Simon Smith FCCA highlights the emotional journey entrepreneurs go through, the highs and the\u00a0lows of\u00a0running a start-up. <\/h2>\n
Are you thinking about starting your own business?\u00a0<\/p>\n
Perhaps you’ve already taken the leap and are now wondering whether what you’re experiencing is normal?<\/p>\n
Starting a business<\/a><\/span> is one of the most exciting and demanding decisions you’ll ever make. Alongside the excitement comes uncertainty, constant decision-making and the pressure of wearing multiple hats, often at the same time. All this whilst trying to build something that can succeed.\u00a0<\/p>\n The good news is you’re unlikely to be the first person to feel\u00a0this way.\u00a0<\/p>\n We’ve worked with thousands of entrepreneur’s over the years. Whilst every business is different, we’ve found that many follow a surprisingly similar journey<\/span>. Sure, the challenges can change, the decisions can evolve, and as your business grows, the way you manage it including the finances, needs to grow too.\u00a0<\/p>\n In this guide we’ll walk you through the early stages of that journey, and explain what many founders experience along the way. We’ll also highlight the financial foundations that can help you make better decision with greater confidence.\u00a0<\/p>\n By the end you’ll have a clearer understanding of:<\/p>\n Here are some quick links to the various sections covered in this blog post: People often talk about the practical elements you need to run a business. What’s discussed far less however, is what starting and running a business feels like.\u00a0<\/p>\n One day you feel excited because you’ve landed your first customer. The next you’ll be doubting things potentially and wondering if you’ve made the right decisions.\u00a0<\/p>\n You’ll often find yourself making quick decisions because opportunities appear unexpectedly. As the stakes rise over time you may find yourself delaying decisions because you find yourself in a situation with more to lose.\u00a0<\/p>\n That may already sound familiar, if so then don’t worry, you’re not doing anything wrong. In our time advising clients, it’s how many entrepreneurs experience the early days and stages of building up a business.\u00a0<\/p>\n The important thing we’d suggest isn’t to eliminate uncertainty. It’s to recognise when you feel it and make decisions with as much relevant data and therefore clarity as possible.<\/p>\n <\/p>\n The business stages diagram below, courtesy of Shirlaws<\/a><\/span>, illustrates the first part of the business journey that many entrepreneurs often experience.\u00a0<\/p>\n In this blog post we’re focusing on 2 important phases:<\/p>\n Beyond that the journey belongs to the next phase, but understanding these first 2 stages can help you build strong foundations today for a more potentially prosperous future tomorrow.<\/p>\n <\/p>\n Start-up literally refers to where every business begins<\/span>. At this phase as an entrepreneur you’re likely wearing all the hats in the business, namely:<\/p>\n Often you may find yourself performing all these roles\u00a0all at once. Most founders will spend a lot of their time trying to generate income<\/span>. After all without customers there’s no business. Often that then means many financial processes take a secondary seat<\/span>.\u00a0<\/p>\n Sure, you may still be using spreadsheets and you may be checking your bank balance but that’s not the same as reviewing your financial reports<\/span><\/a><\/span>.\u00a0<\/p>\n You may also be wondering as to what are the kinds of questions you should be asking yourself about the business.\u00a0<\/p>\n Again, that’s completely normal.\u00a0<\/p>\n <\/p>\n You’re likely to feel a range of emotions in the early days including;<\/p>\n These are common characteristics of the early start-up stage.\u00a0 Understandably your focus at this point won’t be about building a large organisation. You’re trying to create a business that works.\u00a0<\/p>\n This means thinking carefully about:<\/p>\n Rarely, if ever, is anything perfect in life and that applies to these decisions. But they do deserve time and thought because they’ll influence many of the decisions you make later on.\u00a0<\/p>\n <\/p>\n We find a huge misconception about staring a business is that robust financial systems can wait! Sure, you’re unlikely to\u00a0need a complex structure of reporting from day one. But you do need to build good habits and these include:<\/p>\n Remember that good financial habits are much easier to build from the start than to have to fix things later! Do any of these statements sound familiar?<\/p>\n\n
\n<\/p>\nRunning a business feels more emotional than people expect<\/h2>\n
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<\/a><\/span><\/span><\/p>\nEvery business evolves<\/h2>\n
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<\/a><\/p>\nStage 1: Start-up<\/h2>\n
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What you’re probably experiencing<\/h2>\n
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<\/p>\nWhat your business really needs<\/h2>\n
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How your financial approach needs to change<\/h2>\n
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<\/p>\nA reality check<\/h2>\n
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<\/a><\/span><\/span><\/p>\n![\"Subscribe](\"https:\/\/no-cache.hubspot.com\/cta\/default\/2284600\/c9df2a99-4537-46d9-8655-68886bffaa3e.png\")
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