Last month I shared the first five of my ten truths about what it’s like to start a business. It’s not easy to survive the first two years of business, let alone thrive. Here’s the second half of my two-part series on what you need to know before you dive in to a start-up.
6. Be prepared to work for free
Here is where I tell you I didn’t pay myself for over two years. I had a start-up savings fund and a small amount of equity that funded my survival in the beginning. Every dollar I earned I reinvested straight into the business. The more I put in, the more I got out. This gave me greater capacity to increase my stock, my services, my team and as a result my sales.
7. People buy from people not companies
Customers and business to business referrers will form their opinion of the way you do business, and this forms your reputation. You are always on show. Standby your word, be a good person. It’s about attracting fans and cheerleaders to endorse you on repeat.
8. Luck plays a big part
Whether or not you believe in quantum physics, the law of attraction, fate, destiny, angels or guides, what I know is that when you find your flow, if you really love what you are doing, you are consistent and committed, there are moments of absolute magic.
9. Immerse yourself in the proven facts about your business
I’m talking the C word – cashflow. Cashflow challenges you to level with yourself and your business every day. If the money coming in doesn’t cover the money going out what are you even doing? Find ways and create strategies that ensure you have income 52 weeks of the year. Eliminate risks and maximise opportunity.
10. Always find your way back to your core values
You need core values from the beginning. They will keep you grounded. Be proud of the brand you are creating, your work ethic and the value you add to your clients. Create alliances with good people and surround yourself with people who share or ignite your purpose. This starts and ends with you and you alone.
Sara James, Founder, Perth Style Co