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40: How I Survived My First Year in Business
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Ready to dive into the nitty-gritty of launching a business?
Join Sally Preston as she unpacks her first year as a business owner, sharing invaluable lessons, mistakes, and insights that could save you both time and money on your entrepreneurial journey.
In this special episode, Sally reflects on the first 12 months of running her own accounting firm. From the challenges of choosing the perfect business structure and name to the unexpected hurdles of onboarding software and staff, she reveals the ups and downs of starting a business in the tax and accounting world.
Whether you're a seasoned entrepreneur or just starting out, Sally’s candid advice on avoiding common pitfalls and the importance of flexibility could be the key to your success. Plus, she offers practical tips on branding, client management, and financial planning that every business owner needs to hear.
In this episode of Smarten Up! The Tax and Business Podcast, you'll learn:
- Sally’s motivation and initial steps leading to the birth of Smart Solutions (01:15)
- Why choose a discretionary trust and company structure, and how it can benefit your business (03:40)
- The struggles and strategies behind selecting an impactful and future-proof business name 05:20)
- How to leverage online tools to create a distinctive brand without breaking the bank (07:10)
- The importance of integrated software solutions and why cybersecurity was a top priority (10:05)
- The importance of hiring the right team early on (13:00)
- Sally shares how she bootstrapped her business, what she invested in, and when she finally paid herself (15:45)
- The necessity of being flexible with plans and learning to adapt in a constantly changing business landscape (18:30)
- Why not every client is a good fit and the value of focusing on ideal clients (22:25)
- The importance of healthy scepticism and aligning with the right people (24:01)
As Sally celebrates one year of Smart Solutions, she leaves listeners with the reminder that it’s okay to make mistakes in business — as long as you learn from them. Whether you’re in your first year or your tenth, her journey is full of actionable insights that can help guide your path to success.
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