Starting your own business

Im guessing lots of people on here have done it, im thinking about it. Any tips or hints especially when first starting out?

Make sure your overheads are manageable. The costs are there every week whether you are working or not. Is it retailing or skill based?

Try this lot - http://www.enterprisefirst.co.uk/services/

They have an outfit in Millbrook (use to be one of the enterprise agencies) - they give free advice about starting a business. I used to know them years ago, and they would give pretty candid advice covering your idea, finances, marketing etc

Spend time assembling a realistic business plan with short term and long term objectives, and stick to it as far as you can. There will always be circumstances out of your control that will alter things, but always have in mind what your objectives are and how to get there.

Most start ups lack credibility, so be prepared to do a few freebies and put the hours in to get some work.

Self motivation can be incredibly difficult. A lot of people say they are self motivated, but it's generally ********, as when push comes to shove, they'd rather toss it off on Facebook for an hour instead of chasing that job lead or converting that sale.

Don't be afraid of knock backs. I read somewhere that the most successful Entrepreneurs have had at least one business fail.

If you are a sole trader, try and get someone to bounce ideas off. I know a few guys who work for themselves and find it difficult at times.

Set aside time for the admin side and don't let it ride.

Enjoy it! Working for yourself is better than for someone else!

What sort of work do you do?

IT work so would be providing IT Solutions and Support, got a few companies that want my work but not sure if i started full time on my own how many more clients i could get!

Would you be doing freelance work?

Make sure you know your market and that you have access to customers. Don't assume that because you have a good idea it will sell itself. A restaurant can have the best food on Earth but if no one's there to eat it, it don't make money.

Good luck!

IT work so would be providing IT Solutions and Support, got a few companies that want my work but not sure if i started full time on my own how many more clients i could get!

Are we talking IT products or are you just going into contract work?

As you haven't said what it is you are planning to do it's only possible to advise very generally.

You have to be so dedicated as there will be times that you need to sacrifice all the good things that you like doing and do crap things that you hate doing because if you don't you wont get paid. I was on the road at 5.00am yesterday to try and secure some work, and more importantly a client in London. When I got there there were a few issues with access and it was pretty much a right off as a day. That's not a one off these sort of things happen all the time. That cost's money directly out of my pocket, time I cant bill for and wont get back, now I have to re-arrange, re-schedule my work and suddenly that's the weekend gone, so that I can go back again next week. It's not really the money, it's the time that you have to dedicate that causes all the stress.

I know some people who have got it nailed, work regular hours, not weekends and get a good living but I know loads more who like me tonight will be working until late just to get out a quote or finish some piece of work. And, at the end of the day the buck stops with you, you cop the flack when it goes wrong and you have to sort it at your expense. Having said all that, I love it. I'm not rich, but I have a certain level of freedom that I never could achieve if I worked for someone else - if I want to go and watch the kids in the school play, or sports day or go out for lunch usually I can do it, nobody clocks me in or out and I get to make the rules.

I would recommend getting a copy of E-Myth (E meaning entrepreneur) by Michael Gerber and reading that before you start if you are serious. It's quite short and fairly readable. Some of it is a bit wishy washy and a bit simple but the principles are sound and would help focus what you what to achieve and how you might approach that. I wish I'd read it before I started.

Good luck, it's not for everyone but if you do make the leap, make sure you give it every chance to succeed.

+1 on the E-Myth book. Well worth a read. Best advice is, understand the costs associated with your business and work out how the money that comes in will cover them. If you are selling your time as a consultant, or on a £ per hour basis make sure you factor in the fact that you won't be paid when you are not working i.e. on holiday.

I would be offering companies IT Consultancy and IT support packages, initially starting on my own, but obviously would look to take on others once i had a big enough customer base. Will check out the book :-)

Cash is King! As an insolvency practitioner I have seen many businesses fail and lack of cash is the most common cause. It sounds obvious but it is often forgotten or underestimated. When you do a business plan, be very realistic about your cashflow. Be pessimistic about when cash will come in - it will take longer to get paid than you want, for sure. Have a think about how you will encourage prompt payment (a modest discount perhaps). Be very thorough on what costs you have to pay and when. Get help with your cashflow, because you will miss things.

From all of that, you will work out what your cash cycle looks like and how much funding you need to get you through. Good luck!

All of the above, plus one more thing: Deliver excellent customer service, ALL THE TIME. You might be the best IT support the world has ever seen, but if people don't like you, don't get a response from you promptly, or even are just left feeling that they're 'not quite sure about him' then it's easier for them to find someone else to do it.

People don't remember what you did or how you did it so much as how you made them feel as a result. That may sound a bit cheesy, but it's 100% true, and decisions will be made based on it. Even if you do something wrong, if you deal with it correctly people will remember that and like you more as a result. And that goes for any industry.

That's a great point and I find it a massive problem in the IT industry that I work in. Although I am technical I see myself as more of a people person and I'm going to use that as a major selling point of my business. Great points on here though so thanks everyone :-)