7 minute read
10 experts share valuable lessons learned FROM STARTING A NEW BUSINESS
Mentors can be hard to come by; however, at MATTERS, business professionals are part of a community dedicated to education and collaboration. Together, they have years of experience and wisdom they are willing to share. We’ve asked 10 Matters Magazine entrepreneurs what they believe is one of the most valuable lessons they learned whilst staring a new business.
For me, starting a business mirrors the rush before stepping onto the stage - a blend of nerves and anticipation, giving way to overwhelming joy and pride once the performance begins. Drawing on my experience as both a doctor and a performer, I recognise the chemistry behind these feelings of fear and excitement - it’s all the effect of adrenaline and your interpretation of the signals your brain is sending. So, my advice is to redirect your fear into exhilaration by embracing the joy of creation, conquering obstacles, and ultimately achieving success. Let’s see what our experts have to say!
Mind Your Cashflow
“You need to understand your business cashflow intimately. It’s not enough to have your accountant prepare a cashflow forecast and then put it away. You need to review and revise often, especially in the early days. There are some great accounting software tools available to track your forecast and overlay how this compares to your actual revenue and costs. Knowing when you are running at a profit or a loss is critical to your future success and will allow you to be swift in making changes.”
DANIEL REES, Director - Maroochydore
Queensland Sotheby’s International Realty
Hobby Versus Business
“Turning a hobby into a business is an enticing prospect, blurring the lines between passion and profit. I’m an avid artist who wanted to become a professional one. However, there are compelling reasons why a hobby should remain just that – a hobby. The transition from leisure pursuit to livelihood often strips away the joy and spontaneity that initially drew you to the hobby. Hobbies don’t always align with market demands or possess the scalability required for business success. There may be financial risks and uncertainties that can overshadow the intrinsic rewards of the activity. Maintaining a clear distinction between leisure and work allows individuals to preserve their passion without the constraints of commercial objectives.”
KAY RIDGE
LinkedIn Specialist
COMMUNICATION BUILDS TRUST
“The pivotal lesson in launching my business centres on the paramount role of consistent communication with clients. Sustaining regular touch points proves transformative; even initial rejections can evolve into eventual affirmatives. The key lies in perseverance and understanding that a ‘no’ might simply signify a ‘not yet.’ By maintaining an open dialogue, I discovered the power of fostering relationships turns potential clients’ hesitations into opportunities. Regular communication serves as the linchpin for trust-building and reshaping perceptions, ultimately steering the course towards successful collaborations.”
ZONYA BIRD, Designer Creative Bird Design
DREAM, REALISTICALLY
“A common mistake I’ve observed is people transitioning from paid employment to entrepreneurship without fully understanding the risks involved. Follow your dream but be realistic. My key strategies are:
• Retain supportive employment and progressively reduce your working days.
• Address the unconscious blocks that can hold you back.
• Keep your energy in receiving mode so clients come to you easily and effortlessly.
• Enjoy what you do and know why you are doing it.
Most businesses fail in the first year and the owner can end up with debt and no business. It doesn’t have to be this way. Success is waiting for you.”
ANN NOLER HARRIS Energy Medicine Consultant
MARKETING
“Like selling a property, I believe that one of the most important aspects of starting a new business is to have a clear and concise marketing strategy. You must know who your ideal customers are, what their needs and preferences are, and how your service/product can solve their problems. Having a strong brand identity that reflects your values and personality, and creating a consistent message across all marketing channels is paramount. Finally, like selling a property, you need to remember that marketing is an ongoing process that requires continuous effort and adaptation.”
MELISSA SCHEMBRI, Director - Maroochydore
Queensland Sotheby’s International Realty
FOLLOW YOUR PASSION
“Someone once told me that starting a business is one per cent inspiration and 99 per cent perspiration. I strongly disagree! If you love what you do, then it flips this figure on its head. Now you are energised daily by 99 per cent inspiration, and it doesn’t feel like work. So, if you ask me, ‘What’s the most important lesson I’ve learnt whilst starting a business?’ then it’s, ‘Go with your passion.’ Don’t do it for the money. Don’t do it for the fame. Do it because, if you had the choice to do anything today, this is what you would do – 100 times over. Enjoy!”
DR JOHN CARRIGY, Senior Clinician and CEO Foundation Dental Services
ACCOUNTABILITY, STRUCTURE AND INTEGRITY
“These would be the three points I have learnt the most from, in myself and in others. In anything in life, you must have a high level of accountability. We must do what we say we’ll do and be there when those who rely on us need us, particularly as industry professionals. Clear structure paves a way and holds a solid foundation from which to grow. I have learnt from making many mistakes; I am still finding my way through structure. The most important lesson to speak of is maintaining integrity in your values in business. Then it is easy to follow your passion and be true to yourself. It is harder to constantly try keeping up with the Joneses. Be authentic; be awesome.”
KIRA STEINHAUS, Owner and Principal MyHaus Property Group
YOUR BRAND, YOUR STORY
“When starting a new business, ensure you understand how the strategy behind your brand can make or break the business. Having a solid strategy in place to differentiate you from your competitors will position your brand front and centre in the minds of your customers. A brand is more than a logo. By taking a strategy-first approach to brand development you will create a brand that resonates with your customer and creates leads and sales over you just simply liking your logos. Your brand should tell your story, visually and emotionally. It’s that story that will create your success.”
STU PEACE Branding Strategist
STAY CALM. STAY CONSISTENT.
“As business owners we can face many challenges on any given day. I learned that nothing is as bad as it seems at the time, so don’t stress over the little things. Stay calm, focused and do what you do best for your customers consistently. Over time you will build trust and reap the benefits of building long term relationships.”
BEN PRICE, Managing Director Bridgewise Insurance
STRATEGIC FOCUS
“Launching a business is complex, and a vital lesson I’ve learnt is the power of having a strategic focus in the following areas:
A business plan is more than a document; it’s a roadmap that you regularly revisit and refine. Financial preparedness is non-negotiable; meticulously budget for start-up and unforeseen costs. Collaboration is essential; don’t navigate the journey solo, rather build a network for invaluable support. Embrace technology to boost efficiency and enhance your customers’ experience. The ability to make a swift pivot is a secret weapon; turning challenges into opportunities is essential for thriving in a competitive landscape. Foster a culture of adaptability; it’s the key to surviving in today’s dynamic business world.”
RUTH HOLLAND, Business Broker
LINK Business Brokers Sunshine Coast
