Being your own boss has never been more appealing, with a record-breaking 5.5 million new business applications filed with the US Chamber of Commerce in 2023.  

If you’re starting your own business, don’t get caught up in the hype and forget the big picture. The sobering fact is that 90% of all startups fail. If you want to be part of the 10% who succeed, you need to look at – and avoid – the mistakes other entrepreneurs have made.

To help you, Yassin Aberra, the CEO of Social Market Way, a digital marketing agency specialising in SEO, shares the top 10 mistakes startups make, and how your new business can avoid them.

1) Burning through cash too fast 

The mistake

Lavish office spaces, premature hiring sprees, and inventory mismanagement can leave your budget gasping for air. Fun fact: 82% of startups that fail blame poor cash flow management.

The fix

• Plan A Budget: Treat every dollar like it’s your firstborn. Use tools like QuickBooks or consult an accountant to make sure you’re on top of cash flow.
• Stash A Safety Net: Save up a safety net fund for those slower months.
• Be Lean And Mean: Resist splurging on unnecessary frills. Skip the pool table and focus on things your team actually cares about, like getting paid on time.

2) Assembling a team of misfits

The mistake

Your dream team matters! Rushing hires or overlooking whether an employee will fit into your company culture is a surefire way to end up with clashing egos or skill gaps. About 23% of startups cite team issues as a reason for failure.

The fix

• Hire Smart: Seek talent that aligns with your mission and has the chops to deliver.
• Invest In Culture: Build trust with honest communication, timely pay, and feedback that isn’t soul-crushing.
• Don’t Overstaff Early: Employ freelancers or part-timers until your growth justifies more hands.

3) Pricing like a novice

The mistake

Overpricing sends customers running; underpricing tells them, I’m too cheap to be good. Either way, you’re leaving cash on the table.

The fix

• Do Market Research: Know your value and what customers will pay.
• Adjust Fast: If prices aren’t right, pivot quickly without whiplashing your loyal buyers.

4) Flying without contracts

The mistake

Trusting handshake deals over ironclad contracts is like riding a bike without brakes. It might work, but it probably won’t. Papertrail is everything. Always get it in writing.

The fix

• Sign Everything: From co-founders to freelancers, lock down every agreement in writing.

5) Skipping market research

The mistake

It may seem crazy that 42% of startups fail because no one wanted their product. You might be asking yourself – how do you found a business without knowing people want to buy your product?

No one knew they wanted a service like Uber before they got it. Everyone’s looking for the next big thing everyone never knew they wanted, and unfortunately, many are getting it wrong.

The fix

• Survey Like A Pro: Ask potential customers what they want before building. Tools like Typeform can help.
• Observe Competitors: Study their wins (and epic fails).
• Test And Iterate: Launch small, tweak, repeat.

6) Playing the lone wolf

The mistake

Refusing to delegate because no one does it better than me isn’t confidence – it’s a shortcut to burnout. It can be difficult to let go of the reins – this company is your baby – but you can’t do it alone.

The fix

• Spread The Load: Delegate tasks that zap your energy (or those for which you lack the expertise).
• Communicate Clearly: Explain expectations to your employees or contractors upfront and give constructive feedback.
• Embrace Fresh Ideas: Remember that a team brings perspectives you’d never think of on your own.

7) Scaling too fast, too soon

The mistake

Premature scaling leads to supply chain disasters, stressed staff, and customer complaints. While it’s tempting to scale up and reap the rewards of more customers and more money, over 70% of startups fail due to scaling before they’re ready.

The fix

• Build A Solid Foundation: Perfect your core business before expansion fever hits.
• Pilot First: Test new markets before going all in.
• Track Growth Metrics: If your cash flow, team, and processes aren’t scaling together, hit pause.

8) Ghosting your digital presence

The mistake

Neglecting your website or social media is like opening a store and hiding the sign out front. No one knows you exist! Social media marketing is a core component of any business these days, so you need to figure it out.

The fix

• Polish Your Website: Make it mobile-friendly, fast, and visually pleasing.
• Get Social: Post consistently and engage with your audience.
• Track The Data: Use tools like Google Analytics to see what’s working and improve your SEO so potential customers can find you.

9) Ignoring customer feedback

The mistake

Shutting out your audience’s voices is like plugging your ears while everyone screams, You’re going the wrong way! Your customers are the ones you want to buy and use your product, so ignoring what they want is a surefire way to tank your company.

The fix

• Collect Feedback Regularly: Surveys, reviews, and one-on-one chats work wonders.
• Act On It: Don’t just file complaints away – address them.
• Stay Grateful: Acknowledge feedback and let customers know you’re listening.

10) Chasing short-term wins at long-term costs

The mistake

Pouring everything into instant gratification often sacrifices future sustainability. Spoiler alert: it’s a trap.

The fix

• Think Big Picture: Balance immediate goals with long-term plans.
• Build Scalably: Invest in tech and systems that grow with you.
• Track Key Metrics: Keep an eye on customer retention, not just acquisition.

Build a successful business

Building a successful business, no matter the size, comes down to a mix of strategy, resilience, and connection. The first step is having a crystal-clear vision of what success looks like for you. Is it a thriving team, a certain revenue milestone, or creating a product that changes lives? Once you know your ‘why,’ every decision becomes easier. 

But don’t stop there – strategy is vital. Research your market like your life depends on it, because it does. Know your audience better than they know themselves and tailor everything – your product, messaging, even your customer service – to serve them. 

Then, don’t be afraid to pivot when the data tells you to. The reality is, businesses don’t fail because people didn’t work hard; they often fail because they refused to adapt. Surround yourself with people who are smarter than you, whether that’s your team, mentors, or even your competitors – yes, you can learn a lot from them! 

And finally, take care of yourself. Burnout isn’t a badge of honour; it’s a business killer. When you’re thriving, your business will, too.

Social Market Way is a digital marketing agency specialising in SEO, lead generation, and online visibility strategies. They focus on helping businesses increase organic traffic, boost search engine rankings, and drive targeted leads to achieve measurable growth.

They craft customised marketing plans tailored to each client’s industry and goals with a data-driven approach. Their services include content marketing, link building, local SEO, and reputation management, aimed at delivering long-term success.

The post 10 common start-up mistakes you need to avoid appeared first on Talented Ladies Club.

There comes a time in the business journey of many entrepreneurs and freelancers where they need to decide whether to stay self-employed or become a limited company. If you are considering setting up a limited company, here are the steps you need to follow.

1) Make sure a limited company is right for you

While there are benefits to being a limited company, there are also more legal obligations. And for some businesses and freelancers, self-employment may be a better choice, at least initially.

So before you set up your limited company, check that it is right for you – or whether you’d be better off starting out or remaining self employed. You can read the pros and cons to each set-up and which might be right for you here.

2) Choose a name for your limited company

Once you know you definitely want to be a limited company, your next step is to choose your company name. You may already have a business name, or one in mind, but that doesn’t necessarily mean you can use that name for your limited company.

Your limited company name cannot:

• Be the same as another company name (you can search the list here).
• Contain a sensitive word or expression (unless you get permission here).
• Suggest a link to government or local authorities.
• Be considered offensive.

If your chosen company name has already been taken, you’ll need to choose a new one. You can read more advice on finding a name for your limited company here.

3) Decide on your directors

Limited companies need to have at least one director. Directors are legally responsible for running the company and ensuring that your company accounts and reports are prepared properly.

To be a director you must be 16 or over and not disqualified from being a director. You don’t need to live in the UK, but the company must have a UK registered office address. You must also provide a service or correspondence address. Your name, personal information and address are publicly available.

Limited companies don’t need a company secretary, but some companies use them to take on some of the directors’ responsibilities. However it is the directors who are legally responsible for the company, not the company secretary.

You can be a company secretary if you are a director, but not if you are the company’s auditor, or are an undischarged bankrupt.

4) Choose your shareholders or guarantors

Limited companies are usually ‘limited by shares’, which means they are owned by shareholders. These shareholders have certain rights, such as to vote and agree changes to the company.

Some companies are limited by guarantee, which means they have guarantors and a ‘guaranteed amount’ instead of shareholders and shares.

Most companies have what are called ‘ordinary’ shares. These mean that directors get one vote on company decisions for each share, and receive dividend payments.

A company limited by shares needs to have at least one shareholder (this can be a director). If you’re the only shareholder then you will own 100% of the company. There’s no maximum number of shareholders.

The price of shares can be any value. Shareholders must pay for their shares in full if the company is shut down. So, to limit your liability to a reasonable amount, it’s common to choose a low share value, such as £1.

When you register your limited company you will need to provide the following information about your shares:

• The number of shares of each type the company has and their total value
• The names and addresses of all shareholders

5) Identify persons with significant control of your company

There is always one or more people who own or make controlling decisions about a limited company. This is known as a person with significant control (PSC).

You need to let Companies House know who your PSC is/are, and the level of their shares and voting rights when you set your company up. And if any of these details change later on, you need to inform Companies House.

A PSC will usually have:

• More than 25% of shares in your company
• More than 25% of voting rights in your company
• The right to appoint or remove the majority of the board of directors

6) Prepare your legal documents

When you incorporate a limited company you need to prepare the following legal documents:

• A memorandum of association: This is a legal statement signed by all initial shareholders or guarantors agreeing to form the company.
• Articles of association: These are written rules about running your company, agreed by the shareholders or guarantors, directors and the company secretary (if you have one).

If you register your company online, you won’t need to write your own memorandum of association. Instead, it will be created automatically as part of your registration.

For your articles of association, you can either use standard articles (known as ‘model articles’) or write your own and upload or send them when you register your company.

7) Make sure you’re aware of your filing obligations

As the director of a limited company, you are responsible for ensuring you file all the required documents on time. These include records about the company, and financial and accounting records.

HMRC may check you’re paying the right amount of tax, so it’s wise to hire an accountant when running a limited company. Not only will they ensure you are paying the correct tax, but they’ll know what documents you need to file, when, how and can submit them for you.

Remember that you also need to keep company records for at least six years from the end of your last company financial year. You can read more about the records you need to keep, and for how long, here.

8) Register your limited company

When you’re ready to become a limited company, you will need to register with Companies House. To do this you’ll need an official address and a Standard Industrial Classification (SIC) code. Your SIC code identifies what your company does; you can find out what yours is here.

Once you have registered your limited company you’ll get a certificate of incorporation which confirms your company legally exists and shows your company number and formation date.

Most people also register for Corporation Tax at the same time as registering with Companies House. if you aren’t ready to do this you can register separately with HMRC after you’ve registered your company with Companies House.

Get help to set up your limited company today

It can be daunting setting up a limited company yourself. If you’re ready to incorporate your business but need help, you can use a company like 1st Formations. They’ll walk you through four simple steps to setting up and registering your company:

1. Company name: Check your company name is available for registration.
2. Choose a package: Find the right package for your needs.
3. Checkout: Proceed to checkout (you can also add additional services).
4. Company details: Fill in your company details and they’ll do the rest.

Packages range from as little as £12.99 to register your company and get your digital documents, to more comprehensive packages that include registered addresses, VAT and PAYE registration and confirmation statement.

If you’re just getting started and want to secure your limited company status, this might be a good option for you. You can then find an accountant to prepare your accounts later on.

The post How to set up a limited company in eight steps appeared first on Talented Ladies Club.

In the UK, the two most popular options are to go the self-employed route or to form a limited company. In this article, we look at the self-employed and limited company structures and highlight the pros and cons of each. Let’s get started.

Self-employed: A quick explanation

As a self-employed individual, you will generally be referred to as a sole trader (or sole proprietor). Under this model, there is no separation between you and the business itself – you are, essentially, the same legal entity. 

Self-employment is a popular option for many people taking the first step in working for themselves. In 2023, there were around 4.24 million self-employed workers in the UK.

To set up as self-employed, you must register directly with HMRC.

Limited company: A quick explanation

Limited companies are run by directors and owned by shareholders (a company can be operated with several people sharing these roles or just one person taking it all on). As a limited company, there is a clear difference between the individuals involved and the company. 

According to Companies House (the UK’s registrar of companies), between July and September 2023, 219,254 new companies were incorporated in the UK. In total, at the end of September, there were 5,213,416 companies on the total register.

To set up a limited company, you can either register directly with Companies House or use a third-party specialist such as 1st Formations.

The pros of being self-employed

So could being self-employed be right for you? To help you decide, here are five pros.

1) Speedy start-up

Whilst registration with HMRC is compulsory, you can actually start trading before you complete the registration process (which itself is quick, simple, and free).  

You will need to set yourself up as self-employed (also known as a sole trader) with HMRC if:

• You earn more than £1,000 from self-employment in a tax year (6 April to 5 April)
• You need to prove you’re self-employed (for example to claim Tax-Free Childcare)
• You want to make voluntary Class 2 National Insurance payments

2) You have minimal admin

Other than the administration involved in the day-to-day running of your business, the only admin you need to take care of is sending in a Self Assessment tax return.

While you may not have many admin requirements, it’s important to keep business records and records of any expenses. You will also need to save up for tax, as it’s not deducted at source; instead you will pay it after submitting your tax return.

Not sure how much you need to save for tax? You can budget for your Self Employment tax bill using this handy HMRC calculator.

3) Payday is when you want

Your business’ money is your money so you can use it for what you want, when you want. Although, you need to ensure your business can pay its bills, and you can pay your tax bill. This is where being aware of your outgoings (expenses) and how much you will need to save for tax and National Insurance is important.

4) You can do business in private

Your financial information is kept private, meaning it won’t be published anywhere. When you are a limited company, some information is public knowledge with a limited company. This includes:

• Names, dates of birth and contact addresses of directors
• Details of people with significant control (PSCs)
• Your accounts (and whether or not they have been filed on time)
• Your registered offices
• Any outstanding charges, such as mortgages on properties owned by the company

5) You have the flexibility to go bigger

If business is going well, you can expand into a limited company, which is a relatively simple process. How do you know when the right time to move to a limited company is? As a rough rule of thumb, it can be more tax efficient to incorporate your business once you earn over £30,000 a year in profit.

You may also want to protect your business name/brand, attract larger clients, or limit your liability at some point. If so, becoming a limited option may be the right option for you. If you are a freelancer or contractor, you might find that being a limited company enables you to quote for more contracts.

The cons of being self-employed

And here are five cons of being self-employed.

1) Business debts are your debts

Because there is no legal distinction between you and the business, you are personally liable for any business debts. This means you will need to pay them yourself, and if you do not, your creditor can take action against you. If they do, your business and personal assets could be at risk.

2) Questionable tax efficiency

This will always depend on circumstance but typically, the self-employed/sole trader business model is not a tax-efficient one.

The good news is that, as long as your profits (and any other earnings) don’t go over your annual personal allowance (£12,570 a year for 2022/23), you won’t pay any income tax. You also don’t need to pay any National Insurance Contributions (NICs).

However, your tax bill starts to climb once you start paying income tax and self-employed NICs. Compare the 20% or 40% income tax you pay on profits as a sole trader to the 19% corporation tax for small limited companies, and going limited starts to look like an attractive option.

3) You can give off an amateur impression

Self-employed individuals are sometimes perceived to be ‘small-time’, which can make it hard to appeal to customers and grow your business. This can also restrict you from some freelancer contracts when working for larger companies.

4) Investment challenges

If you are considering expanding or seeking investment, being a sole trader will count against you. Attracting investors can be tricky because of the perceived size of your operation, and because they can’t be rewarded with a stake in the business through shares.

5) Selling the business isn’t easy

And finally, the lack of separation between you and the business can complicate matters if you ever decide to sell up.

As a sole trader you can’t sell your right to own your business – you can only sell your company’s assets. Once someone has bought these assets, your sole proprietorship dissolves and the new owner will need to create a new business structure.

The pros of running as a limited company

It might be that running as a limited company is a better choice for you. To help you decide, here are five pros.

1) Your finances are protected

The ‘limited’ in ‘limited company’ means ‘limited liability’ – if the company accrues debts, your personal finances are safe, unlike a sole trader. The exception to this is if you have an overdrawn director’s loan account (if you have borrowed money from your company and not paid it back).

2) It’s tax-efficient

This will depend on your circumstances but the limited company structure is more heavily associated with tax efficiency when compared to the self-employed model. See here for more detail as to why.

3) You’re more esteemed

The limited company model is one of the most well-known in the world and can give your business a competitive edge, especially when compared to sole traders.

4) You have greater brand protection

Company names must be unique and can’t even be similar to another name on the Companies House register, so when you form a company, you are locking down your company name.

If you’re not quite ready to become a limited company yet but want to protect your name and stop someone else using it, you can incorporate a company but then leave it dormant. This will keep your name safe until you’re ready to go limited.

5) It makes succession planning easier

Because limited companies and their owners are legally distinct, selling on (or passing on) a company can be a simple process. If wish to sell your ownership of your limited company, you have two choices:

• You can chose to sell your shares in your business (if there is more than one owner, they must all agree to the sale).
• Or, you can sell your company’s assets to a new owner instead. These might include equipment, furniture and fixtures, inventory, property and investments. 

Whichever way you choose, selling your shares or assets transfers all company liabilities to the new owner. This includes outstanding debts and loans, salaries and taxes.

The cons of running as a limited company

And here are five cons of running as a limited company.

1) Registration with Companies House is necessary

The company formation process could be considered complicated. Nonetheless, with the assistance of a company formation such as 1st Formations, it is still quick and simple.

2) You have filing obligations

There is more paperwork involved when you are a limited company. You must file annual accounts, confirmation statements, and tax returns. Plus, Corporation Tax should be paid on time and any company changes must be done in a compliant way.

Most limited companies hire accountants to prepare their annual accounts as they are more complex than completing a Self-Assessment tax return. While this is an extra expense, it can be a wise investment as your accountant should advise you of potential tax efficiencies.

3) You have a legal responsibility

You are legally obliged to ensure that the company meets all of its filing requirements. Failure to do so can result in high penalties and companies being removed from the register.

It is also a requirement to have a separate business bank account. However, while not legally essential, this is a good idea anyway if you are self-employed to make bookkeeping easier.

4) You need processes for payday

Money can only be withdrawn from the company as a dividend payment, a director’s loan, or as expenses – it’s not a simple case of just popping down to the cash machine and paying yourself.

5) Company information is public

As a limited company, information about you and your business is published on the public register, including director and shareholder names and financial information.

Which is right for you: self-employed or limited company?

As we have just highlighted, there are advantages and disadvantages to the self-employed/sole trader model and the limited company model. 

What’s right for one business will not be appropriate for another. However, because of the financial protection that a limited company provides its owner(s), running as a company is generally the ‘safer’ option. Plus, as sole trader businesses do become more successful, they often end up registering as limited companies anyway.

We hope this article has proven useful in helping you make the right decision for you and your new business.

About the author

Kate Moss-Robins is a Content Writer at 1st Formations.

1st Formations have helped register more than 1 million UK limited companies. If you have decided that a limited company represents your best route into entrepreneurialism, they can help from only £12.99. Their company formation process is entirely online and you could be ready to trade in as little as 3-6 hours. Take a look at their company formation packages now.

The post Self-employed vs limited company: What’s right for your new business? appeared first on Talented Ladies Club.

Being the owner of your own business is the main goal of many hardworking employees and sole traders. And while there’s a lot to consider before that all-important next step, this is a momentous occasion that deserves to be celebrated. 

However, before you make your next move towards future success and glowing reviews on Checkatrade, you’ll inevitably have a lot of questions and concerns about setting up a limited company. 

What is a limited company? 

A limited company is essentially a completely separate thing from the owner of that company. In other words, if a limited company experiences financial difficulties or a legal battle, the company itself is liable, and not the owner of that company. 

This kind of company is a lot different from being a sole trader, where the liabilities of a business rest on the owners’ shoulders. 

Can I set up a limited company?

Absolutely anyone of any nationality is legally allowed to set up their own limited company as long as they meet 3 main criteria:

• They aren’t subject to any UK government restrictions
• They haven’t been restrained via court order
• They aren’t an undischarged bankrupt 

You don’t need to live in the United Kingdom but the registered office address of your limited company will need to be in England, Wales, Northern Ireland, or Scotland. 

Is setting up a limited company expensive? 

Many people like the sound of starting up a limited company but assume it’s a costly process. However, it’s far more cost-effective than you think. 

All you really have to do is register your company with Companies House. How much does doing this set you back? Just £40 by post, or £12 to get registered online. 

Does a limited company pay less overall tax? 

Taxes are an inevitability in all walks of business, whether you’re a limited company, an employee, or a sole trader. But when it comes to paying less overall, you won’t be required to pay income tax or national insurance (depending on the salary you earn). 

However, you will be required to pay corporation tax, which tends to be less than other standard taxes. In other words, yes, taxes still exist, but you will pay a little less than usual. 

If I start a limited company, how do I pay myself? 

Like any business venture, starting your own limited company will have an effect on your finances. Especially when it comes to paying yourself in this new venture.

There are two main ways you can pay yourself when you’ve set up a limited company – by salary or by dividends. 

A salary can simply be transferred on a monthly basis from the company account to yours. This salary is subject to income tax and national insurance if it’s over a certain set amount. Dividends can be taken from the company profits after all necessary taxes have been paid. 

Photo by Daria Pimkina

The post Frequently asked questions about setting up a limited company appeared first on Talented Ladies Club.

Starting a new business is an exciting and nerve-wracking time. And whatever your new business will do, you’ll drastically increase its chances of success with the right planning. But what SHOULD you plan?

To find out, let’s look at what the businesses who don’t make it fail to do. And it turns out that three things regularly top the list of reasons why businesses fail: poor financial management, lack of planning and the wrong marketing.

So how can you ensure you avoid the same traps? Here are nine things we recommend you have before launching your new business.

1) A researched and tested idea

Every business starts with an idea. Your idea could be to offer a product or service that you feel is lacking in the market, or you may want to add to existing solutions with your offering. Either way, you’ll need a business that solves a problem and has a genuine USP – unique selling point.

If you don’t yet have an idea, or have the germ of a thought but aren’t sure whether it’s got what it takes to turn into an actual business that makes money, download our free IDEAS workbook here and use our five-step idea generation process.

2) Customers

For your business to be a success you’ll need people to buy what you offer. So before you invest time, money and effort into pursuing your idea, do some research on your ideal customer.

Don’t make the (sadly too common) mistake of assuming that what you do is so brilliant that everyone will want to buy it. Your offering may indeed be brilliant, but it’s not going to appeal to everyone. And even if everyone potentially could buy it, any marketing strategy that tries to please ‘everyone’ is guaranteed to be a failure.

Just think, would the same packaging, branding and marketing appeal to a 16 year-old boy and a 78 year-old woman? To a surfer and an accountant? The more you can identify a clear niche market for your business the easier you’ll find it to find, talk to and persuade these people to become your customers.

3) Pricing

Sadly this is one step that too many entrepreneurs either miss out or get wrong. Building a financial model for a startup is essential, so you need to calculate your pricing VERY carefully before you go to market. Get your price right, and you’ll find it easier to attract your ideal customers, and you’ll make a healthy profit from your business.

But get your pricing wrong and you could put off the right customers and, even if you do make sales, find yourself working for practically nothing. Or worse, making a loss.

Your pricing also realistically needs to fit in with your expectations of financial compensation from your business, and your financial forecasts. And while you can get away with incorrect pricing in the short term, long term you’ll run into problems as you try to make a broken financial model work. And the bigger your business gets, the harder it will be to recover from the wrong pricing model.

There are some key elements you need to include in your pricing to get it right:

• Your business overheads
• Your direct production and delivery costs
• Your time
• The market place
• Your position in the market
• The profit margin you wish to make
• Your business goals

If you haven’t factored all of these elements into your pricing, you need to go back to the drawing board and re-calculate. Yes, it may be a pain but you’ll be glad you got your pricing right further down the line, trust me!

4) A sales strategy

You may not consider yourself a sales person, but if you don’t get comfortable with the idea of selling your offering, and creating and implementing a plan to do so consistently, you won’t have a business.

Every business needs sales; it’s where the money comes from. And yet our research shows that as few as 3% of entrepreneurs are actively implementing a sales strategy.

A sales strategy doesn’t need to be complex or time consuming. In fact, we advocate planning a system in which much of it is automated. So you can focus on running your business day to day as the sales roll in. We also recommend seeking out quick wins (that have netted some entrepreneurs we’ve worked with hundreds of pounds from one email), as well as planting acorns that will flourish in the years to come.

So make sure you understand how sales work, feel comfortable with the idea of selling and plan out a sales strategy you can implement regularly. (We recommend having sales communications going out at least weekly.)

5) A marketing plan

As well as ensuring you have a sales strategy, you need a plan to reach out to your ideal customers and nurture them through a journey through to those sales.

While sales usually focuses on a simple three-stage funnel (top, middle and bottom) the marketing journey is more granular, and ensures that people remain within your ‘funnel’ as they learn more about what you do, grow their relationship with you, and eventually are ready to buy from you (hopefully)!

We usually work on a sales funnel as a top line activity with our entrepreneurs, and use a marketing plan to fill in the details and ensure that we have the right messaging for people at every step.

6) A brand

Your business brand is its personality. It’s how people remember you, and how they connect emotionally with you. Get the right branding and it will attract the right people (and put off the wrong ones – which is just as important).

Your branding should also be unique and memorable, as well as appropriate for what you do and the people you want to attract. For example, you’ll never see a funeral home with a clown face as a logo and bright orange wording in a funny font. Equally, you’d never see circus branding using dark blue shades and a business-like typeface.

When considering your branding, you need to take into account:

• Your logo
• Your colour palette
• Your typefaces
• The kind of imagery you use
• Your tone of voice

7) A mission and vision

Wha’s the point of your business? (Other than making money, of course!) As Simon Sinek so famously pointed out, every business needs a ‘why’ – a reason it exists, and a purpose that drives it forward.

Companies with a bigger ‘why’ than simply producing specific products or delivering a specific service have greater capacity for growth and evolution, which in turns opens up the possibility for new income streams and greater longevity.

A powerful purpose will also enable your business to ride out the inevitable ups and downs of entrepreneurship better. It gives you a well of strength and energy when you need it. It’s also a great barometer for making decisions and ensuring that you steer your business on the right path.

And finally, the right mission and vision will help your customers relate to your business better, and even form an emotional connection, which increases loyalty and encourages repeat business as well as recommendations to family and friends – all of which is great for business!

8) Systems

How is your business actually going to run? Who’s going to do the work? How much time will it take? Have you realistically planned how your business will operate in one month, six months or 12 months time?

What if more orders than you were antiicpating came in? Could you handle them? Would you have the cashflow for them? And are you certain that your businesses are efficient, use you (and your team, if you have them) to your best ability?

If you really want to unlock the potential in your business you need carefully planned systems that run, wherever possible, with minimum input and effort, while delivering maximum results. Just tweaking a system for one business owner we worked with tripled her turnover.

9) A business plan

While this may be last in our list, it’s certainly not the least important. We’ve placed it here because, in order to complete a comprehensive business plan you need to have completed all the above.

Your business plan is like the blueprint of your business. And by competing one you’ll ensure that you have properly considered all the essential working parts of it. If you do have any holes in your thinking or your finances, your business plan should reveal them and give you an opportunity to fix them before you get too far down the line with a doomed idea.

When we work with business owners, we encourage them to start with a traditional business plan (we’ve developed our own version based on the best of the plans we’ve completed over the years), and then to evolve to a living business plan.

Our living business plan software isn’t just a paper plan you complete once and put in a drawer, never to consult again. It’s a dynamic spreadsheet we recommend keeping pinned to your desktop and reviewing at least monthly. This plan ensures you keep your business on track and work towards the goals you are setting yourself as you establish and grow your business.

Need help starting your business?

If all of this seems quite overwhelming or daunting, don’t worry. Yes there’s a lot to get right when launching a business, but cutting corners now will only cost you money (and even your business) further down the line.

And there are ways you can get help with all of this and more. Our TLC Business Club guides you through your first 12 months in business, giving you all the training, tools and support you need to complete everything on this list – and lay the foundations to a profitable business you love running and can grow.

If you’d like to find out more about the TLC Business Club and how it can help you, click here now. Registration for our 2021 intake closes on 19 September.

The post Getting ready to start your first business? Here are nine things you’ll need appeared first on Talented Ladies Club.

Starting a business is a big step – we know because (as you’ll discover shortly) it’s one we ourselves struggled with for many months before finally bringing Talented Ladies Club to life!

So it’s not surprising that so many aspiring entrepreneurs delay their business dreams waiting for the ‘perfect’ time to launch. But we believe the best time to start your business is right now. Read on to discover four reasons why, and how we want to help you with the TLC Business Club.

1) The only way to test your business idea is to launch it

You can conduct as much market research as you like, and finesse your financial predictions, but the only real way to test a business idea is to launch it. 

Of course this approach comes with the risk of failure, but not only is failure an inevitable part of the business journey, but it can actually help you develop a stronger idea and business, as Darren Fell, the founder of Crunch says:

“While we all like success, few businesses achieve it without some failure along the way. Often the line to success is zig-zagged with ups and downs – and the downs are just as important as the ups. They’re often when you learn important lessons and retune your business so it works better.”

That said, we’re not suggesting you blow all your budget on an untested business idea. Market research IS important, as are financial predictions. Just don’t let preparation stop you from taking action. 

And we’re big fans of the lean approach to starting a business, which advocates beginning with a minimum viable product (MVP) and learning from that as you hone your idea. 

2) There’s no such thing as a ‘perfect’ idea

It’s understandable that you want to launch your business with the best possible idea, but don’t get so caught up in perfectionism that you end up launching nothing. Even the best business idea won’t get you far if it remains theoretical. 

And putting off starting actual work on your idea instead of focusing on minimum viable product (MVP) doesn’t necessarily mean you’ll end up with a stronger idea or magically will feel more ready. It just runs the risk of either you never actually doing it at all, or over-working your idea in your effort to ‘perfect’ it. 

The fact is that few business ideas start out as perfect – as we explained above, they’re honed as you go along. So once you have a ‘good enough’ idea, start taking action in bringing it to life. If along the way you discover it needs tweaking or completely changing, then you’re actually at an advantage – who knows how many months or years you have have opening polishing that untested dud. 

With your newfound insight and experience you can go back the entrepreneurial drawing board and either improve your existing idea or come up with a new one. If it helps, many successful entrepreneurs didn’t make it with their first business. Even Richard Branson has had his fair share of business failures. 

That’s because they know that not every business idea – even if it seems brilliant on paper – will make it out in the real world. But with the courage to keep trying (and lots of learning along the way) eventually they’ll hit on an idea that takes off.

So don’t worry about perfecting your business idea, and absolutely don’t fall into the perfectionist trap. Instead be more Richard Branson and get your imperfect idea out into the world and see if it works. 

3) A recession is a good time to start a business

And don’t be concerned about the pandemic and any worries that we may be entering (or already in) a recession. Because history shows that a recession is actually a GOOD time to start a business – as we explore here.

And its a great time to innovate too. A 2012 study of the automobile industry discovered that over 60 years, new products launched in a moderate recession had higher long-term survival chances. And new products launched immediately after a recession did better than those launched later.

So why are difficult times so great for entrepreneurship? The answer could lie in the well-known saying: “Necessity is the mother of invention.” When things are easy and life is comfortable, there’s no need to push yourself out of your comfort zone; why would you?

But when things are uncomfortable, or you find yourself with fewer choices, you get resourceful. And you get creative. And, more importantly, you can’t afford to fail so you give things your all. The result? Clever ideas that solve genuine problems brought to life by more determined people with a lot to lose.

Already in the pandemic we’re seeing examples of booming lockdown businesses. Like Boo Kay the Manhattan floristry business started by an out of work Broadway dancer, and now thriving despite his return to work. And Hipster Hampters, a business launched by Sian Thomas from her childhood bedroom during lockdown.

And this aren’t the only inspiring examples. More than 4 million businesses have been launched during the pandemic in the US alone, and 49% were started by women (compared with 27% in recent years).

51% of these new business owners apparently started their business out of an economic need, and one-third said they did it because they lost their jobs. And the good news is that the lack of a safety net when striving for a goal is actually a good thing. So if you’re having a tough time now, it could be the perfect opportunity to finally realise your business dreams.

4) You won’t be an entrepreneur until you run a business

And finally, don’t let your lack of business experience fool you that you can’t run a business. Because the simple fact is that you won’t be an entrepreneur until you run a business. And you’ll have no idea whether you’ll like it or be any good at it until you try. 

This particular excuse for launching your business stopped me from creating Talented Ladies Club for 18 months. I had the idea for the business, and researched it and talked about it, but stopped short of actually starting it because I was worried I wasn’t ‘an entrepreneur’. 

It was only when my friend Kary got so sick of hearing me talk about it and said she would start it with me, and I was offered business coaching, that I actually launched the business. And when I did finally make a go if it, I learned what I now preach to you: the only way to become an entrepreneur is to start a business. 

And when you do, you ARE an entrepreneur. Yes you’ll make lots of mistakes (I certainly did!) but you’ll learn from them. Plus if you invest in the right support to get started, you’ll gain more confidence and make more money more quickly… and avoid some of the most common business mistakes that lead to failure. 

Love our help to launch your business?

If you want to start a business but would like help and support to get it off the ground, join the TLC Business Club.

The TLC Business Club gives you 12 month of business guidance and mentorship. Starting from 20 September, you’ll work through 12 carefully planned modules that cover all the essential building blocks of a successful, profitable business. 

You’ll also get 12 months of mentorship with weekly group video calls with me in which I’ll answer your questions, and give you feedback, advice and emotional support as you navigate the ups and downs of entrepreneurship. 

It’s a fantastic, one-of-a-kind online programme that is designed specifically for female business owners and freelancers. Find out more about the club, and how it can help you launch YOUR business here.

The post Four reasons why right now is the best time to start a new business appeared first on Talented Ladies Club.

Where DO business ideas come from? This is something I often wonder about. The idea behind Talented Ladies Club came from observing problems my friends were struggling with – which highlighted a need for inspiration and advice to help mothers fulfil their ambitions.

Over the past eight and a half years, we have shared dozens of real life stories of other entrepreneurs, and how they came up with the idea and motivation for their businesses too. And all of them are unique. 

Find out where these 12 women got THEIR business ideas from

So if you would love to start your own business, but are either struggling to come up with an idea, or aren’t confident your idea is good enough, I wanted to share some of these stories with you as part of our Start it up! campaign. 

As you’ll see, most ideas came from trying to make the best of a situation, or finding a way to solve a problem they either experienced themselves or observed. And all of these women started businesses with zero experience; just passion and determination. So if they can do it… you can too!

Click on the links below to find out:

How a need for chemical-free cleaning products in their homes inspired friends Caroline and Anita to start MadeKind

How Hannah Chapman was inspired by Instagram posts to leave her job in social media and launch Ava May Aromas

How Julia Cunningham became an accidental chocolatier, quitting her job to start Truffle Witch

How Alexia Genta launched a new (and successful) business, Geraldine London from the literal offcuts of her original business forced to close by Covid

How school mum friends Yvette Stubbs and Karen Skagerlind launched pre-loved consignment boutique Willow & Eve after discovering a mutual passion for slow fashion

How Rebekah Louisa Smith abandoned a career in academia to become the Film Festival Doctor – and relocate to glamorous LA

How a painful experience trying to help her dad pay money into an ISA for her daughters inspired Emma Wallington to create Snowball

How her own divorce in her late 20s ultimately inspired Hayley Bystram to launch the Bowes-Lyon Partnership

How worries her English wasn’t good enough to get a job motivated designer Elif Kose to launch her own fashion business

How lockdown caused Sian Thomas to move back home – and start Hipster Hampers as a way to make money

How to inspiration for YOUR business idea – for free

If you feel inspired by these stories but still need help to come up with an idea for your own business, you can get our free, five-step IDEAS workbook here. In it we guide you through the process of coming up with a viable business idea. It’s the perfect weekend project!

I hope you enjoy reading about these entrepreneurs’ inspiring stories. They always make me feel more uplifted and that anything is possible.

And if you want to find out more about how we can support you as you create your business, have a look at our new Club here.  

The post What inspired these 12 women to start their businesses? (And how that can inspire YOU) appeared first on Talented Ladies Club.

When does the course run?

The TLC Business Club starts on 20 September, and runs for 12 months. So if you have children it gives you time to get them settled into a routine at school or nursery. It’s completely online and the modules are self-paced which means you can work on it when, where and how you like.

My business idea is unique. Will this still work for me?

The principles we teach you are sector agnostic. You’ll learn good business practice that will work for any type of business – whether you’re online e-commerce, a bricks and mortar business or provide a service. (It’s suitable for freelancers.)

What’s more important than the type of business you run is the type of person you are. From experience the kind of people who thrive in this process are those who are ready and willing to take action, and trust the process. We know what we share with you works – we’ve proven it time and time again – but YOU will need to actually do the work to get results.

How much time will I need to devote to the course?

That depends partly on you. Obviously the more time you can put into your business, the quicker you’ll make progress. But not all time is equal. What we teach you will SAVE you time because you’ll work smarter on the tasks that will have the most impact on your business.

But if you’re looking for some guidance, if you can spend at least two hours a week, you’ll easily be able to manage the course content.

I’m worried I’ll lose focus. How much accountability is involved?

We don’t hold you personally accountable for your progress – instead we give you the timeframe and the process to follow, with structure and milestones to keep you motivated and on track. And we’re there to cheer you on and offer guidance and support in our weekly calls.

The reality is that if you seriously want to run a profitable, thriving business you need to be personally accountable. So we don’t teach you to be dependent on us for your progress – we help you dig into YOUR why, YOUR goals and YOUR skills. So when you finish the programme you’re already flying solo, and loving it!

What does the course cover?

Over our 12 months together we’ll cover all the essential building blocks of a successful, PROFITABLE business. Here’s the roadmap we’ll follow:

How much does it cost?

You have the choice of two pricing plans. You can pay upfront for £1999 and save £389, or spread your payment over the year with 12 instalments of £199. (All prices include VAT.)

Or, if you join before the 10 August you can secure your place with our early bird prices. Which means you can either pay upfront for £1499, saving £289 or in 12 instalments of just £149.

The TLC Business Club is a powerful investment in your success, and we fully expect you to more than earn it back through the advice, guidance and support you gain from it. As we ourselves have done from the courses and coaching we continually invest in. And as have the people we have worked with on similar courses in the past.

Here’s an example of the kind of results we have helped entrepreneurs achieve (these are from our 12-week Double Your Profits programme):

• e-Commerce store owner Amanda Overend tripled her online sales in six weeks (and has continued to grow them consistently since thanks to the changes she made).
• Fashion stylist Sally Smy made £900 from one sales email in week two.
• Dr Kayleigh Fawcett Williams made over £10,600 in a month on her course launch thanks to the changes I recommended.
• Marketing consultant Kerry Coleman increased her profits by 240% in just a few weeks.
• Calligrapher Alejandra Gonaldi got her entire investment back from one workshop that she planned because of the course.

How long do I have access to the programme?

You have lifetime access to the online content. So if you want to re-visit an exercise or masterclass later on you can. The programme itself is structured over 12 months, with 12 monthly modules and group calls over the 12 months.

How often are the calls?

You have 42 group calls over the 12 months. The calls are weekly, with breaks for school holidays. Once you start the course we’ll send you a questionnaire to find the best time for the calls. All calls are recorded for you to watch afterwards if you wish. If you can’t make a call you are welcome to submit a question and we’ll answer in the call.

How often do you run this course?

This course has an annual intake. So if you miss this cohort you’ll need to wait a year to join. And just think on the progress (and income!) you’ll have missed out on while you wait.

How much money will I make from my business?

Again, this depends on your business and on you! We can’t promise you anything – and no one responsible running courses like this ever should. What we can say is that we know what businesses who make money do right, and we show you how to do the same.

We also know what business who don’t make money usually do wrong, and we’ll show you how to avoid that!

The advice, systems and strategies we show you over the year we’re together have helped us and other business owners and freelancers like you make good money, and our aim for this course is for you to create a business that doesn’t just turn over money but actually makes you a PROFIT.

Can I get a refund if I’m not happy?

We want you to be absolutely happy with the decision to join the TLC Business Club. So if in the first 14 days of the course starting you decide you want a refund just let us know and we’ll return your money in full, no questions asked.

If you have signed up for the annual plan, you must only have accessed one module in order to receive a full refund.

If you change your mind, or your circumstances change, any time after the first 14 days, we’ll happily stop your payment plan for future months, or refund you for any unused modules if you joined the annual plan. Please do note that we cannot refund you for modules you have already accessed.

Got a question we haven’t answered here? Email Hannah directly with “TLC Business Club question” as a subject line and she’ll be happy to answer.

The post Got a question about the TLC Business Club? Here’s the answer! appeared first on Talented Ladies Club.

The TLC Business Club was born from a mission to help women start successful businesses. Research shows that more women than men WANT to start a business, but fewer actually end up doing so. And of those who do, they earn less money.

We want to change that. We have 14 years’ experience in running our own profitable businesses, and seven years’ experience in helping others start and grow theirs.

We’ve already run Kickstart, a year-long start-up business programme , the VIP Club, a six-month business course, and Double Your Profits, a 12-week business growth course, all of which achieved fantastic successes.

And now we’ve created this brand new, year-long course that takes you through those all-important first 12 months. So you can build a business that is well-structured, easy to run and makes good money – all things that sound simple but are incredibly hard to get right on your own.

We ourselves have continually invested in learning and mentorship in launching and growing Talented Ladies Club, and it is undoubtedly been a large part of the secret of our success.

Now we’re paying it forward by giving you access to all the knowledge and tools we have acquired, plus all-important support and encouragement.

Who is the TLC Business Club for?

So how do you know if THIS is the right course for you, right now? We believe you’ll find the TLC Business Club an invaluable experience if:

• You have a business idea but don’t know if it’s any good or how to bring it to life
• You love the idea of running your own business or going freelance but don’t want to go it alone
• You feel ready to start a business and would love guidance and support
• You’ve already launched a business but feel lost and lonely and aren’t getting the results you want
• You NEED your business to earn money and want to give it the best possible chance of success

How does the TLC Business Club help you?

So how does the TLC Business Club work? The course starts on 20 September and is a 12-month fully online programme that helps you build the foundation of a successful and rewarding business.

You’ll get everything you need to make smart decisions about your business, and the confidence to implement them, with the support and mentorship of us and your fellow TLC Business Club community. Here’s what’s included:

• 12 easy to follow, business-building modules – Every month you’ll make rewarding progress on your business with expert masterclasses, lessons, workbooks and more.
• 12 months of invaluable, expert support – Get all the support and advice you need throughout the year on weekly group video calls. We break for school holidays.
• A powerful community of entrepreneurs – Share your journey with a powerful community of entrepreneurs all working to the same common goal, and supporting and encouraging each other.

Here’s what you’ll cover in our year together:

Who’s your business mentor throughout the course?

When you join the TLC Business Club you get a year of mentorship from Talented Ladies Club founder Hannah Martin via the weekly group calls and Group Brain.

Hannah has is an award-winning copywriter with over 23 years’ experience working for some of the world’s top advertising agencies and brands, which has given her impressive marketing insights and knowledge. She’s also run profitable businesses for the past 14 years, and has grown Talented Ladies Club into a global brand with over 100,000 monthly readers and dozens of online courses and masterclasses.

Today, Hannah loves working with aspiring business owners and freelancers and sharing the advice, tools and lessons that have helped her grow and make good money from her businesses.

Since launching Talented Ladies Club Hannah has become a popular media commentator on female and business issues and is a member of two All Party Parliamentary Groups.

She’s also a qualified hypnotherapist, psychologist and NLP Practitioner, which gives her some powerful psychology tools to help you get past any blockers and achieve your true potential.

What do people say about working with Hannah?

Here’s what other business owners and entrepreneurs have said about working with Hannah on her business building programmes:

“Hannah is the person I want by my side as I set up my business. She challenges me to think, spurs me into action, giving me the tools and strategies as I go.” – Joanne Brown

“Hannah’s ‘lives’ in the group, and other one-to-one interactions and support have always been spot-on and backed up with such credibility, experience and humour! Worth every penny and by far one of my best business decisions.” – Jo Clifton

“A really well set out, step-by-step course to really help you focus on setting up and establishing your business. Hannah is very supportive and generous with her time.” – Bonamy Gauvain Waddell

“From the very first discovery call I had with you, I have completely changed the way I see myself and my business… Since September, when we started this course, my sales have increased by 240%.” – Kerry Coleman

“I finally joined Hannah Martin’s program and it has turned my business around in ways I couldn’t even imagine.” – Dr Kayleigh Fawcett Williams

“Thanks to Hannah, the changes to my business have been incredible – some small, some big, all impactful. If you’re ever given the opportunity to work with Hannah grab it!” – Laura Harmsworth

“If you want to find out what your business is all about, how it can earn you money and meet like-minded and supportive women, you need Hannah in your life!” – Caroline Would

Ready to launch a powerful business over the next year?

So if you’re ready to get your business off the group – and give it the best possible chance of success with a year of guidance and mentorship, secure your place in the TLC Business Club now.

You can find out more about the TLC Business Club and book your place on it here.

The post What is the TLC Business Club and why did we create it? appeared first on Talented Ladies Club.

It’s one thing aspiring to start your own business. But coming up with the perfect business idea isn’t always easy. In fact, working out what you can actually make money doing can be very difficult.

The good news is that there’s no magic in coming up with a brilliant business idea that can make you money. You just need to follow a simple, five-step process we call IDEAS.

It’s the exact process we used to come up with the idea for Talented Ladies Club. And it’s how pretty much every successful entrepreneur we’ve spoken to found their inspiration too.

To find out what the IDEAS process is, and how you can use it starting today to come up with your own business idea, download our free workbook here.

The post How to come up with a business idea (that makes money) appeared first on Talented Ladies Club.