Five lessons from running my own business

1. Treat each client and each project as if they were the only one you had

Your business model as an independent relies on recurring clients and referrals, not pitches. Therefore, your reputation is your key, meaning that every job deserves your best attention and flawless delivery. Yes, juggling between short-term income and medium-term marketing is needed but the former is the basis of the latter.

2. Be agile, focused and light

Unless your ambition is to build an empire, which presumably was not your starting point to go solo, make sure that your cost structure is not a burden but an advantage. Ensure the basic admin in place is light and efficient so you can focus on client work. Clients will thank you for not adding undue overheads on their bill or deal with your problems. Also ensure that you cream off what’s not necessary: meetings, conferences, time-wasters etc. unless you have a plan and a reason. You will realise how much time a day you actually save. Don’t confuse looking busy and achieving something worthy of your time.

3. Diversify your income and take a long-term view of finances

Being independent means that your monthly income will fluctuate, unless you have one or more solid retainers. Take advantage of your various skills to turn them into different income streams. Connect dots and bring solutions to clients. Importantly, take an annual view of your finances vs. a monthly view. This is one of the reasons you left the corporate world in the first place and it will relieve income-related stress. And if it does not work out as anticipated, adapt your way of life to your income!

4. Surround yourself with experts

Whether it is about your business or client work, pick the best people to support you: accountants, tax advisers, web designers, industry insiders – whatever you and your clients might need. You cannot be a Jack-of-all-trade, so you should develop a network of professionals to call upon when needed – of course not on the payroll. This won’t make you richer but hopefully become a trusted adviser and the owner of a well-run business.

5. Enjoy down times

There are down times as an independent. You can decide to worry about it, harass potential clients or pretend to be busy. Instead, I’d suggest you keep learning, spend time with friends and family, do sports – whatever makes you happy or makes business sense. Time is the ultimate luxury today and you are lucky enough as an independent to manage it pretty much as you want, so don’t waste it!