Starting up 2024: In conversation with small business owners

In this article, we’ll be sharing our customers’ experiences of running a business (both good and bad), the challenges they’ve faced, and what advice they’d give to someone starting up, to give you a deep insight of what being self-employed looks like in the UK today.

Below you can view in more detail the results of our latest survey:

 

What is the biggest benefit of being a business owner?

Freedom to choose what to work on and when to work

Why did you decide to become your own boss?

 To manage family and childcare commitments better

What piece of advice would you give to someone wanting to become self-employed/a business owner?

Be clear about what you want to achieve, what your key attributes and skillset are, what you offer - and go for it.

What has been the biggest challenge you have faced as your own boss?

Being responsible for everything - admin, finances, marketing etc. as well as the delivery. 

Which social media channel has helped you the most with your business?

 I haven't relied on Social Media, but I know that people look me up on LinkedIn. They also check out my company website. 

If you could go back and tell your future self one thing, what would it be?     

When people trust you, they trust your brand/company - so you don't have to do it all yourself. Hire Associates and let go!

What’s the biggest pain point you experience running your business?

Admin and financial tasks e.g. invoicing.

 

What is the biggest benefit of being a business owner? 

Freedom. Freedom to pursue the work you want to do, work with the team you want to build and for the clients you respect. Freedom also applies to your non-working life, with greater flexibility to fit work around the family and not just the family around work.

Why did you decide to become your own boss? 

All of the above. Plus I really wanted (and still do) to grow a business and become a design agency other talented designers and creatives want to work with. And clients want to get work from.

What piece of advice would you give to someone wanting to become self-employed/a business owner? 

Do it. As the world famous tagline goes, Just Do It. Be clear about what you want to set out t achieve, and how you want to achieve it though, as this makes the start of the journey a little easier, giving you more of a laser focus.

What has been the biggest challenge you have faced as your own boss? 

Probably cash flow. Not so much now, but starting out, making sure we had enough money in the back to pay freelancers and wages.

Which social media channel has helped you the most with your business? 

LinkedIn. Probably the one we put the most in to, but definitely the one we get the most from.

If you could go back and tell your future self one thing, what would it be? 

See question 3. Wish I’d taken the proverbial plunge sooner. And also been more focussed at the start. But I’m now and advocate of risk Vs reward. Putting yourself out there and building relationships is hard and takes time - as a strategic brand design agency there’s only specific times anyone is market for our services, so it’s about making sure we’re constantly on the radar of those in our network who we’d love to work for or collaborate with.  

What’s the biggest pain point you experience running your business? 

New business without a doubt. It’s a very competitive market. We’ve spent a lot of time recently revisiting our own brand, including our proposition (our promise to our customers), our values and who we want to work with. This will start to come through in Q1 next year.

 

What is the biggest benefit of being a business owner?

The biggest benefit for me is having the freedom and flexibility to work when I want, where I want and how I want (subject to client demand obviously).

Why did you decide to become your own boss?

I was a lawyer at a top commercial law firm for nearly a decade but the corporate lifestyle and demands felt different when I became a Mum. Whilst on maternity leave with my second child, I decided to take a leap of faith and quit - it was scary leaving the world of law behind but becoming my own boss really has changed my life! I wanted to be present for my girls and now I’m my own boss, I don’t miss out on all the special moments at home. 

What piece of advice would you give to someone wanting to become self-employed/a business owner?

Be brave! It can be so hard to step outside of your comfort zone and put yourself out there but choosing to take that leap might be the pivot point that changes your life forever! We can all be extraordinary and achieve our goals, we just have to be brave enough to go for it. 

What has been the biggest challenge you have faced as your own boss?

My biggest challenge has been sticking to the work-life balance boundaries I set myself when I started Keeley Smith | Virtual Business Support. It’s easy for your own business to be all consuming - you have a vested interest after all - but I try to regularly remind myself what I’m doing it all for, down tools and walk away from the laptop at a reasonable hour for some "me" time. 

Which social media channel has helped you the most with your business?

I love the support for small business owners on Instagram. Some of the content out there is amazing and I’m so inspired by some of the accounts I follow, particularly the ones supporting women in business. 

If you could go back and tell your future self one thing, what would it be?     

Everything always works out in the end. Be true to yourself, act with integrity and good things will come. 

What’s the biggest pain point you experience running your business?

My biggest pain point has to be trying to “wear all hats” myself at times. It can be tough to let go of control and switching from the day job to managing the admin, accounts and marketing etc. can be a lot. It’s so important to strike a balance for your own wellbeing and let go of the tasks you can delegate. As an owner of a virtual assistant business, I really should know better and delegate more - no one can be a master of all trades.

What is the biggest benefit of being a business owner? 

Being able to create a legacy for my family that leads to greater resilience and financial freedom without the salary limitations of an employee.

Why did you decide to become your own boss? 

I saw a gap in the market that I knew my skills & experience addressed.

What piece of advice would you give to someone wanting to become self-employed/a business owner?

Entrepreneurship can be tough and at some point, you will face uncertainties, setbacks, and failures. Successful entrepreneurs develop a high level of resilience to bounce back from challenges, learn from experiences, and persevere in the face of adversity.

What has been the biggest challenge you have faced as your own boss?

People management & developing leadership skills. It's one thing to motivate and direct yourself, very different focus and skills needed to lead others.

Which social media channel has helped you the most with your business? 

LinkedIn

If you could go back and tell your future self one thing, what would it be?  

Trust yourself. There will be people who tell you that your idea is crazy, that it's too risky, or that you're not good enough to make it work. Don't listen to them. They don't know what you're capable of.    

What’s the biggest pain point you experience running your business? 

Managing cash flow when delivering large projects.

What is the biggest benefit of being a business owner? 

I love being in charge of my own destiny and having the autonomy to make the decisions I believe are right for my business. I don't get it right all the time but it's very liberating to not have to debate everything with other stakeholders.

Why did you decide to become your own boss? 

I found a subject I was passionate about that happened to be something I knew a lot of SME manufacturers needed help with, so it was an easy decision to leave my previous company and set up my consultancy. 

What piece of advice would you give to someone wanting to become self-employed/a business owner? 

Be prepared for it to take longer than you think it will to become profitable. This has been the case for 100% of small business owners I've talked to.

What has been the biggest challenge you have faced as your own boss? 

Getting my prices right. I was too expensive to begin with and then went too far in the other direction - these mistakes definitely held back the growth of the business at the beginning.

Which social media channel has helped you the most with your business?

LinkedIn. My client demographic wouldn't look for my services anywhere else.

If you could go back and tell your future self one thing, what would it be?

Have more confidence in the value you provide to your clients and take a few days holiday when you need to.

What’s the biggest pain point you experience running your business? 

Generating new sales leads. When I'm busy working I don't have time to keep up with marketing activities so there are always peaks and troughs.

What is the biggest benefit of being a business owner? 

The freedom and flexibility it offers. I have a curious mind which means i’m always learning and developing. Running my own business in a way that works for me, allows me the time and the space to think, to absorb, to plan and to adapt to the shifting demands of the businesses I support.

Why did you decide to become your own boss? 

I always found employment quite restrictive. I thrive in environments where there is choice, openness, honesty and support. I think these are the foundations of personal and professional growth and development, but they aren’t always present in the workplace. So, I chose to start up on my own, to help others establish these as priorities in their own businesses. 

What piece of advice would you give to someone wanting to become self-employed/a business owner? 

Be brutally honest with yourself first. Are you able to commit? There are many benefits to running your own business, but it’s hard work. It’s critically important to fully understand your purpose, your value and your market. If you have any doubts over any of these, those doubts will ultimately win out. Once you do really know your value, your purpose and your market then it’s time to fully commit. Be sure, be bold and be confident. 

What has been the biggest challenge you have faced as your own boss? 

We are now in 2024 and the business is very healthy, but the biggest challenge for me, as for many other businesses owners, was when the COVID pandemic hit. I was well established at this point with a strong client base, but literally overnight, all of my face to face engagements - coaching, training, workshops, keynote speeches - were cancelled, and what was looking like another good year, suddenly looked very different and very difficult indeed. I had to adapt and adapt quickly.

Fortunately, my work involves helping businesses and individuals to adapt to change and find positivity in challenge, so I was well equipped. The business is now much stronger as a result. The face-to-face activities are back - but are now also complimented with the online and digital options that we have all come to expect - so what was definitely a challenge, ultimately became a benefit. 

Which social media channel has helped you the most with your business? 

I don’t have a huge social media presence. I’m fortunate in that much of my work comes from referrals and recommendations, which I am always grateful for, but if I were to pick a social media platform that has worked well, I’d say LinkedIn has been the most useful and consistent for me over the years. 

If you could go back and tell your future self one thing, what would it be?     

I’d tell him, there will be times you will doubt yourself;, you will question your role and your capabilities. There will be times you will feel vulnerable, anxious, tired, scared, uncertain - and that’s all ok because we are meant to feel these things. Life throws a lot of challenges our way and it will continue to do so. The key thing to remember at those times, is how you will choose to respond. 

What’s the biggest pain point you experience running your business? 

I don’t tend to have any. There are challenges of course, and there are times when it all feels a little harder than at other times, but that’s ok too because ultimately, I have chosen to work for myself. It’s my business, I’ve worked hard to get it to this point - and still do - but I understand my purpose, my value and my market and I can honestly say that I love the work I do.

What is the biggest benefit of being a business owner?

Freedom to choose: who I work with, under what terms I work, the hours I work, and control of my own destiny.

Why did you decide to become your own boss?

Skills and experiences that were underutilised in a corporate environment, a desire to take charge of my own direction of travel, and always having had an entrepreneurial mindset - plus the chance to use all my skills in helping other people change their lives.

What piece of advice would you give to someone wanting to become self-employed/a business owner?

Do thorough research - is there a big enough market for what you're proposing to sell - and if possible, build it up in your spare time to prove the concept before quitting your job.  

What has been the biggest challenge you have faced as your own boss?

Resilience; navigating the highs and lows and keeping going when enquiries are slow, which they inevitably will be at times for most small businesses.

Which social media channel has helped you the most with your business?

LinkedIn.

If you could go back and tell your future self one thing, what would it be?     

Keep going, because there will always be new opportunities around the corner.  Consistency is key.

What’s the biggest pain point you experience running your business?

Isolation can be hard and it's sometimes difficult for friends and family to truly understand the small business owner mindset, but I surround myself with positive business owners who understand the ups and downs, many of whom have become great friends.

What is the biggest benefit of being a business owner? 

Being responsible for my own success. I love my work but don’t have a right to profit from it. My customers decide. Their success turns into my success. I switch the light out at night, happy I have added value to the world.

Why did you decide to become your own boss?

After running a business for a charity, the opportunity arose to set up my own. After one false start, I found a great niche where my skill set is valuable to business owners seeking strategic and personal development.

What piece of advice would you give to someone wanting to become self-employed/a business owner? 

Find out the problems or opportunities that you can fix and tell people about these.

What has been the biggest challenge you have faced as your own boss? 

There are so many things to learn, and it is easy to focus on the wrong priorities and to pay too much attention to sunk costs. I am lucky to have found a network of advisers who help me learn and recover from my mistakes.

Which social media channel has helped you the most with your business? 

I use a platform that generates leads, which I pay for and then follow up. It means I focus my selling effort on people who say they are interested in buying my services.

If you could go back and tell your future self one thing, what would it be? 

Worry less. My primary school reports kept on saying this, but I guess I never read them. My successful uncle said he only worried once, when it mattered. I tend to worry every day, suffering agony over things that won’t happen.      

What’s the biggest pain point you experience running your business? 

I relish talking to people about how I can help them. I like to get to yes or no. What I hate is people who say yes and then disappear, so I don’t get any feedback about why they did not want to invest in themselves.

What is the biggest benefit of being a business owner?

The most significant advantage of being a business owner is the sense of autonomy and control over my professional destiny. As a business owner, I have the freedom to make decisions that fit with my personal values and aspirations.  I can tailor my market offering to be in line with the cultural alignment I wish to develop, and use this to drive the direction of the business. This independence allows for a more direct impact on the success and future growth of the company.

Why did you decide to become your own boss?

I chose to become my own boss because I wanted to channel my expertise and passion into a venture where I could directly influence outcomes. Being a business owner provides the opportunity to pursue my vision, set my own goals, and have a more profound connection with the work I do. The desire for personal and professional fulfilment was a driving force behind this decision.  I also strongly believe that my clients get a better, more tailored, service. 

The boutique nature of the engagement means I can take the time to get to know their needs more deeply and deliver a more personal service.  This is important in the world of consultancy and professional services, where there are a large number of firms offering off-the-shelf advice that may or may not work for the specific needs of the clients given their unique needs and circumstances.  This is a significant selling point and one I truly believe in.

What piece of advice would you give to someone wanting to become self-employed/a business owner?

Embrace continuous learning: Stay updated on industry trends and business practices.

Build a strong network: Connect with mentors, peers, and professionals for support and guidance.  Self-employment can lead to a lonely work environment, but it really doesn’t need to be.  Set-up regular meetings with peers and mentors, join business networking groups, speak with students in your profession – it also helps to give you the opportunity to understand people with a broad and diverse range of experiences and backgrounds which can only help with your own development and help to build a better, more diverse approach to your business offering.

Plan strategically: Develop a solid business plan with clear goals and milestones.

Be adaptable: Stay flexible and open-minded to navigate uncertainties and changes.

Manage finances wisely: Keep a close eye on budgeting, cash flow, and financial stability.  If this is not your strong point, make sure you choose the right accountant for your business.

What has been the biggest challenge you have faced as your own boss?

The most significant challenge I've encountered as a business owner is navigating the complexities of a dynamic market.  The sales process between public and private sector clients is quite daunting when you are used to having a range of different, diverse support services in a larger organisation.  It’s not possible to do everything a larger company with a range of staff with different expertise can do in house, so focus your efforts on the areas that you can genuinely bring expertise to, and buy-in the expertise of other businesses and experts for those services where dabbling will take you away from profit driving and business building activities that are within your skillset. 

It's also the case that adapting to changes in industry trends, economic shifts, and client expectations requires constant vigilance and strategic planning. Overcoming this challenge involves staying agile, fostering innovation, and maintaining a proactive approach to problem-solving within a wider network of contacts and collaborators.

Which social media channel has helped you the most with your business?

LinkedIn has proven to be the most valuable social media channel for my business. Its professional environment facilitates networking with potential clients and collaborators. Additionally, the platform's emphasis on thought leadership allows me to showcase expertise in procurement consultancy, reaching a targeted audience interested in the industry.  I don’t tend to find it a great source of sales leads or opportunities – I know I get pretty irritated with the constant connection requests that immediately turn into sales messages, so I don’t tend to do that myself. 

However, it is a great way to keep an open network and an open mind to opportunities to listen to other voices, to hear other opinions and to engage with a wider network of professionals.  I also like to reach out to connections directly when I have enjoyed or appreciated their content or comments, this has led to some really interesting direct connections and conversations which I have thoroughly appreciated and enjoyed.

If you could go back and tell your future self one thing, what would it be?

I would advise my past self to embrace the journey, embrace the chaos and uncertainty of starting with a blank sheet and not be discouraged by setbacks. Every challenge and obstacle is an opportunity for growth and learning. Trust the process, stay resilient, and focus on learning and growing.  Also, you are not your business, so don’t let it become all consuming!

What’s the biggest pain point you experience running your business?

One of the most significant pain points in running my business is managing the balance between the activities required just to keep the business running, client expectations and resource limitations. Ensuring high-quality service delivery within the constraints of time and resources requires meticulous planning and effective communication. Striking this balance remains an ongoing challenge as a procurement consultant.  I am learning to let go a little, and to work more closely with a network of independent collaborators.  This can lead to an interesting dynamic – we often compete for the same opportunities – but it also breeds resilience and can help with capacity and resource limitations once you develop a trust-based relationship.

What is the biggest benefit of being a business owner? 

I would say the biggest benefit of being a business owner is having more control over your own destiny with the ability to take quick decisions and define your own future. 

Why did you decide to become your own boss? 

I came to a point where I felt I could use my experience and talents in B2B PR / corporate comms more effectively and be financially successful through setting up a business. I have always been driven by challenge and learning, so for me it felt like breaking free and very liberating being able to test myself to the limit. I still feel that way.

What piece of advice would you give to someone wanting to become self-employed/a business owner? 

I think you need to be someone who is naturally self-motivated with a high-level pf personal drive. If you need or prefer to have structure, you may not be suited to setting up a business or working for yourself. In time you'll need to create your own structure and processes, but you also have to be comfortable with a higher level of uncertainty and taking risks. Although some may differ, I think the risk-taking element applies throughout the lifetime of a business leader. Having a good deal of tenacity and resilience is also pretty essential. 

What has been the biggest challenge you have faced as your own boss? 

I don’t think there is one biggest challenge; balancing leading and managing clients alongside business development has been a challenge. Also staying positive when the market conditions are extremely tough and dealing with late payments.

Over the past year lead generation has probably been my biggest challenge as buyers have been uncertain and cautious. But it’s how you deal with challenges that’s important - to keep believing in yourself and not let your confidence dip. Never forget why you started the business in the first place, that spurns you to move forward. 

Which social media channel has helped you the most with your business? 

LinkedIn has helped my business the most over the years. I joined within a few months of it launching, so I was a very early adopter. I have had blue chip companies approach me via LinkedIn, one of which was Sage ERP X3 (international OpCo and part of Sage) back in 2011. After an initial project, I helped lead its international communications for two and a half years. LinkedIn has changed a lot over the years, and you could argue that as a business platform, it’s more powerful than ever.

If you could go back and tell your future self one thing, what would it be? 

Always believe in yourself and never lose your ambition. 

What’s the biggest pain point you experience running your business? 

I’d say it’s maintaining a consistent flow of good quality leads; I'm currently planning how to tackle this in 2024.

 

What is the biggest benefit of being a business owner?

It has been one of the best decisions of my life - it is the freedom to choose in almost every area of the business that is the biggest benefit. In particular, I love the freedom to choose who I work with, as well as how and when I work.

Every decision has a magnified impact compared to when I was an employee of a large international consultancy company. I love the excitement that this magnified impact brings.

Why did you decide to become your own boss?

I had always wanted to run my own business, but had never known exactly what that business would be. The lightbulb moment came in my final three years of what had been a very rewarding consulting career at three global businesses.

By this point I had moved into internal training, sharing my experience and expertise with people at all levels of the business. I absolutely loved it. I realised this was the culmination of my greatest strength, that being relationship building and a genuine desire to see people thrive, to build their skills and to gain confidence.

I knew without hesitation that this was the business I was seeking for myself, and importantly, being underpinned by significant experience and knowledge, I had full confidence that it was a business that could be successful.

What piece of advice would you give to someone wanting to become self-employed/a business owner?

Firstly, passion. Ask yourself, "am I passionate for what this business will be?"  You want your business to be something you love doing, otherwise it may start to drag you down, and the risk of failure increases.

Secondly, money! Make sure you have a clear business plan. You need to understand how you will be profitable, and how you will manage the outgoing costs against the incoming revenue as timing is key: the cash flow. There is plenty of support available, often free of charge, if finance is not one of your skills or areas of knowledge. Whatever you do, don't ignore this aspect. You need to have a clear idea whether your business is financially viable.

What has been the biggest challenge you have faced as your own boss?

I mentioned the beauty of having freedom earlier. With that comes the challenge that you are the only person you answer to. I know from my work as a Certified Strengths Coach that I am not a disciplined person, so I have to find ways of creating structure and accountability. This is not always easy, but what does make it easier is accepting this part of my character and focusing on my strengths.

As an employee of a large global business, I had a lot of friends from many diverse backgrounds and ages. We had a lot of fun especially when delivering training courses. I was always with at least one other facilitator, and other simultaneous courses meant that there were often other buddies on site too. Whilst I do sometimes deliver with other people now, the dynamic is a little different as I am responsible for their success and welfare.

I do miss the travel. I got to work in a lot of international locations. The administrative burden of that for a small business, particularly following Brexit, is disproportionately higher for smaller businesses. Large businesses have people that can make 'it' happen for you! Nevertheless, focusing on the domestic market has its own rewards.

Which social media channel has helped you the most with your business?

LinkedIn has been by far the most valuable channel for me. It is a brilliant platform to share stories, advice or viewpoints, and critically, for building connections with existing and potential clients. Having visibility in this way helps people see that you are active, engaged and dynamic.  Even existing clients need to be reminded that you are still there, busy and doing good things: it helps keep you in their minds.

If you could go back and tell your future self one thing, what would it be?

Ignore people who try to define what you should be to be successful, or who say "you need to fix that weakness". Science shows this approach does not work.  You will never be the best version of yourself if you try to conform to what feels unnatural to you to please others, or if you try to try fix your weaknesses.

You will only be at your best if you focus on your strengths, rather than trying to fix your weaknesses. For example, I used to be angry with myself at how I would leave things to the last minute. Now I have learnt to accept that is me, and that my strengths (or the strengths of others when I collaborate) will pull me through successfully. I have learnt to trust my strengths absolutely and it makes for a much calmer and more confident approach to work, and life more broadly. This is a key message in the strengths work I do with individuals and teams, and one of the big drivers of my passion to help others thrive and live their lives well, with both confidence and happiness.

 

What is the biggest benefit of being a business owner?

Flexibility, the ability to choose where and when I work.

Why did you decide to become your own boss?

To gain more flexibility and control in my work life and explore ways to help business owners gain better control or their business and achieve growth. 

What piece of advice would you give to someone wanting to become self-employed/a business owner?

Be prepared for a rollercoaster ride and invest in help and expert advice right from the start. Almost all new business owners start of thinking they can save money and do everything themselves but soon find out they can’t. You can’t be an expert in everything and you shouldn’t underestimate the time you will need to spend working on your business as well as in your business. If you don’t put in place strong foundations at the start of your business you will spend a lot more time and money later on putting things right.

What has been the biggest challenge you have faced as your own boss?

Recognising that a large part of running my own business is about selling my services. Selling a service that you provide is challenging if you are not used to blowing your own trumpet, but if you are too modest how can your potential clients understand the range of services you can offer? Learning to shout about what I am good has taken quite some time to get used to and I’m still not sure I’ve got it right yet.

Which social media channel has helped you the most with your business?

LinkedIn is the platform where I get the most interaction but I have had business through FaceBook too.

If you could go back and tell your future self one thing, what would it be?

Don’t be afraid to try out new things and drop them if they don’t work. Also, you know your skillset, values, and aims better than anyone else, take advice but learn to work out if it is right for you before you implement it.

What’s the biggest pain point you experience running your business?

Getting across to potential clients that they shouldn’t see business/admin support as just a cost to their business, that they need to see it as an investment that will bring growth in the long term. Also that the short-term pain of showing someone else how they run their business will be worth it, as it will result in the introduction of more efficient systems and release their time back to them, allowing them to spend time on growing their business.

*This blog is if for information only and not intended for the reader to rely upon when making important life/business decisions and that professional advice should always be sought in such circumstances.