Setting up a business: insider tips to get you started

By Frances Dickens, Guardian Professional,13-09-2013

Use gender to your advantage, stay true to your values and don't be afraid to take risks

Don't be afraid to take risks. As an entrepreneur you have to believe in your idea and be prepared to bet the farm to do it – you will probably be asking investors to do likewise.

Launching my media barter business, Astus, in 2003 was a big risk because at the time advertisers and agencies – our client base – had been left out of pocket by barter as a result of bad trading practices.

Together with my business partner Paul Jackson, I was convinced that media barter in the UK had a future providing it was done differently. I put my money where my mouth was and took out a second mortgage to help fund it – we also had a private investor and funding from founding directors. A lot of people warned me off but I knew that if I didn't go for it I'd regret it.

Use gender to your advantage

Even in this day and age, the media world is very male dominated. Being female and a CEO makes me more of a novelty than it should, but it can mean I find it easier to secure meetings and seal the deal than if I was just another suit.

In the early days when I was trying to persuade agencies and advertisers that my business model was different, people seemed more ready to believe it coming from a woman. That said, the fact that I love rugby and clay pigeon shooting helps enormously, but it's who I am, not something I do to curry favour with men.

Stay true to your values

Frank Sinatra's My Way might seem a bit clichéd, but when it came to launching the business I was determined to base it on values I believed in. I came up with "accountability, transparency and integrity" and "always delivering your promises". Businesses that stay true to their values build impeccable reputations.

Take a long-term view

This is easier said than done – especially for start-ups under pressure from investors and the bank manager. But focusing on making a quick buck early on can undermine your values – and ultimately your reputation.

In the first six months I turned down more clients than I took on because I didn't feel we could deliver for them. This was pretty brave (or stupid) for a new company, but I set out to pioneer a new way of doing business and in the process to build a company to be proud of.

Hire and keep the best people

Staff costs will be one of your biggest overheads – so make sure your staff are also great ambassadors for your brand. This means ensuring they really buy into your company ethos and bring it to life in the way they deal with clients and each other.

I favour hiring personalities over experience because we can teach people what they need to know, but if the chemistry is wrong that's harder to fix. I don't pay individual commissions – the whole team receives a twice yearly bonus if profit targets are met. This means every single person is motivated to keep costs down and do the best job they can.