Running your own small business is extremely rewarding, but it can also be very challenging. Even if you do plenty of research beforehand and get advice from other small business owners, nothing quite prepares you for taking the leap and setting up on your own.
I’ve been running my own small marketing business since 2010, but I’m still learning new things all the time. Being self-employed isn’t always easy, but I absolutely love it and it has taught me so much.
Here are the biggest lessons I’ve learned over the years while running a small business.
1. Taking a holiday is important
When you run your own business, there’s nobody to tell you when you should take your holidays. In theory that sounds great as you can take holidays whenever you want! But in reality, it probably means you won’t take any holidays at all. It’s easy to think that time off = no earnings, so you’re tempted to work as much as possible.
But by doing that, you get burned out quickly. It’s really important to take regular holidays to keep you feeling sane, happy and motivated. I read somewhere that it’s not about asking “Have I worked enough to deserve a rest?” but “Have I rested enough to do my best work?” That really stuck with me.
In the beginning, I noticed that I usually started to wane around six to eight weeks after taking time off. But by then, I already had taken on enough work for the next few weeks and couldn’t take any time off until much later. So I started to block some time off in my diary every six to seven weeks and made a deal with myself that I can move it by a week if needed but that I can’t delete it.
It really makes a big difference to have days set aside for holidays in advance. It’s the best way to avoid booking meetings or important client work during this time.
I have written a whole post on how I balance work and life as a small business owner here!
2. Planning is key
No matter how much you work, there will always be more to do. So, if you’re doing work without making any plans, you’re at risk of feeling like you’re working all the time but not seeing any progress. You’ll end up feeling disorganised and overwhelmed, and you might end up working long hours to get tasks done.
I have found that planning my to-do list and managing my time have been vital for keeping my sanity – and my productivity levels up. I usually set daily, weekly and monthly to-dos to keep on track. The important thing is to keep things realistic, especially with daily tasks – what can you reasonably get done in one working day? This makes it easier to break down big projects into more manageable individual tasks.
Also, I never plan for more than 60% of my allocated time on any given day. That’s a great way to account for phone calls, last-minute jobs and other surprises. And it gives you a lovely buffer if you’re on a roll or it’s a sunny day and you wouldn’t mind clocking off a bit earlier to go for a walk.
Plus, if you have a realistic daily to-do list, you’ll feel accomplished when you tick it all off by the end of the day and you won’t feel guilty about leaving your desk. It’s a win-win.
3. You’re learning constantly
The thing I love most about running my own small business is that there’s always an opportunity to keep learning. Even if you’re an expert in your field, there’s always a chance to learn more. In business, there are constantly new things to try out, new research to read up on and new courses to take.
Within your own business, keep an eye out for processes that can be optimised or things that can be updated. When it comes to clients, make sure you’re giving them up-to-date information and using the latest strategies. With so many new challenges cropping up all the time, it makes running a business fun – and it never gets boring!
Check out my post on the best online learning platforms for small business owners for more on this!
4. Switch up where you work
When you first become self-employed, it can be tempting to work from the sofa in your pyjamas. As great as that sounds, many people will find that soon, it impacts their productivity. On top of that, it can make keeping your work-life balance in check difficult.
Nowadays, we have the option to be super flexible with our workspaces. We can alternate between working from home and using a co-working space. Hire an office full-time or for a couple of days a week, or work from work-friendly cafes. When you work for yourself, you might even have the opportunity to travel and work remotely as you go! A balcony table overlooking the beach could be your office for a while.
The point is, there are so many possibilities, and it means that when running your own business, you can switch things up regularly. That flexibility is one of the things that attracts people to being freelance/self-employed in the first place. So don’t get stuck in the habit of working in one place if it isn’t where you’re happiest and most productive. Especially if you’re working alone!
The most important thing is to make sure you have a work area that’s separate from your living area. Whether that is a home office you can close the door on at the end of the day or a workspace outside of the house. This makes it so much easier to switch off from work at the end of the day. You need to be able to forget about work for a while and go back to having a life, surrounded by lovely people!
Read more about the pros and cons of home office vs rented office.
5. It all depends on you
When it’s just you in the business, you – and you alone – are the one to make it work. If you don’t care about the business, nobody else will.
That’s not to say you should be working yourself to the bone (see the holiday point above!). And you don’t have to do it alone either. But as a business owner, you are the driving force, the one who keeps things moving and who has the vision to steer the boat.
It’s the beauty, but also the curse! You have to remember it’s all up to you, which means there’s no-one to tell you to stop working and go home. No-one to have the hard conversations or make the tough decisions for you.
But as scary as that might initially be, it also means you’re calling the shots. For example, if the business as it is is no longer working for you, you can change it. You’re the one who can make sure that your work helps you to achieve not just your business but also your personal goals. And that is very powerful.
6. Be prepared for things to change
Speaking of change, things are constantly changing, and you need to be prepared for this. Your competition might launch a new product, your clients might have new requirements, a new piece of technology might be released, new marketing strategies might become popular, and even new laws can come into force which affect your business.
I’ve learned that it’s important not to be afraid of change, and staying flexible is one of the best things you can do when running a small business! It can actually be a great thing to help you shake up your business and reevaluate your strategies. As mentioned above, it’s important to know that it’s okay to change or adapt your business whenever you need to (or want to).
So make sure that you’re regularly (not on a weekly basis, of course, but at least once a year) evaluating where you’re at: Are things still working for you? Are they still working for your ideal client? Or has another solution to their problems become available that you need to consider?
Just because your business started out in one niche, that doesn’t mean it has to stay there forever. As mentioned above, if you feel like your priorities have changed or you want to focus on something else, go for it. Know that when it’s your business, anything, from what you do day to day to the literal name of the business is up for grabs if you need to make a change!
7. You do a lot of jobs
When you’re self-employed, you do a lot of different jobs. Yes, I’m a marketing consultant. But I’m also an accountant, an administrator, a sales manager, a social media manager… the list goes on! As a small business owner, you’re responsible for all aspects of the business – from being the face of the company all the way to filing receipts.
The truth is, you’ll probably only spend 50% of your time doing your actual job! The rest of the time will be taken up with admin, marketing and other tasks you can’t put off forever. So, while rewarding, working for yourself involves a lot of juggling.
But I’ve learned that you don’t have to do all these jobs alone. It’s okay to ask for help and spend a little bit of money on hiring an accountant, virtual assistant or marketing professional.
I understood early on that outsourcing things I’m not good at or don’t want to spend my time on to somebody who loves doing it is a win-win. Everybody ends up doing what they do best!
So, instead of worrying about little tasks, you’ll be able to concentrate on doing the projects you love. That’s why you started your own business, after all.
Find out more about the different jobs you can get help with in my 12 Design and Marketing Job Definitions post!
8. You can do it your way
Just because everyone else is doing something, it doesn’t mean that you have to do it, too. What works for someone else won’t necessarily work for you. And the beauty of running your own small business is that you can do things exactly how you want.
And for that, it’s important to find out what works for you and that goes for both your business and your marketing.
When are you most productive? What type of work do you enjoy the most and what can you offer that’s valuable? Ask yourself what’s important to you – both in work and in life? Don’t get sucked into following what works for someone else without considering what’s unique about you and your business.
In line with this, I’ve seen how easy it is for people to drastically change course to please digital platforms. Your marketing has to work for two people, and neither one of them is “the algorithm”! The only people who matter are you and your ideal customer.
What defines your business and your marketing are your goals, skills, preferences and values together with the wants and needs of your ideal clients, the problem you solve for them and where they hang out. Nothing else.
9. It can get lonely
Working for yourself – and by yourself – can get lonely pretty quickly. If you work from home, you could easily go hours without talking to anyone. Sometimes that’s great when you need to get in the zone and be really productive, but other times it can feel quite lonely.
So don’t let that fester! Make it a priority to attend networking events where you can spark up friendships, follow other small business owners on LinkedIn or consider joining a co-working space so you’re surrounded by ‘colleagues’.
And once you’ve connected, you can suggest meeting for lunch or a coffee after work one day a week to ensure your work life balance is being prioritised! By doing this, you’ll put yourself in a good position for the next lesson in this list…
10. Build a support network
It is absolutely vital to have a good group of people around you who you can run to any time you need advice or feedback. It’s even more vital that these people will be honest with you! You need people who will (kindly!) give it to you straight, not just agree with you on everything.
I’m really lucky to have a few groups of people, with other sole traders, freelancers and small business owners who I can turn to. They’re more like groups of friends than any sort of mentoring group. But it’s the sort of people you can be really honest with about the tougher aspects of running a business, and who celebrate your wins with you.
Friends who are employed can, of course, lend a shoulder. But friends who are also in the thick of it running their own business can understand the ins and outs, regardless of their background or industry. Knowing you have people you can feel safe to be open with and ask for feedback from is an invaluable thing. Because yes, it is your own business. But that doesn’t mean you have to do it on your own.
11. You need an outside perspective
Especially if you’re busy running your business, a fresh set of eyes is invaluable. It can feel uncomfortable reaching out to other people for help, especially if it’s something you do yourself! Marketers can struggle with their own marketing, designers can struggle with their own designs, even accountants can struggle with their own accounts! The reason? We get stuck in our own heads.
When you’re too close to the business it can be hard to see things clearly. And you can end up wasting so much time trying to push through and figure it out. Instead, reaching out to someone who isn’t involved, whether that’s a friend or a consultant, can be a much better solution! Maybe you can even find someone to do a skills swap with, giving both of you that needed outside perspective.
Alternatively, read a book, listen to a podcast or attend a workshop relevant to the topic you’re stick on – anything to get you out of your head and exploring new ideas. You’ll be so grateful for the time saved and the stress alleviated!
12. Marketing is a filter
Marketing is not about generating just any new business. Your marketing should be designed to attract your ideal clients and your preferred projects and work. This is why it’s so important to know who your favourite customers are and get to know them inside out.
This is also a great way to manage your potential clients’ expectations by explaining exactly what you do and what they can expect from you. The people who are the right fit will be attracted by that and the people who are not will be put off. And that’s a good thing! Because “everyone” is not your customer.
In this way, you filter down your client or customer base and end up working with just the right people on just the right projects. It’ll make everything more fun and will drastically improve your conversion rate, customer satisfaction – and they will be happy to pay your rates.
13. Get your pricing right
It’s an unfortunate truth that getting your pricing right will impact every aspect of your business – and life outside it!
It’s not just about how much you think your product or service in and of itself if worth. You need to know:
- What you need to cover costs, taxes and savings.
- How much you want/are able to work.
- How long it takes you to do things.
- And how much clients are willing/able to pay.
In running my own small business, I’ve learned that figuring this out isn’t just helpful. The reality is that if we can’t make enough money, we won’t be around for long. And as scary a thought as that is, by sitting down with those four points above and really taking the time to work it out, your life will be so much easier!
No more watching money leave and enter your bank account in a panic, hoping for the best. No more guess work, selling yourself short or trying to cut corners. Having a handle on your pricing and setting it at what you actually need it to be will be a game changer.
14. Celebrate your wins
Taking the time to celebrate your wins is absolutely vital! And a win is a win, however small.
I think there are a couple of reasons why we struggle with this as business owners. The first is that if change and growth is happening slowly, it can feel like we’re not growing at all. Which is not the case! But when things are just ticking along, it can be easy to totally miss how far we’ve come.
The other is that we’re very used to not celebrating ourselves. We’ve often been told not to brag or to push ourselves into the centre of attention. It feels like showing off, and that can be really uncomfortable. But it Isn’t and shouldn’t be!
Running your own business is hard! It takes passion and motivation and flexibility. Did you know that only 30% of businesses make it to 10+ years, and only 5% reach 20 years?! That means that every month your business continues on – every client you sign up and every sale you make – is a big deal! It also means that the tough months aren’t unusual. You aren’t alone. And that too is worth recognising.
So, whether we celebrate on your own or out loud and tell everyone about it, it’s important to take stock regularly and see how far we’ve come.
15. It’s really, really fun
Above all, having your own small business is really fun! It’s definitely the best decision I’ve ever made. Yes, there are lots of challenges, but the rewards are huge.
Working for yourself gives you the opportunity to do what you love, be creative and try something new. This has completely turned my working day upside down, and it doesn’t even feel like work anymore.
If you can find something that you love, you’re good at and which makes you enough money… you’re on to a winner!
KEEP READING
To read more about this topic, have a look at these:
Home Office vs Rented Office: Which is Best for Your Small Business?
10 Things I’ve Learned in 10 Years of Small Business Blogging
What Does Success Mean to You and Your Small Business?
Lessons I’ve Learned in 5 Years of Business Networking
