Background
After 8 years, I feel I have come home. Physically and metaphorically. Having moved home from the UK in December, I have been very busy setting myself up as a solo dude, entrepreneur… To be fair, and full disclosure – a cash-strapped one.
As anyone who might have had notions of working for themselves, and actually went about it, will tell you – there are literally thousands of thoughts that can race through their mind daily.
Not all of these thoughts are positive, empowering thoughts like you hear gurus spout to “motivate” you. Some are dark and depressing. Some will make you log onto your laptop, dust off your CV and seriously look at finding a job.
I’m not gonna lie, there are merits to being an employee. I mean, what’s wrong with a guaranteed monthly salary? What’s wrong with having a start and end-time to your day? What’s wrong with knowing you’ll have money for food or the constant monthly bills? (As I sit down to write this blog, my electricity bill just arrived through the letterbox)
From reading the previous paragraph, you’d be safe to assume that I am not where I want to be yet… but I definitely am getting there. I wanted to write this short blog to encourage you to not give up on your dream of working for yourself. So I am giving my tuppence worth on some strategies you might consider if you are like me – starting from scratch on a shoestring.
Top Ten Tips
The bottom line is this: starting a business with limited resources requires careful planning and a strategic approach. It is tiring and it has the potential to turn your dream into a nightmare. To offset disappointment, here are a few tips that might help you navigate your entrepreneurial journey:
- Clear Vision and Goals: Define a clear vision for your business and set achievable goals. Really get clear on what you want to build and the steps it will take. My vision was shaky for a long time. In that I mean it kept growing and evolving. So any goals I set were in danger of being half realised. So I had to steady that ship straight away. Having a sense of purpose will guide your decisions and actions.
- Lean Business Model: If you are like me and have responsibilities like household bills, kids, car etc.. things will be tight. Given a cash-strapped situation, you must focus on a lean business model. That is, identify the core aspects of your business that will generate revenue and prioritise those. Essentially minimising unnecessary expenses.
- Bootstrapping: Assuming things are tight and you’re cash-strapped, consider bootstrapping your business. What this means is, you will rely on personal savings and revenue generated by the business to fund its growth, rather than seeking external funding. I didn’t want to seek out partners or investors for my wellness business. I am the business and want to keep it this way, so I decided to stay in my own lane.
- Prioritise Marketing: Look, having decided to go it alone and work with “low to no” cash sources, everything else was restricted. However, effective marketing doesn’t always require a huge budget. I utilise social media as my main advertising, you could go the content marketing route, and by all means, use networking to create awareness about your business. It means you do more heavy lifting, but hey… that’s free!
- Value Proposition: This is something you probably have been told multiple times… but clearly communicate your unique value proposition to your target audience. Don’t focus on what skill or service you provide. Ask yourself “What problem do I solve?” and “Why should customers choose my product or service?”… People don’t pay much attention to the stuff you worry about, they are more concerned with what they worry about… i.e. solve their problems
- Build Relationships: While a lot of what I do can be online, I still need to connect with people. Networking and building relationships within your industry can lead to partnerships, collaborations, and potential clients. I have forged fantastic relationships by simply communicating with like-minded people. If you think you can go it alone, you surely will fail. Your network will become your net worth. Not just financially by the way, in every way possible!
- Continuous Learning: My uncle told me over 30 years ago to “never stop learning”. That piece of advice has stuck with me ever since. I will forever be a lifelong learner. You need to stay updated with industry trends and continuously improve your skills. By doing this, I stumbled upon what is now going to be key to my work going forward. Oh, and learning doesn’t have to be expensive; there are plenty of free resources available online – YouTube, udemy etc….
- Customer Feedback: When you are starting out, listen carefully to your customer’s feedback and use it to refine your products or services. Satisfied customers can become your best advocates. Where possible, ask for a short paragraph in an email, WhatsApp etc… you can use this on a website, landing page, or event flyers going forward. This is free gold. Why? Because it gives you, your product or your service something called “social proof”. That validation by others who experienced your work will convince others to invest. This is free but invaluable.
- Time Management: Right. I love late nights and lazy mornings as much as the next guy. But as a solo entrepreneur, time management is crucial because you don’t have someone setting the start-time & end-time for your day. Nobody will give a damn if you don’t get things done. Except for you when the bills come in! So learn to prioritise tasks, set deadlines, and avoid burnout by maintaining your schedule. Bonus: This also manages a healthy work-life balance.
- Stay Resilient: Entrepreneurship comes with ups and downs. Stay resilient in the face of challenges and setbacks. There will be days you want to throw your hands up and dust off that CV… If that’s what you want to do, that is ok too. But you could also learn from your failures and keep pushing forward. Reframe the setbacks as lessons for the next time.
Conclusion
Remember that entrepreneurship is a journey that requires patience and perseverance. Something inside you triggered you to go it alone… Starting wasn’t ever going to be easy, and the initial buzz may have worn off. While financial constraints can be limiting, they can also inspire creative solutions and resourcefulness. These lean days of grafting in silence will be the amazing and energising stories you will tell in 10, 20, or 30 years. Don’t rob yourself of the chance to tell that story. By staying focused, adaptable, and open to learning, you can work towards building a successful business and fulfilling your entrepreneurial aspirations.
If you would like to work with me around any of the tips mentioned above, or for general coaching – get in touch through my website.
Seamus
