business tips Archives - Page 7 of 10

The Big New Idea: plans, models and lists (plus some fear)

Hello again, dear friends!

I have news about this Big New Idea I started telling you about a couple of weeks ago. I seriously cannot believe that it’s actually two weeks since I wrote the first post, but here we are.

The good news is, I have made progress.

Here’s a little update on the things I listed in the last post:

Defining the help I need. This is in progress, but I’ve made headway, and I have a clearer idea about who I want to work with, both long-term and short-term, and part-time and full-time. It may shift and change, but some of the foundations (like skills, interests and personalities) are set.
Have conversations with key people. Done! Oh, and they were so good. I’m really grateful for the support of two people in particular, and I’m looking forward to working with both of them as we move forward. I also spoke to my accountant, who was really supportive and helpful, too.
Buy the domain. After much faffing around (see below), I finally did it this afternoon. THANK GOODNESS.

So, for those who may be interested, I wanted to share some of the business set-up background, especially having spoken to my accountant earlier this week. While this is a new business, it’s still very much linked to my current business, so while it may have been efficient to set up a new business, for now they’re going to be part of one big joyful entity but under two different names.

They’ll have separate websites, social media accounts, newsletter mailing lists etc, but ultimately they will be the same business.

This is partly because, when I think about the long-term and having a team in place, I want the team to be able to support my current ventures (like events) as part of their normal work. Essentially, I will be using resources from both ventures to support each other.

Before I spoke to my accountant, I had anticipated needing to become a limited company, but having talked through the options, I’ve decided to stay as a sole trader for the time being. Partly to save tax and partly to preserve my financial records for mortgage applications. (As some of you know, I had a mortgage until recently, when we decided to sell up in London and rent in Cambridge until we have more of an idea where we want to be long term. So while I have some mortgage points, I don’t currently have a mortgage, so need to do some clever balancing.)

I hope that’s interesting and helpful to folk who are in the early stages or thinking about expanding!

What’s next?

Well, it’s all go from here!

I’m still thinking about packages, and my financial model and aims. I probably won’t aim to make a profit in the first year, but I will aim to break even, and I certainly want to be fairly close to my ideal pricing structure with what I’m charging. (Because this is going to be part of my existing business, my current income will carry me through anyway, but I’ll be tracking the income and expense of this particular project so that I know what it achieves standalone.)

There are a couple of things that are getting in the way of my final decisions on packages, which are basically the costs: will I need to rent space in the short-term, and how much will it be in the long-term?

The other biggie is finding a certain person to work with, and I haven’t found them yet. (More on this soon, when I reveal the what exactly I’m working on!)

I’m also thinking about how much I want to invest up front, especially on branding design. On one hand, I have confidence in the business and know it’ll do well. But on the other, there’s fear (see below) and wanting to break even. I’ve been in touch with a couple of people, and hope to set up chats with them, but I’m still mulling over what I need for launch. I may not need an all-singing, all-dancing visual branding package in the first, say, six months, and could spend more on this later.

So, a little note on fear

Also interesting and (I hope) also helpful is that I’ve watched myself get stuck in fear a few times over starting this project. It’s really big, and on a few occasions I find myself wondering whether I want to take on this much work, responsibility and commitment.

As someone who’s fairly comfortable with taking risks, I’ve found myself holding back on registering the domain name – something fairly cheap and easy and straightforward – because I’m “not ready”. Because there are several thousand things I can find I “have” to do before I do that.

Like choosing a host. I currently have two great companies’ websites open, and just need to pick one. They’re very similar, both recommended, and neither is expensive. I just need to choose! And yet, I find myself wanting a second opinion, rather than trusting myself to make a (not complex) decision.

So yeah, I can hold myself back. And I guess this is the point at which to hold myself back. This is the first time since I dreamt up this project 18 months ago that I’m actually taking action to make it happen. This is the point of diving in. Except I’m not really diving in. I’m just stepping onto the first step.

I can always change my mind, especially as I learn about the business and the work. If it’s not right, I can change it.

So, there’s an update for you! I’d love to hear your stories of setting up your business, or if you have any questions about this new project from me.

More soon,

Jenny x

Here's the thing: you can't do everything

We think we can. We think we should be able to. We’re told that doing everything is just standard practice. It’s not even a big deal, it’s just what’s expected.

Successful business, perfect relationship, amazing friendships, a house that’s always clean, tidy and stylish, a perfect body, relaxed and highly effective parenting, picture-perfect holidays. That’s the picture. Be quirky, original, AND entirely acceptable.

And at this time of year, we add the idea that “this is just Christmas. This is what it’s supposed to be like: stressful, over-worked, doing everything because everything has to happen.”

It’s that feeling, when you look at your to-do list, that you cannot drop a single thing. They all need to happen before the end of the day. Because they just do! There’s no option!

When we’re over-worked, overwhelmed and have gone too long without sleep, rest and a calm moment – that’s when we’re even more susceptible to thinking we have to do everything. Ironically.

But here’s the thing: you can’t do everything

You’re not super-woman. You’re not superhuman. You, too, are limited by time, fallibility and the human need for sleep.

That’s not to say you’re not strong, resourceful, successful, and doing your best.

Let’s accept that those two things can happen at the same time. (I know you might need to suspend your disbelief for a second. Play along with me…)

If you’re both human and striving to do your best, what does your to-do list look like?

Perhaps you buy the mince pies for your Christmas drinks, instead of making them. Perhaps you cancel the entire thing.

Perhaps you pay for all your presents to be gift wrapped.

Perhaps you let go of a whole load of things.

Perhaps you ask for all kinds of help.

Now, this last one is where it gets tricky, I know, but if you can’t do it all, and some things really need to get done, asking for help is where it’s at.

You’re allowed to ask for help. All kinds of help.

Need a boost or help prioritising or to get it off your chest? I’m here. Get in touch.

I wish you a week of doing your best, but acknowledging that you can’t do it all. Welcome to the club.

Jenny xx

PS I created a little #inspiredadvent thing over on social media, which features a little word a day to prompt you. Today’s is simplicity. Appropriate, non?

Here's the thing: it'll quilt out

I recently decided to make a quilt. I’d been thinking about it for a while, and with the easy distractions of the internet and being able to work from my home, I decided that the manual, physical distraction of making something myself would be good for me in the evenings.

There’s something soothing about slowing hand-stitching hexagons together, piece by piece, that you just don’t get from screen time or social media.

And I love that I’m working on a project that is purely for me. It’s not for sale, it’s not a gift, it’s not for clients or my partner or my family. It’s for me. My taste, my colours, my shapes – just for me.

This quilt, currently still in small pieces stored under my sofa as I work on it slowly, has already given me so much.

A big part is the connection with crafty friends. One friend in particular, Kelly, has been named my Quilting Godmother, and has helped me to learn the steps I need to take. I’ve only sewed buttons and bits for the past 15 years, so her wisdom and awesome teaching has been a blessing to help get me started on the road of quilt-making.

I recently met up with her and took some hexagons to show her, to make sure I was still on track. I’d been putting them together, but worrying that I wasn’t seeing something that would trip me up later. Is this corner tight enough? Have I made this too tight? Will the colours work? Perhaps this sense of questioning everything you’re doing resonates…

Kelly kindly looked at my hexagons, told me they were fine (even good!), so I told her I had been worrying.

And then she told me my favourite new mantra:

It’ll quilt out.

She told me, once I’ve pieced everything together, done things I don’t yet understand about batting and backing, the small mistakes won’t matter. They’ll even add to the charm.

Here’s the thing:

Maybe today, Black Friday, the start of the busiest weekend and weeks of the year, you need to remember that it’ll quilt out.

What are the things that matter? Focus on them.

Ask yourself:

What’s next?

So, a little note on fear

But here’s the thing: you can’t do everything

Here’s the thing:

Enter The Forge