If you want to start your own accounting firm, or have launched a business and are struggling, you need to check in with yourself and ensure that you are truly set for running your own business. Not everyone is.
There are certain things you need to have to launch a successful business: Money, Plan, Marketing and Sales are some… but before you even start to think about these things you need to ensure that you have the attributes and characteristics of a successful business owner.
These attributes include:
A start-up founder is often driven by something bigger than simply wanting to run a business. A start-up business normally emerges because the founder feels strongly about a problem or a service that helps people in some way or another. If you are not in the business of helping people, the chances are you will not succeed. You have to be passionate about your idea and services, and be able to share this passion with your potential clients.
My passion lies in helping you become a VITAL (Valued, Impactful, Trusted, Agile and Lucrative) accountant to your clients as quickly as possible, and help you ensure that your business is aligned with your passion. Having experienced slow, expensive and painful growth I now help others fast track their success, and avoid the pitfalls I made! (And I am so passionate about this that I don’t even feel it is work… unlike when I worked in the corporate world).
If you can create a business you love, you too will find passion in every day and ensure that you continue on your quest for success, and not give up at the hurdles. Which leads nicely on to the next attribute you need:
As a start-up firm you need to be able to deal with the problems that will get thrown at you. A proper business with deep foundations does not get built overnight, and turning your idea into a business will take time, and incorporate some (many) stressful days!
You need to persevere and ensure that you keep on going when people say no to you, or your services, and you need to ensure that if your growth isn’t as quick as you had hoped that you don’t give up and despair.
It takes a long time to become an overnight success.
Perseverance is needed in selling, marketing, in creating products/services and also in being consistently visible and front of mind to your prospects. Perseverance is key, and lack of it will certainly ensure that you do not succeed. Giving up too soon will send you back to a day job quicker than you can say “Tube Strike!”
One of the defining traits of a VITAL accountant is the ability to spot an opportunity and make the leap into unknown territory, when others stay in their comfort zone.
The ability to see beyond what is currently in the market, and saturated niches, and be able to outthink, outsmart, and out innovate is something that will ensure that you are constantly looking at emerging fields, and being more than the sum of what is already out there.
If you have vision, and can communicate that vision effectively, you will attract investors, clients and staff…
The ability to have an idea and communicate it effectively (in your marketing, your sales and your branding) is essential to have success. The biggest problem I see my clients suffer with is that they have a great idea, but they don’t know how to communicate the value of that idea so that potential clients want what they are offering. This leaves people buying on price.
You can have the best idea in the world, but if you can’t communicate the idea and value then no one will understand. If no one understands, no one will buy. If you can communicate your idea so that a 7 year old can understand, then the chances are your communication skills are pretty spot on.
If you can’t get a child to understand what you are saying, chances are you will not gain traction and growth. Many accountants get stuck speaking “accountant-ese” which immediately makes it difficult for us to understand what you are talking about.
If you don’t believe in you, how can you get others to believe in you? You have to be so convinced in your service that you could sell it to anyone, and never give up.
Having self belief, and being super confident in yourself, and everything you have to offer, will come across when you speak to anyone about your business… If you are shy, uncertain and not quite sure about what you deliver (lacking in self belief), then no one will have confidence in you. This lack of self confidence will turn off buyers.
You will have more self-belief if you are constantly learning and working on your personal development, if you are optimistic and motivated to succeed, and acknowledge the small baby steps you take on your journey to become a VITAL accountant.
Of course, getting the support needed to launch your start-up firm enables you to test your ideas, ensure that you are aligned with your passion and help you get your message succinct.
But remember whilst others can assist you on your journey, ultimately it’s up to you to make the decision to start your new firm, and it’s up to you to seek out the help to ensure you have the sales and growth you need for your success.