Three lessons I learnt about starting a business?

Starting, building, and growing a business, tests your resilience and your patience. Selling a business was another set of similar tests for me as well. I started a wealth advice firm back in 2014, selling and exiting in 2022. I did this to follow my passion for coaching/mentoring business leaders on the lifestyle required to not only be an effective leader, but to be the most successful version of themselves. These journeys have taught me a lot. But, here are the THREE things I believe are most critical when starting out.

1) 𝐃𝐨𝐧’𝐭 𝐠𝐨 𝐢𝐭 𝐚𝐥𝐨𝐧𝐞: I wish I had not started the wealth advice firm alone. It was a tough journey. A partner can also challenge your thinking, share the tasks/work load, but also bring their own experience, knowledge and personality to the business.

In saying this, I have done it again! Launched my coaching business back in 2019…..alone! This time it was an active choice…BUT…I have engaged people to support me along the journey.

– Accountant

– Lawyer

– Mentor

– Marketing/Branding/Design expert

2) 𝐘𝐨𝐮𝐫 𝐫𝐨𝐮𝐭𝐢𝐧𝐞 𝐰𝐢𝐥𝐥 𝐞𝐢𝐭𝐡𝐞𝐫 𝐬𝐮𝐩𝐩𝐨𝐫𝐭 𝐲𝐨𝐮𝐫 𝐣𝐨𝐮𝐫𝐧𝐞𝐲, 𝐨𝐫 𝐡𝐨𝐥𝐝 𝐲𝐨𝐮 𝐛𝐚𝐜𝐤. You need to stack the odds in your favor. What do I mean? Running a business is demanding, stressful and consumes many hours of the day. So, you can invest in yourself through having a routine that is focused around your health, mindset, nutrition, movement and stress management. OR, you can eat poorly, drink too much, wake up whenever you feel like it, not bother moving each day and never see your family. You choose!

3) The business needs to be something you are truly passionate about – believe in – love to do. Starting a business purely because you think it is a good way to make money, will quickly make you very poor. Lesson learnt from my experience from starting a wealth advice firm. Do what you enjoy and the money will come. Love the relationships you build with people and believe in your product/service, ‘success’ will be achieved. DON’T HUNT THE DOLLARS!

Business is rewarding, challenging, testing and all those things. But most importantly, it is a journey that should be done with support, guidance and a positive headspace.