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As the Global Entrepreneurship Monitor report reveals one in seven people plan to set up their own business over the next 12 months, experts have been sharing their advice to aspiring entrepreneurs in a recent report published by Harper James Solicitors. Here, PR Manager Nick Owens shares some of the highlights.

Record numbers of new companies are already in the early stages of starting out, according to the Global Entrepreneurship Monitor report.

Yet as encouraging as those figures are, equally eye-catching is the fact that many more would be following suit - if they felt confident enough to do so. 

Around 53% said that fear of failure could prevent them from starting up their own business. This is an increase from 46% in 2019.  

As the country recovers from the pandemic and furlough measures are removed, even more people are predicted to ‘go for it’ by launching their own enterprise in the next 12 months.

“Creating solid foundations to build your business on will give you the assurance to move forward”

Jas Bhoghal, a Corporate Partner at Harper James Solicitors, who specialises in supporting ambitious businesses from start-up through to scale-up:

The reported rise in the number of people looking to set up their own business is encouraging, and another sign of how ambitious, forward-thinking entrepreneurs will aid our economic recovery. 

Setting up a new business is exciting, challenging, and fast-paced all rolled into one – creating solid foundations to build your business on will give you the assurance to move forward.  

There are a whole host of areas where new businesses require support. These range from deciding on the right type of ownership structure to managing your liability in commercial relationships. Advice should also be sought on getting funding in place to finance the ambitions you have, ensuring compliance with regulations such GDPR and protecting your business ideas and intellectual property.  

Ensuring all these boxes are ticked will not only help your business to grow, but it will make it a far more investable commodity if and when you ever wish to seek investment or exit.

“There will be stressful times, so invest in yourself, in your mental and physical health, from the outset.”

Becca Clayton, Founder of Tonic Wellbeing:  

My top tip would be to really focus on ‘self-care and morale’ - starting with number one.

Building a successful team, and ultimately organisation, is centred around making you and your people happy. It is about excelling, thriving and flourishing, in every sense – mentally, physically and emotionally. Why else would you even consider setting up a business? And this must start with you.

It is vital to celebrate your successes, praise and reward yourself (and your team). They will become your biggest cheerleaders this way, and you will be energised and believe in your vision.

Most first-time entrepreneurs try to act like a boss. And literally no employee wants that. I read a quote recently and have since adapted and used it… trust is the biological reaction to the belief that someone has your best interests at heart. Be that someone!

There will be stressful times so invest in yourself, in your mental and physical health, from the outset.

“Use your network to grow your network” 

Chris Rock Managing Partner at Excelsior, an edtech business specialising in fitness: 

Be patient and prepare your family and friends – and accept this is going to consume your life for a few years.

At some point every day you will question why you are doing this. Therefore, record your highs, even if it’s on social media, so you can see why you are doing this.

Use your network to grow your network.

Build a team who support one another.

Partnerships open far more doors than you can do alone. Once you’re established, look at Joint Ventures - it’s more fun.

When you start out try to leave three months of outgoings (including your pay) in the bank as a minimum. Assume late payment and not getting paid. Aim to only ever pay yourself what you need - it's better to lose the business than your home.

“No one person is good at everything. You need to know when to use expert help.”

Jess Heagreen, co-founder of That Works For Me, which brings together skilled professionals who can't necessarily work full-time:

My top tip is: know when to ask for help.

So many start-up organisations promote the idea of you doing everything yourself, from building your website, through to copywriting and PR. But the reality is that no one person is good at everything. Sometimes you need to know when to use expert help. It may cost a small amount of money but in today's world, flexible skills are so much more accessible and often for less than you might think.

Speak to a few people to get a basic understanding of what you're asking for, be really tight on your brief and agree timescales and pricing up-front.

In setting up That Works For Me, the thing I'm most happy that we sought help with (which I wasn't going to), was user journey design. I thought we could figure this out ourselves with the developers, but I couldn't have been more wrong. Designing that journey has meant we've cut out a whole load of user testing and bad customer experiences that we almost certainly would have faced had we not employed expert help.

“Even if you are a small business, you will still have the same legal obligations as a large business” 

David Sant, a data protection Solicitor at Harper James Solicitors:

Even if you are a small business, you will still have the same legal obligations as a large business. Take the time to understand your responsibilities, whether that’s complying with regulations such as GDPR or your contractual commitments with customers. Having a clear view will allow you to make better informed decisions and likely save you a nasty headache later down the line.   

“Testing is a huge, huge thing. Talk about your idea as well.” 

Leigh Purnell, from Petalite, which specialises in developing the next generation of car chargers: 

Test your idea. The Lean Startup is a great guide for that. That book basically says, ‘just keep testing’, and ‘have an assumption – test it’. Testing is a huge, huge thing. Talk about your idea as well.

There are so many founders who don’t talk about their ideas to anyone. They spend a year in captivity hiding in a corner, and then they get out saying ‘oh, my idea has not been validated,’ and everyone says, ‘somebody else invented that’, which they could have probably found out on day one.

I’ve had hundreds of ideas and I constantly test whether they are good or rubbish – 99% of them are rubbish. 

You also make lots of mistakes. I didn’t know how to set up a business. I didn’t know how to manage people. I didn’t know how to do accounting. I didn’t know any of this, and you just have to suck it up and learn.

Key takeaways…

  • A new Global Entrepreneurship Monitor report reveals that record numbers of new businesses are being created, with many more aspiring to start
  • While many people are taking the leap, others are being held back by a lack of confidence
  • Testing your idea, getting expert advice where appropriate, ensuring proper self-care and preparing yourself and your loved ones are some ways to boost your chances of success, shared in Harper James Solicitors’ recent report – find out more at: https://hjsolicitors.co.uk/
  • For more inspiration and advice on starting or running your business, visit the UMi platform: https://www.weareumi.co.uk/webapp/
Contributed by Nick Owens
Neina Sheldon
Article by Neina Sheldon
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