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6 tips on setting up your own business

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Liquid’s CEO Lis Lewis-Jones set up her business above her mother’s garage 12 years ago. In celebration of Global Entrepreneurship Week, she gives six of her best tips to help you on the road to success

Liquid’s CEO Lis Lewis-Jones set up her business above her mother’s garage 12 years ago. In celebration of Global Entrepreneurship Week, she gives six of her best tips to help you on the road to success.

1. Beware rose-tinted glasses

When you start a business, you may look at your company or partners with rose-tinted glasses, but it’s really important to think about what might go wrong and have an exit plan. Get expert legal advice and have a memorandum of association and a shareholders’ agreement.

2. Get the best people

Your team will be your greatest asset, so invest in the best you can get.

3. Start how you mean to go on

Think about the systems and processes you’re using, and ensuring you meet your industry standards.

4. Don’t get lazy

Complacency can kill businesses, with many often failing in their third year. Always think about the next goal that you need to reach.

5. Cash is king

Guard your cash flow like there’s no tomorrow. Nurture it because it’s crucial. Stay on top of credit control - turn into a charming Rottweiler if you have to, or even better, employ someone else to do it.

6. Don’t give up on your baby

Like children, your business will be time consuming, frustrating, emotional but can also give you great enjoyment. It will be more work than you’ve ever done in your life, but invest in it and it will pay you back in rewards and more importantly, dividends.

For more information on Liquid, please visit our Business Directory.

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