Unforeseen obstacles, tough decisions, and rewarding lessons are all part of the journey when starting a company. Coming up with a great business idea is the first step. Still, entrepreneurs need to overcome challenges to make their ideas succeed, know when to seek expertise and stay focused on their core objective.
We spoke to Walid Fekhar, co-founder of The Finest Exotics – a luxury brand offering premium fruit selection boxes, perfect for exquisite gifts or a little self-indulgence. We also had the pleasure of talking to Louise Baverstock-Price, founder of LBP Wellness, who supports individuals and organisations in improving well-being, performance, and resilience – particularly those navigating midlife or high-pressure roles.
In this article, we share these founders’ valuable insights into the realities of entrepreneurship, their difficulties, and lessons learned that can inspire those looking to build a successful company.
Key Takeaways
- Overcoming challenges is essential for business growth and requires resilience and adaptability.
- Seeking the right expertise early on can streamline processes and let entrepreneurs focus on what they do best.
- Learning from setbacks and remaining focused on a mission will help with long-term success.
What are the initial setbacks faced by entrepreneurs?
Entrepreneurship is rarely straightforward. Even the most promising business ideas may not be viable or sustainable. As a result, getting started can be challenging for new company founders. For Walid Fekhar, the first hurdle was navigating the complex process of registering a limited company.
“The most surprising challenge was locating a reputable company capable of managing all the intricate details of setting up a limited company without unnecessary hassle.” Walid Fekhar, co-founder of The Finest Exotics
Secondly, entrepreneurs often find themselves wearing many hats. This can make running a new business feel overwhelming – especially if they don’t have prior experience in compliance or finance.
Reflecting on her journey of building a company from scratch, Louise Baverstock-Price shared: “One of the most unexpected challenges I faced was stepping out of a corporate environment after 25+ years and suddenly needing to run every part of the business myself. Marketing, tech, finance, and admin all at once? That was a steep learning curve.”
How did the founders overcome these obstacles?
Both entrepreneurs realised the importance of seeking external help to tackle their challenges. Partnering with professionals who could handle crucial aspects of their businesses—such as technical, financial, and administrative tasks—allowed them to focus on their strengths.
For Walid Fekhar, outsourcing the administrative process of setting up his business to the UK’s leading company formation agent made the process as simple as possible: “Fortunately, we discovered Rapid Formations, who took care of everything from start to finish.”
Similarly, Louise Baverstock-Price understood how seeking professional expertise would give her peace of mind to focus on her day-to-day operations and clients.
Louise delivers a powerful reminder to aspiring business owners: “I overcame [this challenge] by being really honest about where my strengths were – and where they weren’t. I used companies like Rapid Formations to get set up properly and hired an accountant early on to manage the financial side. That gave me the confidence and space to focus on what I do best.”
How does our Full Company Secretary Service help?
Adhering to compliance requirements and performing administrative duties can be time-consuming and complex.
Using a Full Company Secretary Service can help alleviate these burdens for those running a new company. Rapid Formations’ all-inclusive service covers tasks including:
- Company changes – handling up to 15 changes per year, such as director appointments.
- Compliance – maintaining legally required company registers and filing your annual confirmation statements.
- Dormant company services – if your new company is dormant, we prepare and file your dormant company accounts and provide you with a letter to notify HMRC.
- Ongoing guidance – sending monthly expert-drafted insights and giving you access to a dedicated account manager.
For the founders of The Finest Exotics, Rapid Formations’ Full Company Secretary Service streamlines their admin so they can focus on delivering high-quality products to their customers. Meanwhile, Louise Baverstock-Price finds that outsourcing these tasks helps her business operate as efficiently as possible.
“Having experts run the areas that I am not an expert in really helps!” Louise Baverstock-Price, founder of LBP Wellness
The lesson from these two successful entrepreneurs is clear: don’t hesitate to outsource areas outside your expertise. If you’re looking to save time, reduce compliance risk, and stay on track, contact our friendly team at Rapid Formations.
What lessons can you take from the first year of running a business?
In your company’s early days, it’s essential to understand the market and engage with your customers. Founders of The Finest Exotics and LBP Wellness needed to gather testimonials and feedback to refine their approaches and better meet their audience’s needs.
For Walid Fekhar, one of the biggest lessons from the first year of running his business was targeting the right market segment and actively listening to customers.
Many entrepreneurs make the mistake of assuming they understand their customers’ needs without getting real-world insights. If you’ve recently set up a company, we recommend engaging with customers straightaway, soliciting feedback, and staying agile so you can act on this.
How can you turn future challenges into opportunities?
When running a business, knockbacks are natural, but your comebacks must be stronger. Founders of The Finest Exotics and LBP Wellness view setbacks not as failures but as opportunities for growth.
Walid Fekhar’s interaction with his customers during difficult periods allows him to reassess the overall customer experience. He explained: “When faced with setbacks, we view them as opportunities for improvement. Engaging with our customers during challenges helps us innovate and further enhance their experience.”
Hindsight is a wonderful thing, and in some cases, challenges aren’t transformative lessons – they’re simply mistakes that could have been avoided with a clearer focus.
Reflecting on this, Walid shared: “One piece of advice I wish I had received is to concentrate our efforts on a single direction instead of diversifying too early. Staying focused on our core goal and market would have enabled us to build expertise and achieve greater success more efficiently.”
Walid’s story underlines the need for entrepreneurs to concentrate on their primary mission and resist the urge to expand too soon, keeping steady growth in mind.
Build a resilient business
Walid Fekhar and Louise Baverstock-Price’s journeys provide valuable lessons for aspiring entrepreneurs. Their experiences underscore the importance of leveraging professional services where needed, understanding customer needs, and being adaptable to build a sustainable and resilient company.
Entrepreneurs will face unexpected obstacles, but those who learn from them and remain dedicated to their mission are more likely to succeed. Explore our blog or contact our team today for guidance on company formation and business growth.
If you are ready to form a company, the best place to start is Rapid Formations‘ homepage. There, you can check if your company name is available to use at Companies House.
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