Lessons learned from running my own consulting business for a decade

I've been "doing my own thing" for over ten years, helping companies do better marketing. As I progress through this journey, I've realised how much there is to learn and how much of it no one tells you. You mostly have to figure it out alone. It's quite frustrating, actually, and surely a bit unnecessary. There are so many business books, but has anyone written anything with practical tips for the lone individual starting their own consulting business? 

Below is the start of a list of things I have learned as I progress on this journey of building my business.

It takes time – be very patient

Building a "somewhat successful" business model that can sustain you isn't a quick endeavour; it's a long-term commitment. In fact, it took me nearly a decade to find a model that worked. But don't feel pressured to wait the full 10 years. If you think it's time to pivot or make changes, don't hesitate to do so. Just understand that building something sustainable often takes a lot of time and effort.

Navigating the tax landscape

One of the most significant challenges I faced when my business started to make real money was dealing with taxes. Tax considerations impact nearly every aspect of your business, from billing and cash management to planning your income and investments. Seek out good advice from professionals who understand your specific needs.

The value of good advice

Getting sound advice can be challenging. It seems everyone has an opinion to share, but most of the advice is nearly useless, if not plain wrong. I've discovered that many people offer opinions to boost their own egos. Be discerning and remember that most of what people tell you might not be entirely accurate. Always seek multiple opinions, compare them, and trust your instincts when making decisions.

Overcoming challenges with service providers

When you're running a small business, obtaining the attention and services you need from larger suppliers or companies can be difficult. They typically prefer working with bigger businesses. So, I've learned to play the "little guy" card, appealing to their sense of empathy and acknowledging my vulnerability. With patience, persistence, and the right approach, you can convince them to provide the assistance you need.

Homeownership hurdles

If you're considering purchasing a home while self-employed, you may face some hurdles. Banks often have reservations about granting loans to self-employed individuals. In such cases, it might be best to consider having your spouse purchase the property, and you can help with the mortgage payments.

The loneliness factor

Starting your own business can be a solitary endeavour. Even if you're working from a co-working space, you'll find that the entrepreneurial journey can be isolating. I've learned to embrace solitude and structure my days. I've also discovered my favourite coffee shops where I can find comfort and focus. Meeting fellow entrepreneurs can be a bit challenging, as most are absorbed in their daily grind.

Answering the "How's Business?" Question

As an entrepreneur, you'll frequently be asked, "How's business?" This can be a tough question to answer because business is often a rollercoaster ride of ups and downs. It's normal for sales and revenue to fluctuate. When you work for someone else, these fluctuations don't directly affect you. However, as an entrepreneur, these fluctuations can impact your self-esteem and how others perceive you. I've learned to accept the natural ebb and flow of business as part of the journey. So, my response can change from "Business is going very well at the moment" to "It's currently quiet." There's no need to panic; it's just how entrepreneurship works.

The Value of Software

Two things here. First, software is your friend when you build a business. It helps you be more efficient and more effective. But here's the second thing - always pay for software. Paying for it forces you to use it and critically evaluate it - "Is this useful or not?". It means you take the business of building your business seriously.

Insurance Challenges

Getting proper insurance, particularly income insurance, can be pretty challenging when self-employed. It's readily available if you're in excellent health, but you might face difficulties if not. To ensure peace of mind, you have two options: live for the moment and hope for the best or start saving diligently.

In conclusion, starting your own business is a journey filled with unique challenges and rewarding experiences. While it may take time and patience, navigating the entrepreneurial landscape can lead to personal and professional growth. Remember that your entrepreneurial journey is a path only you can pave, and by staying persistent, informed, and adaptable, you can overcome the obstacles and reach your goals.