Ten things they don’t tell you in business school about running your own business

Water lillies
Nurture your business

By Marianne Curphey

1. Business plans don’t work…. or rather, they don’t come to fruition in the ways you expect. When you have a fledging business it is very hard to predict the speed and way in which it will develop over the next year, never mind the next five years. So although it is important to have goals and objectives, don’t be too rigid in implementing them if new opportunities come along.

2. The business idea you start with won’t be the one you finish up with. One of the most exciting things about running your own business is watching it evolve into a bigger and better project than the one you started with. Dream big!

3. Nobody pays on time. Many a brilliant business has suffered and/or collapsed because creditors were tardy in paying up. Plan for late payment, and put measures in place to ensure you chase up unpaid invoices at regular intervals. This means having a robust system for logging work, invoices and payments, which will become more important as your business grows.

4. It’s harder work….and better fun than you could ever imagine. No more office politics, boring meetings, tiresome commutes to work…..but also no more being paid to chat by the water cooler or take long lunchbreaks.

5.People in PAYE jobs secretly think you watch daytime TV all the time. Some of them say it to your face. Relax, they’re just jealous. Disarm them by telling them how they too can make the break for freedom.

6. Cashflow, not a great business concept, is what keeps your business afloat in the long run. You can have a whole stadium’s worth of fantastic ideas, brilliantly executed, but if you don’t keep on top of your utility bills, tax payments, NI costs and other administrative tasks, your business will fail.

7. Diversification can save you in tough times. Try to think of as many ways as possible to monetise your ideas, both through active and passive sources of income. Think creatively.

8. Carry your business card everywhere. There is nowhere that’s out of bounds for networking, as long as you do it subtly and respectfully.

9. You are the brand. Your unique blend of skills and experience are what makes your business special.

10. Admin takes up about 50% of your time. When you plan your week, make sure you factor in enough time to deal with the boring stuff – bills, insurance, and well as the fun bits.

In my next blog I’ll be looking at how to manage your finances in a small business,

regards, Marianne