What I learnt from starting my own business and how I will do things differently second time around
Back in 2016 I was totally lost. I was faced with the hardest decision I've ever had to make, still to this day I question whether I made the right choice. My maternity leave was coming to an end and I had to choose between returning to the job I loved or staying home with my daughter. So many scenarios running through my mind, weighing up the total cost of travel and childcare. I worked in London, very long hours, and I was offered no flexibility. I made the decision to leave my job. But now what? I needed to do something? Having always been 'crafty' with plenty of Retail experience, I decided to start my own business making nursery products.
As I said, at the time, I was totally lost, not to mention very sleep deprived. Although proud of what I did accomplish, I rushed into things in a bit of a panic, looking back there are so many things I would, and hope to, do differently. I shut up shop when I fell pregnant for the second time early last year, I was really sick and chasing a mad toddler. I couldn't give my business the focus it needed, although not my only reason for stopping. I had planned to come back to it as soon as possible but the sickness stayed with me all pregnancy, then I had a newborn and a toddler! It took a lot longer than planned to return to my business. But the break has given me a lot of time to think - about what I did well, what I could have done better, what I really shouldn't have done! I'm now ready! And I have an exciting new business idea!
As I said, at the time, I was totally lost, not to mention very sleep deprived. Although proud of what I did accomplish, I rushed into things in a bit of a panic, looking back there are so many things I would, and hope to, do differently. I shut up shop when I fell pregnant for the second time early last year, I was really sick and chasing a mad toddler. I couldn't give my business the focus it needed, although not my only reason for stopping. I had planned to come back to it as soon as possible but the sickness stayed with me all pregnancy, then I had a newborn and a toddler! It took a lot longer than planned to return to my business. But the break has given me a lot of time to think - about what I did well, what I could have done better, what I really shouldn't have done! I'm now ready! And I have an exciting new business idea!
Here are some of the things I learnt, and how I will be doing things different second time round -
One big thing I learned, people love to give advice! Just because people are knowledgeable on a subject doesn't necessarily mean they know what's best for you! Always do your own research. It is tempting to follow the advice of others more knowledgeable than yourself, there are a billion things to think about, set up, arrange, sort out, but I urge you, take your time, don't rush in, and do your own research.
One big thing I learned, people love to give advice! Just because people are knowledgeable on a subject doesn't necessarily mean they know what's best for you! Always do your own research. It is tempting to follow the advice of others more knowledgeable than yourself, there are a billion things to think about, set up, arrange, sort out, but I urge you, take your time, don't rush in, and do your own research.
Sole Trader Vs Limited Company
One of my first prioritise was to register with HMRC. I was advised to set up as a Limited Company. Although not necessarily bad advice, the reasoning behind it was valid -
- But it wasn't the right choice for me. I should have really looked in to the advantages and disadvantages of registering as a Limited Company or a Sole Trader, and given it a bit more thought. If I had I would have definitely chosen to set up as a Sole Trader rather than Limited Company. This time round I will be setting up as a Sole Trader.
If you are looking to start up your own small business you will need to register with HMRC, I am not suggesting registering as a LTD Company is wrong or that being a Sole Trader is right. But I do suggest you fully research what is going to be the right choice for you and your business.
By running a Limited Company there is a legal distinction between the business owner and their business. This means that personal assets aren’t exposed – you only stand to lose what you put into the company.
If you are looking to start up your own small business you will need to register with HMRC, I am not suggesting registering as a LTD Company is wrong or that being a Sole Trader is right. But I do suggest you fully research what is going to be the right choice for you and your business.
Having your own website
Following on from some more advice I paid to have my own website. I can see why having your own website is a massive benefit but you can set up free sites which can look great. I was paying out £10+ each month months before I had finished my first product. This time round I will set up a website but it will be a free one. If my company starts doing really well and becomes profitable then paying out for a website may be cost effective. Weigh up the costs and potential financial gain of having your own site and decide if it is right for you. If you think you might like your own website but are not quite there yet - it is possible to buy your domain (Website name) and set up the site at a later date, this should only cost around £10-£20 a year.
You don't need to have a perfect business model on day one
I put an enormous amount of pressure on myself to have everything perfect before I started trading - Website, All social media accounts, a full range of products, all marketing materials, all packaging, a workspace, even a launch party. This only stressed me out and massively delayed my launch. The reality is it is much better to learn as you go, build things up slowly. You don't want to end up with a thousand business cards with a logo you no longer like. This time I will take things much more slowly, test the waters, see what works, get feedback, adapt, change, build. Rome wasn't built in a day and all that.
Don't rush in
I needed another focus, a way to feel like I was contributing, that I was useful, that I wasn't just a mum! I sort of had half an idea and ran with it. I liked what I was making, but I didn't love it. Take time to figure out what you are really passionate about. If you are not totally in love with the idea its never going to be truly successful. To compete in the slightly oversaturated small business world you need to put all your passion, love and hard work behind it to succeed
Don't worry about what anyone else says
I received a quite nasty and accusatory message from a fellow mum with a similar business. It really upset me and knocked my confidence. I was accused of copying when in fact my shop had been opened longer. I really wish I hadn't let it get to me. It has however really made me think about how I treat other small business owners. I was always of the opinion that we lift ourselves by lifting others but it only strengthened this for me. I am always happy to help in any way I am able. I love recommending other small brands and buying from them myself and being there to help and encourage any one in the same boat.
You don't have to do everything yourself
So you might be an excellent sewer but rubbish at graphic design. A brilliant photographer but have limited social marketing experience. From a monetary sense its good to be able to do a lot for yourself, but consider your own strengths and weakness and where it might be wise to seek help. Last time round I attempted to make my own logo, I had a few attempts, I hated all of them. This time round I have had my logo designed by another small business owner. My photography is OK but I know its something I'd really like to improve this time round. I have a friend looking to start her own photography company, she has agreed to do my photography and in return she will have images to start building up a portfolio. Also we can both mention each other in social media posts to boast one another.
Do what's right for you and your business
What's right for one business may not be right for yours. I attended an Etsy sellers course, it was a fantastic day and I learnt a lot. However one of the recommendations was to offer 1-2 days dispatch time. I totally get it! We all want things immediately. I know if I go to order online and I have to wait more than a couple of days it puts me off. But I'm a full time mum. 1-2 days dispatch time is in no way feasible for me right now. Remember just because something works for one person doesn't mean it will work for you. Consider your business and what is right for you.
I am currently working on a new business idea and I am super psyched about it! I am hoping that with everything I learnt over the past few years it will help me build this idea in to a success.
Please follow my progress and 'like', 'follow', 'favourite', my social media accounts and Etsy shop -
Please follow my progress and 'like', 'follow', 'favourite', my social media accounts and Etsy shop -
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