Running creative agency 48.1 has made co-founder Simon Purchase aware of the benefits of preparing for the future.
Learn from your mistakes
Being a founder is a journey like no other and it’s often a pretty bumpy road – anyone who tells you they’ve got every step right is either lying or deluded. It’s tempting to look back and pick out the points you’d do differently, but I’m actually a firm believer in the learning opportunities provided by mistakes: it’s how you solve problems that distinguishes you as a business person.
Build solid partnerships
There’s an instinct to take on the weight of the world, but it’s always best to be totally open, transparent and communicative with your partners. Challenges are generally better and more quickly solved as a team. If you’re running something solo, this means building a network of trusted people going through a comparable journey who can empathise with your challenges. In a crisis, such as the one we are currently working through, this support is more important than ever.
Spend your money wisely
Rushing into a bad funding decision is potentially disastrous and will have long-term impact, so give yourself time to assess all the options and seek advice. One of the important lessons we learned very quickly was that having a clear picture of our overhead costs and monthly break-even figure made decision-making a lot easier. It may seem obvious, but not understanding the costs of sales and what you should be charging to make profit means you can find yourself fixated on what’s coming in (it’s more exciting) while not knowing what's going out the door.