12.6 C
London
Saturday, October 1, 2022

Four lessons learned about starting a business

Must read

Jimena Sanchez’s Biography Age, Dimensions, Husband

Who is Jimena Sanchez? Jimena Sanchez was born in Mexico City, on September 28, 1982 – her zodiac sign is Libra and she is of...

Hurricane Ian strengthens, aim for South Carolina after Florida

Hurricane Ian made landfall near Georgetown, South Carolina, Friday afternoon, knocking out power to more than 200,000 homes and businesses.Ian made landfall as a...

Google appears to have disabled Google Translate in parts of China • londonbusinessblog.com

Update September 30, 2022, 6:48 PM ET: A Google spokesperson told londonbusinessblog.com via email that the company has discontinued Google Translate in mainland China...

It’s AI Day for Tesla, but we’re here for the cringey lyrics • londonbusinessblog.com

To get a roundup of londonbusinessblog.com's biggest and most important stories delivered to your inbox every day at 3 p.m. PDT, subscribe here. Happy Friday!...
Shreya Christinahttps://londonbusinessblog.com
Shreya has been with londonbusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider londonbusinessblog.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

Co-founder and CEO, Berkley

Raising money for your business is always exciting, but for many entrepreneurs, nothing beats the feeling of starting your own business and owning 100% of it.

No investors, no bank and no one to report to seems pretty cool, right? But don’t be so quick to assume. If you choose not to raise money and don’t understand how much financial stress this route can put on your business, you could be sacrificing your own growth. Want to hire that awesome VP? Sorry, you may not be able to afford that because you have to pay payroll and pay your suppliers.

So, how are you going to successfully bootstrap your business? Here are some of the most important considerations to keep in mind.

1. Always sell.

Without sales you have nothing. At least, this is the case in the bootstrap business world. Businesses that raise significant amounts of money may be able to get away without making any sales for a while, but when you’re bootstrapped, selling is the thing that keeps you in business.

To get started, focus on your customers and understand their needs. Understanding their needs may even lead you to update, change, and improve your product or service.

This is your lifeline and your only lifeline. I had just graduated with no sales experience when I decided to start my own company. I picked up the phone and made hundreds of cold calls a day. I recorded myself, watched the recordings and got better and better and talked to prospects about my company.

You have to get out of your comfort zone and put yourself out there.

2. Don’t expect to make millions.

I reinvested every dollar in business for the first six years. I took no salary the first year and a very small salary and no commission for the next five years. We needed every dollar to grow and make great hires. I had friends who made more money than me, but we worked it out and built a foundation for future scale. I saw the bigger picture and the future.

My company now has over 50 employees and has grown significantly in revenue. Because of those early decisions that we made and run the business to always be profitable, my business has a solid foundation that we can scale.

However, it is not always easy to get through those challenging early years. Therefore, stay laser-focused on your vision. You started your business and your customers buy your product for a reason. Stay true to yourself and know that there is a greater whole here. Working on a shoestring budget for a few years and losing sleep can pay off for the rest of your life.

I also suggest finding a co-founder, business partner, or mentor with whom you can talk about struggles and hurdles. Having someone by your side with whom you can discuss ideas is invaluable.

3. Find ways to make the journey less lonely.

I will never forget when my roommate came home from a night out as I left for work in the morning. If you’re an entrepreneur, you might find that all of your friends got great jobs and immediately made friends at work. They have happy hours at work, off-site retreats – all that fun stuff.

Meanwhile, you are in your office on the phone making a dollar. Again, I cannot emphasize enough how valuable a co-founder can be to your journey. My father is my business partner and mentor. Without him and those thousands of conversations we’ve had, our company wouldn’t be where it is today. Share your thoughts and feelings with your mentor. Sometimes you can feel better just saying things out loud. Get in touch with other entrepreneurs. I promise you, they go through the same things you do. There’s comfort in that. Drop your ego and don’t go it alone.

4. Be okay with being scared.

Starting a business is scary. It’s your own money. You’ll have to work early mornings and late at night and probably won’t be able to make much money from the business for a while.

Every company also reaches a stage where they have to take the next leap. As we grew, we had to hire some big and expensive people to keep growing. You can’t do it all alone. As we grew even more, we had to take that next big step and open a new office and invest millions in new salaries to bring in top talent.

It’s scary to make that next jump. You’ve worked so hard to get to where you are today, and you’re jumping into the unknown. Again, you’re investing all your hard-earned money back into the business. And it never stops if you want to keep growing.

But you just have to do it. As Maverick says in Top Gun, “Don’t think. Just do it.” Maybe you tell yourself 100 stories in your head and make up excuses for not doing something for the company. But I believe that if you don’t scare yourself a little, you’re not pushing yourself to the limit. Life is all about the experience. Even if you fail, wouldn’t you rather look back in 20 years and be glad you tried, instead of always wondering, “What if?” You don’t want regrets in life.

I won’t exaggerate: starting and starting a business is difficult. Really difficult. But hitting the lowest lows and pushing yourself beyond your limits can help you come out stronger. It makes you more resilient, not only in the business world, but also in your personal life.


londonbusinessblog.com Business Council is the leading growth and networking organization for entrepreneurs and leaders. Am I eligible?


More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

Jimena Sanchez’s Biography Age, Dimensions, Husband

Who is Jimena Sanchez? Jimena Sanchez was born in Mexico City, on September 28, 1982 – her zodiac sign is Libra and she is of...

Hurricane Ian strengthens, aim for South Carolina after Florida

Hurricane Ian made landfall near Georgetown, South Carolina, Friday afternoon, knocking out power to more than 200,000 homes and businesses.Ian made landfall as a...

Google appears to have disabled Google Translate in parts of China • londonbusinessblog.com

Update September 30, 2022, 6:48 PM ET: A Google spokesperson told londonbusinessblog.com via email that the company has discontinued Google Translate in mainland China...

It’s AI Day for Tesla, but we’re here for the cringey lyrics • londonbusinessblog.com

To get a roundup of londonbusinessblog.com's biggest and most important stories delivered to your inbox every day at 3 p.m. PDT, subscribe here. Happy Friday!...

Warner Bros. Discovery is ‘definitely not for sale,’ says CEO

David Zaslav, CEO of Warner Bros. Discovery, appears to be trying to quell rumors that he wants to sell the company to companies...