12 months in – the lessons and rewards of running my own business
COVID-19 has brought incredible challenges for many businesses who have had to navigate through the most unprecedented global economic uncertainty in modern day history.
And while It feels like a strange time to celebrate - I have an important milestone to mark that’s too meaningful to let slip by – celebrating one year in business!
After 12 months at the helm of The Well-Suited Group (TWSG), I thought I would share the lessons and key learnings I have taken away from one year in business.
It’s bloody hard work – but it’s fun
As the saying goes - If it was easy, everyone would do it!
I launched my business after realising a gap in the market for experienced EA’s seeking flexibility, while at the same time I knew many high level executives also in need of good support but just not on a full time basis. I was constantly being asked if I could recommend a good EA.
I wanted to advocate for an alternative to the traditional work week and provide flexible work that could provide work/life balance for women. So, with all the evidence in front of me, I conjured up the courage to deliver on my idea.
Fortunately, the disruptions caused by COVID-19 has also created opportunities. We could offer support to businesses that were looking to reduce overheads and outsource their administration, and at the same time, provide work for executive assistants who found themselves out of a job due to the downturn.
I’ve met so many amazing people in the past year and have enjoyed helping businesses and women who were looking for meaningful roles. It is rewarding to make these connections and to be honouring my “WHY” for starting TWSG.
2. Behind every successful business is a good mentor
Knowing how to turn your idea into a successful business is a huge challenge. I knew I was a good at my job but running my own company meant learning a new range of skills.
Looking for guidance, I enrolled in Mamamia’s Lady Startup course which gave me the foundations to get started. It was motivating to be a part of a community of like-minded women who were all on a similar journey of launching their own businesses.
I learned I had to acknowledge the things I was good at and concede to seek support where I needed help.
Finding someone that you trust and that who you can confide in, like a business mentor, is vital. Everyone likes to think they know what they are talking about, but when it’s your business, accepting bad advice can be costly. Since enlisting the support of a business mentor – I have changed my accountant, cleaned up my financials and my reporting and I have a healthy, profitable business.
3. Building Resilience - Rejection hurts
We have all dealt with rejection at some point in our lives – as confident as I am in what I do and my business offering – when someone says ‘NO thanks’ it’s hard not to take it personally. After a year in business, I’ve learned to try to look at it objectively, I ask for feedback and if it’s valid I take it on board and learn from it, if it’s not – then it probably wasn’t the right fit anyway.
4. Networking to build a connection
Stepping outside my comfort zone to network on behalf of TWSG was definitely one of my greatest challenges.
My business is almost 100 percent referral based, which means when I’m introduced to someone they already are looking to engage my services. Rather than using networking as a way to sell my business, I try and use it to build “real” connections with people. I’ve found It’s those connections that keep the referrals coming.
For a small business that is reliant on referrals, it’s vital that you nurture and build your networks.
For me, I found networking groups that connect C-Suite executive assistants to be extremely beneficial to establishing relationships with good quality prospective candidates and those looking for good EAs.
5. Have a plan
Failing to plan is planning to fail! Yes, planning is time consuming and sometimes feels like it’s taking your precious time away from servicing, creating or connecting – but setting time aside to map out your goals and direction is essential!
Keep coming back to your plan, assess and reassess your performance against this. It’s all too easy to get caught up in the day to day operational requirements and to lose sight of prioritising the time required for strategic thinking that will ultimately elevate your business ambitions.
In summary, my key takeaways from my first year are - for a business to be successful it requires planning, networking, resilience and surrounding yourself with a good mentor. And of course, it helps if you love what you’re doing. I’m very proud of what I’ve accomplished in my first year – and I’m determined to use 2021 to build on this success and continue to empower women in the workplace through flexibility and creative workplace solutions.