Revolutionary Measures

5 things I’ve learnt in 5 years of running my own business

 

Birthday Cake

This month marks several major anniversaries in my life. I’ll have been married for 15 years and July 1st was the beginning of my sixth year of running my own business. Leaving aside everything I’ve learnt from my marriage, here are the top five things I’ve learnt after setting up on my own:

1. Network, network, network
It doesn’t really matter what type of business you are, the easiest way to bring in new revenues is to be recommended by someone else. That only happens if you both do a good job for existing clients, and more importantly network with the community around you. Trekking out after work to meet new people can seem a bit like going to the gym – you know it is good for you, but you can invent 1001 excuses why you should just stay at home. Just like physical exercise, you need to overrule the little voice in your head and spend time networking. At the very least it’ll get you out and talking to people with potentially similar interests, or who offer complementary services – and it will also increase your public presence and ensure companies know who you are. And networking doesn’t stop there – connect with people on LinkedIn, follow them on Twitter and make sure you make the effort stay in touch.

2. What goes around comes around
This may sound a little Zen, but I’m a firm believer that being nice to people, and helping them, stores up good luck that could help you in the future. Give people that can’t afford to hire you advice, connect them to people that can help them and be supportive of the community around you. Even if it doesn’t bring you direct business you’ll feel better about the world around you and know that you’ve made a bit of a difference.

3. Learn to let go
If you are in a business that revolves around selling your time and expertise, there’s a natural ceiling on how much work you can do. There are only 24 hours in a day, and working on all of them isn’t a long term business strategy. So be ruthless and look through your workload. Hire people to help – whether experts such as an accountant to look after your book-keeping or someone to assist with admin, they will free you up to focus on what clients are actually paying you for. And you’ll (hopefully) get your evenings back too.

4. Keep doing new stuff
I know a lot of people that have built successful businesses, get to year six and decide on a complete change of tack, such as creating their own start-up. While I couldn’t do this myself, it shows the need to keep challenging yourself and doing new stuff. On a less dramatic note it could mean offering new services, taking on clients in a completely different sector or investing in new skills and qualifications. The world is changing fast and failing to change with it will not only leave you bored, but you’ll gradually lose clients as they move to businesses that offer new services that meet their new needs.

5. Build up an ecosystem
No business is an island, and you can’t survive on your own. As well as networking, make sure you plug into people with complementary skills who can help you, whether with advice, mentoring or just providing you with a sympathetic ear from time to time. I know I’d not have built my business without the support of a whole range of people, which is another reason to spend time networking in both the real and virtual worlds.

Don’t get me wrong, the last five years has been a lot of hard work, a few tantrums and occasional worries about where the next job would come from. However it has also been tremendous fun, bringing me into contact with a wide range of interesting, innovative and sometimes quirky people. I’ve learnt a lot, enjoyed being my own boss and been able to (sort of) balance work and life. Here’s to the next five years!

July 8, 2015 Posted by | Cambridge, Creative, Marketing, PR | , , , , , , , , | 1 Comment

When to give up

failure

It used to be that failing in business was a potentially catastrophic black mark in the UK – essentially the end of your career. But over the last decade attitudes have changed, driven by a more American view that it is better to have tried and not succeeded than to not to have bothered at all. There are a thousand and one reasons that a venture might fail, many outside your control, and as long as you learn lessons you can bounce back stronger.

This more relaxed attitude to failure is reflected in the growth of startups in the UK. Rather than leave university and go and work in corporate Britain, setting up on your own is a viable choice – if it doesn’t work you can always try the 9 to 5 in a few years time. And as the Seth Godin quote goes, “If failure isn’t an option, neither is success.”

But if the stigma of failure has been removed it brings another big question – when do you give up on your idea/business? Do you shut up shop at the first signs of trouble or soldier on when all chances of success are gone? That was the topic of an entertaining discussion at last week’s Pitch and Mix in Cambridge, which got me thinking about the whole topic.

It is easy to look at businesses or individuals where it would have been easy to give up when they hit the first roadblock. Harvard made Mark Zuckerberg take down the first version of Facebook and nearly expelled him – but he learnt from the experience and moved on. In Cambridge, ARM was essentially created within Acorn as Intel wouldn’t sell the computer manufacturer the chips they needed. The business pivoted and is now a multi-billion dollar world leader.

What came out from the discussion were two main ways of helping you to know when you’ve really failed and it is time to give up.

Firstly, set realistic objectives and goals for your company/project, with a timeframe attached. It shouldn’t be a hundred page business plan that controls your life but an idea of what success looks like and the time it should take to get there. Whether as simple as “we need to have made our first sale in 18 months” or more complex, use it as a guide to when to stop. If you get to 18 months and there’s no sign of a customer then you should probably give up, but if you’re negotiating with a couple, then extend your timeframe. Build a plan to get to your objectives – what needs to happen for you to make that sale/launch the project within your timeframe.

Secondly, get independent advice. Everyone involved in startups must have passion – if you aren’t enthusiastic about the idea you won’t put in the hours to make it work. However perspective is more difficult – you are simply too close to the coalface to provide an objective view of reality. So find yourself an independent mentor, who understands your business and what you are trying to do and give you advice and perspective on the way forward.

More businesses fail than succeed, but don’t take it personally, learn and move on. And marry passion with perspective to work out when to throw in the towel and start again.

 

April 24, 2013 Posted by | Cambridge, Startup | , , , , , , , , , , , | 1 Comment

Throwing a lifeline to SMEs

Growing a small/medium sized (SME) business isn’t easy at the best of times. Managing directors and owners have to possess an incredibly wide range of skills, often way outside their core competencies if they are to compete with the big boys. And there isn’t normally the safety net of a multinational’s deep pockets if something goes wrong.

Add in the current economic downturn and things get even harder. Given the number and variety of businesses within the sector SMEs need to be the engine for recovery to balance out public sector cuts. But like any engine you need the right fuel, which in the case of SMEs are skills and money. I’m not going to go into banks and their lending policies but a new event aims to deliver the skills and motivation that the people running SMEs actually need.

Called the Big Business Mastery Weekend (disclosure – Measures Consulting client), it provides the practical training that companies need, in one place, from top trainers like entrepreneurship guru and author Robert Craven. So rather than death by PowerPoint, delegates actually get involved and learn things that they can put into effect with their own organisations. Split into the key skills of sales, marketing, time management, profitability, leadership and social media, the aim is to give businesses the knowledge and motivation to immediately create a plan that will grow their company.

Based on a US model, the first Big Business Mastery Weekend will be held on 9/10 July 2011 at the Hilton Hotel, Coventry. Early bird tickets start at £546 plus VAT and can be booked online or by calling 0207 870 1097 (to get early bird rates just quote discount code BBMC when booking). Let’s hope that SMEs embrace the chance to equip themselves with the skills they need – for the good of the entire UK economy.

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February 7, 2011 Posted by | Uncategorized | , , , , , , , , , , , | Leave a comment