Thinking of starting your own business? Whether it's for freedom, profits, or making an impact, success begins with clarity and preparation. In this week's episode of the I Hate Numbers podcast, we explore how to start with success in mind—and avoid the common pitfalls that derail so many new businesses.

Drawing from decades of real-world experience, Mahmood shares what it really takes to build a sustainable, profitable business—from defining your "why" to knowing your numbers.

Main Topics & Discussion

Know Your "Why"

Your "why" is the foundation of your business. It's your motivation and direction. Whether it's freedom, profit, social impact, or personal pride—clarity here keeps you focused when challenges arise.

Define Success On Your Terms

Success looks different for everyone. Is it financial freedom, more time, job creation, or personal fulfilment? Define what success means to you—and how you'll know when you've arrived.

Set SMART Goals & KPIs

Vague goals like "get more clients" don't cut it. Use SMART goals (Specific, Measurable, Achievable, Relevant, Time-bound) to set clear targets. Track progress with KPIs like:

• Income and profit targets
• Website traffic and conversions
• Client retention and churn rates

Understand Your Customer

Business success depends on knowing your customer. Who are they? What problems do they have? How does your product or service solve them? Remember the 7Ps of Marketing:

• Product, Price, Promotion, Place, Packaging, Positioning, People

Know Your Numbers

Numbers are your business compass. Get comfortable with:

• Digital bookkeeping (cloud accounting recommended)
• Budgets and cash flow forecasts
• Profit targets and pricing strategies

Good financial systems reduce stress and support smarter decisions.

Leadership & Mindset Matter

Starting a business is tough. Expect good days and bad. Success requires resilience, consistent action, and continuous learning. Good leadership is about making decisions, learning from mistakes, and staying focused.

Real-World Example

Mahmood reflects on starting his own business 30 years ago—from a back bedroom to building I Hate Numbers. The lessons? Clarity, systems, knowing your numbers, and staying focused on your "why".

Links Mentioned in This Episode

• 🔗 Cloud Accounting & Xero Support

Episode Timecodes

• [00:00:00] – Introduction: Defining success in business
• [00:01:00] – The importance of knowing your "why"
• [00:02:38] – Defining success on your terms
• [00:03:18] – Setting SMART goals & KPIs
• [00:05:00] – Understanding your customer & the 7Ps
• [00:06:16] – Know your numbers: budgeting & cash flow
• [00:08:00] – Leadership, mindset & resilience
• [00:09:49] – Business success starter checklist
• [00:10:29] – Final thoughts & free resources

Host & Show Info

Host Name: Mahmood Reza About the Host: Mahmood is an accountant, business coach, and founder of I Hate Numbers. With over 30 years helping businesses start, grow, and thrive, he's passionate about making numbers simple—and helping entrepreneurs succeed. Podcast Website: https://www.ihatenumbers.co.uk/i-hate-numbers-podcast/

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Business success takes more than luck. Plan it. Do it. Profit. Share this episode, rate us on Apple Podcasts, and subscribe for practical tips to help your business thrive. Visit our website for expert resources and support.