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Degree Art

Dear Entrepreneur,

Welcome to the ride of your life – nothing can beat the feeling of doing it for yourself. You are answerable only to yourself and now own your achievements as well as your failures!

Over the past ten years we have had so many experiences, all of which have made our business what it is today. There is much we didn’t know or understand at the start of our journey, none of which would have altered our conviction and belief in our business’ potential.

We have put down the key pieces of advice that have stuck with us along the way and which we continue to refer to.

FINANCIAL ADVICE

Know your numbers – It’s your business and no one else can tell the figures for you so make sure you learn how to speak the language of finance even if it’s not your thing.

Cash really is king (or queen) – Monitor your cash flow. Nothing kills a business faster than running out of cash.

Get your banking right – Know your bank manager and make sure they know you. This is a relationship worth pursuing.

Free money v earned money – Don’t let the allure of pursuing sponsorship or grants prevent you from concentrating on earning money, which is the only way to build a sustainable business.

MARKETING

Consider yourself a brand – Don’t feel shy about selling yourself as much as you do your business. You are at least half the reason people will buy into your idea.

Protect your ideas, don’t hide them – Businesses that don’t talk about what they do, fail. Ensure you safeguard by copyrighting, posting and keeping sealed copies of your business plan, patent if necessary, but don’t hide it away from the world or it will simply fester whilst someone else succeeds in the space you have left vacant.

SURVIVING AS AN ENTREPRENEUR

Maintain a supportive community – It can get lonely so ensure you have support whether it be a business partner, family or friends who can give you a boost or lend a willing ear.

Understand that competition is healthy – It can be painful but know your competitors.

Select your mentors – Accept advice from mentors you chose and feel free to sack self-appointed or unhelpful advisors.

Network – It can be painful but is always surprisingly rewarding. Find the networks you enjoy.

Never be afraid to ask questions – better to ask than not to know.

PREPARING FOR GROWTH

Always be preparing for growth – Be organised and put systems in place from the outset. This will save you an unbelievable amount of time down the line.

Be prepared to do everything (at first) and then be prepared to let go later – You can’t be an expert at it all but understand how things work so that you can be confident and knowledgeable. As you grow you can confidently outsource knowing you are freeing up your time to concentrate on your skilled areas.

Finally, never lose sight of your original destination or goals. Be adaptable, brave and don’t let the inevitable cynics knock your confidence.

Good luck from us both.

Elinor and Isobel

Co-Founders, Degree Art Ltd

www.degreeart.com