{"id":6354,"date":"2018-04-24T09:55:52","date_gmt":"2018-04-23T23:55:52","guid":{"rendered":"https:\/\/www.firstclassaccounts.com\/?p=6354"},"modified":"2024-03-14T16:26:42","modified_gmt":"2024-03-14T06:26:42","slug":"how-to-overcome-self-doubt-and-run-a-successful-small-business","status":"publish","type":"post","link":"https:\/\/www.firstclassaccounts.com\/blog\/how-to-overcome-self-doubt-and-run-a-successful-small-business\/","title":{"rendered":"How to overcome self-doubt and run a successful small business"},"content":{"rendered":"

\"First<\/p>\n

Starting a small business is a big decision because its success or failure is dependent on you \u2013 and that can be scary.<\/p>\n

Self-doubt is a natural part of enterprise, but it\u2019s important to develop good strategies to prevent it from sabotaging your potential.<\/p>\n

So, we caught up with Joy Liu \u2014 a\u00a0successful bookkeeping business owner\u00a0\u2014 to see how she overcame her fears to start a thriving venture that delivers on her work-life balance goals.<\/p>\n

The Pulse: Could you tell us a bit about yourself?<\/strong><\/h5>\n

Joy:<\/strong> After my studies, I held executive level accounting and financial analyst roles at three multinational companies.<\/p>\n

In 2014 I became a full-time parent and resigned from my job at the time because it became (sadly) obvious that corporate life wasn\u2019t very family friendly.<\/p>\n

After taking a short career break, I realised I wanted to continue working but I needed something that allowed me to use my skills and experiences, and would fit around my children.<\/p>\n

So I decided to start my own bookkeeping franchise with First Class Accounts because they had a great culture and offered me the support I needed to build a successful business.<\/p>\n

The Pulse:<\/strong> It wasn\u2019t an easy decision, right? Tell us about that.<\/strong><\/h5>\n

Joy:<\/strong> When I was scoping out the business, many of the existing franchisees said that good communication and rapport building with clients was essential in the bookkeeping world.<\/p>\n

This made me feel nervous because I felt my English language skills and cultural heritage would put me at a disadvantage when it came to winning clients.<\/p>\n

My previous accounting and finance roles revolved around management reporting and analysis for big corporations, and none of them were client-facing roles.<\/p>\n

I worried that my skill set might not fit into the small business world, or that I might not be able to understand the many facets of my client\u2019s businesses and the sectors they operated in.<\/p>\n

The Pulse:<\/strong> So, what were the early days of running your business like?<\/strong><\/h5>\n

Joy:<\/strong> They were exciting and terrifying all at once!<\/p>\n

The first year was a very steep learning curve and I was working 24\/7 trying to figure out how to run my business and service my clients\u2019 needs<\/a>.<\/p>\n

It was unbelievably stressful at times and there were days when I was pulling my hair out and wondering whether I could do everything.<\/p>\n

The Pulse: It sounds hectic! How did you come out the other end smiling?<\/strong><\/h5>\n

Joy:<\/strong> I drew on the strength of my colleagues and used the support resources<\/a> of the franchise I was part of.<\/p>\n

I found the face-to-face catch ups with my colleagues particularly valuable because they were willing to share their stories and it gave me a lot of comfort to know I wasn\u2019t alone.<\/p>\n

It made me realise that tough times are a normal part of business and I shouldn\u2019t take setbacks personally.<\/p>\n

The Pulse: How is business these days, and are you still worried about the same things you were when you started out?<\/strong><\/h5>\n

Joy:<\/strong> Since I started, I\u2019ve continued to exceed my annual budget, and have won an Emerging Franchise Award once and a Business Performance Award twice.<\/p>\n

I\u2019m now considering growing my business to the next level and hiring staff.<\/p>\n

Thanks to the feedback I\u2019ve received from clients, I don\u2019t worry about the things I used to.<\/p>\n

I realise that I don\u2019t need to recite Shakespeare or be best friends with them to add value. My clients have told me that they respect me because of my high-level business knowledge, technical accounting expertise, and relentless work ethic \u2014 and this gives me a lot of confidence.<\/p>\n

The Pulse: If you were to give would-be business owners any advice, what would it be?<\/strong><\/h5>\n

Joy:<\/strong> I would give them five pieces of advice:<\/p>\n

    \n
  1. Look after yourself. I had a car accident in the first year of business because I was so distracted and stressed that I crashed into someone, so it\u2019s vital to take time for yourself.<\/li>\n
  2. Believe in yourself. If you trust yourself and are committed to making your business work then this belief will anchor you when things are hard.<\/li>\n
  3. Stay positive. I believe a winning attitude is half the battle to making it in business, and it\u2019s essential for maintaining motivation.<\/li>\n
  4. Play to your strengths. It\u2019s easy to see what you don\u2019t have and why it\u2019s a barrier to being successful. Instead, focus on what you do have and really use it to your advantage.<\/li>\n
  5. Surround yourself with good people and resources. Try to find a business mentor, and use free resources available to you. For example, many state and local governments run free business workshops and networking events that can be a useful source of information and advice.<\/li>\n<\/ol>\n

    This feature was originally published on MYOB here:\u00a0https:\/\/www.myob.com\/au\/blog\/how-to-overcome-self-doubt-and-run-a-successful-small-business\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

    Starting a small business is a big decision because its success or failure is dependent on you \u2013 and that…<\/p>\n","protected":false},"author":229,"featured_media":5760,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","_uag_custom_page_level_css":""},"categories":[25],"tags":[],"acf":[],"yoast_head":"\nConquer self-doubt for business success - First Class Accounts<\/title>\n<meta name=\"description\" content=\"Discover strategies to conquer self-doubt and thrive in business with insights from a successful bookkeeper. 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