Business advice I should have taken

After a very valid effort trying to lead the charge of integration and quality digital at Ogilvy Interactive, I decided to leave my job and start my own business again. I tried my best to be prepared, but honestly their just wasn’t enough time, money or structure in place. Digital Monarchy has only been open for just over 2 months, but I already know I could have done things better. So here are a few tips, for those who want to take the leap from full time employment and brave opening their own shop.

  • Once you have a few company names, make sure you can get the domain names
  • Talk to an accountant and register the name, ensuring you have the right name on your documents and you can align it with your domain name.
  • Talk to a lawyer and get all the legal documentation, terms of service, advice and  of course partnership agreements in place.
  • Set up bank accounts, tax numbers and try and get VAT registered.
  • Brand your company and prepare all media, including website, business cards, letter heads, invoicing, Facebook, twitter etc
  • Know what your business does, who your target market is, what you are going to charge … simply know your business
  • Make sure you have some cash flow, some clients will withhold payment for several months.
  • Get the support of your family and friends, you are going to need their buy in and support during the tough times.
  • Once you have everything in place, then and only then do you leave your job, so that your only focus is on reaching out to potential clients and bringing in the work.