Starting a business is an exciting journey full of excitement, uncertainty, and many lessons usually learnt via experience. When I consider my own path, I find many things I wish I had known before diving in. If you are just starting your entrepreneurial path—or even a few years in—these ideas could help you avoid significant trial and error, stress, and restless nights.
We’ve collaborated with numerous business owners, and one recurring theme is evident—every entrepreneur has their own “I wish I had known this sooner" realisation. Here are ours, expanded upon for clarity and with additional examples to illustrate each point.
1️⃣ Find Your Niche and Stick to It 🎯
Initially, we attempted to cater to everyone, offering services to any industry, any business, and providing any marketing service—we readily accepted any opportunity that came our way. However, this approach led to a diluted message and hindered our growth.
Our breakthrough came when we narrowed our focus to specific sectors—such as e-commerce and professional services. By specialising, we began attracting the right clients who genuinely needed our offerings.
💡 Example: Consider the success of Innocent Drinks. They didn’t attempt to sell all beverages. Instead, they concentrated on natural smoothies and cultivated a strong, loyal customer base. This niche strategy enabled them to differentiate themselves in a competitive market.
Another example is Patagonia, an outdoor clothing company that has found success by focusing on sustainability and environmental activism. This niche has allowed them to connect with customers who share their values and build a strong brand identity.
✅ Lesson: Specialise and define your niche. The more focused your niche, the easier it becomes to connect with the right customers and establish a brand that truly distinguishes itself.
2️⃣ Done Is Better Than Perfect 💡
We always aimed at achieving perfection in every aspect—our website, campaigns, and even social media posts. However, we eventually realized that perfection can impede progress.
The businesses that experience rapid growth are those that take action, experiment, learn from their mistakes, and continue moving forward.
💡 Example: Monzo, the UK-based digital bank, didn’t delay their launch until their app was flawless. They introduced a beta version, gathered real-world feedback, and iteratively improved their product. Today, they are one of the leading digital banks in Britain.
Similarly, Facebook started as a simple social networking site for college students. It wasn’t perfect, but it was launched and improved over time based on user feedback.
🚀 Lesson: Don’t hesitate to start. Introduce your product or service to the market, collect feedback, and refine it as you progress. Small, consistent improvements will lead to greater success than waiting for perfection.
3️⃣ Marketing Is an Investment, Not an Expense 💰
Initially, we treated marketing as an afterthought—something to allocate funds to only after having surplus cash. This was a significant error.
In reality, marketing is the driving force behind customer acquisition. Businesses that experience rapid growth are those that invest in visibility from the outset.
💡 Example: Gymshark transformed from a small startup into a global brand by investing significantly in influencer marketing and social media. They didn’t passively wait for customers to find them—they actively ensured their brand was visible.
Dollar Shave Club also used marketing to their advantage, creating humorous and engaging commercials that went viral and helped them gain a large following.
📢 Lesson: Don’t postpone marketing your business until you have “extra” money. Investing in brand awareness early on will yield long-term benefits.
4️⃣ Cash Flow Can Make or Break You 💸
While it’s easy to prioritize sales and revenue, neglecting cash flow can lead to business struggles—even if you’re profitable. We learned this lesson firsthand during our first year. We took on projects without considering when we’d receive payment, and unexpected expenses quickly accumulated.
💡 Example: Jamie’s Italian was an immensely popular restaurant chain, but despite robust sales, cash flow problems led to its downfall. Even large businesses can fail if they don’t manage their finances effectively.
Toys “R" Us also faced cash flow problems due to high debt and competition from online retailers. This eventually led to the company filing for bankruptcy.
📊 Lesson: Maintain a vigilant focus on your finances. Utilize tools like Xero or QuickBooks, allocate a reserve for unforeseen circumstances, and always ensure you have sufficient cash flow to cover your expenses.
5️⃣ You Can’t Do It All Alone 🤝
In the early stages, we attempted to manage everything—sales, marketing, administration, finances… and, inevitably, burnout took its toll.
The turning point came when we started outsourcing and assembling a capable team. Growth became smoother, decisions became more informed, and stress levels significantly decreased.
💡 Example: Richard Branson attributes a substantial portion of his success to hiring intelligent, competent individuals. His philosophy? Hire people who are more skilled than you in specific areas and allow them to excel in their respective domains.
Steve Jobs also recognised the importance of delegation and collaboration. He built a strong team at Apple that was able to innovate and create groundbreaking products.
👥 Lesson: You don’t have to bear the entire burden. Whether it involves hiring an employee, outsourcing tasks, or seeking guidance from a mentor, the right people will facilitate faster and smarter growth.
🎯 Final Thoughts
Starting a business is an immensely fulfilling endeavour—but it’s not always straightforward. If we could go back in time, we would prioritize:
✅ Identifying our niche earlier
✅ Launching before attaining “perfection"
✅ Investing in marketing from the beginning
✅ Maintaining a close watch on cash flow
✅ Surrounding ourselves with the right people
At Salt Marketing we apply these lessons daily to support our clients’ growth. If you’re seeking expert digital marketing to scale your business, let’s connect!
🤔 FAQs – Your Questions, Answered
1️⃣ How do I choose the right niche for my business?
Begin by identifying your passions, your areas of expertise, and where there’s market demand. Research your competitors and identify a gap you can fill. The ideal niche aligns with what you love, what you’re skilled at, and what people are willing to pay for.
2️⃣ How much should I invest in marketing as a new business?
A general guideline is to allocate 10-20% of your revenue to marketing. However, if you’re starting with a limited budget, prioritize cost-effective strategies like social media, networking, and content marketing.
3️⃣ What’s the best way to manage cash flow in a small business?
Maintain organization using tools like Xero, QuickBooks, or Wave. Establish an emergency fund, diligently track invoices, and negotiate favorable payment terms with clients and suppliers.
4️⃣ When should I start hiring or outsourcing?
If you find yourself spending excessive time on tasks outside your core expertise—such as administration, bookkeeping, or marketing—it’s advisable to seek assistance. Start by outsourcing specific tasks, then gradually build a strong team as your business expands.
5️⃣ What’s the biggest mistake new business owners make?
Trying to do everything alone! Many entrepreneurs burn out because they try to wear every hat. Surround yourself with great people, find mentors, and focus on what you do best while delegating the rest.
📢 What’s one thing you wish you knew before starting your business? Share your thoughts in the comments below—we’d love to hear from you!
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