WARN International Limited was incorporated on the 28th of April 2014.
Owning a business is damn hard work, it is a roller-coaster of emotions and it is fraught with risk. Yet, the rewards will overpower the negatives. It is YOUR business, always remind yourself of that!
As we enter our 11th year of business, here are my thoughts on our first 10 years which might be helpful for those considering going into business.
Year 1: What is your point of difference? To stand out from others, particularly when a similar product is already out there, you must offer something different or deliver it differently.
Year 2: Have an escape plan – You will remain nervous in your 2nd year. No matter how much you plan for contingencies there is always a risk. Trust in yourself and be comforted knowing you have a rescue plan.
Year 3: You need more than just a good website - platforms are a must to provide information about your product or service. However, you also need to grab the attention of customers to encourage them to go to your website.
Year 4: You have to do your time – no one is an expert in year 4. Business is like an ongoing apprenticeship; time brings experiences which adds to your expertise.
Year 5: Things seldom go as planned - have a direction but be flexible. If your plan is rigid, you may miss an opportunity. Say ‘yes’ to most opportunities as these will often lead to other opportunities.
Year 6: Personal development is a must - find a business mentor, undertake coaching, and/or become a member of a Business Network to learn and be enthused by others.
Year 7: Never drop the ball - do not become complacent. Just because 50% of businesses make it to Year 5 doesn't mean your business will continue, for you are only as good as your last product or service.
Year 8: Momentum is not enough - never sit still, never rest on your achievements, always push yourself to do more, to do better next time, to do that one last thing when others have finished for the day. There is no such thing as ‘normal’ business hours.
Year 9: Bring back the excitement - congratulations on getting to year 9, you are past the average lifespan of a business. Look back to see how far you've come and recall the excitement you had when you first started, rekindle that excitement.
Year 10: Pay it forward or give back – reward others with your success. Give back to the community and those who need help, pay it forward by helping others who are starting in business.
Year 11: Never ever give up – 65% of businesses fail by year 10. You have made it this far which proves you can do this. Now it is time to reinvent, to reinvigorate, to recapture, whatever it takes to evolve and continue in business.
If you are considering starting a business in 2025, may I wish you every success. Do get in touch, I would love to hear what you are doing and how things are going in YOUR business.
Let’s talk!
10 Years and Counting!