5 things every business owner learns the hard way

This week is Global Entrepreneurship Week #GEW2017, celebrating entrepreneurship all over the world. During November around 35,000 events and competitions are expected to take place – connecting millions of participants to potential collaborators, mentors, and even investors across the globe.

The lifeblood of our economy
Entrepreneurs are a vital part of our economy, stimulating future growth. But, being an entrepreneur isn’t always easy. Entrepreneurs often have big dreams – which can hit a harsh reality. These are some of the lessons that many business owners learn the hard way:

  1. Cash is king
    Most new businesses fail not because they aren’t a great idea, but because they don’t manage their cash effectively. Whilst finances might not be your thing, if you are going to make your business dream a reality then this needs to be your priority.
  2. Everything costs more than you think
    It is so easy to underestimate the costs of starting and running your business. There are costs that you don’t expect, such as insurance, website hosting or accountancy fees. Especially if you have come from a corporate background, many of these things were done for you, so you might not even have been aware of them. Always build contingencies into any cost planning and overestimate if you can. That way, an increased profit will be a bonus.
  3. Everything takes longer than you think
    Starting a business can be hugely exciting – but hugely frustrating. You want everything to be done yesterday. But in reality, things do take time and aren’t usually as simple as they seem. Successful entrepreneurs stay focussed on the end goal and keep pushing to get the end result, despite frustrations along the way.
  4. You can’t do everything
    Imagine sitting at a board meeting of an established business – with Directors of Finance, Sales, Operations, Marketing, HR etc all present. Running a business requires different sets of skills, all working together. If you don’t employ staff then HR might not be a priority, but it is still a real challenge to be the finance expert as well as the sales representative. Consider outsourcing tasks that you find harder or more time consuming. Trying to do everything yourself might seem more cost effective, but it can actually drain your finances by mis-using your precious time.
  5. Mistakes are part of the journey
    Mistakes are an inevitable part of business, just as in life. No one gets everything right first time. Sometimes mistakes can be costly – sometimes they can waste time. The best approach is to build up a network of supporters around you that you can turn to for advice and support. View each mistake as a learning experience, that enables you to move forwards.

At Get Ahead VA, we can help. Our highly experienced team of virtual assistants in the UK love to take on the tasks you don’t have time to do, don’t have the skills to do, or simply don’t want to do. From researching customer prospects through to delivering social media campaigns or simply taking on your admin, we allow you to get back to what you do best – growing your business. And if you need support with people management, our HR outsourcing services could be the solution you’re looking for.

To find out more please give us a call on 01483 332220 or email us at office@getaheadva.com. We pride ourselves on being the staff you don’t see, but the difference you do.

Find out more about our services or call 01483 332 220 to discuss in more detail.