Jun 13 (edited) • ⚖️ General discussion
🚀 Thinking About Starting a Business? A Few Lessons I've Learned Along The Way...
As many of you know, I'm a lawyer but I'm also an entrepreneur....I don't have one income stream, I have a few and this is the best way forward for anyone who wants to live a comfortable life.....
Like many business owners, I've experienced the highs, the lows, the mistakes, the setbacks and the occasional sleepless nights that come with building something from scratch.
The one piece of advice is "never give up". Far too often you may say to yourself "this won't work" but the most successful people have all had setbacks - some have been bankrupted and made homeless but they bounced back as they never gave up.....it takes the right mindset to be able to do this. It's not for everyone - many people like the security of a regular pay check, 9-5 working, guaranteed holidays and so on.
This was me right up to 2018 when I lost my job - I was forced to look for other sources of income and thankfully I had an online job in the background (which made beer money, nothing more) - I made this full time and never looked back....
If you're thinking about starting a business, side hustle or work-from-home venture, here are a few practical tips that may help.
💡 1. If It Sounds Too Good To Be True...
It usually is.
Be particularly cautious of:
🚨 "Guaranteed" returns
🚨 Crypto investment opportunities promising huge profits
🚨 Forex trading groups
🚨 Investment schemes promoted heavily on social media
🚨 Work-from-home opportunities requiring large upfront payments
A genuine opportunity should still make sense after you remove the hype....
⚠️ 2. Research Before You Invest
Before parting with any money:
🔍 Research the company - check the age of their website for example
🔍 Check Companies House (UK)
🔍 Look for independent reviews
🔍 Verify who actually owns and operates the business
🔍 Ask questions - never pay a large sum up front either....
If someone becomes defensive when you ask reasonable questions, that's often a red flag.
💻 3. Beware Work-From-Home Scams
There are genuine work-from-home opportunities out there.
Unfortunately, there are also many scams.
Common warning signs include:
❌ paying hundreds or thousands upfront
❌ promises of easy money
❌ pressure to recruit friends and family immediately
❌ vague explanations of how money is actually made and their operation being based abroad
❌ unregulated companies (for investments they must be regulated - in order to protect the general public from high risk activities)
A legitimate business opportunity should be transparent about its products, services and compensation structure.
📈 4. Focus On Solving A Problem
The most successful businesses usually solve a problem for people.
People rarely pay for a product - they pay for a solution.
Ask yourself:
👉 What problem am I solving?
👉 Why would someone choose me?
👉 What value am I adding?
👉 Is there a gap in the market?.
👉 Can I apply my skills to this - is it my area?
🧠 5. Don't Chase Every Opportunity
Entrepreneurs are often presented with:
💡 new business ideas
💡 partnerships
💡 investments
💡 "can't miss" opportunities
The hardest lesson is often learning when to say:
👉 "No."
Focus usually beats distraction.
💷 6. Manage Cash Flow Carefully
Many businesses fail despite having good products.
Why?
Because they run out of cash.
Keep an eye on:
📊 expenses
📊 subscriptions
📊 marketing spend
📊 outstanding invoices
Revenue is important.....cash flow is essential.
⚖️ 7. Get The Basics Right
Before launching:
✔️ understand your legal obligations
✔️ use written contracts
✔️ protect your intellectual property (IP) where appropriate
✔️ understand consumer rights obligations
✔️ make sure you comply with data protection requirements
A small investment in getting things right early can save a lot of headaches later.
🚀 8. Start Before You're Ready
Many people spend years waiting for the "perfect" time.
The truth?
👉 there rarely is one.
Most entrepreneurs learn by doing - and failing - then doing again and again.....until they succeed and YOU will if you keep at it. Doing something which interests you and you love will certainly help too - the best success is doing something you enjoy whilst getting paid for it!.
Progress is usually better than perfection.
💬 Final Thought
Building a business isn't easy.
There will be setbacks, mistakes and challenges along the way. There is no such thing as a get rich quick scheme - 99% of those are scams. The influencers you see on social media, a lot of them hire the flash cars, rent the mansions and when it comes to trading and they usually get paid commission to sign you up whether you make money or lose money!. So be be wary....
That being said, there is also something incredibly rewarding about creating something of your own and helping people in the process.
Whether you're running a side hustle, growing a company or simply exploring your options, I'd be interested to hear:
👇 What's the biggest lesson you've learned from business or entrepreneurship?
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🚀 Thinking About Starting a Business? A Few Lessons I've Learned Along The Way...
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