A Reflection on Challenges and Triumphs in Business.
Being a business owner is a journey filled with both challenges and triumphs. All entrepreneurs can agree that it is not a linear journey, and no two days are ever the same! This blog will explore some common challenges business owners face and the triumphs that make it all worthwhile. We have picked the top three challenges and successes we have professionally experienced since we founded our company in April 2021. Our business turns three this year, and it feels like we were brainstorming business ideas in Greenwich Park yesterday!
Every guru is desperate to sell you a training course or mastermind programme. Initially, you must resist the urge to spend, spend, spend!
Challenges of Being a Business Owner
Financial Instability
Entrepreneurial life is only for some if you need to earn a set income to pay the mortgage and other financial responsibilities for the household from the get-go. We transitioned out of employment either on the back of maternity leave or having saved up some cash to see us through at least the first six months of being in business. We have always combined being a business owner with other sources of income, be it other portfolio opportunities or part-time employment. The first five years of business are make or break; you must take secure, calculated risks before taking a massive leap of faith into the unknown! Due to our safety net, we have avoided taking out unnecessary loans as a form of borrowing beyond our means. Hence, we have profitable cash flow to keep our business fully operational.
Difficult Clients
You can't entirely escape the bad boss syndrome, even working for yourself. You are still accountable for servicing your client's needs. If they are paying for a service to retain your time, sometimes you must compromise your availability and work differently to suit their pattern. It's essential to enjoy the work and to trust your gut feeling - if something doesn't feel like the right fit, don’t ignore those red flags! We have had our fair share of bad experiences; one was not the right fit for us as a business or for the client, so we decided to part ways. The second bad experience was ironed out by simply having a call and talking through what wasn't working, so some clients are worth saving through improved communication strategies!
Time Management
As you build up your profile, you will spend excessive time on your business, including evenings and weekends. Most business owners will say that their business is a lifestyle integration. While we strive for work-life balance here at Libra VA Services, we also manage expectations and support one another with completing tasks outside billed client hours. For example, you need to factor in non-billable time such as finances, admin, marketing and networking into the calendar, which can occur outside of core working hours. Once you start to generate profit, consider outsourcing this time-consuming activity so you can focus on income-generating tasks so it doesn't last forever!
Triumphs of being a Business Owner
Flexibility to work around family commitments
This is, first and foremost, the biggest WHY we started our business. We were both in our early to mid-thirties with ever-competing priorities on our time and energy. Being self-employed has yet to replace our full-time income, but it has saved us thousands on childcare over the last few years. Whilst our children are under school age, it makes sense for us to be on hand and support them through the most important developmental milestones of their lives. The majority of our clients whom we work with directly understand our working pattern and have chosen us over our competition due to our strong skill set, dedication and excellent reputation. We can take an hour or two out of the working day and easily make up our time when it suits our family routine!
Outsourcing client work to a supportive team
We now have a team of three associates who support us in achieving our strategic business goals. While you don't need to build a team to generate a prosperous income, it certainly helps to collaborate on best practices and have additional skill sets in your business where there are knowledge gaps. Our next hire will likely be in marketing and lead generation, and, of course, we plan to have some cover in the summer holidays. You do, though, need to factor in the overall management of clients and team members to maintain a successful working relationship. At Libra VA Services, we split these responsibilities 50/50 based on client accounts.
Teach yourself new skills!
Every guru is desperate to sell you a training course or mastermind programme. Initially, you must resist the urge to spend, spend, spend! While investments must be made, you must be incredibly picky and base it on short- to medium-term business needs. Here at Libra VA Services, we rely on each other to talk ourselves out of silly, impromptu services that probably won't help us reach our goals any quicker! We are upskilling on LinkedIn as that will likely yield the most leads for us in reaching our ideal clients. It is astonishing how much free material is out there - YouTube covers most topics, so you don’t need to spend money building your knowledge and skills.
You will see that our journey has been filled with challenges and triumphs in equal measure. Whilst we have often thought it is easier to be in fixed employment when we don't see immediate results in replacing our full-time income, we have decided to keep going as nothing worth having happens overnight! We are building a legacy and generating an impact for our community and peers, who will be inspired by our resilient approach to creating long-lasting, successful results. For us, the triumphs of flexibility and ongoing personal development to learn new skills far outweigh the trying times we've experienced!