Building a business: sharing practical tips along the way

First things first: Is this really what you want to do?

I mean really want to do.

I’m playing devil’s advocate here because I know that starting my own business has been one of the best decisions I ever made but it’s certainly not a walk in the park—far from it.

That’s why you need to keep asking yourself this question until you are absolutely sure that being an entrepreneur is something you really want.

Because I can guarantee there will be highs and there will be lows, good times and bad.

It’s all part of the journey.

So you’ve asked yourself this question—many times hopefully—and the answer is a resounding YES every single time.

No wavering, no doubts.

Congratulations, because you are halfway to the finish line.

You know what you want. You know how to achieve it. Now you need to arm yourself with as much information as possible so you

know what to expect. I remember how much I appreciated advice from those who had taken the path to entrepreneurship before me and it was the stories that didn’t gloss over the reality of being your own boss that I took notice of.

Unequivocally, the most important thing I want to share with you is to be realistic about money.

That’s why I would advise any budding entrepreneur to ensure they have at least six months worth of savings (ideally a year) if they are going it alone.

You don’t want to be worrying about how to pay the bills and keeping a roof over your head if you are trying to get a fledgling business off the ground.

Then get an accountant.

This is absolutely essential because they clearly understand more than you about taxes. If you can afford one, appoint a financial advisor to help you with things like pensions and investments.

And then find a mentor.

Natwest is a great resource but other banks offer mentoring services and can support you with those first crucial steps of building your business.

I also recommend going to networking events (more of which I will speak about another time).

Once you are up and running, make sure you have (and keep) an invoice for everything related to you business especially if you own a limited company. It makes life so much easier when you have to submit your annual tax return and don’t have the additional

pressure of creating invoices for all those (hopefully) many clients.

Having a to-do list is paramount to your business success.

I schedule my upcoming working week on Sunday evenings to ensure I utilise my time. Remember though that some days you won’t get everything ticked off and when that’s the case, it’s important not to be hard on yourself. Just aim to complete it first thing the next day.

This brings me to my next point:

Be realistic with your goals, otherwise frustration can set in.

Go for a walk or run—anything that helps to re-energise you—because when your work starts to become overwhelming, you need to find a way to let off all that steam.

Being your own boss is lonely—so push yourself to get out of your comfort zone.

Find coffee shops or work spaces that provide some social interaction. For me, the buzz of being around other people,

even if I don’t talk to anyone, helps with productivity and motivation and you never know who you might be lucky enough to meet!

(I was lucky enough to meet Ailsa who is a brilliant writer. If you need someone to help you with anything writing related, you can contact her directly at ailsamellor@hotmail.com)

Put boundaries in place for yourself!

As an entrepreneur there is no such thing as 9-5 but there is 24 hours, which, if you don’t put boundaries in place, can play havoc on your wellbeing. Try and aim for a sensible cut-off time to the working day to avoid feeling overwhelmed and burned out.

If you suffer with procrastination, which in my case, rears its head from time to time, be patient with yourself. I find that tackling the

simple tasks first helps me to tackle the difficult ones later. If all else fails, go to your local coffee shop for a change of scene.

That usually sets me back on track (along with copious amounts of green tea!)

Finally, find a trusted friend or family member to bounce ideas off or simply to vent.

They can help you generate new ideas and even reconsider old ones.

And once all that advice and information is under your belt, ask yourself again: is this really want I want to do?

Karla Watkins is the CEO of The M Formula