THE ART OF
In recognition of our Banking issue, we thought we would talk finances with you. If you’ve thought about striking out on your own but you’re not too sure where to begin, these simple pointers could lead you in the right direction. Even if the closest you’ve ever come to becoming a banker is when you’re playing Monopoly with the kids, read on. You might be surprised. There are many perks when it comes to being your own boss. You don’t have to ask for permission to leave the office early for that doctor’s appointment on Friday, and you don’t have to bring a note of exemption when you come back on Monday. If you sleep through your alarm and wake up in a panic – well, you won’t panic, because no one is going to tell you off or fire you for enjoying an extra hour’s sleep. Not many people would say no to the power and freedom that comes with doing things their way. However, as idyllic as it sounds, this lifestyle isn’t for everyone. So on that note, and before you pack your belongings into a cardboard box (maybe I’ve watched too many movies) and hand in your resignation on your way out the door with Aretha Franklin’s ‘Respect’ playing somewhere in the background, promise us you’ll read this first. (Please note: we do not actually suggest you quit your job). ONE It’s very likely – at least at the outset of your journey into entrepreneurship – that you will be working a lot and on your own. In order to bring other people on at a later date, you need to establish yourself first and this is going to mean putting in the hours without a team of colleagues to support you. Transitioning from a busy working environment to a quieter, more solitary one can be a lonely experience. Make sure you spend some down time with friends and family – it won’t only help you relax, but it might inspire you when you least expect it. TWO Know your audience before you start spending. Think about who you’re targeting and why – it’s better to decide your path at the beginning rather than getting lost and having to retrace your steps. To make this work, you need to know exactly how and where to invest your money – talk to people, ask questions and use this information to set yourself up. THREE Next up, trial and error. When it comes to starting something from scratch, or just trying something new, it’s important to take the time to realise what works and what doesn’t. This isn’t necessarily an easy process, nor is it something that will come about overnight. Be prepared to make some mistakes along the way; you need to know what isn’t right for you and your business to know what is.
FOUR Don’t forget to plan ahead. It’s easy to get caught up in the moment, especially at the beginning when everything is exciting and full of potential. When working as an individual, it’s down to you to manage every department, whether it’s finances or marketing or something completely different that you never even knew existed. Sure, you have to budget financially - but budgeting your time will pay off in the end. FIVE Do your homework. You need to know the ins and outs of everything related to your new business venture, and it doesn’t hurt to take inspiration or advice, especially from someone who’s been there and done it before you. Get to know your competition, and always think about how you can go that little bit further. SIX Ever heard the expression, “it’s not what you know, it’s who you know”? Well unfortunately, this isn’t as far from the truth as we’d like it to be. In any field it’s important to meet people and maintain working relationships with them - that goes without saying. When you’re working for yourself, however, this is even more of a priority. Make yourself useful in terms of offering advice and support to other people - you’ll be glad you did. SEVEN Think about your workspace. Many entrepreneurs will start out by working from home. This isn’t a bad thing, however you need to remember the invisible line between your personal life and your working one. Whilst working from your bedroom might seem tempting at first, after a while you may realise your once relaxing and private space has become overrun with paperwork and scribbled phone numbers. Try to work in a spare room if you can - creating a balance of both working efficiently and being able to switch off after hours is tricky, but well worth the effort. EIGHT Don’t forget to relax. This period can be a trying one, and you’ll often find yourself being pushed to your limits. You might think that working all hours of the night will make the next day easier – it won’t. Take time off, do the things you enjoy and don’t feel guilty for catching up on Game of Thrones every so often.