It’s crazy to think that Little Black Dress Digital has just turned two! 20% of businesses fail in their first two years, so the fact that I’m not part of that statistic is an achievement in itself. However, year two in business wasn’t just about not failing for LBD Digital, it, in fact, was one of significant growth. So, here are three lessons that I learnt during LBD Digital’s second year of business.
Business lesson #1: The 18-month hump is real
I remember sitting at the races for LBD Digital’s first birthday where I invited along some of my clients and one of them said, wait till your business is 18 months old, that’s when you’ll start to see real growth. It wasn’t until I hit that mark that I could truly see what they meant.
Between January and May this year I had dream clients walking through the door. The ironic thing is that during this time I focused less on building my client base, but it in fact kept growing; it’s like a business just went boom. New clients weren’t just approaching me, but existing clients were requesting more work. It was kind of like the saying about love; when you stop looking for it, it will find you.
So, if you’re a small business that is still within the first 18 months, keep going, things do get better!
Business lesson #2: Never get comfortable
There are a million quotes on the internet that say that growth only occurs outside of our comfort zone. Believe it or not, there is a fair bit of truth behind these quotes. Your business stops growing when you get comfortable.
When I got to that 18 growth hump, I could have easily just settled there. The business was going well and I was comfortable. However, the high achiever in me didn’t want to just stop there, I wanted to grow LBD Digital as much as I could. It was at this point, LBD Digital’s workbooks were born.
These workbooks would be an evolution as to the direction LBD Digital is heading in. I now have a resource in the form of these workbooks for small businesses who are not quite ready (or can’t afford to) outsource. I also have my services for businesses that are ready and can afford to outsource.
Getting out of my comfort zone didn’t stop there though. I took part in two presentations. If you know me, you know that giving presentations is by far my favourite thing to do. However, I wanted to push myself, plus they helped with not only increasing my credibility but getting LBD Digital’s name out there.
So, if you’re a small business owner, don’t get comfortable, because that’s when you stop growing. Say yes to opportunities that scare you, because you don’t know where they might lead you to as well.
Business lesson #3: You can’t do it alone
One thing that I’ve always had trouble with is letting go of control and mainly because I know that I set a high standard. It’s why when it came to university assessments, group assignments were always my worst nightmare. The truth is though when it comes to growing a business, you can’t do it alone.
In this year of business, I joined Brooke Vulinovich’s Social Club Community because I feel that personal and professional development is important when running and growing a business. Just before one of the member calls I was at the point in my business where it was start turning down clients or start outsourcing. So, during this call, I asked Brooke, “how do you let go of the control?”.
Brooke’s answer was simple, but it wasn’t until she said it that things clicked. She said, “What big business do you know that only has one person running it?”. The truth is, companies like Apple or Nike aren’t run by one person. If you want to grow, letting go of that control is just part of that process.
Outsourcing isn’t just about things you can’t do or don’t have expert knowledge in, it’s about outsourcing the things that you don’t have time to do so that you can focus on the things you enjoy or the things that bring in money.
Within that week, I hired a graphic assistant to help with my Instagram graphics. I now also have a virtual assistant, who with my graphic designer, plays an important role in my business. I also have a web developer, SEO specialist and copywriter to call on whenever I need their expertise. It was one of the best things I did to help grow my business.
So, if you’re a small business owner, think about what tasks you like doing and what makes you money and then outsource the rest if you can.
In summary, the second year of business was a big one and one filled with lots of growth. There were also many lessons learnt when it comes to running a business. Either way, it was a lot of fun and I can’t wait to see what year three brings!
