So you've decided to start your own business. Great, now what?
We've compiled ten tips to help you take the leap from employee to self-employed.
1. It all starts with an idea
Once you have decided on an idea, stick with it. The more you let people talk you out of it, or compromise on your initial business idea, the less passionate you will become about your new business. Focus on your original goal.
2. Be prepared to operate on a shoestring
For the great majority of startups, a small budget to start out with is just a fact of life. Don't be disheartened, a little funding and a lot of work can still make your business dream a reality.
3. Find a mentor (or mentors)
Even if an investor doesn't offer you any funding, they may still be able to offer advice. An advisor can be just as valuable as an investor when you are just starting out.
4. Business Plan
Creating a solid business plan will help you to measure how successful your business is, and could become. It will also help you to keep track of your budget. A good mentor will go a long way to creating a great business plan.
5. Set up from home
You do not need a London office to be a successful startup. Keep your overheads low (remember that shoestring budget) as long as possible.
6. Use the digital tools available to you
There are so many online opportunities available to businesses who are setting up today. Build a free website, reach out to VCs and influencers on Social Media, create a vibrant customer community who will share your product with their social network. The internet offers a wealth of free small business tools.
7. Image matters
Take some time to create a brand profile. You may not have the budget for expensive logos or web design, but you can create inexpensive business cards and a good company name without a lot of outlay. Be creative and get your new business out there.
8. Dream big
Create goals for yourself. Aim high, even if it seems unreasonably high at the time, and push yourself to achieve those goals. Most importantly, make sure your employees, mentors, and support network are behind you.
9. Don't give up
At some point or another you will start to question yourself. Did I aim too high? Have I wasted my time and money? Am I in too deep? Don't doubt yourself and don't give up. Go back to the plan and focus on your original business goal.
10. Keep track of your finances
As a small business it is important that you keep on top of your finances. Manage your cashflow by making sure your book-keeping is up to date, keep your business funds separate from your personal and last but not least, give your clients and customers convenient ways to pay so that they don't have to rely on the cash in their wallets, and you don't have to chase payments.
With WorldPay Zinc you can take card payments without the hassle of a lengthy contract or huge upfront costs - it's pay as you go, so there's no monthly fees and no committment.