10 things I know from 10 years in the game

Running a business is HARD. It’s also brilliant: it comes with the freedom to choose what you do and who you do it with (or not). It’s not a route to quick riches. But mostly, it’s hard. You’re the in-house expert, the business winner, the accountant, the HR department, procurement, admin and janitor. You have to be good at everything (or at least know enough to be able to manage the person who isn’t doing it brilliantly).

There’s power in it, challenge and purpose, but there’s a reason most new businesses don’t stand the test of time. About 25% fail after a year, 50% by three years and nearly 75% by 10 years. As Luma approaches its 10-year anniversary, I want to look back at some of the most important things I’ve learned when it comes to running a successful, stable business.

1. Learning and advice

Mostly, in running a business, you’re always learning. Literally. Your ears and eyes are WIDE open to better or more effective ways to do things. There’s always a course or a webinar or a book or a cohort. Keep at it. The moment you assume you know it all is the moment your business starts to die.

Ask for advice – and be open to it. But be careful whose advice you listen to. People in nice safe employment really don’t get it. “It’s hard? Quit and go back to your old job”. Entrepreneurs… “Oh, tough day. Have you tried this? Sleep on it. You’ll get there. Call me when you get stuck. Don’t give up.”

Seek support. Build your tribe. Surround yourself with people who are positive and supportive. People who will bring you a cup of tea when you need it. Or kick you in the butt to get you moving again.

In the words of Brené Brown… “If you’re not in the arena getting your ass kicked on occasion, I’m not interested in or open to your feedback.”

2. Leadership

Leadership. It’s not management. It’s not about pithy LinkedIn posts. It’s not the 5am hustle. It’s about leading. Going first. Consistently living by your values. Making good decisions that benefit everyone. Communicating. Sharing. Safeguarding. Delivering on your promises.

I like to ‘lead from the back’. I’ve promised my people that, by joining Luma, they will have ‘good work for good clients’. I want them to want to come into work on a Monday. I want them to be proud of what we do. I also want them to work hard and stretch themselves. My job as leader and business owner is to create the space for them to do all of that, and then get out of the way.

This is not the Lucy show.

3. Learn how to apologise / love the bad days

My job is to make decisions, using the information available to me at the time. Sometimes I make the wrong decision. Which is less awful than making no decision.

There will be bad days. Days when you have to face an unhappy person and apologise for something, whether it was your fault or not. Days when you have to deliver bad news or have a difficult conversation. Days when there’s simply too much to do and none of it is fun and you’ve got a headache and would really rather be on a beach with a cocktail.

Bad days happen. But as long as they’re just occasional, suck it up buttercup. This is the job. Don’t take it personally (unless it is, in which case, leave gracefully).

I get things wrong, all the time. I’ve hired the wrong people. Got the invoicing wrong. Overcommitted and underdelivered. Stumbled over an idea.

Because I’m human. Flawed, imperfect, doing my best with what I have.

A simple, straightforward apology, delivered with meaning, goes a long way.

“I’m sorry” is a whole sentence. No ifs or buts or excuses (maybe an explanation: I underestimated how much time it would take). Just sorry.

“And this is how I’m going to put it right”.

4. Money

Get comfortable with it. Use the words. Understand the tax (OK, so that bit is actually impossible – that’s why we have accountants). Put more aside for taxes and rainy days than you think you’ll need: aim for half, celebrate if you can snaffle away a third. And pay your bills on time.

Money is an emotive thing. We have a deep, personal, private relationship with it.

Every purchase decision is an emotional decision.

5. Reputation

At the end of it all, reputation is the only thing we truly have. You can’t buy it, fake it or rush it. Reputation grows slow and steady. Every time you do what you said you’d do, every time you turn up, every time you help out. Reputation is built on steady and consistently living by your values. Reputation is the thing that you can lean on in the hard times.

But it takes a lifetime to build and only a second to destroy.

6. Culture

Culture eats strategy for breakfast. The measure of your business lies in the worst behaviour you’ll tolerate. Culture creates the client experience: this is how we do things, these are our guiding principles, this is how we behave, this is how we respond to situations.

Culture is hard to define, but absolutely essential. This is what it means to be in the Luma Crew.

7. It’s not all about work

Friends and family are everything. This is why we do what we do.

The person you marry (partner) is the most important career decision you’ll ever make.

8. Slow the flip down

Rome wasn’t built in a day.

Growing a business is the absolute antithesis of Hustle Culture. It’s a marathon, not a sprint and you absolutely cannot rush it.

Be careful thinking in binary terms about the whole topic of work-life balance. As an entrepreneur, there’s no such thing - only priorities.

Don’t be too hard on yourself and don’t expect too much too soon. Just because you’ve done something well once, doesn’t mean you’ll do it well a second time. It takes repetition to become truly good at a thing. A certificate doesn’t make you an expert. Learn by doing, do it, do it again, and again. And then again.

Consistency beats talent and perfection.

9. Fun really matters

If you’re not having fun anymore, go do something else. In this game, you HAVE to enjoy what you do. This doesn’t mean avoid all challenges or bad days – that’s why we call it work. It means enjoying the work you do, enjoying spending time with your colleagues and your clients, getting satisfaction from a job well done and doing things that make you feel proud.

This is one of the things we mean at Luma by ‘good work for good clients’.

10. Stop

Learn how to rest. Turn off your notifications. Recharge – properly. Take time off, not to do other things or get on top of life stuff. Take time to stop and rest and recharge. As a business owner, you carry everything for everyone else: it’s surprising how tiring that can be. And no-one carries you. You think about the business and your clients and your people all the time. Everything you do is about the business.

In carrying that responsibility, you also have a responsibility to look after yourself. To charge your batteries, recoup, breathe.

You cannot pour from an empty cup.

The bottom line

No one said this would be easy.

But if you get it right, it’s one of the most rewarding things you can do. It opens a whole world of creativity where you can build your vision, unbound from the restrictions of conventional employment.

It's a long journey to get to ten years with bumps, breakdowns and flat tyres along the way. But the journey is worth the challenge.

And for Luma, the car’s not stopping any time soon. They always say the journey is better than the destination anyway…