5 Golden nuggets
of advice for new
business owners
From award winning entrepreneur Alyssa Smith herself!
Alyssa understands how daunting starting your own business IS...but also how exciting it can be!
Learning on the job? Winging it? No idea what you're doing? That's all standard practice for both new AND experienced business owners!
If only there was a manual to give fledgling business owners, new entrepreneurs and micro start up businesses an ‘every scenario covered’ type handbook, but sadly, there isn’t! We can, however, offer you 5 little ‘Golden Nuggets’ of wisdom from Alyssa, founder, owner and director here at The House of Alyssa Smith.
Alyssa has been in business for 15 years now and has won multiple awards in business, entrepreneurship and fashion, and although she very much admits she is still learning on the job, we wanted to share a couple of top tips for anyone who could benefit from a little bit of guidance in business right now! Share with your business friends and anyone you may know starting a new venture in life… you never know, some of these may come in handy!
GOLDEN NUGGET NUMBER 1: Accept that it's 24/7.
This might sound daunting, but starting, running, maintaining and growing a business is never 9 – 5… EVEN if your trading or opening hours are!
The behind the scenes work involved in owning and running a business such as planning, book keeping, reviewing, stock ordering, design inspo, new ideas, research, catching up with admin, stock checking, designing mailouts….the list goes on… may not be doable inside your usual hours.
It is a common mistake to think that the self employed and business owners can pick and choose their hours: this is rarely the case, especially if you’re part of a small team or a 1 man/woman band. If the work isn’t done, and there is no one else to do it, the bills and wages don’t get paid. I accepted very early on that whilst I could pick and choose days and hours I don’t work, I am pretty much married to my job.
That’s not to say you can’t find a work life balance, once your business is on its feet a bit, you absolutely can seek and find a good balance, but you should still expect to be flexible.
“Remember, only seeds that are watered and nurtured will flourish and grow. So, put in the work to see the rewards and accept that it may not be a 9-5 affair!”
Alyssa speaking on the advantages of apprenticeships at the House of Commons to other business owners and MPs
Alyssa with then-Chancellor of the Exchequer George Osbourne
GOLDEN NUGGET NUMBER 2: Enjoy the successes as much as you hate the lows
There will be a lot of lows in business. Doors slammed in your face, things that don’t work, things that collapse, hard work which can take a very long time to pay off, projects which fall flat on their face, fake reviews…the list goes on! And whilst it’s so easy to focus on the bad bits we, as business people and entrepreneurs, must also learn to recognise and celebrate the wins, both small and large.
Not every day will be smooth, in fact a day will rarely be smooth. Think of your new business life like a heart monitor on a screen. Highs and lows form part of the ordinary, it’s when nothing happens and the line goes dead when you should worry. Try not to focus on the bad things and take moments on a regular basis to look back and reflect on how far you have come.
If we only focus on the end goal, we will miss the entire story. You may as well just read the front and back page of a story!
GOLDEN NUGGET NUMBER 3: Join a supportive business network
I signed up to the Federation of Small Businesses very early on in my business life as it offers small business owners invaluable advice on the law, relevant news, tax advice, and even down to the slightly more technical bits like copyright, I.Ps, latest updates you will need to know about in your industry. There’s even a helpline too! You will find a lot of help for employees on the internet but when it comes to YOUR rights as a business owner and employer, you will struggle unless you are a member of a helpful organisation. There is support there for us, make sure you use it!
Alyssa with serial entrepreneur and TV Dragon Theo Paphitis
GOLDEN NUGGET NUMBER 4: Don't let anyone dull your sparkle!
Firstly, to succeed in anything in life, it is imperative you believe in yourself above anything. Because if you don’t believe in yourself or your ideas, why would you expect anyone else to buy into your ideas and dreams?
Hold your head high, believe in yourself and what you have to offer and be ready to start making your mark in the business world! Use the skills you have, learn more along the way (there is ALWAYS something to learn, no matter what stage of this journey you’re at) and remember your best tool is always YOURSELF!
GOLDEN NUGGET NUMBER 5: Break down those ceilings!
Not everything will go your way. I learned this very early on. Instead of turning round when you have a door closed in your face, find a way to break it down, find another door, or find another way round it… because in business, there is no one else to do that job for you! If the other option is failure, then don’t take that for the answer.
Adapt your ideas, find another way, find an alternative, move with the times, go back to the drawing board and find a different door if you must. To succeed in business, you will need to use this tool on a daily basis, so it is best to learn early and STOP being disheartened if and when things don’t go as you originally planned.
“You’ve got this! We’ve all got this! Just remember to be fluid and move with the times, and most of all believe in YOURSELF!”
