unique culture and brand.
Develop a Marketing Plan
A great product or service deserves to be seen. But marketing is more than just selling; it’s about telling a story.
Who are you? Why should customers care? Your marketing plan should be a mix of strategies tailored to your audience – maybe it’s engaging social media content, SEO, email marketing, or community events. You may even opt to hire a marketing person, or even appoint a marketing company to manage your outward-facing promotion.
Remember, with all marketing, it’s unlikely to generate an immediate return on the investment you make – but it’s important to persevere.
Network & Communities
Networking isn’t just about expanding your contact list; it’s about building relationships that can lead to support, advice, and business opportunities. But, as we all know, the wrong networking event can be soul destroying.
Fortunately, entrepreneurs realise this too, so there are now some great networking events focused around communities, rather than regions. As an example, in Bristol there are ‘Rebel Meetups‘ organised founders, for founders. Included in the free event are some great fireside chats, and some key information shared about a variety of core topics. Rebel Meetups have recently expanded in to other UK territories, so its a group worth keeping an eye on.
Embrace the Learning Curve
S**t will happen and it’s often never as bad as you think it is. Each day will present a different problem, but every problem can be an opportunity. Making mistakes is part of learning and learning to overcome obstacles is possibly one of the most important traits a founder can have.
It’s important to remember that some of the most valuable businesses in the world often started with a mistake. There were even times where Apple only had a month of runway left before certain doom!
Take Care of Yourself
Amid the hustle and bustle, don’t forget about the most important asset of your business – you. Burnout is real, and it’s important to find a balance. Schedule regular breaks, pursue hobbies, and don’t neglect your physical and mental health. A happy entrepreneur leads to a thriving business.
One of the best things we introduced in to our business is Yulife. Yulife is an app that encourages our staff to be active on a daily basis (linked to life insurance). It’s now a competition as to who can top the leaderboard on monthly steps! Fuelled are approved to on-board businesses to the Yulife ecosystem, so please give a member of the team a shout if you’d like more info!
Celebrate Every Win
In the world of entrepreneurship, every step forward deserves recognition. Celebrate the launch of your website, your first sale, or a positive customer review. These small victories build momentum and morale. They remind you of the progress you’re making, no matter how small it might seem.
As with all things, try not to get to high with the highs and too low with the lows, but continue to recognise the achievements you’ve made – no matter how small.
I hope this short post helped in some way, particularly if you managed to hit the first brick wall in the ascent to global domination! There are often tonnes of free resourced out there for you to dive in to – and don’t forget to ask for help if you are struggling.
Stay brave!
Team Fuelled.
We created a comprehensive guide to business insurance for small businesses. Read it here!
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