How To Start Your Own Business in 2018
I always do two versions – a worst case and a best case – and it usually ends up somewhere in the middle. Have a good accountant set up your accounts for you right at the start so you can start analysing what you are spending against what you are receiving. Manage your finances with a fine tooth comb right from the start. Even if you’re not running your business to make money, you’ve got to make sure it’s viable – nine out of 10 businesses fail because margins haven’t been established and costs analysed. Write yourself a good business plan and remember that starting a new business takes twice as long and costs twice as much as you think it will.
Bravery & Determination
The two key qualities needed to get a business off the ground. Make sure you’re fit and healthy as you will need to put in a lot of hard work, long hours and energy for the first two to three years, with little payback. You will discover that there is not enough time in the day. Be prepared to be tired and grumpy and still have to be a nice person.
This is super important in your first year when you start your own business. We have been very fortunate indeed to have been offered some amazing press and PR opportunities, which have gained us fantastic exposure and ultimately resulted in top-class contracts.
Listen & Pay Attention
You will start to meet a lot of people who ‘have been there’. Listen to how they have made it or how they have failed, and take it all in. There is so much help and support out there now. So please use it all.
Surround Yourself With Intelligent People
I have well and truly surrounded myself with very wise people through my network that I can continually fall back on for advice and support. A support system is so incredibly valuable, I cannot even begin to describe it.
Research, Research, Research
It sounds so obvious, but you would be surprised how many people don’t bother at all. Yes, this boring bit of speaking to people who might not share the same thoughts as you. Might not seem like the most exciting part of your journey – but it is so, so important!
Finally, Make Time For Relaxation
It’s very important, as it enables you to keep your mind fresh and be open to new ideas.