Beauty influencer and entrepreneur Patricia Bright has shared five tips for starting a successful business, alongside her golden rule for aspiring founders. Her advice comes as new research shows one in four Brits dream of starting their own business, with many naming 31 as the ideal age to take the leap.
Brits' business ambitions and fears
A poll of 2,000 adults found that among those who like the idea of running their own business, 60% think about it at least once a week, while 15% admit it is a daily thought. For 26%, it is their ultimate career goal.
Despite this ambition, 71% worry they would fail. Many are put off by fears of financial instability, as well as a lack of skills, experience or professional connections. Eight in ten adults look up to those who have built businesses from the ground up, admiring their drive (49%), confidence (38%) and resilience (29%).
What the research revealed
The research was commissioned by giffgaff to mark the launch of its new YouTube series, The Board, in which aspiring entrepreneurs compete for the opportunity to grow their business ideas with guidance from industry experts. Kate Dohaney, CEO for the mobile and broadband provider, said: "It's clear there’s a huge amount of ambition across the UK, with people looking for new ways to build something of their own, develop an idea or take the next step in their working lives.
"But there are also very real barriers around confidence, support and access to practical guidance. We’re passionate about helping people make their next move, whatever that looks like for them. That’s why we created The Board - to give people useful insight, encouragement and practical support to help them move forward with more confidence."
The study also found that perceptions around cost remain a major barrier, with those polled estimating it would take an average of £28,000 to launch and establish a small business. Others associate being their own boss with stress and pressure (36%) and long working hours (33%).
The rewards of working for yourself
Yet the rewards continue to outweigh the risks for many, with being in control of your own future (33%), greater job satisfaction (29%) and the freedom to work from anywhere (21%) among the benefits of working for yourself. Many also believe entrepreneurship can have a positive impact beyond work, with a better work-life balance (17%) and making a positive difference (15%) among the wider lifestyle benefits.
Patricia Bright, an expert on The Board, said: "If you can solve a problem, teach a skill or create something people enjoy, there's often a way to turn it into income. The biggest mistake I see is people waiting until they feel completely ready, when in reality, confidence usually comes from taking that first step rather than having all the answers from day one. Whether you're 21, 31 or 51, the most valuable thing you can do is start learning, testing your ideas and building momentum."
Patricia's top tips for starting a business
Bright's first tip is to start before you feel completely ready. She advises that you can spend forever perfecting a logo, website or business plan, but at some point you need to put something in front of a real customer. Your first version probably will not be your best version, and that is completely fine - start, get feedback and improve.
Her second tip is to know exactly who you are selling to. Everyone is not your customer, so get specific about the person you are helping, the problem they have and why they should choose you. When you understand your customer properly, everything from your product to your marketing becomes easier.
Third, she advises learning your numbers, even if numbers are not your thing. Revenue sounds exciting, but revenue is not profit. Know what it costs to deliver your product or service, what you actually make from each sale and how much money you need to keep the business running. You do not have to be an accountant, but as a founder you cannot be afraid of your numbers.
Her fourth tip is not to spend like the business you hope to become. You do not need the expensive office, huge team or perfect branding on day one. Keep your costs lean and spend money on things that help you make a better product, reach customers or generate revenue. Looking successful and building a successful business are two different things.
Finally, she says your first idea does not have to be your forever idea. Some of the best decisions she has made in business have come from being willing to change direction. Listen to what your customers are telling you and pay attention to what is working rather than becoming attached to your original plan.
Patricia's golden rule is that you do not need to know everything to start a business. Know your customer, know your numbers and be willing to learn quickly.
