When I launched my business, I was bombarded with alarming tales from other entrepreneurs. They shared their struggles, from sleepless nights worrying about payroll to working in their parents' garages for an entire year.
Thankfully, I’ve avoided those nightmares, but I faced numerous challenges that shaped my early journey. Here are six insights I wish I’d received before opening my doors:
1) Master the Art of Saying No
With a background in various agencies, I entered the business world with a solid vision of my ideal clients. However, I never expected that saying “no” would become a frequent necessity—whether due to misaligned budgets or unsuitable projects. Turning down opportunities can be nerve-wracking, but prioritizing the right fit for my agency is essential for fostering a positive work environment for my team.
2) Prioritize Energy Management Alongside Time
Entrepreneurs often seek innovative ways to maximize productivity. Yet, it’s crucial to manage not just our schedules but also our energy levels. I’m still working on this, but I’ve learned to schedule breaks for walks, hydration, and reflection to recharge. Protecting my time means ensuring that meetings are meaningful and beneficial—whether for the business or with loved ones.
3) Navigating Credit Can Be Challenging
Despite having a strong credit history and minimal personal debt, securing business credit was a struggle. I needed my accountant's help to establish my initial credit line, and I had to use personal savings as collateral. It took years before I could access credit options that truly met my business needs. For anyone considering starting a business, consult with your accountant early about credit possibilities.
4) Recognize Your Key Supporters and Nurture Them
Building a successful culture requires understanding the qualities you need in your team. Identifying these “ride or die” colleagues is crucial, as they significantly contribute to our success. They embody our values and provide exceptional customer service. To retain top talent, I ensure our benefits are competitive and recently introduced a shareholder program for those who treat the business as their own.
5) Gender Bias Still Exists, and Support Isn’t Guaranteed
As a female entrepreneur, I was surprised by the obstacles I faced. From intrusive questions about family plans to assumptions about my role, I realized that gender bias is still prevalent. Even more disheartening is that sometimes, support from fellow women is lacking. I've found unexpected allies among men in my journey. These experiences motivate me to foster a culture of mutual support, driven by performance rather than gender.
6) Embrace an Abundance Mindset
Adopting an abundance mentality can transform how we approach business relationships. I believe there’s enough opportunity for everyone, and I’m grateful for the network of agencies I can refer clients to when they’re not the right fit for us. Conversely, viewing the market as limited can hinder success. If you envision endless possibilities, your potential will expand; if you see constraints, that’s what you’ll encounter.
