Small business starters
Discussion
Just get on with it.
Be prepared to make bad decisions, mitigate as far as possible, but those who don't risk bad decisions seldom make good ones
Say no to clients - the more demanding the client the less value they have to your business, and being selective about who you will work for can be a strong positive for the business - if you are so desperate that you have to say yes to whatever a client demands then the clients are running your business...
Minimise spend - consider everything you are buying and whether you need it - cashflow is king and it is easy to get dragged into 'needing' offices / cars / fancy kit... for every bit of spend - how is it going to drive profitability / grow the business
Charge the right amount - do thorough investigation into your market / charges etc. and then pitch appropriately - do not be scared to put the price up - doubling your price and losing 40% of clients still gives you 20% extra income and 40% less work! Don't fall for any offers to do work for 'experience' or your portfolio etc. - anyone offering that simply wants to rinse you dry and abandon you - they will not carry on and turn into a good client, they will stop using you or always want deals - if they value your work enough to use you for their business then you are worth paying.
People, people, people - everything about successful growth is down to quality of people - get good people, pay them well and find ways to keep them - they will build your business and make you money...
Work hard and do something you love that gets you out of bed every morning...
Be prepared to make bad decisions, mitigate as far as possible, but those who don't risk bad decisions seldom make good ones
Say no to clients - the more demanding the client the less value they have to your business, and being selective about who you will work for can be a strong positive for the business - if you are so desperate that you have to say yes to whatever a client demands then the clients are running your business...
Minimise spend - consider everything you are buying and whether you need it - cashflow is king and it is easy to get dragged into 'needing' offices / cars / fancy kit... for every bit of spend - how is it going to drive profitability / grow the business
Charge the right amount - do thorough investigation into your market / charges etc. and then pitch appropriately - do not be scared to put the price up - doubling your price and losing 40% of clients still gives you 20% extra income and 40% less work! Don't fall for any offers to do work for 'experience' or your portfolio etc. - anyone offering that simply wants to rinse you dry and abandon you - they will not carry on and turn into a good client, they will stop using you or always want deals - if they value your work enough to use you for their business then you are worth paying.
People, people, people - everything about successful growth is down to quality of people - get good people, pay them well and find ways to keep them - they will build your business and make you money...
Work hard and do something you love that gets you out of bed every morning...
Just get on with it. NOW.
Minimise spend - REALLY consider everything you are buying and whether you REALLY need it (hint - you probably dont really). Even a few small things will add up and you;ll look back and wish you didnt bother.
YOU set the prices not the customer. If they dont like it they can jog on by.
Work hard and do something you love that gets you out of bed every morning...
Just get on with it, stop distracting yourself ... do it now. Not tomorrow, not get off early... finish stuff. NOW.
Minimise spend - REALLY consider everything you are buying and whether you REALLY need it (hint - you probably dont really). Even a few small things will add up and you;ll look back and wish you didnt bother.
YOU set the prices not the customer. If they dont like it they can jog on by.
Work hard and do something you love that gets you out of bed every morning...
Just get on with it, stop distracting yourself ... do it now. Not tomorrow, not get off early... finish stuff. NOW.
I'll start with the third outing on this thread of the 'Just get on and do it' mantra. Whilst you're planning, assessing, considering and calculating, others are out there making the money you could be earning. JFDI (Just f
king Do It).
Be nice. Be likeable - to staff, client and suppliers.
Know why you're doing it. And why you're doing it should not be the pursuit of wealth. Sounds odd I know but if your only motivation is the money you may make, go and get a job in Investment Banking or in the OAG sector in the Middle East. Motivation should be driven by the belief you can do better or the implementation of an idea you have..... wealth may follow but should always be a consequence of your effort not the reason.
Be and keep fit. You need to be on your A-Game 100% of the time, mentally and physically.
Don't let excellence be the enemy of good. Most customers don't know the difference and won't pay the premium.
Pay your suppliers the minute the invoice lands. Not always possible, I know, but if you can, you'll be your supplier's best client and that will reflect in the service you provide customers.
Put money aside for VAT and Tax. Don't touch it. It's not yours, you've just collected it.
Cash is king, queen, president.... Don't spend what you don't have even if you know you'll have it soon. It's only cash when it's in the bank.
Trust your gut.
And for the first few years, think of it more like owning a job than owning a business.
Have fun and don't forget to come up for air every now and then.
king Do It).Be nice. Be likeable - to staff, client and suppliers.
Know why you're doing it. And why you're doing it should not be the pursuit of wealth. Sounds odd I know but if your only motivation is the money you may make, go and get a job in Investment Banking or in the OAG sector in the Middle East. Motivation should be driven by the belief you can do better or the implementation of an idea you have..... wealth may follow but should always be a consequence of your effort not the reason.
Be and keep fit. You need to be on your A-Game 100% of the time, mentally and physically.
Don't let excellence be the enemy of good. Most customers don't know the difference and won't pay the premium.
Pay your suppliers the minute the invoice lands. Not always possible, I know, but if you can, you'll be your supplier's best client and that will reflect in the service you provide customers.
Put money aside for VAT and Tax. Don't touch it. It's not yours, you've just collected it.
Cash is king, queen, president.... Don't spend what you don't have even if you know you'll have it soon. It's only cash when it's in the bank.
Trust your gut.
And for the first few years, think of it more like owning a job than owning a business.
Have fun and don't forget to come up for air every now and then.
Get on with it. The world isn't coming to you.
Never buy work. Under pricing is a constant temptation for small businesses to get a foot in the door, don't do it or you'll become a busy fool.
Do your thing. Get others in to do theirs. If you become your own bookeeper, accountant, tea boy then you're giving away time that could be spent building your business.
Never buy work. Under pricing is a constant temptation for small businesses to get a foot in the door, don't do it or you'll become a busy fool.
Do your thing. Get others in to do theirs. If you become your own bookeeper, accountant, tea boy then you're giving away time that could be spent building your business.
DSLiverpool said:
Don’t bootstrap, I did and it stalled the expansion.
I would agree that lack of access to funds can hamper growth, but investment also comes with challenges. Bootstrapping has the painful benefit of making you think hard about how to grow and makes you inventive. At the other end of the scale, look at how many dot coms have tried to buy market share in recent years.
Choose wisely.
Thanks all. Having taken on the most common response, I have now 'just done it' to paraphrase a well known sporting brand.
The ball is definitely rolling now and things are quite exciting at the minute. However the job list seems to be getting longer at an alarming rate as there are lots of things I had not considered, having very little knowledge of the business world. It should be a fun experience though.
The ball is definitely rolling now and things are quite exciting at the minute. However the job list seems to be getting longer at an alarming rate as there are lots of things I had not considered, having very little knowledge of the business world. It should be a fun experience though.
Don’t be afraid to ask other people or companies about their systems and what works well for them. People love talking about themselves and their business, and will often share information which will help you get further down the line quicker.
Don’t try and reinvent the wheel, classic example is using off-the-shelf software as opposed to building your own. Building your own seems like a great idea but takes a huge amount of time and effort and often there is a solution you can use off the shelf.
It’s more important to get the message out there than it is to get the message out there perfectly.
The person with the biggest database wins. So think about all your data collection methods early.
Don’t try and reinvent the wheel, classic example is using off-the-shelf software as opposed to building your own. Building your own seems like a great idea but takes a huge amount of time and effort and often there is a solution you can use off the shelf.
It’s more important to get the message out there than it is to get the message out there perfectly.
The person with the biggest database wins. So think about all your data collection methods early.
talk to your local business support network wherever you live - they are paid to help you (usually for free!) - start by looking on yor local council website as they often outsource it all.
go to business networking events and talk to people about anything businessy - you never know who you will meet or what nugget you will find
go to business networking events and talk to people about anything businessy - you never know who you will meet or what nugget you will find
LimaDelta said:
Thanks all. Having taken on the most common response, I have now 'just done it' to paraphrase a well known sporting brand.
The ball is definitely rolling now and things are quite exciting at the minute. However the job list seems to be getting longer at an alarming rate as there are lots of things I had not considered, having very little knowledge of the business world. It should be a fun experience though.
Whilst I like the 'Just do it' phrase it doesn't mean right now get going, this second. Spend some time thinking it through, spend time thinking what you need to sell your service/products, how you get paid, run your accounts, deal with suppliers etc and where you want to end up (how big a business?)The ball is definitely rolling now and things are quite exciting at the minute. However the job list seems to be getting longer at an alarming rate as there are lots of things I had not considered, having very little knowledge of the business world. It should be a fun experience though.
Lime
Every post on this thread rings true. Hats off to StevieBee , he nailed it.
With the benefit of hindsight.
Contract the services of a good ethical accountancy firm
They will keep you compliant and true with the HMRC.
This should be your first set up appointment.
Every piece of work or agreement needs a written records/contact/MOU
Don’t lift a pencil until you have terms agreed documented and signed.
Clients forget deliberately or accidentally , They move on etc.
Might be worth getting a lawyer to provide a few templates.
Keep business & friendships separate
Friendships change with money and pressure.
Network
Get out there in your industry. Dedicate time to this.
In there lies opportunities, education, mentors and allies.
Every post on this thread rings true. Hats off to StevieBee , he nailed it.
With the benefit of hindsight.
Contract the services of a good ethical accountancy firm
They will keep you compliant and true with the HMRC.
This should be your first set up appointment.
Every piece of work or agreement needs a written records/contact/MOU
Don’t lift a pencil until you have terms agreed documented and signed.
Clients forget deliberately or accidentally , They move on etc.
Might be worth getting a lawyer to provide a few templates.
Keep business & friendships separate
Friendships change with money and pressure.
Network
Get out there in your industry. Dedicate time to this.
In there lies opportunities, education, mentors and allies.
dudleybloke said:
Spend some time every week doing something that takes your mind off the business for a while.
Not quite the same, but I find that getting away from the office allows me to think about the business more clearly and come up with ideas and solutions. So, I can go to the gym and walking back i think about the challenges we have. it's not a conscious thing but it really helps.Gassing Station | Business | Top of Page | What's New | My Stuff