After 10 years of working in different agencies Ryan Tym decided to take the leap and start his own branding company, Lantern, in 2014.
From going it alone to an award-winning business venture, we asked the entrepreneur his top tips for other budding business founders like himself.
1. Sort finances early to forego cash flow problems later.
Ryan applied to the government’s Seed Enterprise Investment Scheme – set up to fund small businesses – early on. “I think cash flow would have been a bigger challenge had I not have had the investment,” he says. “It meant the first few months of the business were really stable and gave a financial buffer in terms of delayed payments and things like that.”
2. Set up as a limited company to increase company credibility.
Ryan ensured he set up Lantern as an LLC early on. This, he says, “made sure that I was set up in the most professional manner from the beginning and makes it easier to then scale and grow the business.”
3. Ensure your insurance is customised to your company.
The dynamic nature of startups typically mean that insurance parameters rarely meet your businesses’ realities. “That was a challenge,” Ryan says, “making sure it was as tailored as it could be for us.”
4. Consider a co-working space.
About 20% of new business, Ryan explains, comes from the co-working space Lantern rent. “That’s been really valuable, and it creates that sense of community which we’re trying to achieve in the co-working space.” So, when deciding on working space for your start up, make sure to look in to shared offices and tap into your network of other likeminded SMEs.
