245: How to start a profitable business in 2024 - exactly what I'd focus on

 
 
 
 

Catch up on some related episodes:

Today’s talking points:

This is everything I would do differently (or exactly the same) if I was starting my business again. If you’re striving to build a profitable business, this one is for you.

Join the Embodied Boss Collective waitlist


Oftentimes after you've run your business for a certain amount of time, you will always get asked this one question: if you had to start over, what would you do? 

As I’ve been gearing up for my launch of The Embodied Boss Collective, I’ve been thinking about the different women I’ve been talking to who want to be inside of the programme and the conversations I’ve been having with my clients, and it got me thinking - what would I do differently?

What would I do if I was my own student sitting here, wanting to join The Embodied Boss Collective to take my business to the next level or pivot or even start over?

So here we are. Here's that conversation. Here are the answers that continued from that thought process. 

I’m going to share if I was starting over today in 2024 exactly what I’d focus on. I’ll go through what I would do differently, what I would do the same, and what I would just do out of the blue that was never even in the mix for me before.  Here goes:

BUILDING your business WHILE WORKING A 9-5 JOB

Let's start with the first one. A major trigger for this discussion was having a nine-to-five job, or in my case, it was 8:30 to 4:30. Through my experience working with clients and students in my programs, I've observed that building a business while working a nine-to-five is genuinely tough. Balancing both and giving priority to the business can be challenging for two main reasons.

First, with a nine-to-five, you only have a few hours each week to dedicate to your business, often resorting to working on weekends. However, this can only be sustained for so long before you need more time and energy to take a significant leap. Taking this leap usually happens before you feel completely ready or have replaced your income. It's a common reality, and many people navigate through it successfully, but it might take a bit longer, given the limited time available. Personally, I eventually reached a point where I worked to replace my day job salary with my business income before transitioning to full-time entrepreneurship. The motivation was not only financial but also a desire for more time and flexibility.

The second challenge stems from the societal norms surrounding traditional nine-to-five jobs. When everyone around you follows the same routine, it becomes harder to put in extra hours or break away from established norms. Changing your identity, thought patterns, and habits while starting a business in the same environment can be incredibly challenging. For me, the shift to full-time entrepreneurship coincided with a change in my surroundings. I moved to a new house, created a dedicated office space, and deliberately immersed myself in a new environment.

I think that that really benefited me and being able to very quickly become this entirely new version of myself and develop entirely new habits and ways of operating. So, I would do this the same when starting my business.

Apart from the money side of things, because I just winged that, I just wanted my business to replace my monthly salary but I didn't take into account anything like tax or pension. But what I did was I gave myself a tonne of time and not as much pressure and I was able to fully focus on the business now.

I do asterick* this with the fact that some people are moms, some people have families, I get it. This is not the perfect recommendation, but in hindsight for me, I would go back and recommend myself to do the exactly the same thing as I did.

learn and comMit to one skill

Looking back, one change I'd make is to focus on a specific skill and giving it 100%. I began as a social media manager, transitioned into coaching in 2018, and had previously spent years building my personal brand. At the time, I was juggling everything, from Instagram to YouTube to blogging. The issue was not only trying to master every aspect but also insisting on learning it all independently.

In hindsight, it's clear that my ego played a role. I believed I'd be better if I learned everything from scratch. Looking back, I see how wrong that was. I was working long hours, 10 to 12 a day, with half of that time spent on research because I wanted to know it all. This was one of my biggest mistakes, as I wasn't making much money despite putting in so much effort.

If I could turn back time, I'd advise my past self to choose one skill, learn it thoroughly, launch it, attract clients, and focus entirely on that. It would have saved me a lot of unnecessary hustle.

limit yourself to two offers

If I were to start over, looking at it from my perspective as a coach and service provider, I'd strongly advise limiting yourself to one or two offers at most. Aim for each of these to be priced between £500 to £800, with a key emphasis on having at least one offer surpassing the £1000-mark. Launching with these two offers provides a solid foundation to build a sustainable income, especially in my line of work.

Considering that most of us don't have a substantial audience in the beginning, relying on low-priced offers can be a challenging road to scale. While it's possible to start with lower-ticket offerings for a short period, it's not the most efficient route. From my experience, I'd recommend making sure that at least one of your offers, preferably both, falls within the £1000 range for quicker and more substantial growth.

Before I became a coach, I was a social media manager and virtual assistant and it was essential I secured clients quickly. If I was doing it again, I'd lean towards starting with an offer that involves retainers. For instance, getting a social media management client requires a similar effort as obtaining a design client, but the former provides ongoing monthly work. This consistency ensures a steady income. I've seen individuals struggle, especially those who offer project-based work like design, where continuous selling is necessary, particularly before establishing higher ticket prices or a solid audience base.

While you can scale design and project-based businesses effectively, it often requires advanced planning and systems, aspects that might not be initially in place when you're just starting out.

build your audience first

If I were to start over, my primary focus would be audience building. From day one, I'd dive into this as a coach, knowing who my ideal client is. Now I'd personally leverage Instagram and TikTok. Instagram would serve as a hub for people to return and consume more of my nurturing content, while I'd go all out on TikTok to grab visibility and leads because, let's face it, getting in front of new leads on Instagram these days can be hard work.

I wouldn't bother with a podcast, YouTube, or even my email list right at the beginning because my goal, starting fresh, would be to make money pronto. The quickest routes for growth and conversions when you're practically an unknown entity are still Instagram, and in my niche, TikTok is a game-changer.

Building an audience would be my biggest priority when starting again. Sure, you need to lay the foundations behind the scenes to scale your business, but I'm talking about day one, ground zero stuff.

Let me spill a bit more about my business journey. You might have heard about how I went full-time in my business within three months, booked out my coaching business in a week during the 2019 relaunch, and all those success stories. But here's the real talk—the bottom of the iceberg is that I started building my personal brand way back in September 2013 when I launched my blog. That's over a decade ago! I was intentional, showing up daily, sharing blog posts on Twitter, engaging in weekly Twitter chats, hopping onto Instagram. I built a brand where I showed up every single day for years before making a single penny. Why? Not because I was pushing sales, but because it laid the groundwork for people to know, like, and trust me. So, starting fresh, make audience building your top priority.

grow your authority

If I were starting over and considering where to channel my energy in terms of additional marketing efforts, my main focus would be on establishing authority and gaining mass visibility. Beyond TikTok, which I consider an excellent platform for visibility, I'd put a significant emphasis on collaborations. I'd set a daily goal for myself to make around five or ten new connections, purely for expanding my network. Here, I'm not talking about leads or ideal clients; it's about broadening my circle.

I'd engage in Instagram collaborations, actively pitch for podcast opportunities, and consider joining various programs or communities for the sole purpose of rapidly expanding my network. I'd even invest in a paid membership if it aligned with entrepreneurship, recognising the crucial value of building connections. While I didn't prioritise this at the start of my business journey, I now understand its impact, both for myself and my clients. I witnessed its power during my blogging days when attending networking events and participating in Twitter chats, connecting with new people every day played a massive role in my initial growth.

On the flip side, if I were starting anew, one thing I would avoid is building a course, especially within the first six months. Pursuing passive income too eagerly in the early stages doesn't align with the reality of how it works. Creating a course and expecting people to consistently buy without significant audience traction isn't realistic. Unless you constantly promote or launch it, and assuming you don't have a sizable audience, it won't generate the income you might expect. Some might disagree, but from my perspective, it's not a money-making move unless you have a solid foundation or a flawlessly executed strategy, which, again, usually requires a larger audience. I'd suggest waiting until you've scaled your business well beyond three to 5k months, have a team in place, and are firmly established with increased service prices before considering small product offerings. In the initial stages, I wouldn't divert my energy towards creating a course.

niche and niche again

Another thing I would do in regards to marketing, if I was starting over is I would super niche down. Not just niche down, but super niche down. This is because honestly, the current business climate is more crowded than it ever was before. It's more crowded than when I first started my business. Is that a bad thing? Does that mean there's not enough room and you can't grow a business? No. I still believe that this is truly just the beginning of this industry but it is more crowded than it was when I first started.

When I think about the main experience that I had in the past, I was teaching people about blogging and personal branding, mainly. So if I were choosing again, I would have just chosen one of those either to be a blogging coach or a personal brand coach and I would have just started as that and gone hard on building that authority and becoming that person and niching down in that way.

give value, always

Another marketing thing that I would do differently is to go Live and give a tonne of free trainings every single week. I’d recommend choosing video as the format to do this, as it’s where you can give more in depth knowledge and establish your authority and really hook people into who you are and what you know. I would go Live at least once a week if I were starting over and this is definitely something I'm implementing in my business this year.

hire help

Another thing I would do differently is to hire a virtual assistant ASAP - I wish I would have done that so much sooner in my own business.

When you feel there’s so much you need to do and you think about getting help, you definitely should. Focus on the momentum rather than the finances. It’s a no brainer for me.

double down on what works

If I had to start over, I’d double down on what really works for me. I see a lot of people not doing this because it’s like shiny object syndrome, where we fall into the trap of chasing new ideas after finding success, thinking more is better. But real growth often comes from focusing on a couple of things that really click.

After a few months, when you've seen what gets the best results and connects with people, that's when you want to double down. That's why I plan in 90-day chunks – execute a plan, see what works, and then go all in on that. For me, a big win was putting extra effort into my first group program, the Busy Boss Academy, launched in 2020. I invested more time and money in it, even though it might have seemed risky. If I had split my attention with another offer, I wouldn't have built the strong brand and community I have today.

So, if you're starting fresh, find what's working in your first six months and make it your signature move, the thing you’re known for.

keep showing up

One key thing I'd definitely do if I had to start over is just keep showing up. Looking back, I did it, but mostly because I had my head down, inspired by watching Gary Vee videos. I understood it was my job, so I worked hard. It's something I wish more entrepreneurs knew – that even though social media is fun, it's also your job. I've been showing up every single day since 2013. You can check out my Instagram Stories from when they first launched; I've been at it consistently.

Building a personal brand takes time, and I've gone through various phases, but the key is to stay consistent. You can't give up. Treat it like a job, and this applies not just to new entrepreneurs but also to anyone feeling stagnant or not growing as fast as they'd like. Keep going through the ups and downs; you'll get there, even if it takes a bit longer than you hope. Remember, it's your job to show up, even on days when it feels tedious, like posting on Instagram Stories. Just keep at it.

focus on your mindset

If I were starting over, one significant change I'd make is placing more emphasis on mindset work right from the beginning. Despite being driven, ambitious, and headstrong – all positive traits that propelled me forward – I initially underestimated the need for extensive mindset work. Back then, I was more focused on figuring out what I needed to do and just powering through it. This attitude served me well and took me quite far. I had a decent mindset foundation from personal development experiences before entering entrepreneurship, which not everyone has.

However, as time went on, particularly in 2019, the period before that, where I could usually push through challenges, I hit a major roadblock. Rapid growth led to a messy business, and a significant part of the mess was due to my mindset. I hadn't prioritised working on it, thinking I could keep pushing through indefinitely. That wasn't the case. I now wish I had valued and actively engaged in mindset work and personal growth early on. I firmly believe that your business is only as strong as your mindset. Your progress is limited by what your mindset allows. While mindset alone won't take you far, action and strategy are equally crucial. I leaned too heavily on pushing through challenges, and as a result, I've had to grapple with numerous mindset issues later on.

get clear on what you truly want

Another thing that I would do, if I was starting over, is to get really, really clear on what I want.

I used to think I knew what I wanted – my own home, a dog, taking my kids to school – and that’s great. But looking back, when asked about my five-year vision, I had zero clue. I was just moving forward without a solid plan. Now, I'm not saying you need a specific five-year vision, but merely having basic desires like getting a dog wasn't enough to ground me in my goals.

As my business grew, I wasn’t super grounded in what I wanted, I let too many other people’s version of success pull me in different directions. Every time someone shared their story or showcased a particular lifestyle, I'd think, "That's what success looks like. I want that!" Moving fast, a trait that served me well in some aspects, became a drawback. I didn't take the time to truly understand what I wanted. I'd see something, decide it was my version of success, chase after it, only to realise it wasn't what I wanted. Then, I'd chase after something else.

So I don't know that there's a perfect suggestion here on what to do, other than make sure you give some due diligence time, to get clear on what you want and what your version of success is.

grow slower & take your time

If I were to start over, one piece of advice I'd give myself is to grow my business at a slower pace, and I know that might surprise a few people. It's common for many, including myself, to be fixated on reaching the next financial milestone – whether it's 5k, 10k, or beyond. We're hustling at lightning speed to achieve those goals. While I appreciate where I am today and the journey that brought me here, if I had a do-over, I'd embrace the idea that it's okay to grow more gradually.

The rapid growth of my business brought along numerous growing pains. From system challenges to my personal growth skyrocketing into this boss role that I needed to be for the company – it all happened faster than I could handle. Fast growth comes with its share of hurdles, and in hindsight, I believe slower growth would have been a much smoother journey.

Reflecting on the period before giving birth to my first son in 2021, I was relentlessly focused on building the business. Ambition and drive pushed me to work long hours initially, as I've openly admitted – I'm a recovering workaholic. The downside of fast growth is the ongoing demand it places on you to keep up with the pace. Looking back, I wish I had taken more time to savor the stages when the business was smaller. Don't get me wrong; I appreciate the direction my business is heading now, but there's something special about the simplicity of the early days when it was just me, my blog, and less complexity.

There's a certain beauty in slower growth that's often overlooked. We always crave the next milestone, but there's also joy in appreciating the current stage if you allow yourself to settle and not feel the desperate need to rush. Success is inevitable if you genuinely believe in it. So, there's no need to be in such a hurry.

know your numbers

Another thing I’d do is to make sure I knew my numbers from day one. This is something I did not do, which lead to some unpleasant surprises.

A lot of us aren't taught how to manage their finances, and I feel fortunate to have learned this early on. My parents guided me through it when I got my first part-time job at 16. However, I didn't immediately apply these lessons to my business.

Now, my dad, who's been on board since my return from maternity leave in 2021, and I have monthly finance meetings. Keeping a close eye on my business finances has resulted in a healthier financial state. I recognise that delving into numbers can be intimidating, especially when the figures don't look favourable. It's normal for growing businesses to invest more than they're earning initially. Disliking what you see doesn't justify ignoring your numbers. Any successful CEO or business owner knows the importance of being intimately familiar with their financial data to make informed decisions and invest strategically.

Knowing your numbers from day one involves understanding your projected income over the coming months and estimating your expected expenses. This knowledge means you can make educated decisions about aggressive investments in your business. Personally, I embraced aggressive investment strategies early on. If you aspire to build a highly successful business, but find yourself hesitating to spend a relatively modest amount, like £3000, consider the long-term results. If that's the mentality you continue to have, then that will not get you where you want to be

I invested aggressively from the start, reinvesting any income back into the business to make my money work for me. This meant hiring a virtual assistant, enrolling in specific coaching programs, or whatever was necessary to intentionally propel myself to the next level.

If you're going to try and grow a business off of minimal investments, and just your time alone, it's going to be a long, hard journey boss. So that is something that I would do, again, is both know my numbers and aggressively invest.

legally protect yourself

Another very straightforward thing that I would do if I started over, is make sure I prioritised legally protecting myself from day one. That is also something that I did so I'm very glad I did that. What I mean by this is your business structure, i.e. sole trader or limited company, but also to have contracts in place. Unfortunately, you may think that all of your clients become your friends, and how could they ever turn on you or this or that, or I'm never going to get into a sticky situation. There are situations where you give a client everything, and then they just won't pay you or they'll want to quit, or they'll want a refund or they'll steal your work. You have to legally protect yourself there because you won't need it until you need it.

stop trying to control everything

Another thing I wish I could’ve told myself, is that I don’t need to control everything.

I tend to take action quickly, which has brought success, but it also led to stress because I couldn't shake the urge to control everything. Back when I began, delegating tasks to contractors was tough, and I spent too much time overthinking and planning every step meticulously.

While having a plan is good, trying to control every little thing is exhausting. Learning to release that need for control early on makes the entrepreneurial journey smoother. Trusting the process and being open to surprises from the universe can make things easier. It's a lesson many entrepreneurs learn eventually, so embracing it sooner can make your journey more enjoyable.

let’s recap

To recap on my reflection for you, if you’re someone in your first year of business, or you're a couple of years in and you're still getting things off the ground; if you're focusing on something that I didn't mention here, I'd probably reconsider where your priorities are at and where your actions are at.

Now, obviously, not everyone is the same and there are multiple ways to grow a business, but this summary was very intentionally laid out for you of what I would do differently, or the same, if I had to start a business. I didn't mention things that weren't worth mentioning. All of the things I mentioned here, I truly believe just this alone could get you off the ground, get you to those 3-5k months and really get you going from there building, you know, six figures, sustainable foundations may require a few more pieces.

In case you missed it, here is the last episode of the podcast - How to feel safe making big BOSS moves in your business


about the blogger

Hi! I’m Holly Bray

I’m an expert at online marketing, a nerd when it comes to the numbers, and my obsession is teaching others how to know what tasks to focus on so they can create a business that GIVES them life (not one that takes it away).

 

BINGE THE LATEST POSTS