Starting your own business can be daunting and lonely, especially if you’re working by yourself in a new field. But it doesn’t have to be that way.
Darren Smith, Business Growth Manager at Vulcan Works in Northampton, ran his own international primary education business for almost 20 years before taking on roles that saw him providing support and mentoring to new start-ups and early stage businesses.
Now he provides bespoke 1-2-1 business coaching for Vulcan Works clients, as well as spearheading the workspace’s successful business incubation programme Vulcan Creatives, a free six-month cohort programme designed exclusively for local visionaries to bring business ideas to life.
Here, Darren shares his expert knowledge in 5 things to consider when starting your own business, which will help you confidently lead your enterprise to success.
- Have a business plan, even if you think you don’t need one. You might have very clear plans in your head and feel like a business plan is unnecessary but it’s not. A business plan ensures that you keep your eye on the main goal using measurable milestones, focusing on your vision, prioritising tasks and making smart choices.
- Know your numbers for all areas of the business. You need to be on top of your cash flow, you need to know how much you’re spending on marketing and you must make sure your margins are right and your pricing is correct. It is essential to know and understand your financials so that you can make decisions based on your overall financial health, identify any problem areas quickly and secure external funding if required.
- Remember you’re not alone and there is help available. People want to help you and see you succeed. Look for free advice, workshops and seminars that might be useful to your area of work. At Vulcan Works we offer expert support on operational matters, business planning, sales and growth tactics, as well as inspiring events and bespoke 1-2-1 business coaching. All you have to do is ask.
- Be prepared for it to be a lot of hard work. When you first start out in business, it is often more work than you anticipate. Set up usually requires long hours and dedication, often at the expense of family time and social life. Many entrepreneurs find themselves answering calls and emails during downtime and taking work on holiday. You will eventually put boundaries into your business, but to start with, it is difficult to avoid it encroaching on your personal life.
- Take time out for yourself. Starting your own business is all encompassing and takes a lot of time and energy. Be aware of your capabilities and your daily bandwidth and try to avoid burnout by structuring your day in such a way that there is a little time for yourself. That might be a 30-minute run, a peaceful bath, or a phonecall with a friend. Be proactive in safeguarding that time as much as possible.
Vulcan Works is a unique offering as it provides business support and a likeminded community alongside its office space. Their professional team can offer advice and support for entrepreneurs just starting out or businesses looking to make change. For more information, visit www.vulcanworks.co.uk/business-support.
