Lessons I Learned From Starting My Business read about Finn’s no-holds-barred true life lessons from running his business.
Here’s the thing. Starting a business is high risk and overwhelming, especially, if it’s your first business. But, you can stack the odds in your favour by learning from those who have done the same thing you want to do.
In this guest post, Finn Pegler of Deluxe Maid, shared 4 valuable lessons he learned from starting and running a successful online cleaning business.
Since I was a kid, I fantasized a lot about becoming my own boss. I’ve always been curious about tech-related stuff, so I knew one day I would own a business that utilizes technology.
But I did not go straight into business after graduating college. I worked as an engineer in a London based company for two years.
Knowing that starting a company requires a considerable amount of capital, I cut down on my monthly expenses and saved more to reach my target.
In 2016, I quit my job to start my cleaning company called DeluxeMaid . Four years later I own an online cleaning company, successful beyond my wildest dreams.
Today, I’m my own boss, I enjoy flexible work hours, and I’ve achieved the freedom I so longed for in my office job.
My transition from salaried employee to owning a cleaning company hasn’t been a walk in the park.
If you’re ready to take the leap to leave your day job and venture into entrepreneurship, the process may seem simple but it’s not.
Starting your own company is full of challenges and harsh lessons. It’s a whole new ball game.
Everything from the income uncertainty and uncertainty about the future, can threaten the survival of your company, especially in the first year.
Personally, I’ve had to cross many hurdles to make things work for me. I’d like to share some of the challenges I’ve overcome along the way.
4 Challenges I’ve Had to Overcome As an Entrepreneur
Dealing with the unknown
Quitting my 9-5 job to start up a cleaning company was not an easy decision. The anxiety that comes with not knowing how long the business will exist is a real thing.
You are not sure if the company if your company will succeed as having a good idea is no guarantee of that as most startups fail.
One of the things that motivated me to start a company was to break away from the rigidity of the 9-5 office job and have more time for friends and family.
I thought by working flexible hours, I would have more time to do the things that I love to do. I was wrong.
In fact, I moved from working 9 to 5 to 24/7. Working long hours and weekends and staying up late became the norm as I was trying to make things work.
My first year in business was quite lonely and I was exhausted most of the time.
In entrepreneurship, you’ll be completely alone a lot. Even if you have people working for you, they’ll generally remain at a bit of a distance.
Another problem you’ll encounter while trying to grow your company is people’s scepticism.
You’ll encounter many naysayers on the way telling you, “why don’t you invest your time into a real career instead of venturing into something you aren’t sure will work or not?”
These are things you have to be prepared to deal with if you want to succeed.
The fear of abandoning another career
Walking away from a job that guarantees you monthly income, to start a company that you aren’t sure will succeed or not, requires guts and determination. It’s even scarier if you haven’t run a business before.
Be sure that very few people around you will support your decision. The best way to address this is to trust your instincts and go ahead with your plans. The fear of abandoning your career will only keep you in your comfort zone and keep you from achieving your dreams.
However, you have the option to continue with your office job while nurturing your business on the side. If you’re good at multitasking, you can simultaneously manage your company.
This will not only allow you to continue saving for your business but will also give you the much-needed security in case the company doesn’t break even. This is exactly what I did before I started my cleaning company.
I started building structures for my company from the spare bedroom of my house. I was able to manage the infancy of my company on the side while staying at my office job.
When the company started growing, I had to quit my office job to focus entirely on my company.
Having an uncertain income is one of the things I found frightening about starting my own company.
How profitable will my company be?
How long will it take to break even?
Will I be able to give myself a steady paycheck?
What happens if I don’t generate any income for months?
These are some of the questions that kept ringing in my mind when I was getting started.
The truth is, your company may not generate income for months as you build momentum.
So you must have a way to cater for your living expenses and business expenses.
Ensure you have enough savings to sustain you and your business for the time you aren’t making a significant profit.
Have an emergency fund in place to cushion you from the shocks.
You’ll also need to manage your finances prudently during the first year to stay operational.
Keep track of cash inflows and outflows so that you are aware of your true financial position to avoid surprises.
Generally, transitioning from an office job to owning a company can be a rough path. With careful planning, a clear understanding of your objectives, and confidence, you can smoothly transition from a salaried employee to being you.
Lessons I Learned From Starting My Business
It’s interesting to see that, regardless of the difference and diverse backgrounds of most business owners, they struggled with the same challenges when starting their business.
Finn’s experiences and lessons resonated with me because they are the exact issues I had faced in my business. My guess is, you will relate with them too.
Love the piece? Please share with your networks and we would also love to hear about your experiences and lesseon you’ve learned starting and running your business.