8 tips to starting your own business
Tips to starting a business
Hannah Thompson started her own dance company, Riot Sessions, after graduating from LJMU’s Business Management course. She shares her top tips for those who have a similar ambition.
1. Be passionate
You will spend your days and nights thinking about your business, so try focusing on something you really enjoy and believe in. If you are passionate and good at what you do, it’s likely to be a great success.
2. Work all hours
There’s often a lot to get done that doesn't fall into the normal 9-5 working day, so it’s definitely a good idea to make your own timetable of work and place of work; allow yourself set times off and away from your laptop or smart phone.
3. It’s not always about money
Sometimes you have to do things that help your business rather than your bank account. That can mean charging less than your regular fees when providing a service, or even offering to do it for free if it gives you greater exposure to potential full-paying clients or customers.
4. Be patient
Good things come to those who wait, so don't give up if work isn't flooding in from the get-go. Customers and clients soon grow in numbers and if you provide a great service or product, custom will grow with consistency.
5. Be brave and bold
It can be a scary thing to work for yourself: not having guaranteed income, set hours of work and a set team to work with. You have to be brave, so be prepared to not always take the safe option. Be bold and put yourself, ideas and services out there.
6. Be a people person
Most people will hire and work with people they know and like, so it's good to get to know and be liked by a lot of people. If you are a good people person, they will want to work with you and recommend you.
7. Put your own money into it
The start-up funding I received from LJMU was great to get me going, however running a company comes with many responsibilities and costs to get going. I have invested a lot of my earnings back into my company, as well as time and dedication.
8. Go for it!
Don't put yourself off by thinking something is out of reach – think big and achieve big!
Hannah and her team at Riot Sessions run dance workshops and regularly perform for audiences.
If you're inspired by Hannah's success and are considering starting your own business, why not find out more about studying business at LJMU? You can also watch the video below which follows Business Management students on a tour of Liverpool Organic Brewery to see how a successful SME is run.