It’s two and a half years ago since I started Raw Accounting. Looking back, it was certainly a big leap of faith, both in myself and in the vision I had for the company, leaving full-time employment to start up on my own – all during a pandemic.
It wasn’t (still isn’t!) plain sailing. It never is. I remember all the feelings that came with such a big decision – fear, apprehension, worry, excitement! How would I win clients? How long would I have to work in my garden shed before I could afford an office?
Now, clients of Raw, making the same jump from employee to business owner have asked me about my own experience so I thought I’d take a moment to note down my key learnings (appreciating that I am still early in the journey myself and by no means have it all figured out!)
What I’ve learnt so far about making the transition from employee to business owner
1. There’s a lot of admin
We all know that business ownership is going to involve admin but I’m here to tell you it involves more admin than you think – certainly more than I’d first thought!
There’s lots to consider, such as…
- IT providers/support
- Technology/ automation
- People processes
- Recruitment
- Office sourcing and maintenance
- Insurance
- Sector-specific service providers
- The list goes on…
Yes, of course, you can plan and research in advance, so you have a good idea of providers/suppliers you want to go with ahead of setting up but getting things up and running ahead of time isn’t always possible mainly because you don’t want to start occurring fees before you need to!
So, my advice is just to be mentally prepared for the admin that comes with business ownership – because it’s not something that’s just there at the outset, it continues my friend! At least until you’re able to start delegating some of the responsibility to others.
One thing I try and do is reserve allotted time each week to tackle the administrative list. It helps to have dedicated time set aside to move the needle on key admin tasks.
2. Time management only gets harder with more people
As new members enter the business you want to give them your focus, while also managing client expectations and doing the work! It’s a balancing act for sure. One I am still learning to balance to be quite honest.
Something that’s helping me with this is being structured. Blocking out time in the diary for different tasks so whatever I’m working on gets my full attention. It’s simple but effective.
Of course, there always needs to be some flex built in but feeling like you’re managing your own time rather than being pulled by others helps people get the best you!
3. Remind yourself of why you started
There’s hopefully a reason (or lots of reasons) you wanted to set up your own business. Perhaps you wanted more control over your earnings. You might have wanted greater flexibility or to make waves in your industry. Whatever the reason, keep it in mind. It’s important to remember why you decided to make the big leap in the first place.
Use the reason you started as your motivator. I know when I’m having a tough day, I look back on why I started Raw.
- To help empower small business owners
- For future flexibility & to control my own destiny
The first is something I can see in my everyday – nothing brings a smile to my face quite like letting a client know I’ve helped them reduce their tax bill or sorted a problem with HMRC. The second is a longer-term goal centred around my desire to control my future and something I hope to achieve.
When I have a quiet moment – usually when I’m driving somewhere I remind myself of why I started Raw and what the company means to me!
4. Take time out to plan ahead
Time out? As a busy business owner? Sounds like I’m suggesting the absurd…or impossible. But it’s the only way to move the business forward. It’s so easy to get down in the weeds of ‘doing the work’ but as the owner you need to prioritise taking a step back occasionally and trying to see the bigger picture.
Stepping out of the business, even just for a moment can bring about real clarity.
- Can you take that weekend away you’ve been putting off?
- Finish early on Friday?
- Head down to the local coffee shop for an extended lunch break?
Do what works for you – taking some time (even 30 minutes) is better than nothing.
5. Celebrate the wins
Business ownership can feel like a hamster wheel. There’s always something vying for your time and attention and always something you should have done yesterday. In the chaos of it all, take a moment to celebrate the wins – there will be more of them than you realise.
Allowing what on day one would have had you running around shouting for joy, such as signing a new client, to go uncelebrated or even worse unnoticed could leave you feeling cup half empty.
I’ve always liked the idea that when you support a small business the person does a happy dance – because it’s true. At Raw we’re not pro dancers but we have a little office bell we ring when we secure new business, and we take a moment to revel in the joy of welcoming someone else to Raw.
*Side note
I am only human and am of course not perfect at the above. They are just my reflections and musings on my learnings so far as the Founder of Raw – an accountancy practice dedicated to helping small business owners.
So, whether you’re thinking about starting up a business, are in the early days of self-employment or are somewhere further along…I hope some of my ramblings are of interest to you.
