Copy article

Your tips for aspiring new business owners

ended 20. April 2026

Newspage asked eight small business owners what one piece of advice they would give someone starting a new business — and what, in their experience, are the most common pitfalls and mistakes that new small business owners make. Unedited views below. All experts are human and verified.

8 responses from the Newspage community

Copy all

Copy

Editor
Tony Redondo
Founder at Cosmos Currency Exchange
A long banking career spent evaluating entrepreneurs, companies and projects before starting my own business in 2020 gave me a front-row seat to what separates success from failure. The standout lesson: solve a painful problem — don't just sell a product. That single distinction is the biggest pitfall I see. Remember too that turnover is vanity, profit is sanity, and cash is king. My other conviction is to be a contrarian and swim against the tide. The more technology dominates, the greater the demand for a human-led approach. The more transactional the business climate becomes, the more relationship-driven your business should be.
Copy

Editor
Scott Gallacher
Director at Rowley Turton
Starting a business is hard work, and the rewards often take far longer to materialise than people expect. Too many underestimate just how long it takes to turn effort into meaningful financial return.”

One of the biggest mistakes is cutting corners early on. Reputation is everything, and looking after your customers properly from day one is what ultimately builds a sustainable business.

It’s also vital to value your time and what you offer. If your pricing is right and you deliver genuine value, the financial rewards should follow — but trying to compete purely on price is often a race to the bottom.

Another common pitfall is trying to do everything yourself. “Don’t be a jack of all trades – hire good people and trust them. Delegation is not a luxury; it’s essential if you want to build something that can grow beyond you.
Copy

Editor
Graham Nicoll
Financial Planner, Chartered FCSI at NCL Wealth Partners
Build your network and ask others for their views and help.

Starting and building a business is lonely if you are doing it by yourself, but you don't have to do it alone. There are plenty of other people going through the same challenges you are and who can act as a good sounding board to learn together. Also, people who have been there and done it are often very generous with their time and willing to support...so just ask.

I have found this works through LinkedIn, by meeting people at networking events and through your friends, family and former colleagues. That said, listening to others advice is important, but be willing to make your own decisions of whether you take it or not.
Copy

Editor
Martin Rayner
Financial Adviser at Compton Financial Services
One of the biggest mistakes new business owners make is trying to do too much too quickly. There is often pressure to generate revenue early, which leads to offering a wide range of services. In reality, this can dilute your proposition and make it harder to stand out.

It is far more effective to focus on a small number of key areas and build genuine expertise. Clients are looking for specialists they can trust, not generalists. Being clear on what you do best helps build credibility and long-term relationships.

From my own experience, the temptation to say yes to everything is strong in the early stages. However, sustainable growth comes from being selective and delivering high-quality work in your core areas.

You also do not need to do everything yourself. Organisations such as the Federation of Small Businesses provide excellent support, allowing you to focus on the parts of the business that really matter.
Copy

Editor
Ross Lacey
Director & Independent Financial Adviser at Fairview Financial Management
Test the waters before jumping in - if possible, start building your business in your spare time whilst you have another source of income to help pay the bills.

Build a warchest - have some savings set aside to cover around 6 months of your essential personal bills. That way, there's less pressure in the first few months of running your business and you'll likely make better decisions when you're not desperate for cash.

Manage your risk - you may have benefitted from sick pay, private health care, life insurance and several other things when employed. This now falls on you as a business owner, so speak with a financial adviser to help get these things in place to protect you and your family.
Copy

Premium
Steven Mather
Lawyer & Director at Steven Mather Solicitor
I always recommend that new business owners start networking. There are hundreds of business networking events ran by organisations like BNI, FSB and smaller local ones. Meeting like-minded people who are there to help you get new business, but to grow as a person as well, is invaluable.

From a legal perspective, one of the biggest mistakes is people starting a business but doing so from a personal bank account. Much better to get set up a business account, or even consider a limited company from an early stage. Get accountancy advice and legal advice early on structure.

I also recommend an investment in legal documents, like terms and conditions and if you're in business with a partner, a shareholders agreement. While these sometimes feel like an additional cost that is hard to budget for, it is much cheaper to do at startup rather than try to fix issues down the line.
Copy

Mike Asher
Chairman and CEO at Better2Know
When you start you will want to do everything yourself. Understand where you will get most value outsourcing and buying in talent. Businesses do not fail for having too many good people.
Copy

Colette Mason
AI Ethics Consultant at Clever Clogs AI
Don't build anything until you've seen people trying to buy it. The day you start asking people what they'd actually pay for, everything changes. Use AI to analyse good quality data sets to reveal what's needed and what is and isn't available. Build customer avatars to help you refine your offer alongside talking to real people.

Stop tinkering. Don't spend months on branding, websites, logos, business cards before one honest conversation with someone willing to open their wallet. Don't confuse being busy with being profitable. Fourteen-hour days mean nothing if it's the wrong fourteen hours. Cash keeps the lights on. Hope and eagerness mean nothing if you're not focused on generating profits.

Cash-rich people can buy their way past obstacles you'll have to crawl through. That's the game. Play a different one. Beg, borrow, barter. Remember, never be too shy to ask because shy kids don't get sweets. Buy deliverables not mentorship. Keep costs low. Spend only on what moves the needle.