4 THINGS THEY DONT TEACH YOU ABOUT STARTING YOUR OWN BUSINESS IN SCHOOL

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IMG_0065 AIMG_0095 AIMG_8609IMG_0078 AI’ve battled a lot with myself and often finding my place it this world of blogging and content creation. I obviously love fashion and beauty, but I also love business, education and personal development, and lots of you know by now that deep down I’m a big nerd. So I feel like it’s imperative for me to be my true self share and more that just my thoughts on the material but also all the other things that inspire me constantly.

Today marks a big change over here on the blog, I’m starting a series called ‘Breaking Moulds’ and each week I’ll share something in the personal development area that I hope will be useful to many of you as I navigate this journey of life, I’m so excited to share some of my learnings & experiences. 

If’ you don’t know, I’ve been running my own business youtube (for circa 4 years) and started my second and third business 3 years after that, I have been thrown major curve balls made some rookie mistakes as well as made some great money while spending ALOT. So, going straight into it, I am are talking business and sharing the 4 things that they really don’t teach in school!

NO ONE REALLY KNOWS WHAT THEY ARE DOING! (at the start anyway)

Being knowledgeable, researching and planning your business can only take you so far, a successful business is all in the execution. There are people in this world that have all the smarts and great ideas but never succeed, and others who aren’t as ‘book smart’s’ as others who make it big, the biggest difference is the action they actually take.

The real learning happens when you actually start doing, business is basically about learning on the ‘job’.  Having a business plan and an abundance of useful resources definitely makes the process smoother, however it doesn’t compare to what learn you from the experience. I will be the first to admit, I wasn’t the most informed about starting up a business and it’s been one of my biggest learning experience. The wealth of knowledge, I have picked up by doing the job is invaluable. If you let the insecurities of not knowing enough stop you, you will never know what it could lead to.

THERE’S NO MONEY WITHOUT THE HONEY

(the honey being time effort, and booking keeping!) I thought with my degree in accounting and finance that I would mean I had the money management and accounting down. Boy was I wrong and I am embarrassed to admit I have incurred fines, I lost money in unpaid invoices and my books were disorderly.

Book keeping is essential, knowing who owes you money, and how much as well as managing TAX and VAT is super imperative, you can have a lot of money coming in but if you don’t manage it it can disappear in taxes, fines and just poor cash flow management.

Organising my books, made a huge impact on my accounts, it would have definitely saved me a lot of hassle and, if I had organised my books before setting up the business.

So that you guys don’t make the same mistakes that I did here are a few things that really helped me when it came to improving the money management side of my business i. Getting accounting software (if you can’t currently afford an accountant) i.e Xero & Quickbook. ii. Setting up a separate bank account iii. Doing invoices and reporting out of the same software iiii. Checking bank statements weekly. V.Setting up alarms/ and reminder for due dates for TAX, VAT, and other important out goings.

FAILURE IS NECESSARY

I have a mentor who’s first business failed miserably, but after 7 long years his next business sold for 25 million! One the the key things he shared with me was that there was no need to be scared of failure, and if you are going to fail…‘FAIL FAST’

One thing that is never really shared is that failure happens to everyone and it  can actually be quite beneficial, depending of what you make of it. Accepting failures and utilising them, has been one of the hardest aspects of this journey for me. I am the type of person, that likes to succeed in everything I do and with business start ups that is not always the case. I’ve come to accept that no matter, how hard you try or how much you prepare something can always go wrong at least once. I have learnt to deal with the mistakes as they come and not let them faze me, I like to learn from failure and use it as fuel.

NOT FEELING SPENDY

I have always lived by the principle give, give, take. When it comes to business, this doesn’t always mean money. Yes, for your business to grow you have to invest money. But it is so much more than that. As with any successful project, it doesn’t happen overnight and there is certainly no magic spell. Specially, during the initial stages of setting up my business, I was fully invested and I put in a great deal of effort, power and time. It basically took over my life and I was constantly putting into my business – it was a 24 hour job. You know what they say, you reap what you sow.

 

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  • Aja Smith

    This is wonderful! You are such an inspiration from beginning to now!
    Thank you for sharing your life with us!