Six things no one tells you about starting your own business

Getting your accounts in order could mark the difference between success and failure. Photograph: Linda Nylind for the Guardian

In recent years, the typical view of what makes an entrepreneur has changed. The romantic image of a disruptive pioneer making fortunes is still inspiring, but today the reality of running your own business is closer and more achievable than ever.


Despite the recent slowdown, we are seeing record-levels of new businesses. According to data provided by Companies House to StartUp Britain, there have been over 500,000 start-ups launched this year alone.
Here are a few lessons that I’ve learned from the entrepreneurs I’ve worked with, about the reality of running your own business.

It’s a lonely game

In the early days and months of running your business, there will be a lot of alone-time, working unsociable hours and putting everything you have into making your vision a reality. Entrepreneurs often struggle to find people who genuinely understand what they’re going through. Partners and friends may not be entrepreneurs so can’t offer any personal advice and you can’t talk to your team about any concerns you have. Find a good network of people in the same boat and try to work out of shared space, you’ll soon find you’re not alone!

You’ll face negativity

Entrepreneurs are often seen as “the crazy ones”. Unfortunately, this will come hand in hand with scepticism about your dream. Everyone you speak to will have an opinion on your plan and this is where the guts and determination of an entrepreneurial attitude comes into play. I’ve seen businesses flounder when they didn’t take good advice, but there’s a reason why not everyone has their own business, so be careful how much naysaying you listen to.

Don’t put off the boring bits

Setting up a business is exciting, but you could face problems if you don’t put the necessary processes and protection in place early on. Many people think that entrepreneurs fly by the seat of their pants, but any successful business owner has to do their admin. It may not be as sexy as building a brand or growing your customer base, but getting your accounts in order and making sure you’ve got proper legal advice could mark the difference between success and failure.

You’ll find friends in other entrepreneurs

Despite coming up against challenges daily and feeling as though you’re the only one in the fight, as an entrepreneur you have thousands of potential supporters to call on. All entrepreneurs are focused on survival and others won’t want to see you fail. In my experience, they are nearly always happy to share experience, even if there is no benefit to their own business. Find an entrepreneur you respect and ask them to be your mentor, seek advice and establish connections: you never know when they might come in useful.

Maintain your focus

Success comes with focus and intensity. You’ll be offered so many opportunities to try this, diversify that and launch over there - but the worst thing an entrepreneur can do is get distracted from the mission of the business. Be clear on what you want to achieve and don’t spend too much time on new opportunities before you’re ready to make the most of them. Keep your company’s raison d’etre at the front of your mind and use that to drive every decision you make about the business.

Employ people better than you

There is a piece of wisdom that says you should “hire yourself out of a job”. That means building a team of people that can run your business better than you. Hire for where the business will be in the future, not where it is now. It is likely that as an entrepreneur, you will have a fantastic vision, so make sure your team know that vision and are bought in to it alongside you. Get your team excited about the future and how they can influence and be a part of it.
Jane Gomez is managing director of The Supper Club