Boom in being your own boss — read our tips for starting your own business.
As champions of small businesses, we’re proud to release new research highlighting the millions of British people who have decided to set up their own business since lockdown began.
One in five adults told us that they had launched their own enterprise since the start of March, and a quarter more are planning to do so in the future.
The great news for those thinking of going alone is that one in two people we polled are sympathetic to small businesses in the current climate and are actively trying to support them more.
With applications to sell with us up 78% since May, our Head of Inspiration and New Partners, Holly Harper, has taken time out to offer her advice to those keen to start their own business. If you are feeling inspired and want to find out more about becoming a #NOTHS Partner and connecting with our 3 million customers, click here
Tips for those starting their own business
Follow your passion. The ideas that have niggled at the back of your mind for months are the ones that will keep you motivated through the harder times and determined to persist and make it work — you need to ooze self belief and if you genuinely love what you do it’s half the battle
Know your customer. Put yourself in their shoes — who are they, what kind of lifestyle do they have and what’s going to attract them to your business in the first place? What types of service will they expect from a business like yours, how do you want to make them feel when they shop from you and what little touches will secure their loyalty from the outset to bring them along on your business journey? Whether it’s hand-written notes within your parcels, a behind the scenes introduction to your studio to build trust, or a next day tracked delivery service — make sure you think about what will matter to them most and prioritise these things from the outset to set you apart from your competition
Feedback. Ask everyone and anyone to give you their honest thoughts on your product and your ideas — and be prepared to take the bad with the good. Don’t let that passion I mentioned distract you from taking constructive feedback onboard and using it to better your business as it evolves — if there are common themes coming through, be prepared to iterate and evolve — that age old phrase “the customer is always right” is there for a reason
Make sure you can answer confidently the question “Why will anybody care?” Determine what problem you are trying to solve and whether other people are already providing this solution. If so, what’s different about your business and is this enough to make it worth pursuing, or do you need to go back to the drawing board to find your stand out proposition? Magic doesn’t happen overnight so do your research and play to your own strengths to help you find your cherry on top
Plan for the worst — honestly ask yourself “what’s the worst that can happen?” and scenario plan for each of these cases. Don’t get too caught up in it — but having a plan B is never a bad thing when you’re starting out when time and money is more precious than ever. Be realistic about what you are and aren’t willing to sacrifice and hold yourself accountable to this as your business progresses to support with making the tough calls
