Today marks eight full months of leaving the corporate world, becoming a “solopreneur”, and turning one of my side gigs with a single client into a business - Ikigai Legal Ltd.
To keep going forward with Ikigai Legal, I take time each month to pause, and go backwards - to reflect. It is a critical step in my process (and probably something I’ll write more on in the future).
This post is to help those who are thinking of leaving a secure paid role (whether in a corporate or not), and those starting out with their business and looking to build it.
Here are 10 lessons i've learnt over the last 8 months which I hope will help others looking to take the entrepreneurship leap:
Buildings that stand the test of time need solid foundations
While still in the comfort and security of your paid employment, start building out your systems and processes that you will need to hit the ground running. What software and tech stack do you need? Will you do your own bookkeeping or have a bookkeeper or accountant? How will you invoice customers/clients?
Timing matters!
Do you have a big life change (other than becoming an entrepreneur) on the horizon? EG; mortgage renewal or moving home? I should have re-mortgaged or moved home before leaving corporate. I didn’t - so locked into a mortgage rate that if not great…and now considering moving is on hold until I have sufficient number of years of accounts to show mortgage lenders.
Know your ideal customer
Customer/client mix matters. I believed my ideal customers were early stage tech companies because they are the people I enjoy working with and whom I wanted to help. My problem is with mix. I have great clients, but my pool is small as they can’t afford my services on a regular basis. Also, the work is (bar one client who brings me exceptional problems to solve), brain taxing. I have learnt my real sweet spot is tech companies growing and scaling, VCs, and in particular, SMEs. These types of clients are the ones who get the most value from my experience and expertise.
Marketing
In the early days, you need to be selling. I obsessed with trying to put a website together (which is still not done, but will be soon(ish) thanks to Schparkly Creative), when all I really needed was a good landing page (and I should know this as I preach this to underestimated founders starting out all the time).
Celebrate the milestones
Celebrating milestones - little and large, is critical. I was more energised when I recognised and celebrated small milestones and wins. When I didn’t - or went some time before doing so - the work was a grind. Doing this exercise now makes me realise just how much I’ve done in what is still a short period of time.
Talk with others
Find a tribe and talk - a lot - including those who may be in your space and more experienced. Learning from others mistakes will help you limit your own mistakes - you will still make mistakes but it is (i) knowing when you’ve made a mistake, and (ii) learning from that mistake. One of the best pieces of learning I got was around knowing mu value, and price accordingly - and not take work on where I de-value myself - sadly, I made the mistake before getting the advice.
Collaborate
Give first, ask second. Always ask how you can help someone, before you ask them for something. Look for the win win.
Friends and family
Lean it to your F&F for support - mental that is, and let them know about the highs and lows. If you need financial support or other support such as intros, recommendations etc, then ask but don’t rely or count on it. And don’t take it for granted that the support will be there. Before I went all in on Ikigai Legal, a friend of mine told me that I shouldn’t rely on support from F&F beyond my closets immediate family (and it would be moral support). He shared how the silence was deafening and how is early successes came from the outer reaches of his network and new connections. Whilst I thought it would be different for me, it hasn’t. I was lucky that I had the Diversity-X community who supported me, but they were not my F&F.
Understand what you are building
Are you building a lifestyle business? Are you creating a business that you want to become scalable? Are you building a business that you’ll eventually want to exit? Are you creating something that you know you will need to step away from as the day to day leader in order to let someone else take it forward? These are important questions. I started off thinking I am creating a lifestyle business. And this reflected in how I approached finding new clients and my “business development”. What I know now is that I am building a business which will have a value, and so it is one that I will want an exit from at a much later date, but it is not something that will close when I stop or be “passed down”. With this understanding, my choices are made differently and focus is different.
Understand the value proposition
Know your value (or if you are a product or tech business) the value you are creating and price accordingly. Do your research! What are the comparables? Along with my client mix mistake, my other mistake was pricing too low on certain pieces of work, which either took longer than what I agreed I’d charge for or my rates were discounted too much. Whilst my client got a great deal - I had cut my own value. I realised this and took my wife’s advice - "walk away if it is not right, know your worth". Again, when I was in corporate, I used to say to colleagues that not all sales are good sales. Yes cash and client but at what cost and how much are you foregoing better opportunities. Note to self - follow my own advice.
Not all of the above are things I did or didn’t do - just lessons I’ve learnt from doing or not doing them.
With all that said - I smile when I share what I do. I am happier (though not as healthy as I thought I would be). I do celebrate every new client and piece of work, irrespective of how I priced it and I enjoy working with all my clients. I’ve got to do legal work for people I wanted to work with. I have worked on closing just shy of £1.2mn of investment funding rounds for founders and a VC. I got to broker a significant investment by a tier 1 automotive parts manufacturer into a battery technology company (gutted as NDA prevents me from disclosing the parties and that it wasn’t my old employer). And i've got paid to deliver training on DE&I, sustainability, as well as a speaker on a range of topics.
So, with eight months done, I look forward to the 12 month mark, and the better understanding of my business, what i am building and direction. There will be more mistakes for sure - which i look forward to learning from and sharing with you.
I hope the above helps you on your journey.
Join the Conversation and Embark on Your Journey
Are you on the brink of your own entrepreneurial leap, or have you already taken the plunge? Whether you’re navigating the early days of a tech startup or building a service-oriented business, your experiences and insights are invaluable. Share your stories, challenges, and victories in the comments below or connect with me.
If you're looking for guidance or thinking about making a significant career shift, don’t hesitate to reach out—let’s explore how I can support your journey towards success, and if you need legal or strategy support with your SME - let's chat.
Comments