Myself and my business partner set up my business 6 years ago (IC Mask Design). We're still a small company, with a staff of just over 20 people, dealing with international customers that span the globe from Malaysia through to the US. Thankfully we've been profitable since day one and the company has never had a loss making month or had the need to borrow - we also set it up using our own personal funds, so didn't need funding at the start and as such weren't under obligation to anyone else. If I was to offer some tips to people starting a business, I guess they'd be:

• Reduce your exposure to the business. Invest only what you must in terms of start-up capital. If things are not going as good as you expect, avoid sinking more money into the business.
• Keep your personal finances separate from the business. Don't borrow for the business using your home or other assets as equity. Banks will always want you to, but they will lend without these guarantees, if you're cheeky enough.
• CASH IS KING. You can have a profitable company, but still go out of business because you don't have cash at hand. So only pay creditors when you really have to and always keep control of your own debtors.
• Structure your company as if it's the biggest salon in the world. If you don't put the right procedures in place now, as your business grows there will be a lot of pain transferring everything to bigger systems that accomodate bigger businesses - i.e. get an accounting software package now, use it properly.
• A good accountant should save you, not cost you money. You'll see it as an expense, so start up companies rarely use them. Working with a superb accountancy firm from day one, was one of the best investments we made. They have been there since the start with us, they understand our business and provide us with invaluable advice as well as obviously auditing services.
• What ever you project your sales to be... halve them. What ever you project your expenses to be.. double them. If your business is still sustainable based on these initial projections, then you're in with a chance.
• Enjoy! It's great being your own boss, making your own decisions. Assuming you didn't leverage everything you have, then worst case is your company doesn't succeed. This is no bad thing at all... As Leanne said, it's better to try and fail than not try at all. The only business people I see worry when times are hard, are people that have invested more they can afford to lose into their business. However, if you can manage to take my advice on the first, then you'll be able to stand back from the business which you own and make good decisions rather than feeling that the business owns you and making decisions under pressure.

I know I focused on the financials here, but the truth is.. that's everything that business is about. MONEY. If you manage that properly, the business takes care of itself.

Best of luck

In the same way that it's better to have loved and lost - it's better to have tried and failed. Yes financial burdens are serious and people are understandably afraid of them but having come within a hair's breadth of going bankrupt last year (as a whole family) losing our home and starting again, as long as you did it for the right reasons, i.e. because you had to give life the best go you could, then you can live with it because the people you lvoe will still be around you whether you're rich or poor! I'm so proud of you Leanne, it's a frightening thing to do but mroe frightening I think to have a life half-lived and so much of it is luck that you have as much chance as anybody!


Great name by the way and I for one will support you. I'm always dead embarrassed going to beauty parlours but if I knew people that owned one I'd go more often and Lurgan by train from Belfast costs the same as a taxi to Belfast city centre for me! But you have "Glam'R'Us" and a load of "glamour model" friends... the ideas for free publicity are out there you know and the Lurgan mail supported us before so we'll get our thinking caps on eh?!

xoxox

Congratulations and best of luck with the new venture Leanne.

go for it leanne and i wish you the best of luck.

Best of Luck Leanne

Leanne,

Every venture has it's risks. The Lurgan/Craigavon area is growing rapidly so there is a potential market and if you are doing quality work then you will get the clientelle. However do be prepared to put in the long hours needed to build up a business and be very careful with the financial side of the operation.

That said I wish you every success with this, I'm sure you'll do well!

Brendan....could we please have a job seeking and career advise section on this site? :)

Whoa well done Leanne for actually going for it and having the balls to try it. not many would. One thing I would say is you need a lot of financial backing before delving into anything like this, you need to have the cash and the realisation that you will prob not start making money for a few months, until you get the clientelle built up, you market and advertise to get the new clients it all costs. I'm no expert but I know this just from where i'm working now, they opened last September, had a good first 3months but after that it's been downhill, the owner has near bankrupt himself and is selling it on because of the financial strain.

I know you've thought all this over, and are more aware of what is gonna happen. I wish you the VERY best of luck, i Really hope it goes well for you! Just be carefull not to take on too much. Keep us updated and If i'm ever in Lurgan (which i've never been yet but hey, first time for everything) I'll call in to get me nails done!

I'm pleased to see someone is heading in the right direction with their career...Next step...Get me sorted! xxx