Module 3: Focus on people and relationships

Get a mentor. Find an experienced person who has ‘been there before’. They’ll help you make great decisions and focus on what’s important. But don’t stop there.

Building up a whole group of specialised helpers — a support network – will significantly increase your chance of success.

Does your product or service complement the offerings of a more established company? Could collaborating or partnering with a bigger company give you security, especially in the beginning?

Your bank is an important source of finance, but it’s not the only one. Who would you love to be associated with? Could they become an angel investor? Is your business socially focused, and would people like to crowdfund it? People who are keen to see you succeed might like a chance to put their money where their mouth is.

You may not plan to take staff on straight away, but think about what stage you’d like to be able to hire someone. Plan to find people who embody your brand — people who deliver on the experience you are trying to create and the culture you want to have.

If one part of your supply chain falls over, it can affect your ability to do business. Do you need supplier agreements to add security? Who do you use to get your product to the customer, and what’s your back-up plan if something goes wrong?

You need experts to help your business if you want to succeed. You’ll come to rely on your lawyer, accountant, and bank manager. Each has a vital role to play in advising and informing you. They’ll help you to comply with your obligations as a business owner.