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Date: 11th May 2024Average Read Time: 4 mins 30 seconds
I’ve always been quite entrepreneurial.
My journey arguably started over 10 years ago when I began tutoring at school but it wasn’t until 5 years ago that I started to take my entrepreneurial endeavours more seriously.
I started a property business (www.doormarked.com) with my brother. It was this business that prompted me to start working as a doctor part-time in August 2020.
I’ve been doing this ever since...
There are 5 key things that I’ve learn’t over this time about starting a business.
1. Don't quit your job.
There are 3 things you need to start a business: time, money & the right mindset to keep you going when things get tough (they will). You might think that quitting your job helps to give you more time but this move can be so detrimental.... There is no certainty that your business will gain traction which means you don’t really know when your business will start making money. It will need money to survive (you will too). It’s amazing if you have a pot of savings to use to fund your business but this fund will run out. What happens if your business can’t replenish it? It starts to add pressure. It adds pressure to you, your business & your family/friends. There are so many benefits to starting a business in parallel to another job. I’ve outlined them all in this other blog post.
2. You need to truly understand the problem your business solves.
As a business owner, it is essential that you can sell the product/service your business provides to your customers. A key part of this process is understanding the problem your product/service solves, making sure your product/service actually solves this problem & creating a brand which aligns to your target customer. It is so much easier to do this if you truly understand the problem your business solves & its target customer. To achieve this I don’t just mean you’ve spent hours researching about it online.... The easiest way to create a product that solves your target customer’s problem & a brand which aligns to them is if you know your target customer & their problem like the back of your hand aka. you are your target customer. From my experience, it will make your life a lot easier if you start a business centred around a problem you have personally encountered. Arguably, this is the only way you can truly understand a problem your business solves!
3. You don't need to create ANOTHER job for yourself.
I think a lot of people start a business because they want to create something for themselves & that is something we need to focus on... any business you start needs to align with you which includes your values & skills. There isn’t any point creating a business which feels like another job (especially if you’re working on a business alongside a job). You need to try to create a business in a way that the work you do generally doesn’t feel like work. The tools need to feel light in your hands. How do you do this? There are so many different ways to run a business & deliver a product/service. You need to carefully consider whether the route you are choosing to take aligns with you & provides you with the right outcome. As an example, if you like crafting but don’t want to just spend your time making crafts to sell you don’t have to... You could monetise a blog, sell DIY guides or a monthly subscription box. Send me a message if you would like me to explain more!
4. Don't waste your money!
It’s really tempting to think you need lots of money to start a business. A lot of the businesses we’re surrounded by today would need lots of money to recreate but they didn’t start from those places.... It’s really easy to forget this though. As an entrepreneur, you can get carried away thinking your product needs to have x, y & z. You start talking to companies to help you create your vision and before you know it you’ve spent over £30,000 on a business which is essentially just an idea. Crazy, right? You don’t need to do this or take this risk if you don’t want to and I would advise against it..... Try to create an MVP (minimal viable product) which is where you deliver your product/service in the most cost efficient way possible. You can use this to try to gain traction as fast as possible & demonstrate proof of your concept. You can spend hundreds and thousands if you want starting a business (millions even) but it’s a huge risk if you don’t have any proof of concept.
5. You will fail...why are you waiting? Just start.
I receive lots of messages from others who are worried about starting their business and I can relate... It’s a terrifying prospect. You’re worried it isn’t going to work, there’s a part of you that feels embarrassed to be trying something different & you don’t feel ready. I’ve come to realise you will never feel completely ready to start a business. There are so many things to learn, so many unknowns & so many different routes you could take. You will get things wrong. There will be times when you need to re-evaluate & re-adjust (i.e. pivot). It really is the case that as an entrepreneur you need to execute fast, fail faster & learn faster still. You have a finite amount of energy, attention & enthusiasm. You need to use these fuel reserves you have wisely & get started working on things whilst they are still at an all time high. What are you waiting for? Read the caption if you would like help.
I’ll be the first to admit that it is not easy starting your own business & pursuing the path of entrepreneurship....
It’s for this reason that I’m trying to help others where I can as I know for a fact, there are certain things which would have really helped me.
Firstly, it can feel overwhelming starting a business with lots of different things to think about but it doesn’t need to feel this way. There is a clear step-wise process to getting your business launched and ready to start serving its first customers.
Just send me an email (elle@gabrielletodd.com) if you would like specific help with setting up your own business.
Did you know? You can join me on the Business Idea Incubator programme where over the course of 6 weeks you will learn how to go from “no idea” to setting up your business in the most effective & efficient way possible. I will cover the different steps you need to take to launch your business & start serving your first-customers without breaking yourself or the bank. Learn more about the programme here.
Did you know you can book a call?
I'm always happy to talk about medicine, entrepreneurship or the realities of trying to live a better life! You can use the link below to book a FREE 15 minute call with me to ask me questions, pick my brains or just have a chat over a cup of tea/coffee!
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