Setting Your Business Up for Success by Susan Binnersley

If you have the passion and commitment to set up and run your own business, congratulations!  You have the potential to have an exciting and fulfilling career. Here I offer some advice on setting your business up for success that I have benefitted from and also some that is learned from painful experience!

1. Plan Your Exit This may seem strange, yet this was great advice I received when I set up h2h. This will include your long game, your overall ambitions and when your dream is fulfilled, what happens then? Also anticipate the conditions that mean you have to close the business down and exit.  By doing so you’ll recognise the dark shadows and know what to avoid.
2. Manage The Money Do a pessimistic rather than optimistic forecast of the finance you need to start and maintain your business.  As money comes in, put aside what you will owe for VAT, corporation tax and income tax and treat this as someone else’s money (i.e. make sure it is still there when those bills come in).
3. Trust With Extreme Caution A great idea will attract support and funding should you need it. However, those who offer this only do so for a good return (well mostly)! It should be a win/win, not a win/lose (i.e. you do all the work and someone else makes more money than you).
4. Get Your Governance Right Depending on the sort of business you are setting up, what is the regulatory framework?  i.e. what legal/health & safety/etc may be required?
5. Employ With Care You are likely to need to employ others.  Take time and use a thorough recruitment process.  If you encounter difficulty, use a local HR company (Such as HR 180 or HR Dept).  Whilst this may cost, it will be a lot cheaper than a bad hire that you are unable to manage out.  In the early days, be creative with the support you may need.  Call in favours, recruit flexible support (E.G a remote contracted assistant) and be careful what advice you heed.
6. Be Bold With Your Pricing You should know what it costs to deliver the service or product you have in mind and make sure you add in all the other overhead costs that you need to factor in (including your own holiday).  Stick to your price.  In my early days I would give a free taster rather than a reduced cost – that way they understood the value and the price was non-negotiable.
7. Take Care Of Each Other If you are starting your business as a couple, you are first and foremost a couple who love each other.  You may need to find a way to shut down at the end of the day and not to fall into being just business partners.  Divide responsibilities with thought and care, respecting each other’s talents and goals.
8. Identify A Few Mentors Many business leaders will readily share learned experiences and will be flattered if you solicit their advice.  Again, just choose carefully so that the conversation is relevant to your needs.  Ask specific questions that enable a specific answer.  If your mentor is drifting off into storytelling, gently interrupt and bring it back to what is relevant to you.
9. Use Free Business Start Up Help Across the UK there is often great support for new businesses (small and large).  Use your network to find what’s available in your area.  In North Yorkshire for example, there are:

https://ynygrowthhub.com/

https://www.northyorks.gov.uk/business-and-economy

https://www.northyorks.gov.uk/economy-regeneration-and-skills-business

Additionally, there are networking opportunities with York St John University, York Press, local Chamber of Commerce, The Alternative Board, Vestige etc.

There are also premises that may be available for start-ups with reduced costs to encourage innovation and new business ideas.

10. Enjoy To The Full And Celebrate Your Wins This is your dream.  It will be hard work, you’ll have ups and downs, but it will be a blast if you want it to be.

 

Susan Binnersley is the founder and Managing Director of h2h, an organisational development consultancy founded in 2004 and based in York. Susan has more than 30 years’ experience in industry and consulting, particularly in the engineering sector and was one of the first female senior leaders at BAE Systems, where she started her career in the early 1990s.  Susan works with business across all sectors to provide services including: people strategy, organisation design and development, leadership development, outplacement, coaching and internal career transitions. As a result of the bespoke services provided by h2h, businesses are better placed to achieve commercial advantage through strong ethical leadership and engaged, committed and high performing teams.