Archives for May 2017

Ed’s Top Tips – Tip 12- Just get on with it!

Tip 12- Just get on with it!

Ed Goodman, business mentor, author and co-founder of Cambridge Business Lounge, presents Ed’s Top Tips – a series of short and useful guides for starting and running a business. This week’s final topic: Just get on with it!

It’s a little sad as we’ve come to the end of our series of Ed’s Top Tips. I hope you’ve found these tips invaluable pieces of information and helped you understand starting and running a business a little better from when you began. You’re going to make mistakes which are a good thing because this experience is a massive learning curve.

Embrace the fact that you don’t know, what you don’t know. As time passes you’ll gain more experience and develop your skills. It’s now time to end your planning and research and get on with running your business. Here are some words of encouragement from Ed:

There you have it. It’s time to take that step forward and get on with running your business. You can always revisit these blogs or watch a full playlist of all the videos here.

We’d love to know out of all the 12 videos which you found the most helpful and why. Would you like Ed to do more tip videos?  Tweet us using the hashtag #EdsTopTips

Ed’s Top Tips – Tip 11: A sale is not a sale until you’ve been paid

Tip 11: A sale is not a sale until you’ve been paid

Ed Goodman, business mentor, author, and co-founder of Cambridge Business Lounge, presents Ed’s Top Tips – a series of short and useful guides for starting and running a business. This week: a sale is not a sale until you’ve been paid.

Don’t let the topic of money become the elephant in the room.

It’s a wonderful feeling when you make a connection with a client who loves your work and wants to work with you, but when the topic of being paid comes up it’s something many of us feel uncomfortable talking about.

You’re amazing at understanding the customer’s brief and you’ve kept them in the loop all the way through the process of the work you’ve done but near the end of the process, you’re talking about being paid. Why didn’t you bring this subject up right at the beginning? Good business practice suggests that you have clear communication about all aspects of your business and being paid is a highly important topic to bring up right at the beginning of a new relationship.

It’s important because you are being clear and concise about the way you work and this will enable you to manage the client’s expectations better, whilst also making them aware of when you expect to be paid and at what stage your output will come to an end. Being upfront about what the client should be expected to pay and your terms and conditions will make your life a lot easier in the long run and will negate unnecessary problems when do send them an invoice.

Watch Ed’s video about being up front when talking about being paid:

Action Point:

Write down your sales process and identify when the question of making payment comes up. Now you’ve watched Ed’s video do you think that you could rearrange when you talk about payment in your process?

We’d love to hear how you begin the conversation about being paid? Do you have any methods to make it more comfortable, or do you avoid it altogether?  Tweet us and tell us using the hashtag #Edstoptips.

 

 

Ed’s Top Tips: Tip 10 – Anytime is the right time to start a business

Tip 10- Anytime is the right time to start a business

Ed Goodman, business mentor, author, and co-founder of Cambridge Business Lounge, presents Ed’s Top Tips – a series of short and useful guides for starting and running a business. This week: Anytime is the right time to start a business.

In 2016 80 companies per hour were started. That’s a lot of companies. It’s a really good illustration that prospective business owners aren’t letting outside factors like the economy or politics get in the way of making their dream become a reality.  Research from StartUp Britain, a Government-backed national enterprise campaign, shows 342,927 new businesses were registered with Companies House between January and June, compared with 608,110 for the whole of 2015, itself a record year.

Watch the video where Ed explains right now is the best time to start your business:


Action Point:
What are you going to do to start your business? Here are a couple of suggestions which could help you on your way.
  1. Come and visit us! We love meeting new businesses and making new connections. We’ll even make you a cup of tea or coffee. If you’re not in the local area you can always reach out to us via email or social media.
  2. Get out there and meet people. You can use websites like Meetup or Eventbrite to see what’s going on in your local area. Find an event which looks like your thing and go to it.
  3. Seek advice. Talk your ideas over with a business mentor or someone who runs their own business. Try to avoid speaking to friends and family who can be biased in their views.

We’d love to know what thing tipped you into starting your own business. Tweet us and tell us using the hashtag #Edstoptips.

Ed’s Top Tips – Tip 9 – Make Friends With An Accountant

Tip 9: Make Friends With An Accountant

Ed Goodman, business mentor, author and co-founder of Cambridge Business Lounge, presents Ed’s Top Tips – a series of short and useful guides for starting and running a business. This week’s topic: make friends with an accountant.

When you start out with your business, the last thing you think you need to do is speak to an accountant. You might think that because you’re only a sole trader that seeking expert accountancy advice isn’t necessary at this stage. You’d be wrong. Everyone needs to submit a tax return and HMRC aren’t the easiest people to communicate with.

The finance side of the business might actually be the hardest to deal with. You are an expert in your own field but the major point is you a not an expert at every part of your business. This is why seeking expertness of accountants, marketing professionals or designers is going to give your business the edge over the competition.

If your like myself and find anything to do with numbers or finance is dealt with burying your head in the sand, then your business isn’t going to have the success you dream it to be. Watch this video where Ed emphasises the importance of seeking out an accountants advice:

 

Action Point:

Go make friends with an accountant. This will broaden your network and you’ll have professional expertise about a subject you are not an expert in.

Have you met any accountants at networking events or Twitter chats? Why not mention to them your starting out in business and find out if they do offer a free consultation and book it! This will allow you to ask as many questions about how you go about doing your tax return, how to process your expenses. This is then a relationship which will help you in the future as your business grows.

Tell us how you found your accountant and how you’ve found them beneficial to your business. Leave us a comment below or Tweet us using the hashtag #EdsTopTips