If I ever start another business, this is what I'll do.
20 pieces of advice to my future-founder self.
Recently I’ve had a bunch of business ideas buzzing about in my brain. They arrive unannounced and in the most inconvenient moments; while I’m cruising down the freeway, as I’m pumping Taylor Swift at the gym, in the middle of a Zoom call, while wandering the halls of the Uffizi Gallery in Florence (true story).
I haven’t acted on any of these ideas yet but if one strikes me as having the right amount of sizzle I just might, and here’s what I’d tell myself to remember:
Don’t quit your day job my friend. Only go all in on once you’re generating enough cash to cover your personal expenses. Continue consulting for as long as you need and feel no shame! Earn while you learn the skills to make your business sustainable.
Focus on problem, then distribution, then product. Don’t dig into the problem space and go down the rabbit hole designing your offer without funnelling enough attention towards how you’re going to sell it. If you’re smart, your distribution strategy will inform the product you choose. Make life easier for yourself, not harder.
Pay people to pick their brains. If someone has niche expertise or experience that you need but don’t have, reach out and offer them money to jump on a call for an hour. Spending cash to save time is always worth it.
Think and act small. Don’t get caught up with big numbers, sexy partnerships or winning awards. Focus on the grassroots, because authentic one on one interactions compound into something huge over time. Stay the course.
Get a virtual assistant as early as is viable. Busy work kills progress, so outsource it to someone else pronto.
No matter how gung-ho you might feel don’t say yes to everything. Capability does not equal capacity.
Experiment viciously and vigorously. Test, test, then test some more.
Build processes and systems right from the start, but also…
…don’t build them for repeatable tasks that aren’t yet producing results, otherwise you’ll simply be operating more efficiently to deliver what’s unproven.
I hate to say it but focus on the money above everything else. Understand your revenue, costs, cash flow, profit and loss. Without money you have no business, and without a business you can’t have impact. Cash is queen. Give her the throne.
Don’t lose yourself in the process of building something. Create boundaries with work, maintain friendships outside of it, and continue having hobbies. You’re a whole person, not only a founder.
If you’re running full steam ahead in the wrong direction you may as well be standing still. Focus on velocity over speed.
Figure out when you work best and protect this time like your life depends on it.
Choose your own (ad)venture. Don’t outsource decisions to the “experts”, because newsflash: you are the only expert on your business! Seek targeted advice if you need it (see point #3) and then let your intuition lead the way. The only person who should be designing your business is you.
Starting something from nothing is no joke and it might be the hardest thing you ever do. Stay strong, think long. There are no quick wins so if you’re in it, be in it for the long haul.
Always be selling. Your product. Your service. Your idea. Your story. In person. Online. The more you cultivate a daily sales habit the more momentum you’ll build and the easier it’ll be to grow a consistent pipeline of clients and customers.
Lead people, don’t manage tasks.
Welcome problems with open arms. You’re going to have a lot of them so better to embrace than retaliate.
There’s almost always a deeper reason for someone’s behaviour, including your own. Look for it.
Take your time. Don’t rush, because what is meant to happen will happen and what is meant to come will come. You can’t force greatness.
🎧 Hear my deep dive into lessons #3, #9, and #11
👀 If you’re a founder and you had your time again, what would you do differently?
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All.of.this.
Love it ... I'm already down the rabbit hole. Winging it and facing challenges that I never saw coming and learning so many skills outside of my scope along the way.