5 signs you could start your own business

1You see opportunities where others don’t

Is your mind bursting with new ideas? Where others see problems, do you see opportunities? How often do you find yourself thinking “I could do that better than them”? Louise Tierney was on the train home from selling a previous business when she had the idea for Lash Inc. Lash Inc is the only English-language magazine for beauticians who specialise in eyelash extensions.

Louise developed the idea on her four-hour journey and, by the time she got home to Edinburgh, the business had a website, a logo, a PayPal account and its first advertising client. Today, Lash Inc is published around the world and Louise also runs conferences, training courses and a certification programme for eyelash professionals.

2You’re prepared to take a risk

There are no failures, only lessons, as the saying goes. Entrepreneurs are natural risk-takers. That doesn’t mean they’re reckless, simply that they are prepared to take calculated risks and learn from the results. When you run your own business, failure isn’t the end. It’s just a step along the journey. It can still hurt, of course. Sometimes it hurts more than others. Your pride may be dented, but if you believe in your ability and your goal, you’re bound to bounce back.

Ben and Janis Biscoe took a risk when they acquired exclusive European distribution rights for miniature fairy garden products. And, they saw their business, Fairygoodies, grow to fill a 15,000 square foot warehouse as a result. “Faced with this opportunity, we realised we either had to just carry on and accept Fairygoodies as a bit of a hobby, or we had to shoot for the moon. It was a make or break decision,” Ben told us. The decision paid off: “As of today, we have a container landing next week, one on the water and another in production. We currently have more than £40,000 in pre-orders from our retailers.”

3You build lasting business relationships

Successful small business owners and entrepreneurs surround themselves with expert advisors and business partners. Frequently, these partnerships complement each other’s skills, filling gaps and helping to get things done. J. Fitzpatrick Footwear and sister business The Shoe Snob were formed when two young shoe-lovers met while working at a Savile Row tailor. The pair, Ngoni Tshekeche and Justin Fitzpatrick, wanted to start their own shoe line.

“We thought it would take us 6 months. It took us 3½ years to finally launch,” Ngoni said to us. “We just started with what we had. We put in £700 to buy the stock and then when the shoes were ready, we came up with the required £40,000 from pre-sales, personal loans, our own money, whatever we could scrounge together.” The business now has showrooms in London and New York and passionate customers around the world.

4You understand how to delegate

You can’t do everything yourself. If you try, you risk working 20 hours a day, making mistakes and missing the bigger picture. As entrepreneur Richard Branson says, “Learning the art of delegation is absolutely key.” When you offload tasks to people in your team or to other partner organisations, you give yourself time to focus on the things that made your business successful in the first place. You can be more creative, more productive and have the chance to take a breath.

When James Washington founded GadgetPark, he soon found the essential business basics consumed all his time. “Every day, my priorities are: dealing with any emails, preparing orders for shipping and resolving any queries. Sometimes, that doesn’t leave time for anything else,” he told us. Having realised the challenges of growth, he now employs part-time staff so he can focus on growing his business.

5You are passionate about what you do

Successful business owners and entrepreneurs bring a compelling passion to everything they do. It inspires others and helps them through those inevitable, difficult days when sales aren’t where you expected or where something goes wrong. It’s that passion and belief that drives people to start their own business, to get up every morning for work and to work late when things get busy.

For some, the passion comes from a love of their product. For others, the passion comes from the need they fill, and the feedback they receive as a result. Mel Thomsett launched The Sensory Smart store to build on her experience of finally finding clothing that her young son could wear. Archie was born with very severe Sensory Processing Disorder (SPD). As a result, sensations such as the feel of a sock-seam were unbearable for him. Today, the business supports parents and children across the country.

“My business is as much about people not feeling isolated by the problem as it is about providing the solution,” Mel explained. Balancing her family’s demands with the needs of the business has been difficult but emails and letters from customers have kept Mel going.