My top tips for setting up in business

Over 13 years ago I set up my business, and after a public sector background its fair to say I didn’t know much about the realities of running a business. However, things worked out ok and I am often asked what my tips are for setting up in business

Have processes like you’re a big business

When your first set up in business it will be easy to remember everything but as your business grows, this will become more of a challenge. I recommend having all the foundations in place as though you are running a bigger business, it will make it much easier to grow and will be a lot less challenging than trying to set up new systems and processes when your business is bigger

If you’re a B employ and A

I can’t recall where I read this but it has always rung true to me. Many people in business are afraid to employ people better than themselves, but that’s about ego not about what will grow a great business!  If you grade yourself as a B in organisation employ someone whom you would grade as an A.

The customer isn’t always right

Great customer service has always been at the forefront of my mind and has been an important part of my business culture, however, unfortunately not all customers are nice people, the same as not all people are nice. Don’t be afraid to be professionally assertive and do not be afraid to end a relationship with a difficult customer.

Be proud of your price

Perhaps you’ve trained for years to learn your trade or profession, you’ve taken a risk by setting up in business, you’ve incurred cost, you have all the other business-related admin and marketing tasks to do. All of this means you are probably worth more than you think. Do not be embarrassed when you quote for your services.  

They want it yesterday but will pay you next year

There will always be someone who urgently needs your services now! Their last-minute need suddenly becomes your urgency and your stress. You go out of your way to get the job done as it so urgent, then the client doesn’t seem at all thankful and then the final kick they don’t pay you and you have to chase them for months and months! The majority of clients will be polite, appreciative, and pay you on time – this is where your energy should be focussed.

Take responsibility

you should definitely outsource the parts you don’t like or you are not very good at, however, your business is still your responsibility. Make sure you’re aware of key deadlines and your key responsibilities. A big part of this is knowing your numbers, learn the basics so you can look at financial reports and know what’s going on in your business. Having regular reporting is key to this.

Those who seem rich may not be

You may meet other people in business and may aspire to be as successful as them, they have designer clothes, an expensive car, and a big house. In my experience of dealing with struggling companies -quite often the directors have all of these trappings. Of course, there are plenty of financially successful people with an expensive car and a big house but personally I would watch the quiet person in the old car!

Listen to others

Take advice from as many people as you can, you don’t have to take their advice but the more people you talk to the more chance you have of building an informed opinion. Having a mentor can be really useful that could be a paid mentor or just somebody your respect in business. In the same vain paying for professional advice is a lot less costly than the potential results of not taking any advice at all

If you think health and safety is expensive, try an accident” Stelios Haji-Ioannou

Decide what you want

Why have you set up in business? Make more money? Have more time? Retire early? Make sure you know why you want to be self-employed and if you discover its not what you want don’t be afraid to change your mind.

Make sure you enjoy it

When you set up in business you have the opportunity to create your own job, so make it the best job you can imagine! if you don’t like it – change it, if you still don’t like – you have only have one person to blame!

Written by Vicky Newham- [email protected]