I'm a self-made entrepreneur - and these are my 7 secrets to launching a business

• Richard Carter, founder and CEO of Lopay, turned his vision into a thriving business
• Lopay is a payment platform designed to help small businesses save money and get paid instantly
• The idea for Lopay was inspired by Carter’s first-hand experience with small businesses struggling with high fees and slow payments
• Since its launch in 2022, Lopay has served over 50,000 UK businesses
• Carter’s entrepreneurial journey spans from consulting to startups

Richard Carter, founder and CEO of Lopay, knows what it takes to build a business from the ground up.

Lopay is a payment platform that helps small businesses accept card payments in a cheaper and faster way than industry giants like Zettle and Square.

It allows businesses to take payments with lower transaction fees and get their money instantly, rather than waiting a few days. Since its launch in 2022, Lopay has saved its 50,000 UK clients over millions in transaction fees annually.

But Carter's journey wasn’t always smooth, nor was it accidental, and his story offers valuable lessons for aspiring entrepreneurs aiming to turn their ideas into thriving businesses.

From identifying a market gap to fostering resilience, here are his secrets to entrepreneurial success.

Find the problem you want to solve

The idea for Lopay was born out of Carter’s first business, Orderpay, a table-ordering solution that gained traction during the Covid-19 pandemic, when restaurants needed to comply with social distancing.

While working closely with hospitality businesses, Carter noticed a glaring problem: small businesses were paying exorbitant fees to process card payments and often waited days to receive their funds.

“It blew me away that they were paying 2%, sometimes more, to take card payments, and if they took money on a Friday evening, they wouldn’t see it in their accounts until Tuesday,” Carter says.

He realised these delays were crippling for businesses that relied on fast-turnaround cash flow.

This insight was the spark that led to Lopay. It wasn’t just about creating another payment platform, but solving real issues small businesses faced daily: high fees and delayed payments.

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Launch small, then scale

When Lopay launched, Carter didn’t aim to take on every market simultaneously. Instead, he started small by focusing on a specific group: taxi drivers in London.

Many drivers were frustrated by high transaction fees - sometimes as high as 5% - and outdated payment systems.

By solving their immediate problems, Lopay built trust with its first users - happy drivers became vocal advocates, spreading the word and driving early growth.

Carter also designed a referral program that rewarded both new users and the referrer with £1,000 in free transaction processing, a strategy that created a viral loop of recommendations.

Starting small allowed Lopay to fine-tune its offering before expanding into hospitality and other sectors.

The key ingredient: resilience

When asked about the single most critical attribute for entrepreneurial success, Carter is unequivocal: resilience.

“Continually, stuff is going wrong,” he admits. “Your ability to prioritise, cope with challenges, and find solutions is the most important thing.”

Carter’s early experiences in start-ups taught him to weather storms. From navigating Covid-related shutdowns with Orderpay to tackling the challenges of competing with multi-billion-dollar companies, resilience has been a constant theme.

Aspiring entrepreneurs should prepare for setbacks and develop the mental fortitude to keep moving forward. “If you believe in your vision, you’ll always find a way to solve the problem,” Carter says.

He adds: “Believe in your vision, stay resilient, and never stop solving problems for your customers. That’s the secret to building something truly impactful.”

Build a team that shares your vision

A business is only as strong as its team, and Carter credits much of Lopay’s success to the collaborative, flat-structured culture he has cultivated.

“Getting the right team on board who buys into your vision and backs what you’re doing is key,” Carter says, while also emphasising the value of a cofounder.

“Find someone who complements your weaknesses, whether that’s in technology, marketing, or business strategy. It’s tough to go it alone.”

For Lopay, this team-first approach has fostered innovation and adaptability, and has made tackling a global expansion more manageable, as the company eyes new markets in the US and Europe.

Leverage the right financial structures

One piece of advice Carter wishes he’d learned earlier is how to structure ownership in a tax-efficient way. For UK entrepreneurs, the government’s SEIS and EIS schemes - which offer significant tax relief to investors - are game-changers.

“It’s better to be an investor in your business and own less than 30% but benefit from EIS tax breaks than own more and face heavy taxes when you sell,” Carter advises.

Such structures can set up founders for long-term financial success while making the business attractive to investors.

Get paid faster to protect your business

Carter’s practical advice to existing small businesses is simple but critical: focus on getting paid quickly. Cash flow is often the difference between survival and failure, especially for businesses with tight margins.

“Too many small businesses die because they’re waiting on invoices to be paid,” Carter explains. His advice? Use modern payment systems to ensure instant access to funds.

Whether you’re a plumber or a restaurateur, tools like Lopay can eliminate delays and free up time to focus on growth.

Think big, but stay grounded

Lopay’s mission goes beyond reducing costs for UK businesses. Carter wants to expand globally, saving small businesses billions of pounds, dollars, and euros while providing tools to help them grow.

From offering cash advances to building digital loyalty schemes, he envisions Lopay as a complete business-growth platform.

Yet, Carter remains grounded in the satisfaction of helping small businesses thrive. “It’s genuinely cool knowing that you’re saving people money and making a meaningful impact,” he says.

What are your thoughts on Carter’s entrepreneurial journey and Lopay’s mission to transform payment processing for small businesses? Share your insights, questions or ideas in the comments section.