3...2...1...it's time to launch that new business venture!

Having now done it twice before, we thought that it could be useful to put down some of our learns and watch outs regarding some of the key points to think about ahead of launching a new business venture.  There's lots to think about and plan, so hopefully this will help! 

Be prepared for short term pain: Running your own business comes with lots of perks; being your own boss, making key decisions etc. but what it doesn't come with is a lot of money in your bank account at the end of each month to begin with!  You have to be prepared for this and it can be a real shock not only financially, but psychologically too.  You have to know that it's about riding the storm!  Credit Cards will become your best friend in the early days... but it will all be worth it in the end. 

Pick your investor wisely:  If you're going to take on an investor, it's not just the cash that's important.  Can the investor add value to your proposition? How hands on do they want to be? Do they have a successful track record of doing deals? Do they actually care about you and your business? All important things to consider.  The cultural fit is as important as their cash. 

Create an adaptable business plan: Clearly you need a plan for your business - one that can allow you to keep on track very early on.  Combine your business plan with a budget.  How much cash is going to be coming in and out from day 1?.. and plot it in an excel spreadsheet. What's key is that your plan is adaptable and has fluidity to it.  One thing we have learnt is that if you're too fixed on the plan and it's too set in stone, not only won't you meet it but it will also cause huge disappointment and a feeling of failure early on in your journey, which, of course you want to try and avoid. 

Don't be afraid to make mistakes: Making mistakes is the best thing you'll ever do. It's the only way you'll learn not to make them again.  The thing about mistakes is that you don't actually know that they're mistakes until after you've made them... so they are almost impossible to avoid.  People like saying "it's fine to make mistakes" and then never behave like that when one happens.  It's an important part of your business mantra for you to stick to and for you to deploy for anyone you bring into the business to work for you further down the line. 


Believe in your idea and tell the world:  If you have an idea that you're proud of and excited about, your natural reaction is to keep it to yourself and have fear that someone is going to nick it if you tell them about it!  Our advice would be to think the opposite.  Tell everyone - create a buzz - and let people try to copy. People will talk and you will end up being your own best PR consultant! 


Surround yourself with legal support: Hugely dull and boring for fast paced entrepreneurs but a necessary evil.  Pay what needs to be paid to get yourself good legal advice and don't leave any stone unturned.  Small clauses in documents that seem unimportant at the time you launch, could cause you massive issues and cost you a lot of money if not dealt with at the time.   If you're leaving a job you may want to get both employment lawyers (to deal with any fall out from your last place) and corporate lawyers to help you set up the new business. 


Be Patient: As much as you want everything to happen yesterday, know that it won't! Legal stuff takes twenty times longer than you expect it to and all parties want to make sure that their interests are protected, so add an additional ten times to that!  There's no need to rush, you'll get there in the end.. and it's better to cover everything off before you fly off into the journey - as painful as it may seem at the time. 


Use your network to find an advisor: Talk to people who know!  Every deal that you get on the table, talk to people about - don't just accept what's written down on paper. If you can find yourself someone to help advise you a long the way from your network of contacts, it can be invaluable.  You may not be able to afford to pay them now but think about giving them some of the business for their efforts in the form of equity when you're setting up as a thank you. The best advisors are in it for the long term and will advise you because they really believe in you in individuals and the business that you are proposing to build. 


Follow these tips in the early days and it should pay dividends to you getting off to the right start and having the piece of mind that you're all properly set and ready for the adventure of your life!  

Good luck