How To Start Your Small Business: What I Got Right (and Wrong)
Image of Monique Shaw by Donna Ford Photography
This month marks Rewrite’s 6th birthday. I launched this business on March 2, 2020, and while my former career in the Big 4 corporate world feels like a lifetime ago, I can’t believe it’s already been six years.
To celebrate, I’m pulling back the curtain on my journey so far and the lessons I’ve learned from 6 years in self-employment – the things I think I nailed from the outset and the things I got totally wrong. If you’re feeling the niggle to do your own thing or have already hit GO – here are my thoughts on what to embrace and what to avoid.
The Backstory: My Slow-Release Trigger
Like a lot of business owners or people dreaming of doing it One Day, I always had the itch to work for myself eventually – I can trace it back to my early 20s, but it wasn’t until I turned 40 that I took the leap.
My corporate career trajectory began very unintentionally. Long story, short: In my mid-20s I landed a job (as so many creative and career-confused people do) in Marketing. Then for most of my 30s, I worked in London in financial services (first marketing, then pitching and sales coaching) – and I loved it! I was a mid 2010s stereotype replete with twin Blackberries and back-to-back meetings.
I had my first son just after I turned 37 and, while I returned to work full-time after maternity leave and had no plans to quit, it's clear now in retrospect that motherhood was a ‘slow-release trigger’ for me. It sharpened my priorities and how I wanted to spend my time. It wasn’t that I wanted to quit my job to be at home, it was more that if I was going to be away from my son, I wanted it to be doing work I was really excited about and invested in. I wanted my work to mean something. I tried an internal move initially and then considered external jobs, but when the job hunt also filled me with dread, I knew it was time.
When the prospect of Any Other Corporate Job fills you with dread, it’s time.
5 Things I Got Right From Day One
My success in the early years came from solid preparation, having a great career in the first place and luck.
Careful Financial Preparation
I didn't leave my job without a clear-eyed look at my finances. We prepared; reduced outgoings and ensured we didn't need my salary-equivalent to survive. My business didn’t put my family’s financial stability at risk and I’m grateful and fully cognisant of the freedom this afforded me.
A Fully-Baked Business Idea
I really took my time to think about what I wanted to do. I reflected on what I loved doing versus what I was just capable of. I wrote lots of notes, asked lots of questions, and wrote more notes. Over time I started to see recurring themes. I realised I had always had a knack for rewriting my story, I really hated being underestimated and I really loved seeing others succeed – and I had useful skills as a coach, writer and brand marketer. Eventually the idea for Rewrite emerged.
Considered Branding (and Assets)
As a creative and a marketer by trade, a considered and consistent brand was non-negotiable for me. I was lucky to have a talented designer develop my brand, website and some editable digital assets so I had my ducks in a row ready for launch. Plenty of people run successful businesses without these bells and whistles, but the point for me was carefully considering what I definitely wanted in place to take myself and my business seriously.
Pivoting During Covid
When COVID-19 hit just weeks after launch, I pivoted to an entirely online business. I also responded quickly to evolving client needs which led to me creating my first group coaching programme. While I leveraged the opportunities opening up, this part of the journey is definitely where luck played a factor – my clientele were online with extra money to spend so business was pretty easy. Staying nimble and responding to market forces is something I got right early on (and then quickly forgot a few years later).
Leveraging My Network
Roughly 80% of my early work came through my old firm and former colleagues. My network was (and is) one of my greatest assets and leveraging it continues to serve me well. Although it was awkward at times, I refused to let myself be shy about sharing what I was doing and who I could help and as a result generated a lot of referrals and opportunities.
5 Things I Got Wrong
And now, the things that when I look back I slap my proverbial forehead – What was I thinking! If there is anything you should avoid as a new business owner, it’s repeating the mistakes I made:
Saying "No" Too Often
I was so focused on doing something different that I turned down opportunities that weren't perfect. I was way too fussy and looking back now, it was incredibly naïve and short-sighted of me. When you're starting out, your currency is fresh – saying YES builds momentum, other opportunities and REVENUE.
Focusing on Instagram
I spent too much time on a platform I didn't have an instinct for and didn’t’ enjoy because I thought I should. ‘Should’ isn't a strategy. It was also mostly ineffective for me – because I didn’t have an instinct for it and didn’t enjoy it (funny that). In every which way time on this platform needed to be significantly deprioritised.
Holding Myself Back
I spent far too much time talking myself out of things because I wasn't sure I had permission. I realised too many years down the line that no one is going to give me permission – I had to give it to myself.
Over-Complicating Things
I had too many offerings and it took me too long to explain what I did. If I started today, I would keep my offer tight and edited - one main programme, one main marketing channel, and a very simple story. I continue to build and evolve my offer (and am probably due for another edit) but I’ve learned that less is more and the simpler the offer the easier it is for people to understand what you do and tell others about it too.
My "No Worries If Not" Sales Attitude
I loathe high-pressure sales, but I did throw the baby (selling) out with the bath water (hard selling). I will never do a hard sell because it’s not who I am BUT if you have a business, you have to care about making sales. My “No Worries If Not” attitude inadvertently sent signals that I didn't care if a client proceeded. Passion is catching and it’s it’s okay to show potential clients you’d be excited to work with them.
The 5-Step Framework for Starting Your Small Business
If you are itching to begin but don’t know where or how to start, try this framework:
Step 1: Understand Your Constraints
Be honest about your income needs and other non-negotiables. Write it down, lock it in.
Step 2: Slowly Bake Your Idea
For the What, reflect on your skills, talents, who you want to help and why. And don’t forget the How - consider factors like whether you prefer solo work or need a team.
Step 3: Start Small, Stay Focused
To begin, develop the purest, simplest version of your offer to avoid overwhelming yourself or your target audience. You can build from there.
Step 4: Build Your Infrastructure
Wherever you can, use clear, repeatable processes and systems (like automated invoicing and customer review requests). You will save time and avoid things becoming unruly.
Step 5: Say YES More Than NO
At the start, be open to almost everything. You can afford to be choosy once you have a foundation.
Bonus Tip…
Treat your business like a business, it’s not a hobby. Invest in your professional development, track your growth, and - most importantly - pay yourself!
If you’ve been thinking about starting your own thing, I hope my wins and mistakes help you figure out how to move forward from where you are to where you want to be.
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This article was based on my podcast episode “How To Start Your Small Business: What I Got Right (and Wrong)”. Listen here.
Ready to define your own brand story? Join The Rewriters Community for monthly support and accountability or explore the Rewrite Your Brand Story program to gain the clarity and confidence to shout about your work.
Monique Shaw is an Executive Career & Leadership Coach and Brand Story Specialist helping passionate, frustrated and ambitious professionals to rewrite their story to create values-led careers, teams and businesses. Book a consult or get in touch to explore how she can support you.
