10 things you need to know about running your own business

BEING your own boss brings with it great freedom and responsibility but as your business grows it can be hard to keep on top of everything.

Small business software provider Intuit QuickBooks asked inspirational business leaders to share the things they wish they’d known at the beginning of their journeys

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Here’s what they told us:

Don’t leave it too long to make your first hire

Contractors can provide flexible support in the early stages, but there comes a time when you will need to put someone on the payroll. Roni Savage, founder of engineering consultancy Jomas Associates, says: “I ran my business during the early years relying on freelancers. As the business grew, I realised very quickly that I needed someone on board permanently. Having that trusted pair of hands, transforms your business, so it’s a very important decision."

Seek out people who are different to yourself

It’s tempting to recruit people similar to you, but that can be a mistake, says Union Station Yoga founder Paula Le Dao.

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“I try and find people with strengths that complement mine, but are not the same, in order to build a good team,” she says.

Don’t rely on interviews

James Averdieck, founder of dessert companies Gü and the Coconut Collaborative, says: “The interview process is so unreliable. The only thing you can really trust is following up on references. You should be talking forensically to previous employers.”

Paying other people is not as simple as paying yourself

When you are the only person drawing a salary from the business, it’s a simple matter of transferring money from the company account to your own and then paying your tax. But, Lyndsey Simpson, the founder of recruitment and HR outsourcing company Curve Group, says: “When you are paying staff you need to provide a payslip that tells them what their tax, NI and pension deductions are.”

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Use the cloud

You don’t need to spend a fortune on an office or IT infrastructure – cloud-based software can be much more cost-efficient for managing everything from staff rotas to payroll. Roni says: “You can work from a virtual office rather than renting somewhere,” she says. “Everything we do is in the cloud, from storing data to messaging systems. I could be working from Dubai and no one would know.”

Business can feel like a game of snakes and ladders

“Sometimes you will have a massive win that takes you two rungs up the ladder, but then a piece of legislation comes in or there is a recession that derails you and sets you back 18 months,” says Lyndsey.

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Nobody else will love your business as much as you

Former Apprentice finalist Claire Young, founder of the School Speakers agency, says: “You’ll love your business like a baby. For your staff it is a job, for you it is more. That requires a bit of a reality check.”

Focus on your talents

“Hiring people means you can stick to your skill set and delegate the rest,” says Claire. Pip Murray, the founder of nut butter brand Pip & Nut, agrees. “You can think about where you add the most value and recognise your weaknesses.”

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You will get to know a lot about other people’s lives

“Working for yourself is much harder than working for someone else,” says Davin Bateman, the founder of cybersecurity firm OccamSec. “Other people’s problems become your problems, but it is incredibly rewarding to watch your staff grow.”

You’ll know you’ve made it when your business runs itself

Most business owners are control freaks and it takes a long time before they feel they can take a break and let others pick up the slack.

Roni says: “Having a team who are able to run things in my absence was a major milestone and made me realise I have a viable business.”