TIPS FOR STARTING YOUR OWN SMALL BUSINESS

This year, for various reasons, many of us have been forced to reconsider our professions. For some this has created an opportunity to venture into the world of start ups. To mark Small Business Day I’ve put together some tips and pointers for entrepreneurs at the start of the journey. 

Admittedly there's already a lot of guidance available with a quick Google search. However weeding out trusted sources and reliable advice from armchair experts that promise shortcuts to success and magic formulas for funding isn’t easy. As the founder of both a small environmental consultancy, Sentry, and non-profit organisation, Planet Patrol, I’m familiar with the challenges involved in setting up, growing and sustaining an organisation. Equally, my partnership with LinkedIn - as a change maker - helps to educate professionals on sustainable business best practice.

For more context about my journey, in 2016 I launched Planet Patrol, a CIC designed to address the gap in environmental awareness and action by combining community activism and citizen science. This was coupled with my own world first paddle boarding endurance challenges that used adventure as a vehicle to start discussion about environmental issues I was highlighting. My approach was pioneering so a blueprint didn't exist and unlike today, four years ago there few experts both available and willing to support on my mission.

Instead, trial and error, market research and AB testing were the only quantiative tools I had available to gather insights and shape future plans. Widespread media support through PR campaigns and social currency generated by organic content sharing from volunteers involved have been instrumental in Planet Patrol’s ongoing success. I bootstrapped cashflow for two years so bring my passion to life until funds trickled in from sponsors, donors and grants.

Four years on Planet Patrol has evolved from a one-woman campaign into a globally recognised movement. It employs four passionate individuals and has an international volunteer base of 200+. Individuals have crowdsourced and logged over 300,000 pieces of litter across 85 countries globally in the dedicated Planet Patrol app, we have been awarded the Prime Minister’s Point of Light award, received cash injections from Big Lottery Fund and continue to work with multinational corporations to deliver solutions to eliminating single use materials. 

Building something from nothing isn't easy but it can be done with the right balance of skill, passion and direction. Here are some tips and pointers from my own journey - the things I wish I had known before I started - that I hope may help you on yours too.

1.    It takes more than passion to succeed 

Oozing passion for an idea that keeps you awake at night, takes priority over social engagements and eats away at your bank balance as you invest in bringing it to life is admirable, but it won’t sustain your business long term. Couple that endless enthusiasm and unshakeable self-belief with a robust business plan that will ensure its viability long term. 

2.    Build a network

Start up life can be lonely. Surround yourself with likeminded individuals who are somewhere along the journey. Don’t withhold experiences, plans and ideas. Be abundant with sharing industry knowledge, brainstorm together and offer support. Building a network of trusted people who understand the struggles and rewards of the journey will be invaluable. 

Beyond that, don't be reach out to relevant experts that can help with certain areas of business and explore pro-bono opportunities particularly for non-profits. Identify professionals who can support in areas you are lacking expertise whether that's accounting, finances or legal. The worst anyone can say is 'no'. Get comfortable with knock backs - they are there to help you find alternative (and often better) ways of doing things.  

3.    Get to know your industry and customer

Understanding your customer and the landscape of your business is crucial to its success. Invest time conducting market research that helps you glean deeper insight into who you are talking to (and whether they are the right people) and what motivates them. This will help you determine your business potential and plan for the long haul.

Platforms like LinkedIn are also useful to identify and make contact with industry experts. You can also find useful courses, webinars and groups that will build knowledge. Forums are a good place to ask questions and trouble shoot problems you encounter along the way. 

4.    Stay current to stay ahead 

Subscribe to relevant industry publications, follow trade news, find the most influential voices in your field and network with your community. Keep on the pulse of the industry to anticipate its direction and keep ahead. As a small business you often have the advantage of agility, adapting and evolving with shifting trends will help avoid falling behind. 

Details are important but getting bogged down in daily operations will not be conducive to realising the vision you have. Steer from the helm, and keep focused on the macro environment, not the minutiae.

5.    Trust your instinct 

It's important to believe in your idea and its value in order to put so much energy (and likely capital) into getting it off the ground, but always keep an open mind. Trends change, competitors often test similar ideas and delays may throw off your timelines. Stay flexible and have the self-awareness to know when it’s time to re-route plans. Do not fixate on a certain approach that may lead to long term failure. If in doubt, trust to your gut – it’s called instinct for a reason. 

6.    Offer a solution to a genuine problem

People and planet before profit have never been a more important mantra. A business idea should start with solving a genuine problem before considering profit. Sentry, the environmental consultancy I founded, was launched address the needs of businesses looking to tell better stories and engage staff with initiatives internally. Planet Patrol, the non-profit, has all surplus funds reinvested back into the organisation to tackle the issues at the core of our mission - to eradicate single use litter. Both businesses have a clear, undiluted focus, and this has been a large part of their success.

We live in a time where customers want transparent supply chains, sustainable materials and honest interactions. Knowing and living out the ‘why’ behind any company will be a key component to its long-term success.

7.    Find a healthy work-life balance

Juggling the demands of a start-up with social plans, earning money (if you’re not already turning a profit), exercise and family time can feel like an impossible task.

If you put every waking hour into growing your business, make sure you have a plan in place that will allow you to pull back once everything is established. Working 24/7 isn’t healthy, not is it sustainable.  It’s important to find a healthy work- life balance, no matter how tricky it is, as early in your journey as possible. Working long hours doesn't mean you're working harder, it usually means you're being unproductive. Work smart, not hard.

Equally, your business needs you to be fully present to run effectively. Carve out time every day to reenergise and recharge. I’ve found that by allowing myself downtime I’m able to be more creative, come up with ideas and problem solve more effectively.

This article was written as part of the LinkedIn #Changemakers partnership – a 12-month campaign shining a spotlight on individuals who are using LinkedIn to drive genuine change in the world of work. To find out more about the partnership, read more here: https://blog.linkedin.com/2020/may/10/follow-the-changemakers-driving-change-in-the-world-of-work