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This is the third of our new blog series with Business Psychologist and Coach, Charlotte Sheridan. Running a business is hard work – if it was easy everyone would do it. And the stark truth is that most new ventures don’t make it. Statistics from Small Business Trends (USA) show that of the small businesses that set up in 2014:
By 2019 this would be a fail-rate of about 50% These are difficult figures to read if you’re an entrepreneur. But you believe in your product, right? You think your service is worth pursuing? If that’s a yes, then what can you do to succeed? One useful area to watch is how your pace can impact your performance. Years ago I did a half marathon for charity. I hadn’t run for years so I got some help from a personal trainer. One of the first things she taught me was pace. But I had a hard lesson many years before. I was 11 and it was Sports Day. My mum and dad had high expectations - my grandfather had run in the Olympics fifty years before. I wasn’t a good runner, but I was competitive and wanted to impress them. So, I set off at an incredible speed and was quickly at the front of the pack. My parents were clearly excited and I knew their imaginations would be going wild - podiums and ribbons were in sight. So I pushed myself even more and the gap got wider. Would this be the fastest I’d ever run? The cheers went up. Just a handful of parents, but it felt like a stadium roar to me. And then I hit a wall. I completely ran out of steam. I couldn’t breathe, couldn’t run, my legs turned to jelly and the roar was now in my chest. Three minutes into the race I just gave up and stopped. Back in the 1970’s there was little training. We wore tennis shoes for running and didn’t drink much water! No one told me about pace. It didn’t understand what stamina was - I just thought you had to go fast. And I was a hare, not a tortoise. Always throwing myself into a task, giving up too soon because I ran out of energy. It’s something I’m still working on today. Trying to find a pace to matches my enthusiasm but one that’s sustainable. This is one way I keep track - I imagine a project or task as a race. Short sprint(or when a deadline is looming): Research has shown that an optimal pace when you’re sprinting is to go slightly faster at the start (3% quicker than normal). It’s OK to push a bit harder and work extra hours - but only for a short time. If you drive yourself too hard for too long you’ll reduce your performance. In fact when runners run 6% faster than normal they fail to finish the race at all. So don’t over do it. If you’re pulling late nighters for weeks on end your work will suffer. So will your health. Keep an eye on how you’re doing physically. Pay attention to your eating, exercise and sleep. Here are two people who didn’t - one nearly lost a leg and the other had a life-changing seizure. Marathon(or when you have months of hard work ahead): Pacing for a marathon is the opposite. Successful marathon runners pace themselves 3% slower for the first few miles. Inexperienced runners talk about “putting time in the bank” – running faster at the start to make up for going slower at the end. But this has the reverse effect. World record holders always run the first half of their race slower than the second. I’ve been interviewing 100 people who have left or are leaving their paid jobs behind. One of my interviewees used to push himself incredibly hard. “Previously I just got in the boxing ring and I kept going until the fight was over.” Nowadays he does things differently, “I get into the ring and say, ‘I have to break this up into rounds.’ So I give myself short breaks. We have more nights away. We go to more concerts. I'm breaking up the difficult parts of the job with more interventions that are restorative.” Being an entrepreneur is a marathon. You’ll need to put in months of hard sweat to get your business up and running. Then, if it’s successful, there’ll many more months of hard graft to keep it all going. So pace yourself in a sustainable way. Remember which race you’re in. The second area is the impact of pressure on your performance. When you’re working on something you enjoy, when the challenge is high, it’s exciting and interesting and it will stretch you. Then you’re in a state called “Flow.” You won’t notice the time passing and you’ll feel full of energy. But to get into this state you need to manage the pressure and effort. Psychologists Robert M. Yerkes and John Dillingham Dodson developed the Yerkes Dodson law. It says that performance will increase as effort goes up, but only up to a point. Test yourself too much too quickly and your performance will go down.  Different people will have different points of boredom, flow and burnout. It depends on your skills, experience and what you enjoy. Try and keep as much as possible in the Flow state. Do this by monitoring the pressure you’re feeling. If you’re edging towards the stressful end make sure you give yourself breaks so you can rest (both physically and mentally). Try to stop thinking for a while - take time out to do something relaxing, enjoyable or just completely different. Our brains use up a large amount of energy. They make up only 2% of our body weight but use up 20% of our energy. Another of my interviewees works in a very high-pressured environment. He uses mindfulness and breathing techniques. “Those moments when other people might panic I just step away, take a deep breath, visualise what it would feel like to be awarded the business… that’s really helpful at 11.30 the night before, when you've got another three hours of work.” Meditation, exercise, being out in nature are all good as they increase alpha waves in our brains. This helps us to feel calm and relaxed, reducing stress and anxiety. But when you don’t have time for these, just get up and stretch your legs for a few minutes. Sometimes this can be enough. If you’re at the bored end, add in some pressure. Set a timer to give yourself a mini deadline or stretch yourself more in the kind of work you’re doing. Some people find working on a number of projects means they can keep themselves motivated. By rotating across the projects they keep engaged. But don’t confuse rotating through projects with multi-tasking. Keep focused on one project at a time and do only that. Then move to another task and do only that. Psychological research shows that too much multitasking is actually just constantly switching. This is very tiring and can affect your memory, increase your stress and distractibility, and it can impact your intelligence longer term. So overall, pay attention to how you’re feeling. Keep yourself motivated by rotating projects. And most of all, remember to pace yourself as you’re in a marathon not a sprint. To find out more about these topics read this.
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This is the second of our new blog series with Business Psychologist and Coach, Charlotte Sheridan. Setting up or running a business is hard work. If you’ve done it already you’ll know. If you’re about to do it, friends may have made a face and said, “Are you sure?” So why do we make it harder than it needs to be? Why do we say to ourselves, “This bag isn’t heavy enough, I’ll pick up a second one!” I’m talking about the monkey on our back, or the gremlin on our shoulder. It’s that nagging, critical voice that tells us that we’re going to fail. It’s also The Imposter Syndrome, the self-doubt and worry that we’ll be found out. We’re in good company as many famous people have also had Imposter Syndrome. Sheryl Sandberg (Facebook CEO): “There are still days when I wake up feeling like a fraud, not sure I should be where I am.” Tom Hanks (Actor): "No matter what we've done, there comes a point where you think, 'How did I get here? When are they going to discover that I am, in fact, a fraud and take everything away from me?'” Maya Angelou (Civil rights activist, author, poet, Nobel Laureate): I have written 11 books, but each time I think, 'uh oh, they’re going to find out now. I’ve run a game on everybody, and they’re going to find me out.'" David Bowie (Musician): “I had enormous self-image problems and very low self-esteem, which I hid behind obsessive writing and performing. … I was driven to get through life very quickly. I really felt so utterly inadequate. I thought the work was the only thing of value.” Mind set There are many challenging aspects of setting up or running a business that we can’t avoid. Taxes, accountants, stock-taking, But one thing we can avoid is the wrong mind set. Stanford University Psychologist Carol Dweck says that we either have fixed or growth mindsets. If we think our skills, experience or talents are fixed, then we can’t improve and we won’t reach our goals. That’s unless we aiming low – doing something we’ve already done. Then we’re just in repeat mode. Or, we might have a growth mindset. We know we can learn, develop and gain new skills. It might take effort, but our future is in our hands. We can aim big and do something spectacular. So ask yourself these questions:
Thinking errorsWe need to pay attention to what Psychologists call Thinking Errors. These are faulty patterns of thinking that make us stressed or anxious. This happens when our thinking doesn’t match reality - we often don’t even realise we’re doing it! Here are some examples: “Focusing on the negative” - when you only pay attention to what has gone wrong in the past. Whatever you think you can or can’t do, you are probably right. It’s helpful to shift your mindset and pivot to what has gone well. Remind yourself of these times when you are full of doubt. Another is the “fortune telling”– predicting how something will go (often the worst-case scenario). Picture your business being really successful. Imagine in detail all the things that will be successful. Athletes do this all the time. They imagine themselves in a race or a playing a game, picturing how well it goes and how they will win. “Mind-reading” - second-guessing what someone else is thinking and how they’ll behave, without evidence. Is there a challenging conversation coming up with a supplier? Or a difficult meeting with a new business partner? Maybe you are avoiding it, as you already “know” how they’ll react. Instead imagine different responses that are more positive. It will make you less anxious in the run up to the meeting or the conversation. “Overgeneralisation” - when you take the outcome of one event and predict it will happen every time. Instead remember other times when you tried something and it went well. Be aware that we often overgeneralise on what went wrong, not what went right. To find out which thinking errors you use click on the link at the bottom of this blog. Other people's voicesDon’t you just hate it when you share a new business idea with someone and they kill it….stone dead. Perhaps you’re about to launch a new product or service and you’ve sunk months into development. But now you’re really worried about it. Ask yourself these questions:
Setting up or running a business is hard work, but don’t make it any harder than it needs to be. Be aware of your mind set and thinking errors and that will help you to reduce your stress and anxiety. To find out which thinking errors you might have, use this questionnaire. 
This is the first of our new blog series with Business Psychologist and Coach, Charlotte Sheridan. So you want to set up your own business? Or you’ve just started. Maybe you’re killing it already (tell us how and share the love). Whatever stage you’re at, remember one thing. When the flight is turbulent do what the crew says…. “Put on your own oxygen mask before you help someone else.” This is the first rule of survival. If you run out of oxygen, you can’t run your business. We are in the eye of the storm. COVID-19 is a body blow to us all and we can’t predict where it’ll take us. We can’t know what our businesses will look like in 12, 18, 24 months time. But you can take control of one thing. Set yourself up with the right resources. Focus on the stuff that will keep you on track. I’m suggesting you create a Virtual Board of Directors. A group of people who will help you and your business stay fit. Then you’re more likely to weather the storm. I’ve been running interviews with 100 people who have left or are leaving their paid jobs behind - Spoon by Spoon: why we must feed ourselves with wisdom. Some have set up new businesses, many are changing career, others are re-training. They range from 28 to 68 years old. It’s never too late to become an entrepreneur! Whilst each person is unique and their circumstances differ, they do share similar strategies. See what some of my interviewees have said below. FriendsCheck who can talk to, who cares about you? It could be friends or even a counsellor/ therapist. Someone you’re comfortable sharing how you’re feeling. “I've got friends who I've had for years and when I told them that I was leaving work behind, and was going to set up my own business they were so happy for me. They said it's about time, we've been waiting to hear this. So I've got fantastic support out there from family, my good friends.” “My friends celebrated the highs and shuffled me through the lows.” “I had a couple of really good friends. I would have broken without them. I poured my soul out to them and they kept me going,” Wise Aunts (or Uncles)They don’t have to be blood relatives, but they do need to support and mentor you. And they need to care about your business. They should be people you can bounce ideas off and who’ll give you objective feedback. “I got myself half a dozen people [in the same area] who were there to help me when things got a bit sticky - when I was having a bad day, something had gone wrong or I was confused and needed a sounding board. A tribe as I call it. It’s been invaluable for me.” “I have a coach and he's brilliant. He’s really supportive, and he's certainly the person who I go to. Just having to cope with the knock backs and being told thanks but no thanks which happens to me quite a lot.” Fitness CoachThis doesn’t need to be an actual coach, just someone who just looks out for your health. It may even be you. They (or you) will need to help you stay fit enough to run your business. You need to be on top of your eating, sleeping and exercise. “I’ve taken up Jujitsu and that's been a really amazing outlet for me. Because it's part physical, but part mental.” “I cut out sugar and processed carbs and notice a difference in my mental health and how I feel. More veg and fruit and my mind feels clear and less sluggish. “ “I suffer from mental chatter, a lot of noise going on all of the time and the voices are not always positive. Yoga gives me a break from stressing out about everything. The physical element of being flexible and stronger and the mental element of finding peace of mind.” ProfessorWhere do you find your information (outside of the Pop Up Business School of course)? If you’ve got a question where do you go? Some people find networking groups useful. Others use digital resources (e.g. TED TALKS and blogs) or reading books. “I run a network of women leaders in communications which has been quite important. I'm also trying to broaden my network to people who run small businesses.” “I'm reading Black Box Thinking by Matthew Syed. It's about learning from mistakes. The argument is that the more open you are to your failures, the more opportunity you have to learn and really make that kind of seismic leap into another level of performance.” Your older SelfIf you could go back in time what wisdom would you share with your younger self? What do you wish you had known then? Remind yourself of how much you already know, how much you’ve already learned - If you could turn back time, would you be more brave? This is what some of my interviewees said to their younger selves: “Worry less about what might happen. You won’t get lost. You will find your way.” “Don’t get too upset about what’s bothering you now. With time and distance most things become less important.” “Nothing’s black or white. Not every decision is the end of the world. Don’t be so scared of everything.” “Life takes unexpected turns. Sometimes it’s things that you really love and it's surprising. But it's okay if things don’t go according to plan.” So, have you got a Virtual Board of Directors in place? Take this questionnaire to find how strong it is and actions you can take to improve it.
Make sure you check every three months to find out whether your Virtual Board of Directors is helping or hindering your business.
We have already unpacked the biggest barriers to starting up a business and this episode gives you one of the most powerful tools to overcome them. Join Simon Paine and Alan Donegan, co-founders of PopUp, as they unpack the unexpected power of mini-experiments. How to get your business going quickly! New episodes of The Rebel Entrepreneur Podcast are released weekly. Watch a short teaser below and listen to the full episode now on your preferred podcast streaming platform. For exclusive access to the whole of series one, go to the ChooseFI Website. Matt left woodwork college with bleak career prospects. He took his future in his own hands and built his own business teaching woodworking online. New episodes of The Rebel Entrepreneur Podcast are released weekly. Watch a short teaser below and download the full episode on your preferred podcast streaming platform. For exclusive access to the whole of series one, go to the ChooseFI Website. It takes money to make money doesn't it? You need to write a business plan and get a loan to get going don't you? What if there was a way you could use customer's money to build the business of your dream? New episodes of The Rebel Entrepreneur Podcast are released weekly. Watch a short teaser below and download the full episode on your preferred podcast streaming platform. For exclusive access to the whole of series one, go to the ChooseFI Website. Simon is joined by the founder of Femme Fatale Airsoft, Kelly Louise Hardwick as we discover how Kelly turned her passion into a full-time job and how she got over 1 million views to her airsoft blog. Femme Fatale Airsoft - femmefataleairsoft.co.uk You can watch the full stream below and make sure to tune in LIVE every Tuesday and Thursday at 9pm on our Facebook Page as we answer your questions and get top tips from our special guests. Simon is joined by personal development coach Lori Hammond as we discuss how to reduce stress and boredom while in lockdown and tips to move past your self-limiting beliefs. Lori Hammond - trancypants.com You can watch the full stream below and make sure to tune in LIVE every Tuesday and Thursday at 9pm on our Facebook Page as we answer your questions and get top tips from our special guests. Even the biggest companies in the world start somewhere. In this episode we find out how Shawn Jenkins started a NASDAQ listed software company. New episodes of The Rebel Entrepreneur Podcast are released weekly. Watch a short teaser below and download the full episode on your preferred podcast streaming platform. For exclusive access to the whole of series one, go to the ChooseFI Website. Simon is joined by Katie and Andrew from TimeTrap Escape Rooms as we discover how they've had to pivot and share their StartUp story of borrowing space for free to test their business idea. TimeTrap - timetrapescaperooms.com/online-games You can watch the full stream below and make sure to tune in LIVE every Tuesday and Thursday at 9pm on our Facebook Page as we answer your questions and get top tips from our special guests. 
How do you get a building for free to use for your business? In this episode Katie and Andrew from TimeTrap Escape Rooms tell us their story including how they borrowed a room for their first escape room for free! New episodes of The Rebel Entrepreneur Podcast are released weekly. Watch a short teaser below and download the full episode on your preferred podcast streaming platform. For exclusive access to the whole of series one, go to the ChooseFI Website. Simon is joined by Scott Hunter, creative director of the award-winning brand agency Hampton as we discover the power of a brand and why it matters for small businesses. Hampton - hampton.agency You can watch the full stream below and make sure to tune in LIVE every Tuesday and Thursday at 9pm on our Facebook Page as we answer your questions and get top tips from our special guests. Simon and Katie are joined by Jillian Johnsrud a public speaker, podcaster, coach, and mentor to discuss how to get started in coaching and finding everyday courage. Jillian Johnsrud - jillianjohnsrud.com You can watch the full stream below and make sure to tune in LIVE every Tuesday and Thursday at 9pm on our Facebook Page as we answer your questions and get top tips from our special guests. This second episode debunks the myth that it takes money to make money. You can build a business without debt and the PopUp Business School trainers show you five ways to get going quickly. New episodes of The Rebel Entrepreneur Podcast are released weekly. Watch a short teaser below and download the full episode on your preferred podcast streaming platform. For exclusive access to the whole of series one, go to the ChooseFI Website. Simon is joined by Luke Mead, founder and CEO of LMS Group as he tells his story of creating his business and reveals the biggest mistakes businesses make and how to avoid them. LMS Group - lms.group You can watch the full stream below and make sure to tune in LIVE every Tuesday and Thursday at 9pm on our Facebook Page as we answer your questions and get top tips from our special guests. Alan and Simon welcome in the bank holiday weekend with an update of what PopUp has been up to since lockdown and we get the behind the scenes of our new podcast: The Rebel Entrepreneur. The Rebel Entrepreneur - choosefi.com/rebel You can watch the full stream below and make sure to tune in LIVE every Tuesday and Thursday at 9pm on our Facebook Page as we answer your questions and get top tips from our special guests. 
What stops most people from starting up? Why isn't everyone launching their own company and making money doing something they love? In this episode we look at the three biggest barriers to people getting going and unpack and demystify entrepreneurship. New episodes of The Rebel Entrepreneur Podcast are released weekly. Watch a short teaser below and download the full episode on your preferred podcast streaming platform. For exclusive access to the whole of series one, go to the ChooseFI Website. Alan and Simon are joined by Brad Barratt, co-Founder of ChooseFI to talk about creating a podcast, running side hustles, and launching their new podcast with PopUp - The Rebel Entrepreneur. The Rebel Entrepreneur - choosefi.com/rebel You can watch the full stream below and make sure to tune in LIVE every Tuesday and Thursday at 9pm on our Facebook Page as we answer your questions and get top tips from our special guests. Will you allow people's comments to define the rest of your life?
This post was inspired by Nduno who we met in Namibia last year. She has aspirations to be Namibia's First Astronaut but was told by people she loves and trusts that she is 'not enough' to pursue her dreams. Doubting yourself and your idea is a situation that we have all been in, but should we conform to society's blueprint? Will you allow people's comments to define the rest of your life? click here to read the full blog post at simonpaine.coSimon Paine
Simon Paine is the co-founder and CEO of PopUp Business School. You can find out more about Simon though other PopUp Content or find him on twitter at @SimonJPaine Simon is joined by Sunday Times Bestselling author Jamie Smart to talk about changing your mindset and how to pivot your business to an online audience. RECORDED LIVE: 30th April 2020 Jamie Smart - jamiesmart.com You can watch the full stream below and make sure to tune in LIVE every Tuesday and Thursday at 9pm on our Facebook Page as we answer your questions and get top tips from our special guests. Simon and Alan are joined by Kristy Shen and Bryce Leung, founders of Millennial Revolution to talk about taking advantage of the situation, how they deal with rejection and how they got a book deal through blogging. RECORDED LIVE: 28th April 2020 Millennial Revolution - millennial-revolution.com You can watch the full stream below and make sure to tune in LIVE every Tuesday and Thursday at 9pm on our Facebook Page as we answer your questions and get top tips from our special guests. Jo Watson attended our PopUp Business live course in Bolton last November to help her copywriting business: agoodwriteup. Jo has graciously written the following article about her experience over the past few months and how she is applying the PopUp Principles in her daily life. I'm a former student of PopUp Business School, and I'm also a part of the hardworking demographic of freelancers and the self-employed, who are as much in fear for our finances as we are for our health, right now. When I found out that Simon and Alan were putting together a Survival Guide to help the PopUp community now that this Corona thing has us tightly by the tax returns, I had to show my support. I'm a copywriter first and foremost, but for this article, I wanted to focus on figures rather than words. In particular, I want to talk about money. If you’ll indulge me, I'd like to put forward a few things for you to think about right now as you face the future, and it goes without saying that I draw these points from the lessons I learned - or perhaps had confirmed for me - during my time at PopUp Business School. I wonder if you'll remember those lessons, too? Whilst the PopUp principles taught us that we really shouldn't be going into any kind of short or long-term debt to set up a business, we need to remember that it's also good practice to avoid the dreaded D word now that we're actually in business. I know it's tough, and we all need to accept help where we can take it, but please please please, do your research about everything that's supposedly available to support you financially, and look carefully the Ts and Cs attached to each one. Whilst I have my own political views on Government 'support', rather than enter into something that's going to make me really fucking mad, I'll instead focus my attention on so-called mortgage holidays from our mortgage providers and banks. It's not a bloody 'holiday', and no bank in history has ever done anything for its customers that hasn't benefited them substantially in the long run. Whilst the idea of a break in payments may sound tempting, please ask yourself if you really need to take it, or if you're just grabbing it because it's there and it sounds nice. Please, do your research, and get that calculator out, because whilst you're not paying for it right now, you'll definitely pay for it later. Okay so far? Good. Know your worth. Unless there's really, truly, absolutely some return value in it for you, don’t feel pressured to give anything of your business away for free. Anyone who values your talent and time - and who respects you as a person as well as a professional - will never expect you to do anything for free at a time when it's just as tough for you as it is for them. They'll certainly never ask you, at least. I know that as a good person you'll want to help people out in a time of crisis, but please don't do it at the expense of either: a) finding or doing paid work for yourself elsewhere, or b) spending time supporting those closest to you with the issues they have at this awful time. Like I said, if you can gain some kind of non-monetary yet valuable return on your 'investment', brilliant. But pure freebies? No. Look at how the world keeps turning on its business axis despite Corona. Tesco aren't giving you your groceries gratis, British Gas aren't lighting and heating your home out of the goodness of their own hearths (yes, that was an awful pun), and HMRC aren't going to turn around any time soon and say, "Y'know what, Karen, it's been a shit year, don't worry about paying your tax for 20/21, love." As a business, you have a right to earn money, especially if you're providing a product or a service that will help people right now in addressing an area of their own business that will likely help keep them afloat. Just as a side note, and I don't know if you've noticed... but if you've ever done anything for free for someone in business, they've usually ended up being a bit of an ungrateful and demanding dick about it... A blog for another time, maybe? Let's move on. Keep marketing your business. Providing that you're not putting your prices up, or venturing into brand new territory where you now don't ply your usual trade but instead sell marked-up bog rolls by the boot load, you are fully within your rights to market the hell out of your products or services. Everyone is struggling, so you're really going to have to make sure you're heard above the noise, and you'll also have to show that your business is the perfect choice over the competition to help others stay afloat during this shitshow of a health and financial crisis. Social media virtue signallers will cry “profiteering” and spew passive aggressive keyboard warrior rants about “capitalising on the crisis”, but let's just remember, social media virtue signallers are arseholes. Do what you've always done. Why wouldn’t you?
I'd been running my business (agoodwriteup) for a few years already by that point, and honestly thought that the PopUp sessions would mainly be aimed at those people setting stuff up from scratch. That was so far from the case, however, and so as well as learning so many new concepts and ways of applying them to my business, I developed the confidence to come away from any existing plans and projects that were just never going to work. So I guess my point is this... with the three things I've talked about in this article being deeply embedded in PopUp principles, I think it's only right that at this tough time where it's really not 'business as usual', we go back to basics and remember our roots. It is so bloody tough right now, but I'm practicing what I preach, and I'm remembering that PopUp Business School may not have been around when I got my business off the ground, but they've sure as shit been there to help it fly. They know their stuff, and you know yours. Keep that partnership in mind, and you'll get through this. Jo Watson
As well as being a Chartered Manager and a former PopUp student over in Bolton (Greater Manchester), Jo is a freelance copywriter, editor and trainer. Over the past year she’s also become a professional speaker and is currently writing her first book. She’s aware that everyone says that. When it comes to language, she’s a fan of swearing, sarcasm and puns. She likes to attract clients who feel the same! LinkedIn - www.linkedin.com/in/jo-watson-agoodwriteup Facebook - @agoodwriteup Twitter - @agoodwriteup Website - www.agoodwriteup.com Simon and Katie are joined by Halima Salim, founder of The Social Hop and Blackboard English to talk about how you can WIN at Instagram and tips for an online course. RECORDED LIVE: 23rd April 2020 The Social Hop - thesocialhop.com You can watch the full stream below and make sure to tune in LIVE every Tuesday and Thursday at 9pm on our Facebook Page as we answer your questions and get top tips from our special guests. We have joined forces with Starling Bank to help bring you help and financial advice as part of our Business Survival Guide. In this second guest blog, Starling will run through some tips and benefits of using a digital bank compared to the traditional high street banks. The world has evolved. The way we shop, download music and order food has changed. The last few years has seen a revolution in the way people and businesses do their banking too, with a move towards app-based bank accounts challenging the high street ‘big four’. Starling Bank is a digital bank which has won Best British Bank three years running, in addition to Best Business Provider and Best Current Account 2019 & 2020. In this blog, we’ll run through some of the reasons why people and business owners are making the change. Click here to learn more and open an account. Set Up in Minutes, from Anywhere Setting up a Business Bank account was historically a lengthy and frustrating process which could take weeks. Business owners were required to collect together a mountain of paperwork, and arrange an in-person meeting at their local bank branch to set up their account. At Starling, we recognised this needed to change. That’s why we created an award-winning business account that’s completely free to use, and takes minutes - not weeks - to apply for. All you need is a valid form of I.D such as a passport or UK driving licence, and details of how your business operates and a document or website that backs this up, and you are good to go. Applying for an account takes just minutes and providing you pass the security checks you will be up and running after a matter of days. Plus, because we’re an app-based bank, business owners can set up their account from their homes or office. So, say goodbye to waiting weeks to see a bank manager. Save TimeStarling was built to be the best bank in the UK - but our intention remains for our customers to spend as little time banking as possible! All of the tasks that you may have spent hours queuing for, or on hold for, you can now do from the palm of your hand. A digital bank account fits around your schedule, and keeps the same hours you do. So you can check your balance, make payments, or do your accounting, from anywhere. And if you do need help, our UK-based customer support team is on hand to make your life easier 24/7 - simply access them in-app or via our help line (0800 0231 617). Seriously Secure and ProtectedAt Starling, we make security our highest priority, especially when it comes to transfers and payments. Our experts have built in multiple levels of security within the app, including biometric security, which means if your phone can store individual fingerprints and facial data, you can access your account this way. According to Apple, there’s a one in a million chance that another person can access your account via facial recognition, so it’s a good option for many of our customers. In addition to this, our instant notifications keep you in the loop about what is coming in and out of your account. So, if there are any transactions which don’t look familiar, you’ll be the first to know. With our Card Controls, you’ll also be able to freeze or cancel your card instantly, if you think it may be lost or stolen. For extra peace of mind, just like ‘the big four’ Starling is a fully-licensed bank, with customers’ eligible deposits up to £85,000 protected by the Financial Services Compensation Scheme. Reduce your adminTo reduce your admin it’s a good idea to make technology your friend. And with a digital bank account, this has never been easier. In the Starling Marketplace, you’ll find integrations with a range of third party products and services. This includes the likes of Xero, QuickBooks and FreeAgent, which all allow you to connect your real-time bank transactions with your accounting software. Spending less time on your financial admin will allow you to spend more time on your business. The Starling Marketplace has insurance options too, for example, invoice insurance from Nimbla or cybersecurity or indemnity cover from DigitalRisks or CyberSmart. For project management tools, there’s UnderPinned and to help you keep track of your digital receipts, there’s Flux. Deposit cheques from homeBeing able to deposit cheques on your mobile is handy at the best of times, but especially so right now. After a flurry of customer requests, Starling Bank recently introduced this functionality to its app to make sure their customers really can do all their banking from home. Simply take a photo of your cheque in the app, and Starling’s team will process it within two working days (which is generally faster than sending via post).
A massive thank you to Starling Bank for writing this blog post to help discuss why many businesses are turning to digital banking.
We are obviously a massive believer in doing things the opposite and we love how Starling have been shaking up the traditional approch and what it means to be a bank. Come back next week for tips on budgeting your money and making the pennies stretch further! Simon and Alan are joined by Ken Okoroafor, founder of The Humble Penny to talk about how you can master your money worries and how he built his online business. RECORDED LIVE: 21st April 2020 The Humble Penny - thehumblepenny.com You can watch the full stream below and make sure to tune in LIVE every Tuesday and Thursday at 9pm on our Facebook Page as we answer your questions and get top tips from our special guests. |
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