Read my simple rules to get a million pound overnight!
Do you get overwhelmed with those ads on social media? (By the way I’m of course kidding about the above). You know, the ones from people who claim to have started their business from scratch and are now earning MILLIONS. Often with an ‘I Love Me’ sentence thrown in for good measure. They’re usually encouraging you to buy a course or something. “It’s so easy! If I can, you can! Do it now!”. They’re normally followed up with, “sign up here and pay £1000 and learn how to do what I did”. Love, I don’t have £10 let alone £1000, they need to rethink their targeting.
Don’t be sucked in. In my time there has never been a stand out course (or person) that can give you a million quid overnight. Especially a random one from California by someone with teeth so synthetically enhanced they’re almost blue.
So here are my rules for starting a realistic business:
Starting a business is hard that’s why there are rules. That’s coming from me, someone with a Marketing degree! It’s easy to lose yourself in the promises of having more time whilst earning more money. In reality it’s quite the opposite. Having your own business takes much more of your time and energy. Plus if you’re a mum like me, you’ll also have the added mum guilt, the leaky purse (it’s so hard to keep track of outgoings sometimes) and the time struggle (so. many. choooores…).
You need a business plan. It doesn’t have to be reams of paper bound together (and laminated and embossed in gold if you’re anything like me). A simple one/two page document forecasting growth, highlighting predicted busy and quiet times, plus a little on your cash flow is all you really need. Obviously not forgetting your initial idea and how to expand on it. When I wrote mine I imagined I was going to ask someone for a loan to help grow my business, (I was also wearing a sick Chanel twinset in my scenario fantasy but that’s personal preference).
You need a cash base. If you’re as anxious as I am (ok I have Borderline Personality Disorder so maybe you’re not quite as anxious) then you’ll need to head in to your new business venture with no money worries. I squirrelled away and saved enough money to cover myself for 3 months, just incase anything were to happen. There are always unexpected costs. I drank my way around coffee shops and fancy lunch places ‘working remotely’ and quickly realised that was not sustainable. I also got married shortly after I set up business so a lot of my savings were spent there. You never know what’s around the corner. Post coming soon!
Have no sense of entitlement and go in with eyes open. When I started blogging full time, I never thought I was owed anything from the digital space. Having fallen pregnant a couple of months after setting up, I knew my blog plans weren’t going to happen. I adjusted. Campaigns fell apart; turns out not many fashion houses do maternity nor want you as their face when trying out skincare and treatments! Growth stagnated as my content was all over the place with no real focus. Go in and understand you may need to adapt.
Shop around. Chances are you’ll be all guns blazing (gun fingers, anyone used to visit Inferno’s in Clapham?) and will want all new stationary, the best website etc. You’ll suddenly be open to commercialism in a new way. I bought so many books because I thought I needed them. I became obsessed with ‘the perfect diary’ and ordered seven. What I’m saying is, don’t purchase the first website subscription you see, don’t buy a thousand business cards if you don’t go to meetings. Your money is precious.
Get an accountant. Having studied a year of Accounting and Finance at Uni (before switching to Marketing/Business), I understood in some depth how to manage accounts. But when it came to tax return time, I could not be bothered. £25 a month and you can let someone else do all the hard work (and have someone on hand to answer literally any business account query).
Shop The Post
Shirt – Stradivarius (Sold Out)
Jeans – River Island (Now In Sale) *gifted
Bag and Shoes – Kurt Geiger *gifted
Earrings – Accessorize
Necklace – Algihieri Jewellery and Stella & Dot *gifted
Words & Styling by Lauren Silvester, Photography by Zoe Griffin
*Disclaimer: this post contains gifted items and affiliate links (where I may earn a very small commission if items are bought via my link).