Jamie stevens: top tips for surviving a first year in business

Regular TV appearances with Gok Wan and on ITV's This Morning, a place as global ambassador on the Matrix artistic team, and a job as artistic director at one of the country's most prestigious salons would be enough for most 30-year-old hairdressers, but not for Jamie Stevens. Hairdressing's Boy Wonder is now set on being just as successful as a salon owner.

Here, Jamie offers his top tips on surviving the first year in business.

• Have a watertight business plan and financing in place. When businesses fail in the first year, it's often a cashflow issue. Know the exact running costs of your business, how long it'll take to turn a profit, and what you'll do in the meantime. 

• Employ experts where necessary. If you definitely know the ins and outs of finance and business then fine - if you don't, factor in the cost of an accountant or business manager. You know how to cut hair, so stick with your area of expertise.

• Stay on top of your outgoings, file all your receipts properly, and keep everything where you can find it. In an emergency, you need to know how to contact various companies like your product supplier and insurance provider.

• Don't get ahead of yourself and splash cash on something that's not essential. For example, if you haven't accounted for a photo shoot in your year-one budget, don't stretch yourself by suddenly deciding to do one.

• Build relationships with other local businesses and your local press, especially if you're placing advertisements - ideally you want to get good rates, and cross promote your salon with other local businesses.

Read more about Jamie's first year in business in the 24 June issue of Hairdressers Journal.