Starting a business is exciting.
But let’s be real, it can also be overwhelming and risky.
When I first jumped into entrepreneurship, I thought passion and hard work were all I needed. I had big dreams, but I didn’t fully understand why so many businesses fail and how I could avoid being part of that statistic.
Over the years, I’ve made mistakes. I’ve tried and failed with different ideas, from a nail polish brand to quirky blogs and even a phone number trading site.
Each failure taught me something crucial.
Today, I’ll share these lessons with you so you can save time, money, and energy on your journey.
1. Know the Real Risks of Business
Did you know that 20% of businesses fail in their first year? By year five, half are gone. By year ten, almost 70% have shut their doors.
That means only about 8% survive the long game.
These numbers shocked me when I first learned them. But they also made me curious. Why do so many businesses fail?
The top reasons? No market need, cash flow problems, and building the wrong team.
I’ve seen all of these in action, not just in my own journey, but also when mentoring others.
Understanding these risks upfront means you can prepare better. Don’t just jump in with blind optimism.
2. Build Around Your Passion
One of my biggest early mistakes was starting a business just for money.
My nail polish brand is the perfect example. I didn’t even like painting my nails! I just saw an opportunity and thought, “If I sell this to enough people, I’ll be rich.”
But because I had no passion for beauty, every task felt like a chore. I couldn’t innovate. I didn’t have the drive to push through challenges. And within a year, I gave up.
Your passion is what will get you through the tough days.
Business will always have ups and downs, even 10 years later. If you don’t love what you’re building, it’s easy to quit when things get hard.
This is something I talk about in my 360º Success Playbook, success isn’t just about making money. It’s about building a life you love.
3. Solve a Real Problem
The second big lesson I learned is that you must solve a problem that people actually care about.
Too many of us start with an idea we think is “cool” or “unique,” but we never ask if the market wants it.
With Outsourcing Angel, I only found success because I was solving real pain points. I didn’t just offer a service, I helped business owners who didn’t have the time or resources to manage outsourcing themselves.
Before you launch, talk to potential customers. Understand their frustrations. Look for the gaps that no one else is filling.
When you build something that people genuinely need, you won’t have to push so hard to sell it – they’ll come to you.
4. Choose a Recurring Income Model
Another mistake I made early on was focusing on one-off sales.
For example, with my first agency, I built websites. But most clients only needed a website once every few years. I was constantly chasing new leads. It was stressful.
With Outsourcing Angel, I built a model where clients stay with us long-term. We recruit virtual assistants, but we also support them, manage payroll, and provide ongoing value. This means stable, recurring income.
If you can, think about how your business can create repeat customers. Subscription models, memberships, ongoing services, these are gold.
5. Keep Learning and Invest in Yourself
No one has all the answers.
I’ve had to learn about leadership, finance, marketing, and so much more. And I still learn every day.
Don’t be afraid to pay for courses, mentors, or coaches. These investments have saved me from costly mistakes.
Even now, I’ll read a book or take a course on any area I feel I’m weak in. You don’t have to be an expert at everything, but you do need to know enough to make smart decisions.
Business isn’t easy.
But when you combine passion, problem-solving, the right business model, and continuous learning, your chances of success skyrocket.
I believe in building a business that fits into your life, not one that takes over your life. That’s what my 360º Success Playbook is all about.
So ask yourself:
- Are you building something you truly love?
- Are you solving a problem that matters?
- Have you thought about how to make your income recurring?
If you can answer yes, you’re already miles ahead of most people starting out.
