·       Finances – this one might sound self-explanatory, but I’ve met others this year who have started up their own companies and did so with no savings behind them, and I admire their bravery. For me I’m glad I had some money in the bank. If you’re lucky, self-employed work might come to you straight away, but that doesn’t mean the invoiced money will. Have a pot put aside to keep you going – at least 3 months’ worth.

·       Billing –just because you’ve sent an invoice, don’t expect it to just be paid when it’s due. If there’s anything I’ve learnt it’s that at times you need to nudge people to remind them your payment is due. Don’t feel timid or reluctant to do so in fear of looking weak or cash-starved to your customers/clients – if you’ve put the work in then you’re well within your rights to ask to be paid for that work – preferably on time!

·       Accountant – get a good one from the start! Once you go self-employed, every single penny really does count. A good accountant is a godsend. They’ll know what you need to do in terms of self-employment finances and filing, and how to make your money stretch. They’re also a great resource for finding answers to those finance related questions you’ll have throughout your 1^st year – and you’ll definitely have them. I was fortunate enough to be recommended Stephen Bird at Avis Accountancy and he’s been great for me.

•     A Plan – you’ll have one right? A business plan, a plan of action? That’s great. Be prepared to change it. At best be prepared to alter and update it quite a bit during year 1. That doesn’t mean your plan isn’t very good, it just means that the landscape of your business will change under your feet the further you get into your journey. 

      I've had business opportunities land on my doorstep that I hadn’t previously considered and I’ve had to adapt or miss out on that potential income stream. I’ve learnt that my original plan wasn’t all that, and that some areas of the plan weren’t going to work. Be adaptable and don’t see it as a sign of weakness if you have to deviate – you’re just being a savvy businessperson!

·       Advice – there is so much out there from so many different sources and people. You sign up to learn more about one training seminar, or one online resource and the next thing you know your social feeds are over-run with gurus telling you they know how to make you a millionaire, or how you can earn seven-figures while sitting on the beach in Bali, or they have a discount training scheme available but it’s only that price if you sing up NOW! 

Don’t get me wrong, I’ve learnt some valuable bits from some of these social feeds and free resources, but after a while it can be overwhelming the amount of ‘advice’ that is coming at you from all angles. My advice? Don’t feel pressured or over-awed by it all. These people don’t know you or your business (even though they might say otherwise). Stick to your plan. When you have time, use these resources to develop yourself (particularly if they’re free), but take what you think is useful to you and ignore everything else that you think isn’t. Only you will know what you need to do in your business to succeed. 

There are more people in your position then there are in the guru’s positions. Why? Because that’s just the way real-life works. If it was easy setting up by yourself (as the gurus make out) then everyone would be doing it. In most cases, you’re not missing out on the secrets to life if you scroll past their social ad.

·       Support – make sure you have yourself a real solid support circle of people who are there for you. You’re going to need a shoulder to cry on (sometimes literally), you’re going to need someone to speak straight with you and not just tell you what you want to hear; sometimes you just need someone to listen while you have a moan or get something off your chest. I’m so fortunate to have a supportive family circle who are egging me on when times look a little less rosy, and a circle of professionals who are there for me to run ideas past.

·       Look at the long game – you start a new business; you have a flurry of work in the opening weeks as you’ve had that all set-up before you started. Then the works dries up a little, and as you look forward the work schedule calendar is looking a little light. That’s not the time to get disheartened or second guess yourself (but you will). That’s the time to keep planting acorns. Keep networking. Keep developing areas of your business for the future. Cliché I know, but Rome wasn’t built in a day. Look long term. Keep planting those acorns every day – do 3 things every day designed to bring long-term success – and watch them grow into success further down your path (in most cases when you’re not expecting them to!).

·       Social Media – will not make or break your business. Spending 6 hours a day posting about who you are and why people should buy from you is just a foxhole to get lost down. Social is important, using the platforms to raise the profile of you and your company, giving out free value and staying at the forefront of potential clients minds; but if you don’t post 8 times a day, and put out 64 pieces of content a week that’s not going to break your business. 

A statistic I saw recently said that 86% of small businesses get customer through word of mouth. Absolutely. Personally, I’ve had more success through networking or inviting people for a coffee and having either direct work or recommendations come from those chats then I have through social. Do the social, it’s fun – but don’t get stressed up about content and posting. Go out and find your customers through customers. Believe me, you’ll find it far less stressful than thinking what to post every Wednesday afternoon!

·       Look after you – it’s tough starting up. I think it might be a bit tougher if like me you’re starting up a little later in life. True, by later in life you’ve got a real good idea of what skills you have (and just as importantly what skills you don’t have) and are more comfortable in you, but there’s the pressure of the mortgage payments, making sure you don't neglect the family, and the longer days are a bit tougher than they were 20 years ago! 

Make sure you don’t neglect you. It’s OK to take some personal time. Surely it’s one of the perks of working for yourself – taking a time-out when you need it? For me it’s off to the gym for a couple of hours 3-4 times a week. That’s my non-work time; clear the mind, leave the phone in locker and do you. World’s still gonna turn while I’m away from my phone; I’m still going to have a business when I get back to my locker – it’s not going to have gone under in the 2 hours I’ve had to myself. Keep yourself fresh – you owe that to you.

·       Don’t give up – yep, it’s easier financially to have paid employment. If you wanted paid employment you would have stayed in paid employment. In those tough times remember why it was you started out by yourself and what your long-term goals are. You might have 20, 30, 40 even 50 years of working ahead of you to make a business a success. It doesn’t need to be successful in the month or so since you started; and if you need to go back to paid employment for a spell to replenish the financial coffers to go again, so-be-it, it’s all part of the bigger picture.

      The Wrap

On a Monday I do the archetypical motivational quote on my social platforms. In most cases those are more for me than they are anyone else - starting the week off with some fuel for the fire to keep the engines burning for the days ahead. Starting up isn’t meant to be easy, but it is rewarding when you start getting traction; knowing that your income is the result of your work, your vision, another stepping stone to your wider goal, whatever that may be for you.

For me the last 11 months have been such a rich learning curve for me that despite almost 25 years in the working arena, the experiences I’ve gained (and continue to gain) in this relatively short time are unlike anything I’ve come across, and I wouldn’t swap them for anything.….unless you’re offering me long-term success in exchange!

See you at the bar….

Mark