UK Business Startup Podcast

The dream of starting your own business is probably the reason you're listening to this podcast. It's important to weigh up a few things before you throw yourself into any new venture though. Running a business isn't for everyone, and there's a couple of reasons why you might want to consider staying in employment instead. Because you're passionate about something doesn't necessarily mean you can make money from it. There needs to be a demand for your product or service. You need to do your research and test the market first. Because you enjoy doing something that you're skilled at doesn't mean that you should go into business doing that thing. Once you set up as self-employed you're going to have to do a lot of other (potentially less fun) things to build your business. If you've given these factors some thought and are still determined to push on, then our contributors in this episode also have a lot of encouragement and reasons for why you should pursue your dream of starting your own business. As we draw the curtain on season one of UK Business Startup, we're joined again by our friends Chris Marr, Julie Christie, Andy Brown, Patricia McGuire, Nicola Donnelly, and Pete Matthew. There are some helpful books that are well worth checking out too. Essentialism, The One Thing, and The E-Myth Revisited. Thanks for listening, and we'll see you again in season 2!

Just because you're self-employed doesn't mean you have to go it alone in business. Joining or building a network of fellow professionals can be hugely beneficial to you for a number of reasons. Despite this, many people still shy away from networking events. Some common excuses for this include… I'd feel awkward I wouldn't know what to say to anyone The people there aren't my target customers The people there aren't in my line of work I'm too busy, it would be a waste of my time It would cost me money as I wouldn't be working I'd rather spend this time on marketing I do all my networking on social media So what are some of the benefits of networking? Building relationships Increasing visibility Becoming known as the go-to person in your own line of work Giving and receiving advice Being around others who know what it's like to run your own business Reducing feelings of isolation Leading to sales and other opportunities Social events and friendships Cross promotion and collaboration In this episode we're taking a deep dive into business networking. We'll be hearing the opinions and experiences of our returning friends Laura Lucas, Alison Colley, Chris Marr, Julie Christie, Andy Brown, Patricia McGuire, and Pete Matthew. On top of that we're joined by business networking expert Stefan Thomas, author of the Business Networking for Dummies book. Stefan brings a wealth of knowledge and advice on his specialist subject, and I'm certain you'll hugely benefit from it going forward. Transcript It can be difficult because a lot of people find it hard to go into a room full of strangers and just start talking to them. But I think if it’s something that makes you nervous is just remembering that probably most people feel nervous as well. I’m Colin Gray, and this is UK Business Startup. This week we’re getting into one of those areas of business that really splits the crowd. Some people love it, and even more hate it. But there’s little doubt that, if you do it right, it can be one of the best ways to grow your business. And, it has a bunch of benefits besides that. You might have guessed by now. Of course, we’re talking business networking. Stefan Thomas: A lot of people think that networking is just that thing which some of us who are quite odd do at seven thirty in the morning where we meet up at formal networking events and have breakfast with other people. But networking is about every connection you make along the way. That was Stefan Thomas – author of business networking for dummies. He’s one of the top UK experts in this area, so he knows how to get networking right. We’ll be hearing plenty from him on this episode, along with a few old friends. Talking of which, here’s Alison Colley again from Real Employement law advice on how she sees networking. Alison Colley: When I set up my business actually going to networking and meeting people who had either set up their own businesses or who were providing the sorts of services that I needed as a business was crucial. There's no better way of building trust than at networking. Then you can tap into those resources Chris Marr: It’s a bit cliché now but it is true that people buy from people that they know they can trust. Not only that. People refer business to people that they know they can trust as well. The only way to get known by people and for people to like you and to trust you is to build a relationship with people. That was Chris Marr, founder of the Content Marketing Academy. He talked a lot about trust on our marketing episode, and here it is again. This ties back to what Stefan told us – it’s those connections, and the trust you build with them. Those are the people that send you clients, or might even become clients themselves. Now, at this point, you might be thinking – this just doesn’t apply to me. It’s only for b2b companies isn’t it? Well, Chris has a good way for you to figure it out. Chris Marr: We look back over the last six months, look at where our business has come from, and we always write down two or three names. That piece of business came from that person, this business came from that person. What you start to realize actually is that people are massively involved in your business. If people just don’t know who you are, then you're less likely to get business. We do coaching calls, especially with people who are just starting their business. One of the big things that always comes up is, well, they say to me, “We’re not getting enough business.” I immediately ask them, “How big is your network? What are you doing to actively grow your network,” and they’re just simply not doing enough to get out there and to be known by people. So, it’s not just trust, it’s visibility, isn’t it? No matter what type of business you have, you can always be more visible. The problem is, this personal connection caper is pretty time consuming… How do you make sure you’re making that time worthwhile. Chris Marr: I don’t mean going meeting everybody, not going to

Going from employee to self-employed means you are now in charge of what you do, when you do it. Whilst this can be liberating, it can also be intimidating, and lead you towards working 14+ hours a day because there will always be something that needs done. On the one hand you need to be doing enough to be earning enough to pay the bills, keep your clients happy, and generally make sure your business is ticking over. On the other hand, you're still going to need time off. Not just holidays, but at evenings and weekends where it's good to switch off from all thoughts of work. If you neglect to do this, it can put a strain on relationships at home, as well as lead to higher levels of stress and potential burnout. You also need to make sure that you're getting the most out of the hours when you are working. This doesn't necessarily mean being as busy as possible, but planning tasks so that you're getting the best results from the work you put in. On this episode we're introduced to a new guest, business coach Laura Lucas. She's joined by our regular contributors, AdWords specialist Andy Brown, photographer Julie Christie, and recruitment consultant Patricia McGuire. Recommended Reading There's a couple of very good books on focus and general productivity that are well worth a read. The first is The One Thing by Gary W. Keller and Jay Papasan. This book drums a new way of looking at tasks into you, and encourages you to ditch multitasking, unnecessary work, and to take things one step at a time. The second one is The 4-Hour Work Week by Tim Ferriss. Don't be fooled by the title, you probably won't end up working only 4 hours a week, but this book is an incredible manifesto against procrastination, doing pointless and unnecessary work, living in your email inbox, and generally doing too much on your own. Transcript I think because I enjoy my work so much as well, it's hard not to just work when you have spare time. I have to say, I'm not really there with that yet. I’m Colin Gray, and this is UK Business Startup. Where we’re about the get productive. If you’ve been following along, there’s a chance you’ve made the leap by now. Are you already working for yourself? Or your own company of course. If you are, I want to ask you this: how many times have you been asked about whether you work in nothing but your pants? It always seems to me that 99% of the working world think that the main advantage of self-employment is not having to wear clothes. And of course that is part of it to be fair. But the other part, the more serious one, is suddenly being in control of your own working life. Now you can choose what you do, and when you do it. It’s freedom, at last! Or is it? The problem is, businesses tend to be more than a job. They’re 3 jobs, 5 jobs, even 10 all rolled into one. Especially in the early days, you’re doing everything. Suddenly freedom looks like 14 hour days, 7 days a week. Because there’s always something to do.That’s why, this week, we’re talking about your working life. That means schedule, priortities, productivity and making sure you have a real life alongside it all. Let’s look at the small view first – one day. When no one’s telling you what to do, how the heck do you make the most of it? Laura Lucas: I was quite used to that from sort of my corporate job I suppose. I was always a team leader and had to plan the direction of the department. Not just plan my own days, but plan the days of my teams and things like that as well, so, it wasn't something that was completely new to me. That is Laura Lucas, a new guest on UK Business Startup. She’s a business coach at Inspirential and works on her own. This is how she starts to plan her day. Laura Lucas: I know that I want to help as many business owners and leaders as I can. That means I need to find those business owners and show them what I can do to help them, and get them on on-board with me. That's then broken down into a number of different activities, so putting up information online that's going to attract those sorts of people, going out and meeting people proactively through networking. Then getting them into meetings and showing them my expertise and making sales ultimately. I've got to make sure I'm doing those sorts of activities every, single day. That helps knowing what the overall goal is. So, this is it – our days aren’t really our days. They’re just one small part of the wider goal. Patricia McGuire: I think you have to be quite strict with yourself that you set aside some time just for you, and not only time just for you, but time to think, because it's very easy to get bogged down in your day-to-day business. A business needs you to stop and think about what's coming next, and the mistakes that you've made and how you can rectify them. Don’t worry, we’ll get back to the real detail on how to plan your working day, but this comes first. The only way you’re going to have an effective day – and to grow your business – is by having each d

How do you know when you're ready to take on staff in your new business? Are you ever actually “ready” to take such a step? That's the basis of this episode, as our assembled panel of experts and business owners offer you their own tips and advice for taking on staff. Whether you're a sole trader who needs an extra pair of hands for a few months, or the owner of a limited company looking to employ several people, the process is fairly similar across the board. There's also the danger of putting off hiring staff because you don't think anyone can do the job as well as you. That might be true, but is this approach sustainable in the long term? What happens if you fall ill, or want to take a two week holiday abroad? On this episode you'll hear from recruitment consultant Patricia McGuire, content marketing guru Chris Marr, photographer Julie Christie, employment law specialist Alison Colley, accountant Gordon Howes, and financial planner Pete Matthew. Recommended Reading There's a couple of excellent books on this subject that are worth checking out. The first is a classic called The E-Myth Revisited (Why most small businesses don't work, and what to do about it) by Michael E. Gerber. This one is primarily aimed at small business owners who are trying to do everything themselves. The second is Virtual Freedom by Chris Ducker. Again it deals with the problem of trying to do it all yourself, but this one is a guide to hiring and managing virtual staff, rather than on-site employees. Transcript It becomes very apparent that you can't do everything and that's another piece of advice. Don't be a superhero. You cannot do everything. I’m Colin Gray, and this is UK Business Startup, where this time, we’re talking people. Do you remember that quote from Chris Marr last time around? Chris Marr: You need to pick out a time in the day where you are spending an hour or so working on your business. You need to have a plan for that. What are you doing every day to build your business? This is one of the biggest mistakes new businesses make. They forget to think big. They forget to make time for planning, for strategy, for figuring out how to make the business a success. Instead, they just keep doing what they’re good at. The gardener keeps gardening, the programmer keeps programming, and the baker just bakes! The problem is, that’s not building a business. That’s building a job. And it’s a really terrible job at that. It relies on you to run, it relies on your time, so when you’re not baking, you’re not earning. That means no breaks, no holidays, no time to get sick! And it means no time to bring in more customers or grow a business. That’s what Chris from the Content Marketing Academy was talking about. So, what’s the way out? Well, building a business that doesn’t just rely on you. That’s what. And that means staff. So, this is where it can get really scary. Julie Christie: I have two employees. I didn't necessarily feel ready to do it. I just knew I had to do it. For two months, I couldn't afford it. I definitely took a hit because I was training her and I was sitting beside her all the time and we weren't taking on more work. Within two months, she was paying for herself. It was a very, very scary move to make but it was the right move and it allowed me to work on the business. I no longer was having to phone clients, go back and forth with anyone, design albums. All the admin was taken away from me so I was able to then do more shoots and more marketing to get more shoots. That’s the bit that surprises most new business owners. The admin. There’s so much to do, from logging receipts, to paying tax, to handling bills. And that’s just the general stuff. There’s bound to be tonnes specific to your industry too. So, this is where a lot of people start, as you heard there from Julie Christie, the founder of TeaBreakTog.com. She’s still doing some of the main work – photography in her case – but he’s using the time that’s been freed up to do the marketing too. As Chris mentioned at the start, and even more in the last episode, that’s your big job as the founder. Marketing and growing your business. You can still do a bit of the technical work, but you need to find time for the high level stuff. Generally, that means staff. So, how does it work when you’re starting out? Let’s look at Bill the gardener again. Patricia McGuire: As a sole trader, Bill can take on a temporary member of staff. Certainly, Bill could advertise and take someone on just for a seasonal period of time so he could offer a seasonal contract to them which would be fixed, which means there's no obligation to keep them on after that or he could give something like a zero hour contract just to see how things go. If things work out well, he can tell the employee that he will increase the hours. That’s the way in for a lot of people who start out working for themselves. They take someone on for the busy periods. No long term commitments, just getting a bit of he

There's a good chance that you're going to have to act as a marketer in your new business along with all the other hats you'll be wearing, at least in the early days. But without drumming up interest in what you have to offer, letting people know your out there, and ultimately making sales, you won't stay in business very long. That's why it's important to make sure you get your marketing right, and that's the purpose of this episode. Our assembled panel of experts and business owners give their opinions on what works, and what doesn't work so well nowadays. In this episode you'll be hearing from AdWords specialist Andy Brown, photographer Julie Christie, recruitment consultant Patricia McGuire, financial planner Pete Matthew, and content marketing guru Chris Marr. Some of the key tips are; Know your audience. Who is your business for, and where can they be found? Look after your existing clients, get this right and they will tell others about you. Create content. Use the questions potential customers ask you and answer them on a blog, podcast, or video series. Transcript It's about putting out stuff that people can use, which entertains them, educates them, and powers them to take action and ideally, to take action with you. I’m Colin Gray, and this is episode 3 of UK Business Startup. So far, we’ve had a look at some of the big bits, the intimidating bits. That’s company structure, finances, business plans. It’s the stuff you imagine you need to speak to the experts about. But, hopefully the first two episodes got you started, and helped make a few of the decisions. Well, today’s topic, for most people is a bit more clear. And that’s, talking about your business, promoting what you do. Otherwise known as marketing. But really, when it comes down it, it’s just finding customers. Or, helping them to find you! So, let’s start off with Julie, our friendly, and her early adventures in marketing Julie Christie: When I started I just did everything I thought you were supposed to do to market myself, so I got hundreds and hundreds of flyers run off, and I distributed flyers all around my hometown, offering my photography services. I asked all my friends and family to tell everyone they knew. Really, it didn't work. It didn't work. So you know, Julie’s not alone here. It’s the way it’s always been done isn’t it? So it must work? Well, you’d think, but when was the last time you bought something off a flyer? It’s so common that we’re just blind to that type of marketing now. If that’s the case, how do we reach people? Often, it starts really local. Julie Christie: I reached out to people who I knew, who looked like target client, and I offered to do work for them for free, in return for them allowing me to use their photographs, but also allowing me to reach their friends. I'd give them vouchers to give to their friends. I reached out to someone who was a bit of a mover and shaker in the area and she wrote a blog post about me. I tried to reach out to people who would talk about me and I reached out to the right people. The people I knew I wanted to work with. That’s the beginning for a lot of businesses. Family, friends, local networks. And it works. Treat them right, and things can snowball. Julie Christie: We really look after our customers. When we get a customer, we send them little gifts in the post. We have a really good relationship with them. We phone them. We have lots of conversations before the shoot. We touch base with them after the shoot, every year at least. We give them Christmas cards. We keep up with them on social media, and we find that they then, because we have such a good relationship with them, that they do our marketing for us. And I think that is a good, solid way to build the right client base. It's a slow burden though, and you have to be brave, and stick it out, and keep working at it. I know a lot of businesses who thrive just on that. Just around word of mouth, referrals and you can do great from that, just like Julie. Let’s think wider though, outside of our network. How do we start to find people further afield? You’ll remember Patricia, who runs a recruitment company. She had some thoughts about finding people in another kind of network – the one I bet you’ve wasted at least a wee bit of time on today. Of course, I’m talking about Social media. Patricia McGuire: Talk to your customers and find out where they're living in the digital space because you can waste an awful lot of time trying to cover too many of the digital options, the social media options. Once you know where they're living in this space, start becoming expert in those areas. It might be Facebook, it might be Twitter, Pinterest, Instagram. In my particular case, I use LinkedIn, a great deal. LinkedIn and Twitter would be my two major marketing tools at the moment. I'm also developing podcasting as a tool for marketing my business, too. It’s great advice – depending on your sector, your audience is bound to have one

So what kind of business do you want to have? Perhaps you're looking at setting up on your own as a sole trader. Maybe you want to rent or buy premises and employ staff. Perhaps you're not even sure yet about which route is best for you. In this episode we're going to take a look at the different business structures why you might choose them. The 3 main trading styles are Sole Trader: You run the business, you do the work. A common route for tradespeople such as gardeners, plumbers, or hairdressers. Partnership: The name says it all. You go into business with a partner and share/run the business between you. A partnership is essentially just like a sole trader split in two. Limited Company: The route commonly taken by business owners looking to grow in size over time. Those who are looking to protect themselves legally by separating the business from themselves. Also, whatever route you choose to go down, you will have to think about how you're going to manage your finances. How do you go about doing this? Should you work with an accountant or book keeper? And what tools are available to help you keep a record of what's going in and what's going out? On this episode we'll hear from financial planner Pete Matthew, accountant Gordon Howes, photographer Julie Christie, and recruitment consultant Patricia McGuire. Transcript Hey, I’m Colin Gray and this is UK Business Startup, the podcast which takes you, step by step, through creating your own business. This, week we’re talking structure. If you’re starting a business, one of the first decisions – after what you actually do, of course – is what structure you’re gonna follow. That’s when terms like limited company, sole trader or partnership come up. And, for a lot of people, that’s really scary – it sounds like your getting deep into the legalities at that point. This episode should be a big help here, though, giving you some tips on what company structure might suit you. Let’s get into it! Pete Matthew: Hi. My name is Pete Matthew. I am a chartered and certified financial planner, which is just a posh way of saying I'm a financial adviser, really. Managing the finances of a business is very much like managing personal finances, but a lot of us are not very good at that, so it's important to put in good practices right from the start. If you're going to set up as a sole trader, or in a partnership with somebody else, or as limited company, you will manage things slightly different. So here’s the nub of it – each type of business works quite differently, and, actually, it often works as a bit of a pathway. A lot of people start out at sole traders or as part of a partnership, and then move on to become limited companies over time. Others skip the path, though, and jump straight in as as limited. The question for most people is, where do you start? I asked Pete if that’s something he’s asked a lot: Pete Matthew: Yes, it is, and usually the answer to that is tax. If you're a sole trader or a partnership, you are your own entity as far as the revenue is concerned. Any profits you make as a sole trader, or your share of the profit of a partnership, becomes your income. Now if business is good, and you get to the stage where your share of the profits is more than 42 thousand, or there about, you are going to be paying higher rates tax, 40%. That's pretty steep. Whereas in the limited company, the money comes into the company, and it pays corporation tax. The difficulty with a company is getting money out. There's two ways you can get money out of a limited company, salary and dividends. It's usually the most tax efficient environment to be in a limited company, depending on your anticipated turn over. If it's going to be more than forty, fifty, sixty thousand, I would definitely look at a limited company. So Pete gives us a good ballpark there – in the region of £50k turnover? Then you might want to think about incorporating. Remember, though, there’s a lot more than that goes into it, and one of the biggest is even more legal: that’s liability. So, the clue’s in the name – the limited in limited company, talks to the limited liability you have as the company owner or director. When you incorporate – that just means creating a limited company – suddenly that company is it’s own entity. It’s like a person itself. It has it’s own bank account, it’s own money, and it can shoulder the blame when something bad happens. That means debt, legal issues, and a whole lot more. As a sole trader, the company is YOU and only you. As a partnership, there’s two of you, but it’s the same idea. You’re the one that takes on all the responsibility. I asked Gordon to give us some examples and we came up with a hypothetical gardener called Bill, and a café owner called Amy. His first question for Bill would be: Gordon Howes: Could you have substantial personal liability if something goes wrong? His liability when he starts out is only to himself. He doesn't have any employees. It's unlik

When you hear the term “business plan” it's easy to be put off by the thought of some huge complicated dossier. But don't worry, it doesn't need to be as complicated as that. At this stage we're more interested in why you want to set up your business, who you want to serve, what problems you've identified, and how you aim to solve them. On this episode we're going to look at some examples from photographer Julie Christie, and shop owner Nicola Donnelly. Why did they decide to start their own businesses? How did they go about it? What can you learn from their experiences, and what advice do they have for you? When it comes to the money side of things, we need to have a think about your anticipated startup and running costs. Then we can look at how much we can expect to earn, and figure out if this is a sustainable income for you to live on. For this segment we've brought accountant Gordon Howes on board. And recruitment consultant Patricia McGuire has some advice for you on your long term goals. What kind of company would you like to have eventually? What would it look like, and how would you fit into it? Being clear on this can help you to work towards your goals, even if they seem a long way off at this early stage. Finally, two of the biggest things that hold people back are Over-planning to the point that they never start Fear – just being so scared of what might go wrong Recognising these obstacles early on is important if we want to overcome them. Yes, you're taking a risk, but you take a risk leaving the house each morning. As the old saying goes “A ship is safer in the harbour, but that's not what ships are for.” Transcript If anyone was thinking about starting their own business, they felt they had a good idea, they had what it took to make it work, then I would say go for it. Hey folks, I’m Colin Gray and this is Business Startup UK – the podcast which takes you, step by step, through creating your own business. Since this is the first show, it’s probably worth a little introduction here. As you’ve guessed, this is all about starting a company. There’s obviously a huge range of possibilities there. Maybe you’re looking to register self-employed so that you can do a bit of freelance work outside your main job. Maybe you’re going full time in the business, but there’s no need for a limited company yet. Or maybe you’re jumping in, feet first, and setting up a business with employees, VAT and all the rest, right off the bat. Whatever your aims, there are a lot of steps they have in common. Over the coming 6 episodes I’m aiming, with the help of many others, to give you a full grounding in business startup in the UK. That means what you need to prepare, what you need to think about and what you need to do as you set up your company. By the end of this first series, you should have a really good idea of your first steps, the pitfalls, the things to watch out for along the way. In case you’re wondering who on earth I am, my name’s Colin Gray and I’m the founder of The Podcast Host. As you’ll guess from the name, we make podcasts and we help other businesses to do that too. I first went self-employed around 10 years ago now, I’ve set up 2 limited companies and helped with a fair few others. I definitely don’t know it all, though, and during this series we’ll be talking to a big range of other people about their experience. Some are experts in finance, law, sales or marketing, and others are just business owners – people who’ve gone through the same experience. We’ll be hearing about the highs, the lows, the tops and the pitfalls. All of this with the aim of making the whole process much, much easier for you. So, enough explanation – let’s get to the meat of it. In this episode we’re talking about that first step for many – the business plan. Saying that, don’t worry, we’re not jumping straight into a 20 page document with super detailed market analysis, customer segmentation and financial projections – I’m just talking the plan for your business which you build up over a little time. It’s starts out with a look at who you’re serving, what you’re selling them and why they’ll buy it from you. But, even before that, why do you want to make this plan in the first place? Julie Christie: I'm Julie Christie and I run a portrait photography business called Julie Christie Photography in Carnoustie. I was forced into making the decision to start my own business because we moved Howes from Glasgow to Carnoustie. I found myself out of job. I hadn't really been enjoying my teaching job and I thought, “Well, this is the time to do this. It's going to make or break. I'll do it.” Quite a few people start out this way. They end up in business almost by chance. It just seemed like the best decision at the time, or, actually, it was the only decision to make! Others, though, they can't stand the thought of not doing it, not solving this problem out there that just seems so obvious to them. Nicola Donnelly: I have always want