Entrepreneur's Frequently Asked Questions

Running your own business can feel exciting, but also overwhelming. Below you’ll find answers to the questions most people ask when starting or growing a business.

You don’t always need a big budget to get started. Begin by testing your idea on a small scale, using free or low-cost tools (like social media, free website builders, or community marketplaces).

Also ask your family and friends what they think but be wary of the naysayers! 

Many successful businesses started as side projects. The key is to prove there’s demand before investing heavily.

Please get in touch if you’d like to run your idea through with me.

A formal 50-page plan isn’t necessary for most startups — but you do need a clear roadmap. A simple one-page plan that explains what you’re selling, who your customers are, how you’ll reach them, and how you’ll make money is a great place to start. A mentor can help you shape this into something useful for banks, investors, or just your own focus.

Please get in touch if you would like some help

It depends on your goals, how much risk you’re comfortable with, and your tax position. Sole trader is simplest to set up, but a limited company can protect your personal assets and sometimes reduce tax but it does cost money to set up and maintain.

Consider starting as a sole trader you can always upgrade to  limited company later.
Always seek professional advice — choosing the right structure early saves headaches later. I can recommend accountants

Start by solving a real problem for people you already know — friends, family, colleagues, local groups. Use social media, networking events, and word-of-mouth before spending money on ads. Building relationships often works better (and cheaper) than big campaigns.

Get in touch with me if  you’d like to talk it through

There are several options: personal savings, family and friends, small business loans, grants, crowdfunding, or even pitching to investors. Each has pros and cons, and funding depends on how strong your business plan is. A mentor can guide you through the options and help you avoid common mistakes when applying.

I can help advise on the best sources of funding

Social media is a good start, but a website gives your business credibility and control. Think of your website as your “shop window” that’s always open. Even a simple one-page site with your contact details and services builds trust with potential customers.

The answer varies! Some businesses can start with under £100, others need thousands. Service-based businesses usually cost less than product-based ones. The best approach is to work out your minimum viable version — the cheapest way to get started, test demand, and then reinvest profits as you grow – it’s called bootstrapping!

Please get in touch and we can talk about creating a cash flow forecast to work out how much you need

Some businesses make money within weeks, others take years. It depends on your industry, costs, and customer base. A realistic rule of thumb is that it can take 12–24 months to become consistently profitable. Careful planning and a mentor’s support can shorten that timeline.

Please get in touch and we can talk it through.

In many cases, yes. Public liability insurance, professional indemnity, or employers’ liability insurance may be required depending on your trade and whether you employ staff. Even if not legally required, insurance can protect you from unexpected costs.

Please get in touch if you need help finding an insurance broker

  • Not testing the idea before investing too much
  • Ignoring cash flow
  • Trying to do everything alone
  • Undercharging for services
  • Giving up too soon

Good mentorship helps you spot these pitfalls early.

I have made a few mistakes in my business career! So, please do get in touch and I can help you to avoid too many mistakes

 

Still have questions?

Every business journey is unique. If you’d like personal guidance, book a free consultation with me

Get in touch

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