Looking to start a business in the new year? A serial entrepreneur shares her top tips
“Top tip? Get off the sofa,” Emma Jones, founder of small business support platform, Enterprise Nation, said.
Starting her first business and selling it by the age of 27, Jones has dedicated her career to helping the UK entrepreneurial community for some 18 years – and counting.
When asked what she thinks is the best way to start a business, she referred to a small – but generous – three step process to get the ball rolling: “have an idea, write a plan, and seek support.”
Seems simple enough, she said, but the three steps can go a long way.
“People in Britain, their appetite for starting a business is as strong, if not stronger, than ever,” Jones told City A.M.
And she believes building a community of support behind one’s business plan will be what successfully feeds the hunger.
“That’s the kind of base fundamental, from starting up through to whatever stage of growth you’re at,” she added.
The three-step process is to help manage the “too much to do” feeling that many entrepreneurs face at the beginning of their journeys, Jones said.
“The main thing about starting and growing a business is, it’s about a lot of little steps,” she added.
But while following these steps and embarking on an entrepreneurial journey, one barrier often stands in the way – yourself.
I think the biggest barrier to starting a business can be yourself.
Emma Jones
Fortunately, a large number of business founders have said they will be entering the new year with strong financial expectations – but confidence and productivity remain some of the entrepreneurial community’s biggest worries.
And the year hasn’t been as easy as some might hope, with consumer trends changing and a broadening list of ongoing funding concerns for many SMEs.
In a battle to end “harsh” lending practices to small firms, the Federation of Small Businesses (FSB) issued a super complaint to the Financial Conduct Authority (FCA) in a plea for change earlier this month.
But Jones remains optimistic.
“Despite what you hear about the super complaint to the banks, the banks are still open for business, and if they’re not, then the fintechs are,” Jones said.
While many small business owners have been found to be dipping into their personal savings accounts to fund operations, James McGarva, managing director of Business Information Services at Experian UK&I said it is crucial for small business owners to keep personal and business finances separate.
“If you’re a new start-up, it is critical that you use business finance rather than personal credit or personal guarantees to build up your business credit score and provide an accurate picture of your business’s financial health,” he said.
“Start by opening a business bank account to manage your business finances.”