Starting a business is a huge decision. It will be the first and in many ways the biggest of the many you’ll make as a founder and future business owner. You’ll need to choose what to call your new venture, whether to start as a sole trader or limited company and who to bank with.
For Anne Boden, her business idea was to build a new bank. Many believed it couldn’t be done. But here we are, six years after she made that decision, with almost 100,000 sole trader and business accounts. We asked some of our business customers to share their insights on decision making. Here’s what they said.
Remember that you’re not the only one
You might think you’re the only one figuring everything out as and when problems arise. But you’re not. “In truth, all founders are making it up as they go along,” says Ash Phillips, founder of entrepreneur network Yena. There are all sorts of networks for startups you could seek help from, including Yena, DIFTK for freelance parents and WCAN for black women.
“Even in businesses that have been done before, by people who have been in the business before, there will be new variables, new technologies, new markets, new politics, new channels and a whole load of other things out of your control that neither you or anyone else will be able to foresee.”