When it comes to running a small business, there are a few things you should avoid.

Since 2005, I've been a creative entrepreneur. My first design firm was a joint venture with my boyfriend. Over the course of five years, it was essentially a public experiment in running a corporation. It was only a smidgeon of success as a business. For me, it was the equal of a master's degree in business administration in terms of learning.

So, by the time I launched my second and current firm, I had a very decent idea of what not to do when running a small business. I'd been fortunate enough to make five key lessons gained from my blunders, ones that have definitely paid off the second time around.

Don't jump into a partnership too quickly.

My realisation that my first partner and I should never have formed a professional collaboration in the first place came only after we had split up. Simply because someone is your best friend, long-time coworker, and/or significant other does not make them the ideal option for running a firm. I say "maintaining" because it's far simpler to become enthusiastic about the possibility of establishing a business than it is to be able to handle the day-to-day realities of successfully running one.

The best partner is usually someone who is the polar opposite of you in terms of abilities and approach. The first assures that you can cover a lot more ground without having to hire more people. The second option may cause friction, but it will drive you to defend your business instincts while also weeding out less viable options before wasting resources.

Don't be disheartened.

Running a business isn't a destination; it's a long, meandering path. Take pleasure in the process! Unless you're looking to cash out and have a pre-planned exit strategy, you'll probably want to pursue an entrepreneurial career for the long haul. You'll have highs and lows, maybe within the same week or even the same day. For both fair and unfair reasons, you will attract fantastic clients and lose others. It's all a part of running a company.

I have yet to meet a single entrepreneur who has achieved some magnificent, stable peak beyond failure, disappointment, and doubt. We've all had it happen to us. Rather than being discouraged, concentrate on being more resilient and learning how to manage stress effectively.

Remember why you wanted to establish your company in the first place.

Whether it's to pursue a passion or to get more control over your schedule so you can spend more time with your family, remember why you started down this path in the first place. It's easy to get carried away and lose sight of your original goals for your company. Quality of life factors, such as time off for my second interest, travel, were motivating factors for me. Temporary sacrifices may be necessary at times, but it's important to be aware when you're on the verge of permanently shelving the one thing you wanted most.

Don't expect to be able to do everything on your own.

With $500, I began my first business, barely enough to cover the charges of formation. As a result, I developed an obsession to complete everything myself right away. My spouse was capable of and ready to accomplish so much, and I found myself performing a lot of administrative work I hadn't expected to undertake. Those duties had steep learning curves and consumed important time and energy that could have been better spent helping the company expand.

This isn't the first time I've made a blunder like this. I contracted out my portion of the business just a few months into my second, considerably more successful endeavour. Despite the fact that my expenses increased, I was able to spend more time improving my work and expanding my business. Both measures aided in the company's rapid growth, considerably outpacing my prior attempts to save money by acting as my own bookkeeper.

So, avoid the impulse to do it alone and cover every inch of ground. Saving money is vital, but don't let your to-do list get in the way of your main goals.

Continue to grow and develop.

Nothing is fixed in stone when it comes to your strategy, marketing plan, or target market. Every day, the world changes faster and faster. At some point, your industry will undoubtedly undergo a change, whether little or major. You are at a disadvantage as a small firm since your resources are limited. However, you have a priceless advantage over a larger corporation in your capacity to shift direction and react far more quickly.

The greatest approach to stay relevant is to keep your eyes peeled for shifting trends, your mind open to new ideas, and your flexibility abilities at the top of your game.

Accountants in Croydon help small businesses and startups with their accounting and taxation matters, to keep their business running smoothly.