Starting a business can be one of the most exciting yet challenging ventures in your life. For aspiring entrepreneurs, the journey from a structured 9-5 job to the freedom of running your own business is filled with endless possibilities and potential pitfalls. Reflecting on my journey, there are several things I wish I had known when I decided to start a new business. These hard-earned lessons can help you navigate your own path with greater confidence and fewer missteps.

In this article, I’ll share 10 invaluable lessons from my entrepreneurial journey when starting Le VPN as well as my other businesses, divided into three crucial stages of business development:

• before you start a business, 
• when you start running your business, 
• and as you grow and scale. 

Whether you’re just thinking about starting a new business or already in the thick of it, these insights will help you make informed decisions, avoid common traps, and build a successful venture.

By exploring these stages, you’ll learn about the importance of securing your domain name and diversifying your financial channels before you start a business. You’ll discover the value of careful budgeting, maintaining multiple income streams, and focusing on a specific customer persona as you run your business. And as you grow and scale, you’ll understand the need for a balanced approach to advertising, maintaining a strong mindset, and hiring the right help.

These practical tips and personal stories are designed to inspire and guide you on your entrepreneurial journey. By the end of this article, you’ll have a clearer understanding of the steps needed to start and grow a successful business while maintaining a balanced lifestyle.

Ready to dive in and learn from my experiences? Let’s get started!

No time to read the whole thing? Download my cheat sheet where I condensed it all for you.

Stage 1 – Before You Even Start A Business

1. Block a Domain Name 

One of the first lessons I learned the hard way was the importance of securing a domain name early on. When I came up with the Weatherproof Business name for my educational business, I immediately bought the domain name. Over the years, I’ve made it a habit to buy domain names for almost any idea that comes to mind. This can be quite costly, and I review these domains annually to decide which ones to keep.

During my maternity leave, feeling overwhelmed and under pressure, I canceled the renewal for the Weatherproof Business domain. That business project was not moving from a standstill, and I felt at the time that it never will.

Fast forward a few months, I returned to work full of energy and decided to focus on starting a new business—the one I had abandoned before. As it grew rapidly, Weatherproof Business became a key element in my masterclasses, premium training, and a book I was writing. It was time to register it as a trademark.

After applying for the trademark, I suddenly remembered that I might not have the domain anymore. Logging into my domain provider, I discovered I had indeed canceled the renewal. I rushed to repurchase it, but it was too late—GoDaddy had already snapped it up seconds after my trademark application.

They offered to negotiate its return for a fee, revealing a shocking business model. Because they knew I wanted the domain (thanks to my trademark application), they bought it automatically and offered to sell it back to me for $2,000—a huge markup from the original $15. I refused the offer and set a reminder to buy it back once their registration expired.

Bonus Tip: Always secure your domain name first and consider automatic renewals. If you plan to trademark a name, make sure you own the domain before you apply.

2. Have 2 Bank Accounts and 2 Payment Providers 

Another critical lesson came from my experience with Le VPN. In its early days, we relied heavily on PayPal for payments, but one day, PayPal blocked our account due to high refund and chargeback rates—common in our industry. This not only prevented us from accepting new payments but also froze all the cash we had in the account (which was a month’s worth of revenue!). Suddenly, our business was at a standstill, and we were losing money every minute.

We had to scramble to find another payment provider, a process that took about 24 hours. In the meantime, we had to give Le VPN away for free while fixing the payment issues. This taught me the importance of diversifying financial channels. Always have at least two bank accounts and payment providers to ensure your business can continue operating smoothly, even if one channel fails.

Bonus Tip: Withdraw your funds from your payment provider as often as you can and at least twice a month to keep them safe. Payment providers love to “freeze” funds for security reasons from time to time, which may put your business at risk if you need those funds to pay your suppliers.

3. Track Everything (Set Your Pixels Early) 

When starting a business, you might not immediately understand the importance of data, but it’s crucial. There have been numerous times when I wished I had set up tracking pixels earlier. Tracking pixels, like Google Analytics, Meta pixel, and heat map tools, provide invaluable insights into customer behavior and marketing effectiveness.

For instance, Google Analytics helps you understand where your website traffic is coming from and what visitors do once they arrive. Meta pixel is essential for retargeting ads, allowing you to reach potential customers who have already shown interest in your product. Heat map tools like Hotjar or Crazy Egg show you where users click on your website, helping you optimize the user experience.

When I first started, I didn’t realize how much I would rely on this data to make informed decisions. Setting up these tools from the beginning can save you a lot of time and guesswork later on. Ensure all the tools you use, from your CRM to email services, have analytics capabilities enabled. This way, you’ll have a comprehensive view of your business’s performance and can make data-driven decisions.

Summary of the 3 Tips Before You Even Start a Business 

Before you even start selling anything, it’s essential to lay a strong foundation for your business. 

Secure your domain names and consider trademarking key names early. Diversify your financial channels to not only be able to collect payments with your first customer but also avoid disruptions, and set up tracking tools to gather crucial data from the start. 

These steps might seem small, but they can save you significant headaches and help your business thrive in the long run.

Stage 2 – When You Start Running Your Business

1. Careful Budgeting 

One of the most valuable lessons I learned in business school was the concept of “conservative accounting,” or the principle of overestimating expenses and underestimating income. This approach has been crucial in managing the finances of my businesses.

When I co-founded Le VPN, I set ambitious goals but prepared for the worst-case scenario financially. By overestimating expenses, I ensured that we had enough funds to cover unexpected costs. Underestimating income meant that we were always pleasantly surprised at the end of the month when we exceeded our financial targets.

This conservative budgeting approach helped me avoid financial stress and focus on growing a profitable business without any outside investment.

2. Diversify Income Streams 

When starting a business, it’s tempting to quit your job and go all-in. However, maintaining multiple income streams can provide financial security and reduce pressure.

For instance, when I was developing Le VPN, I also had part-time consulting jobs. This secondary income allowed me to make smarter business decisions without the desperation to turn a profit immediately. It also gave me the financial cushion to invest in marketing, product development, and other essential areas without compromising my lifestyle.

Starting your business as a side hustle while keeping your main job ensures you have a steady income. This approach allows you to take calculated risks and gives your business time to grow organically. Remember, building a business is a marathon, not a sprint. Having financial stability lets you focus on long-term success rather than short-term survival.

3. Speak to One Customer Persona, Scale Later 

When I first launched my business, I made the mistake of trying to appeal to everyone. This broad approach diluted my marketing efforts and made it hard to connect with any specific audience. Through experience, I learned the importance of niching down and targeting a specific customer persona.

For example, when I started focusing on digital nomads for Le VPN, our marketing messages became more precise and impactful. We tailored our services to meet the unique needs of this group, which led to increased engagement and customer loyalty. By speaking directly to one customer persona, you can create a strong brand identity and build a loyal customer base.

Once you’ve established a solid foundation, you can scale and expand your reach to other segments. We now have several customer personas for the Le VPN business and are able to target our product to all of them, but we’ve been doing this for over a decade.

4. Focus on Quality vs. Quantity 

In the early days of Le VPN, I was tempted to produce as much marketing content as possible, thinking that more was better. However, this approach led to burnout and didn’t yield the desired results. We were too ambitious to be everywhere at the same time and to scale our marketing reach to five languages from year two. It sounded great on paper, but it was more counterproductive than helpful. Over time, I realized that focusing on quality over quantity was more effective.

By investing time and effort into creating high-quality products and services, we built a reputation for excellence. Customers began to trust us and refer others to our business. Quality not only attracts loyal customers but also sets you apart from competitors. It’s better to be known for one exceptional product or service than for multiple mediocre ones.

Summary of the 4 Tips When You Are Starting a New Business 

When you start a new business and get your first clients, careful budgeting, diversifying income streams, targeting a specific customer persona, and focusing on quality over quantity are crucial strategies for success.

By preparing for financial uncertainties, maintaining multiple revenue sources, and creating a strong brand identity, you can navigate the challenges of entrepreneurship more effectively and build a profitable and sustainable business

Stage 3 – Growing and Scaling

1. Don’t Give All Your Money to Google or Meta

When you start scaling your business, the allure of paid advertising can be strong. While ads can be effective, they can also drain your budget quickly if not managed properly. In the early days of Le VPN, we invested heavily in Google and Meta ads, hoping for rapid growth. However, without proper data and strategy, much of that money was wasted.

The key is to use a balanced approach that combines both organic and paid strategies. Utilize the data you’ve been tracking (thanks to the pixels you set up early on) to optimize your ad spend. Focus on targeting the right audience and refining your ads based on performance metrics. Additionally, invest in organic growth strategies such as content marketing, SEO, and social media engagement to build a strong online presence without relying solely on paid ads.

2. Mindset Matters

Running and scaling a business involves navigating a rollercoaster of emotions. The highs of success and the lows of setbacks can be intense and frequent. Maintaining a strong, resilient mindset is crucial for long-term success.

For me, yoga and meditation have been essential tools for managing stress and staying grounded. I started my mornings with a 20-minute meditation followed by an hour of yoga. Additionally, I played tennis twice a week and attended yoga retreats several times a year. These practices helped me recharge and maintain a positive outlook.

One of my favorite retreats was at Costa Dulce, a remote eco-resort in Nicaragua. The combination of yoga, surfing, and connecting with nature provided a perfect escape from the daily grind and allowed me to return to work with renewed energy and focus.

Since becoming a mother, my routine has changed, but I still prioritize daily meditation and yoga sessions a few times a week. These practices, combined with quality family time, help me maintain balance and perspective, which are vital for making sound business decisions.

3. Hire Help but Be Smart About It

As your business grows, you’ll need to delegate tasks to focus on strategic growth. However, hiring the right help is critical. Early on, I made the mistake of hiring inexpensive freelancers who delivered subpar work, which I then had to fix myself.

I learned that investing in quality help, even if it costs more, pays off in the long run. Skilled professionals work efficiently, produce high-quality results, and save you time and frustration. Additionally, consider working with a business coach to accelerate your growth. I didn’t have a coach when I started my first business, but I’ve since realized the value of having one and worked with a coach or a few for all the other businesses I started. Coaches provide guidance, accountability, and insights that can significantly impact your business’s trajectory.

Summary of My 3 Tips When You Grow Your Business

As you grow and scale your business, it’s essential to manage your resources wisely, maintain a strong mindset, and hire the right help. Use a balanced approach to advertising, leveraging both organic and paid strategies based on data insights. 

Prioritize activities that keep you mentally and physically resilient, and invest in quality help to ensure efficient and effective operations. These strategies will help you scale your business sustainably and successfully.

Conclusion

Starting a new business is an exhilarating journey that requires careful planning, resilience, and continuous learning. By understanding and implementing the 10 lessons shared in this article, you can navigate the complexities of entrepreneurship with greater ease and confidence.

Before you even start selling anything, securing your domain name, diversifying your financial channels, and setting up tracking tools will lay a strong foundation for your business. These initial steps may seem small, but they are crucial for long-term success and can save you significant headaches down the road.

As you begin to run your business, adopting a conservative budgeting approach, maintaining multiple income streams, targeting a specific customer persona, and focusing on quality over quantity will help you build a sustainable and profitable venture. These strategies ensure that you are prepared for financial uncertainties, can make informed decisions, and create a strong brand identity.

When it comes to growing and scaling your business, balancing organic and paid advertising, maintaining a strong mindset, and hiring the right help are essential. These practices will enable you to scale effectively, stay resilient through challenges, and ensure that you have the support needed to continue growing.

The entrepreneurial journey is filled with highs and lows, but with the right strategies and mindset, you can build a business that not only thrives but also aligns with your personal and professional goals. If you’re ready to take the next step and explore how coaching can help you achieve your business objectives, I invite you to book a free 30-minute coaching exploration call with me.

By working together, we can unlock your full potential and set you on a path to success. Let’s embark on this journey together and turn your business dreams into reality.