Ready to start your own business? Or perhaps you’re verging into the consulting space? Well, we’ve got some of the best tips in the biz that you need to know before you go out on your own. With the steep learning curve that often comes to those who start fresh, we’re here to help you ease the transition and get ahead. 

1. A spreadsheet won’t cut it

Many people who start out on their own talk about how they track their new world using Excel. Every single little thing —hours worked, invoices, receipts—becomes a ‘simple’ spreadsheet. This can work well as a solo freelancer, but as soon as you begin to scale and add team members, these simple sheets turn into chaos.

Save yourself some hassle and find some tools to help your team, before you even have one. For example, tools like Clockify, a web-based system that tracks how many hours each team member spends on each project for each client. This can be a lifesaver in ensuring you stick to the hours quoted for retainers or project-based work. It makes billing and managing hours infinitely easier, while pulling up reports on the fly. This is crucial when clients need last-minute updates on hours spent or when teams need to stay within the estimated time for a project.

Another system is the classic MYOB for bookkeeping (another popular tool is Xero). MYOB and tools like it automate invoicing, reminder messages, and overdue notices. Plus, it provides invaluable reporting on profit and loss, client spending, staff costs, and more.

So, takeaway number one: Invest in proper systems from the get-go. Even if you think you’ll remain a solo operator, having tools like these in place will save you a tonne of time and headaches down the road.

2. Flexibility is kind of a myth

One of the appeals of starting your own business is the promise of flexibility. And yes, there is some truth to that—you can go to a physio appointment in the middle of the day or catch your niece's school play. But the reality is, as a service-based business, you work when your clients need you.

While you can set some boundaries, you often end up working a lot more hours than you might have anticipated. There’s so much that needs to be done on the business, not just in it. So, takeaway number two: Expect to work a lot, especially in the early years. The flexibility is there, but it comes with its own set of demands.

3. It’s just imposter syndrome - you ARE capable!

You can actually do this - you’re just experiencing a bit of imposter syndrome.  It turns out that running a business, while challenging, is something you can handle. We are all human, we make mistakes and we bounce back and learn from them. One thing you need to remember is that even if the start is a bit bumpy, you CAN do this. You just need to back yourself. 

So, takeaway number three: Back yourself. If you have the skills and the willingness to learn, you can do this. Running a business is a constant learning process, and you’ll get better at it over time. Not to mention that we have a tonne of free resources here at HMC that can help you with the nitty gritty questions you may have. So, all you have to do now is just start!

Plus, you can use our templates!

Check out our handy template packs so you don’t have to start entirely from scratch!