I've been putting off writing a new blog, other than my entrepreneur log, for quite some time now. The first reason is that I don't feel like I can offer value beyond what I've already written or provide value significant enough to compile into a worthy blog instead of just a nice, short 30-second video. Secondly, it's because while my expertise still lies in content marketing, my most significant lessons learned in the previous year of 2024 weren't very content marketing-driven. Instead, they revolved around how to run, scale, and shift from working in my business to working on it.
The shift occurred after enrolling in the EMBA program at Quantic School of Business and Technology, which forced me to delve into the intricacies of running a business, including all the nuts and bolts that I had been avoiding, as they can be both annoying and complicated to deal with. Another reason is that I read "Rich Dad's Cashflow Quadrant: Guide to Financial Freedom" by Robert T. Kiyosaki at the end of last year, and it significantly influenced how I perceive success and what I envision for my life.
Consequently, today's blog may appear slightly different from the ones currently on my page, as I aim to delve into the four lessons I've learned as a solopreneur turned small business owner over the past year. While this topic doesn't directly tie into content marketing, it is certainly relevant for my usual target audience here—individuals with a strong entrepreneurial mindset, whether they are slashers, freelancers, entrepreneurs, small business owners, or startup founders. So, here we go:
Lesson 1: Systems are Key to Delegation, and Habits Drive Consistent Execution
If you're a solopreneur like I was (and still am to a portion of my business), you're accustomed to working alone. The first step in achieving success in that role is to be highly self-disciplined, acknowledging that multitasking isn't any human's strong suit, and being able to allocate specific time for specific tasks. At this stage, you should understand that time is of the essence and begin to grasp the importance of saying no to endeavors that won't yield long-term impact.
For me, this was a tough lesson learned in the second year of establishing Joyce Tsang Content Marketing. I found myself turning down opportunities because I knew they would bring along a lot of hassle and emotional strain later on. This was the year I realized the significance of attracting and sticking to only my Ideal Customer Profiles (ICPs).
Moving on, the second stage involves operating like a well-oiled, automated machine that precisely matches deliverables with pain points and clients. You'll have full control over sales and diagnostic calls, converting incoming leads into clients with confidence. However, this is also the phase when it's most difficult to delegate. After mastering every aspect of your business, it's challenging to entrust all that knowledge to someone else.
For me, the realization struck when I felt that spending time on administrative tasks was hindering my business growth. The urge to expand didn't come naturally; it took time to understand that it wasn't the most efficient way to work. Some individuals may prefer to manage every aspect themselves and stay as freelancers, but for me, I recognized the opportunity cost of not focusing on revenue-generating tasks that only I could handle within the current budget.
Thus, I enlisted an individual freelancer as my Personal Assistant (PA) and meticulously guided her through my daily routines, delegating tasks I used to handle. It resonates with the saying "you don't know what you don't know" because only then did I realize how liberating it was not to start each day sifting through emails. Despite my efficiency, it didn't make sense for me to continue that task. With my PA on board, I could reallocate task priorities, shifting from managing emails to managing her and other responsibilities.
However, to reap the benefits of delegation, you need i) a well-established system that can be logically explained to another person for execution, and ii) structured habits so that after offloading tasks, you can focus on higher-priority activities. This transition wouldn't have been as successful if I were still in my early years, trying to discern priorities. Most importantly, without documentation, delegating tasks to my PA and her executing them nearly flawlessly the next day would have been extremely challenging.
It's a valuable lesson I've learned that systems and habits, while often stressed for personal development, are equally crucial for delegation and scaling, preventing you from becoming entangled in the process and wasting time adjusting to a new workday routine post-delegation.
Lesson 2: Enhance Cash Flow with an Entrepreneurial Mindset Even in the Absence of High Revenues or Profits
Initially, I solely gauged my personal and business success on profits during the first two years. As time passed, I broadened my perspective to include revenue, realizing the necessity of investing to yield greater returns. Given the challenging economic climate and the impact of COVID-19, I found it disheartening to review my financial figures.
Perhaps it was somewhat unrealistic of me to shift my focus towards the quality of my services and clientele. My emphasis was on enhancing brand awareness, recognition, and trust not only locally but also regionally and globally.
This shift has notably strengthened my company, attracting Ideal Customer Profiles more frequently. Those who engage with my services respect my expertise and seldom seek discounts or promotions. However, despite these improvements, my profits and revenue remained constrained, leaving me feeling stagnant.
After completing the "Cashflow Quadrant" book early last year, I began envisioning the transition from a self-employed individual to a business owner. What I failed to grasp then was that by fixating on my current finances, I was limiting my potential. If I had possessed the capital to scale up immediately, I might not have pondered this shift as extensively, content to continue as a self-employed individual. The primary reason for reassessing my options was my lack of sufficient funds.
With the limited savings at my disposal, which I had previously lamented and hoarded, I adopted a different approach. I questioned how best to utilize these savings: invest in my business to drive profits and revenue, start a new venture leveraging my experience, purchase a property, or invest in the stock market.
As you may have seen from my posts, I ultimately decided to acquire a small bubble tea shop. After thorough calculations, financial analysis, and risk assessment, I proceeded with the purchase. Despite an unforeseen licensing hiccup, which was later resolved through a settlement, the journey would have been challenging but manageable within my expectations. The temporary closure of the shop for over a month due to this setback forced me to reevaluate cash flow and financial management.
What I had failed to recognize before was that while cash is crucial, leverage holds equal, if not greater importance. I underestimated the financial leverage I possessed. With a high-limit credit card and new asset under my JTCM limited company, I gained access to government funds and loans at favorable interest rates. Additionally, my asset portfolio enabled me to secure personal loans with attractive terms, showcasing the untapped potential for financial leverage despite limited savings.
Of course, I am not providing financial advice, but I emphasize the importance of strategic financial planning. By leveraging opportunities and resources effectively, one can enhance cash flow by utilizing external funding sources. While I have yet to fully exploit advanced financial strategies like wealthy individuals who leverage bank financing for investments, as a small business owner, this concept is a newfound revelation for me. Now, I see the potential for growing my business far beyond what I envisioned a year ago when I was fixated on my bank balance.
Lesson 3: The Toughest Challenge in Scaling a Business is Accepting that Hiring is a Game of Chance
In 2024, this realization was the hardest truth for me to accept. After numerous conversations with fellow entrepreneurs, I came to understand that the key disparity between them and myself wasn't the services we offered, the actions we took, or even the scale of our clientele. It boiled down to their willingness to take the challenging step of expanding their operations through team-building. During the establishment of JTCM, this prospect never crossed my mind. While I now recognize the potential for training someone to handle client work, the financial constraints prevent me from hiring full-time staff, making it a distant goal.
However, upon acquiring the bubble tea shop—something I personally aspired to—it became imperative to hire promptly. It's common for existing staff to depart after a change in leadership, prompting me to advertise job vacancies at the storefront. Given the proximity to the summer holidays, we received applications swiftly. Although the training sessions proceeded smoothly, the subsequent hiring process brought about emotional turmoil and challenges that forced me to reassess recruitment in a new light.
The reality is that hiring isn't solely determined by one's managerial prowess, level of preparation, the quality of job descriptions, or remuneration. It often hinges on a significant element of chance and luck. This realization was difficult for me to accept, as I had long relied on meticulous planning and authenticity to attract suitable individuals.
The bitter truth lies in the fact that while I did attract some suitable candidates, their ultimate objectives could still diverge, and some applicants may not be the right fit, or worse, may have ill intentions. Fate seemed to thrust me into this predicament swiftly, introducing a detrimental element into the mix—an individual attempting to manipulate me for compensation, exploiting sick leaves, and resigning just 13 days into employment.
The invested hours in training and communication were rendered futile. While I could paint a positive narrative and claim to have learned valuable lessons, the reality is that this experience only highlighted the existence of unscrupulous individuals camouflaged within society, seeking to exploit job opportunities for personal gain without contributing.
So, what is the key takeaway from this hiring ordeal? Understand that it is not your fault. If you have diligently vetted candidates and their intentions align with the company values, yet discrepancies arise, it's essential to let go. Avoid internalizing the experience, as it could adversely affect morale among other team members witnessing such exploitation within the organization.
Lesson 4: Prioritize Momentum Over Chaos in Business Growth Strategies
In the past, I believed that hard skills were the most important factor in driving business growth. After all, if you can't provide value, how can you attract more customers? Yet, after engaging with numerous high school students as their mock interviewer, reviewing their CVs, and bringing them on board as interns, I've come to understand that nothing surpasses the significance of soft skills.
If individuals can't communicate effectively, how can their knowledge be enhanced or their growth facilitated?
However, towards the end of 2042, particularly after hiring another freelancer to assist the team as a growth manager, I've identified yet another crucial element.
Even if they can communicate effectively and exhibit a certain level of hard skills, what benefit does it bring to a small business like mine if they are not executing tasks promptly?
This realization shed light on why I have been highly valued by previous employers and clients. Despite the abundance of similar services available at lower costs or with superior performance benchmarks, I believe a substantial portion of the appreciation stems from my prompt delivery. When you pose a question, you can expect immediate expertise. If you request a deliverable, it will be ready within 48 hours. You can trust that I am diligently working on it, providing you with updates promptly or delivering the finished product to your inbox without delay.
This realization has underscored the importance of my team mirroring my client-focused approach. While I don't expect them to match my speed, I do require them to exhibit enthusiasm and motivation in offering feedback, progress updates, and maintaining momentum.
The strength of a small business lies in its agility. While adaptability is crucial, none of it matters if responses are not timely. This remains an area of improvement that I aim to address with my team in the upcoming year. It's difficult to acknowledge, but the truth is that I find their pace too slow for my preference.
Therefore, the key message I want them to grasp, and for potential future candidates to understand, is that JTCM values momentum. Progress is impossible without it. However, this momentum should not be chaotic; hence, documentation, systems, and habits are prioritized in my business. I believe these elements should be equally prioritized by any small business aspiring for scalability, growth, and success.
Did you manage to gain some insights from my blog?
If you have, please share with me in the comments below what you found most inspiring or impactful for you to incorporate into your own endeavors.
If you haven't, still let me know what challenges you are facing in your small business!
I would be delighted to personally connect with you over a complimentary 30-minute diagnostic call where we can discuss anything related to entrepreneurship - from managing a small business to frameworks, strategies, and content execution.
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