Setting up a new business - observations

Setting up a new business for the first time is still is a big challenge. After being an employee for so long - not receiving that monthly bank deposit can be, and is, a real fear, so the first rule must be move quickly and don't waste time, as time is money. Make one "Yes/No"decision, can you and do you want to set up your own operation, however small or grandiose? Are you emotionally driven to do it? Have you support to do it? Have you the time and money to do it? Are you and / or your products saleable? Pretty strong certainty is needed on all these things but its one question of "Go/NoGo".

Having made the decision then set up as soon as you can. Don't over-worry on form and function now - get moving in the background. Get the basic shapes resolved. Make endless lists and execute them daily. I have a workbook of lists crossed out and re-drawn that same evening. Build now and polish later.

Find good people who you can work with. Delivery is key and patience isn't a virtue it's an absolute necessity. Burn no bridges as you don't know what or who you will need tomorrow.

Iterate and iterate until it is getting more and more polished daily. Plan for it all to go wrong and protect the downsides, legally and economically. Make contingency plans. If, as is likely, there is a large technology component then concentrate on security and backup, oh and the infernal GDPR. (At least one doesn't have to unravel old processes, systems and databases if you are a start-up). Insure to ensure!!

Take some time out periodically - walking the dog or simply going shopping. Watch a film. You need to get rational again and focus on the mundane . Don't forget your partners (in life) as you can easily become an obsessive git!! Drop it and re-charge for half a day.

Build a business space to operate in. The kitchen or sitting room isn't ideal. You need to be able to confer and communicate without ruining your home. Be as separate (but connected) as you can. Garden sheds are brilliant if wired and wifi'd.

Don't underestimate how difficult banks can be and in the same vein how helpful HMCE and other authorities can be. Banks have a very long way to go in my mind and aren't yet showing signs of any customer sensitivity (except in rare cases maybe).

Agonize over your first transactions to double-check you have got it right - whatever it is. Don't slip on the starting - blocks, but if you do, then learn and be brutally honest why, but not to the point of nurturing self-doubt. Of course you can do it much better next time.

Maintain a sense of humor if at all possible ( as I write my American spell-checker is really starting to hack me off) but don't let the "techno-glitches" get to you. Reflect on the good things and the successes.It has taken me about two man-days to align up a series of just six email accounts with the right protocols and attributes. Whatever happened to "plug and play"??

Get it as polished as you can. Try it on friends and family (and remember you owe them!!) , tweak and then build a launch plan. Don't just drift into operations. Launch, market, promote, get feedback, polish and tweak again. This is it. You are up and running and make some luck! Do nice things, help and nurture others as what goes around comes around. Have fun above all otherwise its not going to be sustainable.

That's the main things I have learned so far and so far its been a blast. Encouraged by feedback it feels very right, so listen to the world who mostly will be naturally receptive, positive and open. Note down who the game-players are and avoid them. There won't naturally be many. (I hope!!) And reflect on yourself. Be emotionally intelligent. How are you coping and changing - this isn't a minor hobby -it's your life! Get help if you need it. Learn to ask, and the biggest lesson I am still trying to get a grip on is, listen to the answers and opinions from others!!!