GOING IT ALONE – REACHING NEW HIGHS GOING SOLO | Jo Fairley

Jo Fairley, co-Founder of Green & Black’s,talks to Clayton M. Coke of Podcast Radio Business to discuss her experience of starting out and offering her advice as to the dos and don’ts of starting a new business.

Have you ever thought of being your own boss? If you have you’re not alone, with many considering quitting their job to start their own business.

For those who haven’t yet, 2023 could be the year you take the plunge, but like all new businesses there can be mistakes along the way.   

That’s according toJo Fairley, who knows what it’s like to start up on your own, and the lessons she has learnt along the way. The Co-Founder of Green &Black’s is a success story after leaving school with just 6 ‘O’ levels and starting the famous chocolate company in the recession before turning it into a 100 million a year business.

On the eve of Small Business Saturday (3rd December 2022), Jo is giving advice on the most commons mistakes to avoid when starting a new business and has helpful tips to small business owners and aspiring entrepreneurs.

Despite the current recession and cost of living crisis, new research shows nearly 1 in 3 people in the UK have either started their own business, or considered doing so, in the last year, with 19% feeling it was the only way for career progression and a further 18% feeling trapped in their job.

Whatever the motivation to go it alone, there are common pitfalls to avoid. Research from AAT amongst small business owners reveals the top three mistakes when starting out are poor understanding of target market (30%), cash flow management (19%) and ignoring technology (19%).

26% admit they have next to no accounting knowledge with 19% making mistakes with their cash flow and 18% oversimplifying their business plan or overestimating financial projections (15%).16% have missed the tax deadline or underestimated the time investment (16%) but despite this, on average, they didn’t hire a qualified accountant until just over a year into operating their business. No wonder 65% wish they’d known more about accountancy before they started out.

When it comes to speaking to experts for advice, who better than Jo Fairley?