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Before you start a business, write a simple plan, work out your numbers, and find out who will actually pay you. Then line up a few people you trust for the hard calls and expect it to take longer than you think. That's the short version of what ten Dorset business owners told me on my podcast.
Every episode of Dorset Business Matters ends the same way.
I tell my guest about George. George lives around the corner. He's about to start his own business. He's got five grand and a laptop.
What should he do first?
George isn't real. (One guest asked. I said, "Of course he's real." He isn't.) But the question is, because every week someone like George asks me exactly that. The answers from people who have actually done it are better than anything I could make up, so here are ten of them, with my own view at the end.
Quotes are lightly edited for readability. Each guest's full episode is linked.
Write a plan. Not a 40-page document for the bank. A plan.
Andy Strong, founder of international recruitment firm Strong Search, put it better than I can:
"Before I'd even bought the laptop and got the five grand, I had a plan. I had a plan that would enable me to execute across the first year… So the first thing you do is a plan. And that plan will change, and that's absolutely fine. You've got to have something, otherwise you're already lost."
That last line is the one I'd underline. The plan will be wrong. Every plan is. But without one, you have nothing to be wrong against, so you can't learn from it.
Lorraine Barber of Wincombe Payrolls said the same in four words: "Have a plan, have a strategy." She also did something sensible that most new founders are too proud to do. She had a mortgage and bills, so when she went self-employed she took a part-time job "just to cover some basic bills" while the business got going.
That isn't a lack of commitment. That's buying yourself time to get it right.
Because, in the words of Nick and Jessica Bain of Halo Design:
"If you don't know your numbers, you're screwed. Literally."
Nick and Jessica bought the agency they worked in through a management buyout, so they've seen the numbers from both sides. And they don't just mean the profit and loss. They mean marketing numbers too: website visits, conversions, and the questions most new owners skip. How many clients do you need? How much does each one need to be worth?
Jacqui Rock, CEO of Poole BID, made it practical. If George is opening a coffee shop, he needs to "work out what the business rates are, what the lease is" and "how many coffees you need to sell to be able to break even and make a profit."
How many coffees. That's the whole business model in one question.
If you only do one thing before you hand in your notice, work out that number for your idea. If you want a starting point for what to track once you're trading, I've written about the KPIs that actually matter.
You go and find out. Before you spend the five grand.
Anna Knight, Chief Executive of the Dorset Care Association, was blunt:
"Do your homework. If there's a particular area that you want to work in, do they need you? Are you going to make money from it, and do you know enough about it?"
And then: "Who are your clients gonna be, and what's your rate? What's your fee? Are you worth it?"
Loving gardening doesn't make you a gardening business. Somebody has to want it, at a price that works for you.
Stephanie Crombie, co-founder of architecture practice Supernatural Studio (episode), went one step further. Her number one: find a client, understand them, then work backwards from there. And, importantly, make sure it works for you too. "If you're just solving people's problems and you're not enjoying it, it's not worth it."
By that episode George had a lot of advice, so I asked her which was the best of the lot. Her answer: "the ICP bit". Your ideal customer profile. Know exactly who you're for.
Hard to argue with that.
Do your research, then do something different.
Luke Fribbens taught himself to code as a teenager and now runs digital agency Cold Banana. His advice for a George opening a coffee shop where there are already "hundreds down the road": research first, "but also do something different… sell donuts or sell something that someone else doesn't do."
Jacqui said the same from the high street: "I'd find a unique selling point, definitely." She'd also send George to sit in the pub "day, night" to see who the customers really are before he takes one on.
Luke added something I rarely hear from founders: partnerships. Cold Banana's partners, other agencies that don't do technology, act as "our sales arm a lot of the time." For George's coffee shop, that might mean teaming up with a local gym or a coffee roaster. You don't have to do all the selling yourself.
Not just Bert down the pub.
Andy again:
"George should ideally have some people that he knows and trusts that he can then go and talk to for those really tricky calls."
People who know and trust him, and who also have the credentials to help. Bert might be lovely. Bert might even be right. But Bert has probably never had to make payroll.
There's free help around if you know where to look. When I asked Ian Girling, CEO of the Dorset Chamber, what the Chamber would do for George, he said there would be events George could come along to for free, a mix of learning and networking. A paid "essential membership" adds expert advice on tax, HR, and health and safety.
And of course this is what a business coach is for. More on that below.
Longer than you think.
Josh Williams started out stacking shelves after being turned down for a stockbroking job. He now runs Bizpedia, a premium networking community. He didn't sugar-coat it:
"It's gonna take a lot longer than you think it's gonna take, and it's gonna take more energy and money… Just be sure you wanna go on the journey."
Sue Coombs, founder of Women of a Certain Age and Friends, gave George three bits of advice that I think every new founder should pin above the desk:
"Be careful how you spend the money, because sometimes actually you probably don't need to spend it where you think you need to spend it… Back yourself, because if you're gonna do it, you need to believe in what you're doing… And hold on, 'cause it's gonna be a bumpy ride."
When I asked Josh what he'd change if he did it again, he said he'd set goals much more clearly, protect his time to work on the business, and spend less time thinking about strategy and more time on execution.
Plan, yes. Then get on with it.
All of the above. Then three things from my side of the table.
Decide what you want the business to give you. Income? Freedom? Something to sell one day? Lorraine told me her business "is an exit plan for me… 'cause I don't have much in a pension." That's a clear reason, and it should shape every decision from day one.
Don't build yourself a job. Most of the owners I coach didn't set out to become the bottleneck in their own business. They just never stopped doing everything themselves. Start as you mean to go on. Write things down. Hire before it hurts.
Get out of your own way. It's the subject of my first book, Head Down, Balls Up. Procrastination, perfectionism, fear of letting go. George's biggest risk isn't the market. It's George.
So, George. Five grand and a laptop.
What's your plan?
If you're about to start, or you started a while ago and it doesn't feel like the plan anymore, let's have a conversation. Book a free Discovery Call at simonellson.com/contact or ring me on 01305 566150. No pitch.
You can hear every guest's full story on Dorset Business Matters, and if you're in Dorset, start with my guide to business coaching in Dorset. You can also see how I work with owners.
Write a simple first-year plan, test whether people will pay for what you're offering, and work out your numbers: costs, pricing, and how much you need to sell to break even. Then find a few experienced people you trust to talk to before you commit your savings.
It depends on the business. Work out your fixed costs (rent, rates, insurance, software), what you need to live on, and how long it will take to reach break-even. Several of my guests advised spending less than you think you need to, and covering personal bills separately while you start.
You need a plan, not necessarily a formal business plan. A page or two covering who your customers are, what you'll charge, how you'll reach them and your first-year targets is enough to start. Expect it to change.
Not knowing their numbers. Close behind are starting without checking demand and trying to do everything themselves. Over time the biggest one is building a business that can't run without the owner.
Dorset Chamber runs some events new businesses can attend for free, and paid membership adds expert advice on tax, HR, and health and safety. Local networks, the Dorset Business Matters podcast and a free Discovery Call with a coach are other good places to start.
It's the question I end every episode with: George lives around the corner, he's got five grand and a laptop, and he's about to start his business. What should he do first? The answers come from Dorset owners who have done it.
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Business Coaching for Dorset & South West Working with business owners turning over £1M–£20M across Bournemouth, Poole, Dorchester, Weymouth, and the wider South West.
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