My edtech company, EduFocal celebrated its 4th birthday recently. I’ve learned a lot over the last 4 years running the company. I’ve made some great decisions and I’ve made some bad ones. See below for some hopefully valuable advice for you and your company.
Entrepreneurship isn’t a hustle
It isn’t, so don’t treat it like one. You’re not in it to make a quick buck. You’re in it for personal and professional growth. You’re in it to make other people’s lives better. If you think about it like a hustle you’re going to treat it like a hustle.
Bookkeeping isn’t a distraction
Record everything, everything. This has been a big pain for me. I’ve never been a fan of accounting, and bookkeeping has always felt like a hassle for me, it’s not. Please take it seriously. At the very minimum, put everything through your business’ banking account. Note, I said your business’s bank account, not your personal bank account. It’s never a good idea to mix your personal and professional accounts. Open a checking account specifically for your business. This helps to develop your relationship with the bank and also a paper trail. It doesn’t matter if you’re putting a lot of money through the account or not, just do it. When/if you ever have to raise money or get a loan good bookkeeping will save you a lot of headache.
Have a Board of Directors or an advisory board
Part of not treating your business like a hustle is not being an authority onto yourself. You should hold yourself accountable and you should have others to hold you accountable. That’s where your board comes in. Choosing your board of directors/advisors is important as you want to have people who are well connected, experienced and can help to push your company forward. Take it seriously and meet regularly. My board meets on the third Thursday every other month. Having a board is extremely important as they’re not too involved in your company, but they are also not divorced from your company’s operations. Their unique position allows you to get invaluable advice.
The media is your friend
And by media I mean traditional media and social media. Twitter is important, Facebook is important and LinkedIn is important. You should have a personal presence on social media, so should your brand. Traditional media helps to establish credibility, especially if you’re a first time Entrepreneur. Don’t get distracted by media attention though. It’s useful, but it doesn’t pay the bills.
Join useful networks
When I started EduFocal I joined the Branson Centre of Entrepreneurship. It was and still is a valuable network to me. I’ve benefitted a lot from the Branson Centre and you can too. I encourage you too join. If not Branson, there are many others valuable networks to join. Do your research and make the right decision.
Hire the right people
At some point, you’ll have to hire people. Having the right team is extremely important. Hiring too early is bad, hiring too late can also be problematic. I can’t tell you when it’s right to hire, but growing your business means hiring, but a bad hire can hurt your business. Hiring is an art and you get better at it each time you have to do it.
Be honest with yourself and others about your challenges. You can’t get help if you’re not honest about the problems you’re having.
Humans are not robots. If somebody tells that the price is x, negotiate. Negotiating doesn’t mean that you’re asking them to lower the price, it could also mean that you’re negotiating payment terms or something else. Don’t be afraid to ask and don’t be afraid of hearing no.
Rejection is OK
On the matter of hearing no. You’re going to hear that, a lot. It’s ok, don’t sweat it. Your emails will also go unanswered, people who you’ve met many times will forget who you are and so on and so on.
People will let you down
Guaranteed. Your priority isn’t their priority. But, push on.
Your existing network is valuable; you’re valuable.
In growing our network we sometimes forget that we already have people in our network who are valuable. It’s important that you pull on that network. Maybe you’re a great marketer, designer or writer. It’s a valuable skill in business. Use it. It means that you won’t need to spend money on that skill because you can do it yourself. We also have family members or good friends who will help us for free or at at steeply discounted price; even if only for the formative stages.
This is my last tip, but probably the most important. Read everything you can get your hands on. Priority reading? Books and the newspaper. Read the latter daily and the former regularly. You can’t exploit opportunities if you don’t know about them. Being in the know is your responsibility, nobody else’s. You may learn something new from reading a book and you may spot opportunities in the newspaper, you may also spot opportunities for your business. Read, read, read!
When you have little or no money it’s easy to have singular focus on just that; making money, but a part of making money is putting things in place to make that money. A weak foundation can cause a strong structure to crumble.
I hope these tips are valuable. Happy Easter!