What advice would I give my younger self about starting a business?
- Business Rescue Business Growth
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As a founder I’ve discovered a fair few things since starting my business ownership life. I’ve so enjoyed the whole process but it’s certainly been a learning curve. When you start out in business there is so much advice on offer it can seem overwhelming. It’s often difficult to separate the wheat from the chaff and discover what is relevant to you and your start-up business. So, I thought I would focus this blog on a question I’m often asked: “What advice would you give your younger self about starting a business.”
To be truthful there is so much I could say, but I will focus on key points that can help new business owners, useful tips and tricks for start-ups.
Tips and tricks for start-ups
1. A Business plan is for life not just for start-ups
The business plan is a crucial document for start-ups. It’s the blueprint that details what you need to do to make your business succeed and how you will get there. However, while you will be very close to this document during the early days of your start-up, it is vital that you continue to use your plan throughout the life of your business.
As you go beyond the start-up phase, do not consign your plan to a dusty filing cabinet never to be opened again. Your plan is organic and grows with your business so it needs revisiting regularly. Check that you are achieving your goals. Readjust the plan depending on what works for you. Update your SWOT analysis (Strengths, Weaknesses, Opportunities, Threats), as things will change depending on the market you operate in and on factors such as the political/economic climate.
At Be Rescued, we can help you develop a business plan that will work for your business and we’ll help you update it to reflect where your business is now and going forward.
2. Think about your future
Following on nicely from point one on business planning, it is essential that you have an exit plan. This might seem to be a rather strange thing to think about when you are just starting out, but it is important to consider how you will exit from the company particularly if you decide to sell or retire.
You should also consider your succession plan. Who will take over the business from you when you decide to no longer work in the business? This could be a family member or possibly a trusted colleague.
3. Know your niche
From the outset it’s important that you understand that you won’t appeal to everyone. Not everyone will want or need your product or service. There is real power in knowing your niche. Know yours and capitalise on it in your marketing activity.
4. Don’t be afraid to fail
You will learn from your mistakes; it might be cliché but it’s true. It can seem like the end of the world when things go wrong but your mistakes can help you move forward. Learn from them and revise your systems and procedures to ensure the same mistakes don’t happen again.
5. Delegate
As a small business owner, you simply can’t do it all. You don’t have to be an accountant or a marketer. It might make sense to offload some tasks to experts, for example outsource your copywriting or end of year tax return. Ask for help, it will save you time and a lot of hassle, meaning you can focus on running your business.
6. Ask for help
This relates nicely to the point above. Never be afraid to ask for help especially in times of crisis. This is not a sign of weakness. In fact, quite the opposite, often recognising you are in trouble is the first step to resolving matters. At Be Rescued, we help businesses in crisis and provide turnaround support to help resolve difficult situations.
7. Know the importance of feedback
When you are starting up it’s important to get feedback on your business idea to establish that it will work, and to help you understand how to market it. Feedback from your customers is crucial throughout the life of your business, it can help you modify your offering and serve them better.
However, marketing leadership expert Thomas Barta suggests “Customer feedback is good, but here’s a much more powerful option: feed-forward.” Suggesting instead of asking “How was everything” you should ask “What’s the one thing we could do better?” (marketingweek.com, 28.5.19 https://www.marketingweek.com/2019/05/28/thomas-barta-customers-feed-forward/). So, as well as asking customers how we’ve done we should also ask what we could do differently? – just never stop asking.
8. Future proof your business
Always have a crisis plan in place so that should the worst happen you are prepared. This can include how to continue operations in the case of a disaster such as fire or what to do if your business experiences financial difficulty. Be Rescued can help, we work with small businesses to prepare for the unexpected.
9. Be a sponge
Make time to learn, enrol on webinars or go to talks given by industry experts and ask for their advice. Keep on learning. I still love going to talks - you will always take something away and if nothing else it might confirm you are doing things the right way. Be comfortable in your knowledge but always keep on learning and sharing about your market. Keep up with your sector and use this insight to inform decisions. Events also make great networking opportunities to connect with professionals and other business owners.
10. Embrace networking
I wrote a blog about this very subject, as I recently rediscovered the value of networking. It can be daunting at first, but networking will pay dividends. The more you do it the easier networking becomes. It’s a great way to get your brand out there and get known as a business owner and specialist in your field. Plus, you’ll develop a support network and learn lots along the way from industry speakers.
11. Beware of imposter syndrome
You are an expert; you know your business you know your customers. Don’t doubt yourself. Your new business will test you, but you will be amazed at what you can do if you just go for it. As the saying goes ‘Feel the fear and do it anyway’. The key is to learn to manage risk. But don’t despair, Be Rescued can help you navigate any choppy business waters.
12. Getting to know you
Even if you already know your customer, at the start-up stage of your business you should develop customer personas to help you understand and embrace fully your customers. Who are they? Where do they live? What’s their job? What do they enjoy doing? Give each persona a name. Understanding your customers is fundamental to your business, from developing your products and services to marketing them. Revisit your customer personas as your business develops. Never stop getting to know your customers.
13. Value your team
Value your team and the people you work with, whether they are employees or freelancers. Involve them in your business and any successes, always thank people. Your team is the key to your business life cycle. No man – or woman – is an island!
14. Know your numbers
When you are starting out it is essential that you understand the breakeven point of your business. This is crucial for understanding how your start-up can make a profit. Knowing what to charge and the number of sales you need to make a profit will increase your chance of surviving and growing your business, otherwise you are operating in the dark.
Whether you are a micro-business, or you own a company that employs 100+ people, you must know what’s going on financially and be able to manage your cashflow. A classic case is the move to Making Tax Digital, which now applies to businesses with a turnover of £85,000 or more. As a Company Director, you can’t assume everything is in place as it is ultimately your responsibility.
15. Be kind to yourself!
Don’t deny yourself time with the family and a break from it all, running a business is hard work. Timetable days off in your diary or you will burn out and your business won’t benefit if you don’t get enough time away.
Don’t drop any hobbies and make sure you can go to important family occasions or gatherings with friends. If the business won’t function without you running it 365 days a year you might need to look at your business model. A work life balance is extremely important for your mental health.
FINALLY – two important rules - don’t forget to reflect and learn from set-backs and don’t forget to give yourself a pat on the back when you do well… always celebrate every milestone you and your business achieve!
At Be Rescued, we help start-ups and stay with you, helping your business grow. We are there for the good times and for when things get difficult. Give us a call on 01366 387 672 to see how we can help your business thrive.