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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  • love these tips, and you’re so right that nobody knows what they’re doing at the start… i still feel like that everyday – especially as i’m balancing a full time job with my blogging business so my time is always split between the two. all of that aside, can i just say that you look like a BOSS in these photos — get it girl 😉
    xo, coco | millennielle.com

  • love the tips and how raw you are xo!
    New Post : http://www.fashionnfreedom.blogspot.com

  • Great tips!

    Your daily inspiration and motivation on http://www.letucc.com

  • Kehinde Olapade

    Lovely post. I started a business once and failed. Lately, I have been thinking of starting over. This post is so needed at this time in my life. Thanks Patricia. Check out my new blog and posts.
    kehindeolapade.wordpress.com
    Thanks.

  • Simi Atanda Lindgren

    Such useful tips especially for those looking to start a business! I think everyone looks at failure as failure when rightly said by your mentor fail first and use it as a learning experience…just make sure you learn quick. Thank you for the post.
    http://www.whiitelist.com

  • Great post! Really truthful and inspiring!

  • Ada

    This is so true. It’s also kind of true for those that are employees too. I’m trying to be more hands on with book keeping, it’s so important.

    http://www.daisyada.com.ng

  • Roarrrr

    Great tips, no one mentions all the paperwork and hands on things you have to do in a business. Unfortunately, a few people I know had their bank accounts seized by the government. Another suggestion, separate the business tax id from your own personal tax id. In case there is an issue they won’t freeze your personal funds along with the business.

    Also there are a few products like ‘Small Business Bodyguards’ that I will invest in to help me to keep more, and also to protect my business.

  • Really really helpful tips.

    http://www.thestylefanatic.com

  • Really great tips from you and sure nothing comes easily!
    Outfit also well put together
    Enjoy your Weekend
    x
    http://www.fashiongalorelovers.com

  • Sindiso Moagi

    I admire great work ethic in people especially when they want to succeed in life. It is just that I used to be lazy and passive about the things I wanted and now I am learning in my older years that I constantly have to give more than 100% in order to get even a 10th of what I have planned. And it is hard when you are older. Great tips as I am also planning from moving from Corporate to my own business. But that is still a long way off, 5 years to be exact. Great post
    http://www.sindisosdiary.blogspot.com

  • Jane

    I usually don’t do this but thank you Patricia. I was binging on your videos and blog a few days ago and I’m just thinking like wow, your channel is so amazing because not only do you share your material things, you share priceless knowledge and wisdom. Like giiiirl I live through looking at your luxurious things that I cannot afford (YET) and being motivated to get up and get active. SO looking to the Breaking Moulds post. Thank you for sharing what God has blessed you with and I pray he continues to bless you and your family. You’re totally my online mentor. Stay Bright. 😚💕

  • Like this insightful post Patricia! I’m really interested in personal development and business, and I actually write a blog about all that. You’re right, patience and obviously hard work is key, and we all have to start somewhere! I’m also ‘finding my place’ in the content creation world so would love to hear more of your related experiences.

    come say hi >>> http://www.roliedema.com

  • Great tips! I am reading and learning…
    http://www.comfycozyup.com

  • Abigail Silvester

    Love this post, thank you for sharing such great content about business!
    Just Abigail

  • Great tips. Thank you for sharing them with us!!!
    http://bantousinparis.com/

  • love the tips.
    http://www.blackroz.com

  • Hamburger26

    Very useful and imsightful tips. What if you have a strong inclination to start a business but you have the faintest clue in what to start it on, and don’t have much of an idea of what you can sell good?

    Also what about those who have ideas, but the market is so saturated with their specific interests, talents, and skills that they wonder why they should even try to begin with?

  • Thanks for sharing these Pat. I love your informational content 🙂
    I’ll definitely be checking out those accounting software as I’ll be embarking on my own entrepreneurship journey in a couple of months!
    sewafolie.com

  • Nailed it- great share.
    xoxo
    http://www.lovekept.co.uk

  • Chauncey Dominique

    Love this!

  • Camilla

    great post 🙂

    Hugs<3
    http://camillaesi.se

  • Jessica Tonge

    I absolutely love this post! I just stumbled across your site and have fallen in love, you images and posts are perfect!

    http://www.jessicatonge.co.uk

  • Missy

    I needed to read this Patricia! About to launch my events business, managing a 2 month old blog, a youtube channel, and still working full time! I just got motivated xx
    missysadventures.com

  • wow I’m so glad you wrote this up, its so helpful and inspiring at the same time! Thanks for the tips, I think we scare ourselves a lot with the unknown but you are so good at showing that everything is possible for anybody. Always keeping it real, thanks girl x
    http://www.metiyachique.com

  • Love this Patricia! Definitely no money without the honey, hard work, blood, sweat and tears! It always pays off! You are always such an inspiration. Immy x

    http://www.immymay.com

  • Bonita Nance

    Great information! I love to hear your perspective on things. Cant remember
    how I found you but it’s the best find ever. I enjoy your blog. Keep up the awesome job. I thought I was the only one who used fantabulous, that is surely what you are! One tip : dont trust spellcheck.

  • unapologetic moi

    thank you for just being you and share advice and tips through content over the years I for one real appreciate it

  • Sofía Giuliano

    Thanks patricia! You’re super inspiring! Love you!

  • QuietStorm

    Great, clever tips. Everyone should have some practical knowledge of business operations, ESPECIALLY taxes.

  • Twinkins

    I love your advice! I have been following you on youtube for so long for hair and makeup tips but the career advice I find the most beneficial for me. Your definitely someone I look up to! and as a mother myself I realise having kids doesn’t stop the show! thank you xxxx

  • Thanks for the tips patricia! x
    Tolaraye || Tolaraye.blogspot.co.uk

  • Chinelo Okoli

    Thanks for sharing tips tips Patricia. I really needed to see this. i started a writing and editing business on the side, and it does keep me awake and give me anxiety. I get so worried about not succeeding. But i just need to do it and forget about the fear.

    NhContentWriter.com – Freelance writer & Editor for Hire

  • Natalie

    Loved this Patricia! Really personal and informative…some really good tips! Really appreciate your honesty!

  • Priscillia Okpan

    Am I the only one that can’t get over how laid her hair is ^.^
    #hairgoals
    xx, Priscillia http://www.kimdave.com

  • Thanks for the great tips !
    I use to think that overnight successes were actually true. I quit a few times because i found out that wasn’t the case. It’s good to hear from someone who is your position and started from the bottom dish out her own experiences.

  • I thought the video linked to this post was uber productive and valuable to your viewers. It’s great to see you developing your business and inspiring others. I did notice that you have hired out a co-working space. I myself have been looking around, and in the process of comparing prices. Do you mind letting us know what the name of your coworking space is and where? Many thanks x 🙂

  • Chimere

    Hey patricia, I know you have probably heard this question so many times, but I am 17 and I have wanted to be a youtuber for the longest. I started my youtube not too long ago and wanted to know if you could make a post on how to grow your instagram and youtube with detail. I’ve watched a tonne of videos on this but I always feel that they are leaving something crucial out because I’ve tried alot of methods. But I love you and I love this post and therefore I feel that it would be very effective and informative coming from you❤️

  • nerifa

    I love you Patricia
    you are such an inspiration to a humble university student with an ambition of pursuing a career at the Bar.
    xx

  • Jennifer Ama

    Love you Pat you’re such an inspiration I look up to you always ✨✨✨❤️

  • Adwoa Annan

    Patricia, Thank you for these insights! I can’t stop beating myself for certain mistakes I’m making as a startup person. I’m definitely going to take this advice and go soft on myself.

  • Dear Patricia, thank you for this great post! It seems so familiar. When I was starting my bussiness I knew that it would be hard… But when you faced all of this things like: fear, failures, lack of knowledge and experience, time constraints etc. you feel like you are losing ground and getting frustrated. But then you understand that it’s is integray aspect of the journey. I think this tips realy the basis that every entrepreneur should know! The articles like this are needed to be posted, they show that all of us have similar difficulties, and we are not alone! “Success is not final; failure is not fatal: It is the courage
    to continue that counts.”
    Best wishes,
    Yulia
    http://www.yuliagural.com

  • Faith Aruwan

    I feel like I see myself sharing traits just like you.. I just love you!!! I just found your blog and I’ve been on it non stop.. 😆🙌 #myfav love all your post ..

  • THIS is exactly what I needed to read! No money without the honey needs to go on a t-shirt!

    Char xo || http://www.memoirsmusings.com

  • Tatjana Apukhtina

    So true! I agree with every point! I also studied Business and Management at University and thought I had it all figured out… 4 years later I still don’t think I know everything, but I’m finally starting to understand how the system works! haha

    Love your post!
    Tatjana xx

    http://www.fashionartista.com

  • Debbie Lovit

    Wow, you are such an inspiring woman Patricia! Thanks for those advices 🙂
    Deborah | http://theblacktheory.wordpress.com

  • Anifaloyin Olaoluwa

    Wow! This is so inspiring. I am just in between taking up a new job or facing my own business. Your words, here, really just put up a lamp of redirection for me. I will be making my business a 24 hours job. I am kill every fear inside of me, it will end in praise……..