For many of us, a new year signifies new beginnings, and for some this may also mean taking the plunge and setting up their own business.  

Of course, going solo may happen at any time of the year, in fact throughout my career, I have seen many people let their entrepreneurial spirit take the lead after having lost their job or having had enough of their daily routine.

Starting your own business takes courage, but it might also be the most satisfying career move you’ll ever make. I remember very clearly when I myself took the leap back in 2009. My personal circumstances were very difficult at the time as I was losing my father to cancer and was living in the UK.  This meant that being my own boss was the only way to have the freedom and flexibility to travel back and forth as needed. To this day, I have no regrets.

Still, it is never easy and never straightforward and as an employment lawyer I experience many of the common pitfalls that cause people to fail at being their own boss and running a successful business.

We often hear about the big guns – the do’s and don’ts that multi-million-euro businesses impart with, but what about smaller businesses?  They too deserve the space, inspiration and some sound advice to help them through. So, here I am, starting 2021 with a list of ten things to inspire you. I strongly believe that these ten things can either make or break your dream of being your own boss.

1. Write a business plan
No matter what you intend to do, write it down. My business plan was a simple two-pager but writing it made me think strategically and plan well. Remember that just because you write it, does not mean you have to stick to it - a business plan is meant to be adaptable and you are free to modify it as you go along.

2.  Keep costs low (very low)
Of course, this depends on the nature of the business in question, but in my case, as a professional, I did not have many overheads. I started off working from the cellar of our house in the U.K. I did some research and found someone to design and develop my website for a very good price. This made me realise how important it is to shop around, not only to ensure that you go for the best deal but also because suppliers who believe in your business, can make all the difference.

3.  Discipline is key
Even though I started working from home I made sure to stick to a routine and worked many hours. I hear you ask - how did you fill your day if you had no clients? Truth is there is always something to do – creating content for your website and social media channels, drafting articles to get published elsewhere, designing and printing branded stationary, and most importantly, network, network, network (see next point).

4. Network till you are blue in the face
When I first started, I was at every breakfast meeting (some started at 6am and with commuting sometimes that meant I’d have to be out of the house by 5am). I was at every lunch and dinner opportunity (gained a couple of kilos) and I made it a point to walk into rooms that were full of people I did not know. I made contacts and tried to leave an impression. Some of the people I met back then still refer work to me till this very day. Nowadays I still network, but to a much lesser extent than I did when I first started because in the beginning it is absolutely fundamental. It may take months, sometimes even years before you start getting referrals, but eventually they do come along, especially if you leave a mark and work at maintaining your relationships.

5. Make them remember you
What makes you different front the rest? What sets you apart? What is your unique selling point? In the UK I had three distinctive features - my specialisation in employment law, my accent, and my darker complexion. I often joked that if one wanted an employment solicitor with a funny accent and a nice tan, they need not look any further. It worked. I was remembered.

6. Do not be afraid to ask
If you do not ask you do not get. This is my mantra. I asked for work and I asked for referrals because people automatically assume that you have a lot on your plate or that you are too busy and don’t need more work. When I started off, I had no following, and I was a foreigner up against UK solicitors. It was not easy but I kept asking for work and once clients commissioned me, I always asked them to refer me to someone they knew.

7. Cash is king
I learnt this the hard way and I still struggle with this one. There is no point in sending bills and not getting paid. Today I’ve learnt how important credit control is and though I hate chasing for my money, it has to be done because it is not only about how much you bill but how much cash is actually in your bank account. Remember, you too have bills, and they too need to be paid.

8. Set targets
I’ve always struggled with setting targets, and one may ask how can you set targets if you have no clients? But this is precisely why you should set targets in the first place, because somehow, once set, you will work towards achieving them. I set targets and despite being in business all these years, every single month I still worry about hitting them, though to a much lesser extent than I used to before.

9. Give Back
Just like in life, a business should not be only about taking but also about giving back, even if this means giving some of your time for free. It took me years to land a particular client but after years of giving some free advice here and there I finally got in big time. Of course, you win some and you lose some, but giving is so rewarding it helps with my staying positive and that’s never a bad thing.

10. Dream and dream big
One day my husband and I were driving past a big office building. As I looked up in awe, I told my husband that one day I would love to have an office there.  My husband laughed and thought I was dreaming.  And yes, I was dreaming, but just a few months later, my dream came true and I had an office right there in that big building we had driven past that day. Since then, my husband has backed every business idea I’ve ever had. In short, if you want something, go and get it. If you fail, get up and try again.

Since 2009, I started a few other small ventures and no matter their nature I always followed the above ten steps. So far, they have served me well. My next dream is to inspire people, be it through my work or through my political career, I want to help people to go after their dreams, to keep trying and not give up. Sharing these ten steps with you is one of my first steps in achieving this.

What is your dream?

Dr Roselyn Borg Knight is an employment lawyer and the international secretary of the Partit Nazzjonalista