NatWest Business Builder: Building a growth mindset

Being in business means taking risks, but how do you assess them and what’s the payoff? Four entrepreneurs reveal their biggest gambles.

“I turned down half of our business revenue”

Pete Campbell was just 25 when he started his PR and SEO business Kaizen in London. Within 18 months the business was turning over £250,000 and employing five people, with half of that revenue coming through the agency’s white label SEO services. And then everything changed: Pete decided to stop offering the SEO service that had been so valuable to the company.

“I was basically helping other people grow their marketing agencies rather than building my own empire, and I’d started the business to become a leader in the Digital PR SEO space in my own right,” says Campbell. “Also, our profit margin on direct clients at the time was circa 30% versus 10% on outsourcing. I decided we could double our day rate to make up for the potential revenue loss we’d face in the short term.”

What followed next were some “awkward” conversations between Campbell and his clients and a company strategy day where he outlined the business’s long-term vision to the team. The risk paid off: “We actually recouped our potential loss in three months and exceeded our initial revenue targets.”

Today, Kaizen employs 21 staff members, and projects a £1.2m turnover for 2018. “I can trace this increase back directly to the risk I took three years ago,” says Campbell.

“I sold my house and set up a factory”

Within three years of launching Nim’s Fruit Crisps from her London home, Nimisha Raja’s fruit snacks were being manufactured in Hungary and stocked in Harrods, Selfridges and Planet Organic. Yet despite the success, Raja was ready to give up the business and cease trading entirely.

“I started to get the odd complaint about the crisps being soft so I monitored it and decided that the products were not consistent and the quality not always as good as I wanted,” says Raja. “Plus, the cost of third-party production, packing and distribution were just not viable given I wanted Nim’s to be an affordable healthy snack.”

After some deliberation Raja decided to keep going by selling her house and setting up her own factory in Kent. “I met someone at a trade show who told me that Kent Council were great at offering grants to manufacturers, I then spoke with a friend of mine who said he’d also invest in the business.”

It was the right move. Raja has since secured deals with Tesco, Co-op Food and Ocado and now exports to 11 countries. She remains cautious, however. “By setting up the factory, everything I’d ever worked for all my life was at stake – and to some degree it still is!”

“I can trace this £1.2m turnover back directly to the risk I took three years ago”

Pete Campbell, founder and CEO, Kaizen

“I joined a UK start-up from Canada”

Serial entrepreneur Sarah Botham was living as a temporary resident in Canada when a former colleague offered her the role of chief operating officer at Reconfigure.io, a recently launched cloud computing company based in the UK.

“It was a risky position to be in at the best of times,” she says. “I had no safety net if Reconfigure.io were to fold, only some depleted savings. On the other hand, if I were to keep my job with a Canadian company I’d have had access to healthcare and all the other good stuff most people take for granted.”

Having worked with the firm’s CEO at a previous start-up, Botham decided the risk was worth it and joined the firm remotely in 2017 as one of five co-founders.

“I knew right from the off that I wouldn’t take home a lot of money in the first year. I worked full time, on a very part-time salary, and made up the rest of my budget with my savings. In the first year I took home less than £10,000.”

Currently in beta, the tech company is growing steadily and the team hope to raise £1.5m by the end of 2018.

“Your job should never just be a job, it should support the kind of lifestyle you want,” says Botham. “If I was too worried about what I could lose, I wouldn’t have had a very interesting life by this point.”

“I risked everything to go on The Apprentice”

Joseph Valente was just 22 when he founded his plumbing business, ImpraGas in 2012. Three years later he joined the 11th series of Lord Sugar’s TV show The Apprentice, and was told he’d have to leave his firm completely for up to nine weeks.

“Everything was at stake,” says Valente, whose business employed seven people and served 2,500 clients at the time. “My business, my relationship with my team, my pride. But part of being an entrepreneur and business owner is knowing when you need to jump, when the right time to take a risk is and when to measure out if it’s worth it.”

Valente’s self-belief paid off and he went on to win the show and the £250,000 investment from Lord Sugar, helping propel ImpraGas to a turnover of above £2m.

“First and foremost, risk is essential to building and growing a business,” says Valente. “Create a name for yourself as an entrepreneur who takes risks by staring fear in the face, and doing the things your competitors aren’t willing to do – that will grab the attention of the people who can support you.”

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Kathy Ennis, LittlePiggy

Does every business need a Business Mentor?

There’s a myth that there is alot of guesswork involved in starting your own business.

Is it true?

The breezy, slick stories we hear about famous entrepreneurs can make it seem as though success is something you achieve simply by working hard, then leaving the rest to fate.

But as someone who has started several businesses in the past – with varying degrees of success – I know there’s no substitute for planning and guidance.

I just wish I’d learned that lesson sooner!

One of the reasons I became a Business Mentor is because I know how it feels to start out with nothing but a big idea, a thirst for hard work, and a bucketload of passion.

More importantly, I also know from hard-won experience how to turn all that into a profitable business. It’s why I now spend my days working with fired-up solopreneurs and side-hustlers.

My mission is to provide them with the tools, methods, and support they need achieve the success they dreamed of when they made the brave, life-changing decision to go it alone.

I’ve made a bold statement with the title of this blog, saying that Solopreneurs and Side Hustlers need a Business Mentor. So let’s get down to some of the nitty-gritty

What Is a Business Mentor?

The origin of the word ‘Mentor’ comes from the ancient Greek poem, Odyssey. In the poem Homer uses the word Mentor to describe the person who guides the young Telemachus into adulthood.

Since then, the word Mentor has evolved to mean someone who uses their wisdom, experience, and knowledge to guide others.

But a Business Mentor should not be confused with a Mentor. A Mentor will use their knowledge and wisdom to guide you though the pitfalls of life.

The role of a Business Mentor is specific. They will use their knowledge, skills and experience in business to help you successfully implement business basics, business development and business growth.

They will enable you to avoid business pitfalls and mistakes because they have had their own business(es) previously (and are probably running a Solopreneur, business Mentoring business when they work with you!)

Let’s face it: if you had to choose a Mentor to help you start-up or scale-up your business, would you want someone who is supportive and knowledgeable or someone who is supportive, knowledgeable AND knows how to start, run and grow a business?

Business Mentor versus Business Coach: Similar, But Not the Same

While you may hear the terms ‘Coaching’ and ‘Mentoring’ used to mean one and the same thing, there is a key difference between the two:

• A Business Coach uses goal-setting and questioning techniques to help you develop your passions and ideas
• A Business Mentor uses their knowledge and experience to help you turn your passions and ideas into a profitable business

The difference is subtle, I know.

As a Business Mentor I use coaching techniques with my clients because questioning and goal setting are a key element in a successful business.

However, it isn’t always possible for a Business Coach to provide business mentoring, because they may never have started and run a successful business of their own.

So, a Business Mentor can Coach; but a Business Coach may not have the skills and experience to enable them to Mentor.

Why Do Solopreneurs and Side-Hustlers Need a Business Mentor?

I describe my mentoring approach as “a brain to pick, an ear to listen, and a push in the right direction.”

Those things take on more importance when your business starts and ends with you, and even more besides, if it’s the first time you’ve ever set up a business on your own. Talking your ideas and concerns through with a Business Mentor who’s ready and willing to help can take the weight off your shoulders, and free up more of your precious time.

Here are some more benefits of working with a Business Mentor:

They will provide you with an ‘outside’ perspective

I describe this as the ‘helicopter approach’.

As a Business Mentor I want my clients to be successful; but it’s their business, I’m not part of it. This means I can take a long, hard look at the business in a very objective way.

As a solopreneurs and side-hustler, you have so much to do. It will be almost imporssible for you to step back and look at the big picture. You will always look at your business subjectively.

As a Business Mentor I provide objective insights, inspiring ideas you might not have thought about before, and help you identify exciting, new opportunities.

They will hold you accountable

You know those stubborn tasks you keep pushing to the bottom of your ‘To-Do list?

Well, a Business Mentor will help you get them done, once and for all.

I spend lots of time with my clients helping them set realistic and achievable actions. I bet your To-Do list is full of unrealistic and unachievable activities – which is why they keep being overlooked.

A Business mentor should also help you develop time management, prioritisation and delegation skills – so the right things get done at the right time by the right people (and those ‘people’ may not be you!)

They will save you time and money

The two commodities all Solopreneurs and Side Hustlers have the least of – time and money!

It may seem counter-intuitive, but although you pay for the expert support and guidance of a Business Mentor, working with one will actually save you both time and money.

A Business mentor will save you, as a Solopreneur or Side Hustler, from making costly mistakes while implementing financial management, time management and profit making activities in your business.

I always say to my clients that my experience stops them making the same costly mistakes I made when I started out.

I help them set up practical systems and processes that mean they can see where their time and money is best spent… so none of either is wasted.

They will support you through difficult times

Having your own business is never a life of champagne and roses.

Whatever type of business you’ve chosen to start, there will be plenty of challenges ahead.

On bad days (we all have these), you’ll question whether to keep going.

That’s when your Business Mentor will step in, with knowledgeable support, gentle guidance, and a listening ear that keeps you moving forwards.

They will widen your network

Any Business Mentor worth the name will network extensively, which means they’ll have a bulging list of contacts for just about every industry you can think of.

Not only will your mentor put you in touch with tried and tested ‘people-who-can’ to help with specific business areas, they can also recommend the best groups and events for you to meet more potential customers!

I Was Only Making Feeble Attempts. It Was Not the Cohesive Plan that Kathy Helped Create

I needed help to understand my business. I have no previous experience in this field and was really only making feeble attempts at it. It was not the cohesive plan that Kathy helped create. We outlined my business and how to approach my marketing. I now have more interest and engagement from the group people I want to sell to. I thought that was not possible. Now I actually enjoy doing it!

Uma Satkunam – Miss Teasmith

Working With a Business Mentor Is Your Shortcut to Success!

If you are a solopreneur, side-hustler or other single-person business you will always be at a disadvantage. There is only one of you, but there are a hundred jobs to do and a thousand decisions to make every day.

You have to do everything that a business that has ‘departments’ has to do… All by yourself!

With a Business Mentor in your corner cheering you on when things go right; helping you up when things go wrong and sharing their skills, knowledge and experience, how can you be anything but successful?

If you’re ready to take the plunge, check out my Monthly Mentoring.

Kathy Ennis, LittlePiggy

“I’m 29, so have I left it too late to be an entrepreneur?”

I saw this question recently when I was searching for something on Google. It made me take a deep breath and laugh because I am someone who started their first business at 40+. So, I felt the need to say out loud: “No, sweetheart, you definitely have not left it too late to be an entrepreneur!”

I’m a ‘Maturepreneur’ Business Mentor who works with freelancers, solopreneurs, and side-hustlers of all ages, helping them transform their big ideas into brilliant, profitable businesses.

But, because I choose to work with one-person businesses, people often make the mistake of assuming all my clients are thrusting young things… bright-eyed, vibrant millennials and Gen Z-ers who have the passion and energy to strike out on their own.

Heaven forbid you might want to start a business in your 40s. Meanwhile, if you’ve committed the heinous crime of being over 50, then isn’t it about time you donned a cardi and put those weary feet up with a nice cup of tea?

You Don’t Have to Be Young to Start a Business!

Despite the global media’s obsession with Silicon Valley whizz kids, it’s a myth that all new businesses are started by dynamic youngsters.

It’s a myth that most new businesses are started by dynamic youngsters.

In fact, the majority of UK entrepreneurs are in their 40s. The average age of new business owners is rising steadily year on year. According to the latest Global Entrepreneurship Monitor, “entrepreneurial activity among the over 50s has risen by more than 50% since 2008.”

We maturepreneurs aren’t just starting businesses, either. We’re busy turning them into success stories. For example, 70% of businesses started by the over-50s are likely to survive for at least five years. This compares to 28% of businesses started by the under-50s.

I’m not knocking youth in any way. 

Young people have lots of offer entrepreneurship – they’re often enthusiastic, willing to learn, and tech-savvy. 

I just think it’s high time society started to appreciate the immense value that older people can bring to the business table too. From life experience and self-knowledge to specialist skills that have taken decades to perfect.

Why Start a Business When Your are Over 40 (or 50!)?

There are all kinds of reasons why you might not be ready to start a business when you’re young. 

It takes serious guts to turn your back on the 9-5, and if you’re not doing that armed with years of hard-won experience under your belt, going it alone can feel much more terrifying.

I was an overnight success all right, but 30 years is a long, long night.

Ray Kroc, Founder of McDonald’s

Ray Kroc spent over 17 years working as a salesman when in 1954, and aged 52, he sold 8 milkshake mixers to Dick and Mac McDonald. The brothers were running a small burger restaurant together. Ray saw an opportunity to turn their simple, high-quality menu into a nationwide success.

With the brothers’ agreement, Ray founded the McDonald’s corporation in 1955. By 1958 McDonald’s had sold its 100 millionth hamburger. 

Ray came equipped with plenty of imagination. All those years he spent at the sharp end of selling to lots of different businesses turned out to be a gift. Not only did they help him spot the vast potential in McDonald’s, but they also taught him how best to realise it.

Successful businesses are started by founders who spent years honing specialist skills and knowledge… like the brilliantly named Yes Yes Yes Company, which makes plant-based intimate lubrication products. 

The company’s co-founder, Suzi Lennox, was in her late fifties when she decided to go it alone. She had been working at Pfizer when Viagra was launched, then spent the following years in Drug Safety divisions for pharmaceutical companies.

All that direct experience meant Suzi not only understood the need for her new company’s products and how to create them, but how to bring them successfully to market!

How to Start a Maturepreneur Business Yourself

It could be that your own route to maturepreneurship begins by accident (like mine). My clients start working with me because they’ve been made redundant, or been ‘persuaded’ to leave their jobs. Many say “It’s now, or never!”

With extra time on their hands, they’ve suddenly spotted a business opportunity using their experience, or from a hobby.

If that describes you, but you’ve got no idea how to turn your brilliant idea into a business, the good news is there’s plenty of help available.

Sites like Enterprise Nation offer a wealth of support to new business founders of all ages. While The Start-Up Loans Company has been busily helping founders in their 50s and over with low-interest loans.

So, to summarise, it’s more than possible to be a success in business, regardless of your age.

NO, you haven’t left it too late to become an entrepreneur!

If you’d like to discuss turning your own ideas into a profitable business, I can help you formulate a plan of action that draws upon over 20 years of personal ‘been there, done that’ experience.

Schedule your complimentary, half-hour Breakthrough Session now.

Kathy Ennis, LittlePiggy

Working for yourself is a life-changing decision, so having a clear picture of the steps you need to take to start a business and become self-employed is essential.

I know that because I’ve been there myself (many times!) 

I became a Business Mentor because I understand EXACTLY how exhilarating it feels to say goodbye to the 9-5, armed with a brilliant idea and a headful of dreams.

But I also understand the fear, uncertainty and lack of practical knowledge that is often involved in going it alone.

I’ve Never Had a Business Before and I Don’t Want to Do It Wrong!

If you’ve never started a business before, how can you be sure your idea is good enough to pay the bills? What happens if it turns out self-employment isn’t for you, after all?

You know it’s possible to make a go of it and succeed. Nearly 4.5 million people in the UK are currently self-employed, and you probably know some of them!

But right here and right now – at the start – it can like you’re standing on the edge of a cliff. 

Leap and the net will appear

This is a popular saying in business, and most of the time it’s bang on for seasoned business people. 

But, when you start a business and become self employed for the first time, you want to see that net before you take that leap.

That’s where preparation, planning and some basic business start up know-how comes in!

How Do You Become Self-Employed?

From a practical point of view, self-employment in the UK is as easy as telling HMRC that you’re working for yourself.

Part of the process involves registering for Self-Assessment, which is how you (or your accountant) will calculate and pay your annual tax bill.

Sole Trader Or Self-Employed – Is There A Difference?

Self-employment means you decide what work you’ll do, and how and when you’ll do it. You are also completely responsible for the results.

You are not entitled to sick or holiday pay. However, you can choose your own working hours, and you will work for more than one client (so if you need to take a morning off at short notice, or ditch that client who never pays your invoices on time, no problem!)

If you’re a sole trader, then you’re a self-employed person who is the sole owner of your business.  

Sole traders can work as consultants, plumbers, graphic designers, coaches, virtual assistants, online shop owners…. just about any type of business goes.

To summarise, ‘sole trader’ describes the legal structure of your business, while ‘self-employed’ means you don’t work for an employer. 

There isn’t a huge difference between the two terms, which is why they are so often used interchangeably. Self-employment doesn’t automatically make you a sole trader.

You could choose to set up a partnership instead, so you and someone else share equal responsibility for the business, or register as a limited company.

Sole Trader vs. Limited Company

Unlike a sole trader or business partnership, a limited company is a separate legal entity from its owners – even if that’s just you.

Your company will have to be formally registered at Companies House. Also, your personal finances and assets are not counted as part of the business.

You will have control over your business name. Once it’s been registered, nobody else will legally be allowed to use it!

Many new business owners start out as sole traders, then switch to limited companies later, as they become more successful and their profits increase.

What Other Self-Employment Responsibilities Should You Focus On?

I know… I know… you were hoping to move onto the more exciting parts of self-employment by now!

Things like designing a fancy website, how to chat with customers on social media, or where to find the best networking events with free snacks and coffee.

Self-employment has a list of responsibilities. Too often, people overlook them because they’ve been distracted by all that fun, frilly stuff!

The good news is that if you take care of those responsibilities right from the start, there’s much more scope for you to relax and enjoy yourself later on.

They include:

• Opening a business bank account. If you’re a sole trader you can use your personal account for business, but do you want to? It will be so much easier for you to manage your year accounts if all your business transactions are in a separate bank account.
• Organising the right insurance for the type of work you want to do. This can include policies such as professional indemnity, public liability insurance, product liability insurance, critical illness insurance etc.
• Deciding how you’ll keep accurate and up-to-date financial records.

You may also want to think about registering for VAT. You can do that voluntarily at any time. However, you must register if you expect your business turnover to be more than £85k a year (well, we can dream!)

Ultimately, Business Is A Practical Process

After years of stops and starts, it wasn’t until I focused on planning, systems, and processes, that my self-employed business finally started moving in the right direction.

At the time, it felt like I’d discovered a ‘secret formula’ for self-employment.

You have to be prepared prepared to roll your sleeves up, learn the mechanics of business. You have to pay attention to what’s going on behind the scenes – not just the glitzy stuff at the front – then your chances of success will skyrocket.

As a highly experienced Business Mentor, I will help you focus on what really matters. This means you can take that brilliant idea of yours, and turn it into the successful business you deserve!

Find out more by booking a half-hour, complimentary Breakthrough Session now

Find out more by booking a half-hour, complimentary Breakthrough Session now

You can view this original article here

Kathy Ennis, LittlePiggy

If you’re a Solopreneur, then the chances are you enjoy all the thrills and spills that come from going it alone in business. (The clue’s in the name… ‘solo’-preneur!) But there comes a time when you want more … time, money, clients, recognition. What do you do then? How do you scale a Solopreneur business – when your business is just you?!

Solopreneur

/ˌsəʊləʊprəˈnəː/

noun

a person who sets up and runs a business on their own

As a Business Mentor who is a Solopreneur, and someone who’s been there, done that, and wears the T-shirt to prove it, I understand how exciting it feels when you take charge of your business destiny.

But I also know how it feels when you hit a plateau.

So, let’s go back in time for a moment. 

You bravely turned your back on the 9-5 and launched your business in a blaze of glory. Armed with a brilliant idea and a bucketload of passion, you weren’t sure if you’d be a success or a failure… but you were determined to give it a good go!

Now, after a LOT of hard work, late nights, and missed catch ups with friends, you’re the successful Solopreneur you always dreamed about being.

As such, everything is ticking along just fine – but that’s not good enough anymore!

It’s time to take your business to the next level. 

But if you’re anything like I was at this point, you’ll have identified three issues.

One: you’re not exactly rolling in cash

Two: you don’t want to give up that precious freedom you’ve worked so hard for

Three: you never want to hire and manage staff

Here’s why scaling your Solopreneur business for growth doesn’t have to mean investing piles of money you haven’t got… or building a world-dominating empire that means recruiting vast teams of people.

So, want to know how you can grow and scale your Solopreneur business? Here are eight proven ways that keep you solo and firmly in the driver’s seat.

1. Outsource

You know those jobs you hate, but you keep on doing because it’s YOUR business?

Things like writing and scheduling endless blog and social media posts, managing your business accounts, and making sure your website is up to date.

Outsourcing to professionals who love the jobs you hate will give you time to work on a plan that focuses on growing your business, rather than dealing with distracting day-to-day tasks.

(Let’s be honest, it’s also likely those pesky jobs will be completed to a higher standard than if you’d completed them yourself!)

2. Invest in a CRM

Growing and scaling a business effectively means getting organised.

Investing in a CRM (Customer Relationship Management) system will help you manage your customer data in a way those paper lists and Excel spreadsheets just aren’t capable of.

With a CRM you will be able to store messes of data such as, user behaviour, how long a customer has been with your business, purchase records, and notes on sales interactions, which you can use to optimize your sales and marketing processes and improve customer service across your organization.

• customer behaviour
• how long a customer has been with you
• how often a customer contacts you, engages with you or buys from you
• purchase records
• notes on sales and interactions

With all this information you will be able to make informed decisions which means you which you will be able to optimise, automate and streamline your sales and marketing processes. This will help to improve your customer service and increase your sales.

Both essential if you are looking to grow and scale your Solopreneur business.

There are lots of CRM options available. Two of my favourites are the freebie from Hubspot’s and the really cost-effective one from Capsule.

Make sure you do some research into the best CRM for your business.

3. Productise Your Business

Don’t worry if you don’t know what ‘productise’ means!

It’s a word I made up to describe how you can make tangible ‘products’ to sell when your business usually involves exchanging time for money.

The problem many service-based Solopreneurs face is how to grow and scale their business when – essentially – they sell time for money.

If you’re a Coach, a Consultant, a Personal Trainer, a Therapist, a Copywriter, an Accountant etc it may seem that the only way you can scale up is to work more hours, charge more per hour / per project or to bring in a partner or staff.

Any one of those things will change the nature of the business you have built and love.

But there is the option to ‘productise’.

An example of the introduction of physical products could be that of one of my clients, She is a massage therapist; a hands-on, treatment-based business. Because she can only physically work with around six people every day, her turnover is limited. Limited by the number of hours per day and the number of days in the week she works.

However, if she ‘productises’; selling sleep masks, scented candles, or pillow sprays at the consultation or via her website, she can increase her income.

[BTW: I think she should increase her prices too]

But what about if you don’t have the kind of business that would work easily alongside additional products like these?

You could:

• Create a course
• Write a book
• Have a subscription-based Group on Facebook
• Work with a group of people rather then one-to-one (one hour x 10 people is more cost-effective than 10 people x 1 hour each!)

If you want ideas about how you could Productise your business, let’s talk

4. Automate Tasks

The less you have to do of the daily grind, the more time you will have to spend with the customers who pay you – and more customers means business growth and scale.

This is why automation is a godsend for any business. It takes repetitive tasks off your hands, seamlessly running them in the background for you!

Do some research into the tasks that could benefit from automation in your business. For example, you could set up an automated email series for people who sign up to your mailing list, invest in an accounting software package, automate your customer appointment bookings or pre-schedule social media posts for certain days of the week.

Every five minutes you don’t have to spend on these tasks is five minutes you can spend with someone who pays you.

5. Maximise Your Email List

If you haven’t built an email list yet, why not?

Here’s a guide to getting going with building your list

YES PELASE, I WANT A COPY

The return on investment for email marketing is estimated at £42 for every £1 you spend – and since some platforms (like Mailerlite) are free to start with, you may not even have to spend that!

Entice people to sign up to your list by creating an enticing lead magnet (check out the ones I have included on my Business Toolkit page), then use your subscriber data to send targeted messages with information and offers they’ll appreciate.

6. Build Your Personal Brand

Far more than just your logo, your personal brand encapsulates everything people see, hear, think, and feel about you and your business.

Your personal brand is built around your values – so make sure you understand what these are, and how best to explain them to your customers.

If you struggle to define your values, you could start by thinking of five words that best describe your approach to business (fun, confident, reliable, etc.!)

7. Spend, Spend, Spend

OK, I might have got a little carried away.

But there’s no escaping the fact that a successful business costs – as well as makes – money.

The secret is to spend wisely, on the tools, tech, and expertise you’ll need to facilitate successful business growth. 

This includes outsourcing and automation, plus marketing, memberships, and training to keep your skills fresh (and your business competitive.)

8. Review and Reflect (With a Helpful Mentor!)

It’s no secret that planning is an essential ingredient for success (I call it the link between passion and profit!)

But there’s no use coming up with a brilliant business plan… that you never look at again.

You’ll only know if things are going according to plan – and how you can adjust your goals for future growth, if you review and reflect on your results.

As a highly experience Business Mentor who specialises in working with one-person businesses, I will help you get to grips with what really matters, so you can roll up your sleeves and get stuck into those plans for the growth and scale your Solopreneur business deserves.

To find out more book a half-hour, complimentary Breakthrough Session now.

How to Start a Business (When You’re Working Full-Time!)

Kathy Ennis, LittlePiggy

If you have ever said “I’d love to start a business, but I can’t because I’m working full-time” ask yourself, are you using your job as an excuse not to go for it? 

As a Business Mentor, who has a specialism in helping people transition from employee to entrepreneur, I can tell you:

• You’re not alone in wanting to make the transition
• You can start the business you want while you are working full-time

Start a Business When Working Full-Time? The Statistics Speak for Themselves

Most employees in the UK have thought about starting a business at some point or another (me included!). A recent survey claims that 64% of the UK workforce is itching to strike out on their own.

If you add to that research by the Henley Business School , it shows that 25% of all adults in the UK are side hustlers.

Side Hustling is the New Normal

The idea of self-employment is scary. 

OK, so you’re following your passion, but what happens if things don’t work out?

Happily, there’s no need to say goodbye to full-time employment just yet! 

Striking out on your own doesn’t have to mean turning your back on the (relative) security of a full-time job. There are ways to test out that brilliant business idea and grow your entrepreneurial skills, all whilst keeping up with the 9-5.

It’s called a side hustle. It’s starting a business while you’re working full-time.

And here’s how you can do it….

Manage Your Expectations

If you start a business when you’re working full-time don’t expect it to be a breeze. 

First, if you think you haven’t got a lot of free time as an employee, think about how much less time you will have an an employee and an entrepreneur. By accepting the fact that it WILL be challenging and time-consuming from the start, you’ll be better prepared for the highs and lows to come. 

Second, if you’re counting on your side hustle bringing in shed loads of money from day one – enough to allow you to wave goodbye to your full-time job within weeks or months – please be aware that it probably won’t.

Use the Time to Plan, Make Mistakes then Plan Again

Starting a business you’re working full-time takes careful and detailed planning.

Planning your time will be paramount. You will have far less time than a full-time entrepreneur to do all the things that will need to happen to turn your idea into a business – and then deliver those products or services to your customers.

You will also need to plan your spending. Starting a business can be done without masses of expenditure, but it can’t be done for free. So you will need to plan carefully how much money are you going to spend on start-up costs, like website design and marketing? 

What about planning for the type of customers you want to buy your products or services? Who are your customers going to be, and why will they buy from you? How are you going to deliver your products or services to them?

You don’t have to write a lengthy or complicated business plan, but you do need to answer important questions like these. They will help you gain a full understanding about how your business will work, and how you could eventually transition from employee to entrepreneur.

Once you’ve written a detailed plan, you’ll then need to schedule key tasks, and track your progress regularly. 

Want some help with simple plan for your business?

The One Page Business Plan: From Surviving to Thriving in 12 Easy Steps

Not every business owner needs a business plan. But every business owner does need a plan for their business. This is the only one you will ever need.

YES PLEASE, SEND ME A COPY

Apply the KISS Principle

What’s involved in a big, shiny, ambitious business launch?

Lots of:

• Time
• Effort
• Money
• People

If you’re starting a business while you are working full time, you are doing two things: creating something that will enable you to move into running your own business full time AND taking the time to test your ideas without as much risk. So, it’s absolutely fine to start with something very simple and work your way up to something bigger, better and bolder over time.

It’s fine to dream, but when you’re launching a business while working a day job, you probably shouldn’t go too big.

At least, not for now…..

Do What You Do Best and Outsource the Rest

You don’t have to do everything yourself. 

In fact, for the sake of time, sanity’s and a successful business I absolutely recommend that you don’t.

There is no rule that says that as a one-person, solopreneur, side hustle business that you have to be expert in everything about business. It’s also a really bad idea to try to be that idea of the ‘perfect’ business owner who knows, understands and can do everything themselves.

That person does not exist and if anyone tells you they do – and that you can do it all on your own – well, to be blunt, they’re a liar.

The best way to get your business quickly off the ground is to invest in other people’s time and professional expertise, whether you hire a social media expert to work on your posts or use an accountant to plan your finances.

Not only will this allow you to focus properly on your business (rather than in it), but using experts means tasks will be completed to a high standard… definitely higher than you (as an enthusiastic amateur) would have achieved yourself!

So, When Is the Right Time to Leave Your Full-Time Job?

If things start going to plan with your new business, it’ll be easy to let your current career slide.

You may have a healthy customer list, you could have found an investor, maybe you’ve got the equipment and you have developed a fantastic set of new skills that will make your venture a success… you’re doing so well that you’re convinced you’ll be the next Forbes success story!

I’m not saying you’re wrong. 

But before you take that last step off the side of the cliff and tell the boss goodbye forever:

• Take some self-reflection time so you can be sure that, as far as possible, self-employment is the right long-term move for you
• Triple-check that you can afford to leave work
• Do your best to hold out for any redundancy or ‘goodbye’ money that might be up for grabs

Ready to Take the Plunge and Start Your Business When You are Working Full-Time?

I can help you start your brand-new business, providing an experienced brain to pick and an ear to listen along the way! If you fancy a chat about how I can help you, the way I have helped hundreds of others just like you, book yourself a complimentary Breakthrough Session.

Or, why not download my Prepare to Be Your Own Boss toolkit?

Prepare to Be Your Own Boss: How to Start a Business the RIGHT Way

Starting your own business is ridiculously simple – but starting is only the beginning. Starting is easy. Making it work? Now that’s a whole different story.