From new venture to real business: Actionable finance advice from UK startups

Firstly, we interviewed Kate Morgan, the founder of Morgan Publicity. She shared with us how she managed her cultured agency, which specialises in press and media relations, product placement, brand building, event sourcing, management and copywriting, to make it a real business.

What made you decide to start the business?

I was horribly burnt out in my previous job and working crazy hours – 8.30am-10.30pm was a frequent occurrence, with little to no breaks. My personal life was suffering and I was losing my passion for the industry I loved and worked very hard to be successful and accomplished in.

Simply put; I knew there was a better way to be successful in business and to still live a balanced life. I started Morgan Publicity with a goal to represent a new wave of PR. I work the hours I’m most productive in, I am selective about what clients we take on – and I have a life while still delivering results!

How did you finance the business?

I label Morgan Publicity as the “accidental PR firm”. It wasn’t until I left my previous company that brands starting approaching me for representation through word of mouth recommendations. Once I had enough clients on retainer agreements, I just got going.

It was a speedy process from handing my notice in, to all of sudden running my own firm. In short, I financed the business by having clients in the wings and when I had enough on contract agreements to make this a viable life decision for me, I went for it.

Did you face any financial difficulties and how did you overcome them?

Having virtual team members keeps overhead costs down as it eliminates having to pay for office space – I don’t know why more businesses don’t do this. I also save on travel costs as I don’t need to commute unless I have press or business meetings.

Our clients are respectful in that we are virtually always compensated for our services on time! The last thing you want to worry about as a new business owner is chasing pay cheques. So far, I can’t say we’ve ran into financial difficulties.

What financial advice do you have for entrepreneurs looking to start a new venture?

Making the decision to start a new venture is a difficult step in itself. Once you know for certain that starting your own business is the path you truly want to pursue; don’t look back.

There will be days when you’ll yearn for the easiness of a guaranteed pay cheque, stability and routine. But being your own boss, working your own hours, creating opportunities and alliances that YOU want to pour yourself into – that is worth its weight in gold.

Find a network of emotional support for the dark days – they will come – and celebrate the bright ones. Your successes count for so much more when it’s your blood, sweat and tears that made it all possible. Good luck!

Continue reading on the next page as we hear from the founder of a crowdfunding and commercial investment community and how he moved from the music industry to get started.

Share this story