Hi everyone, and welcome to my blog.
I can’t believe I’m now into my fifth year of writing, and I’m absolutely over the moon with the readership numbers and all your wonderful comments. Thank you for continuing to read, share and support me.
This month, we’re talking business.
If you’re thinking about starting your own business, or you’re already in those exciting early stages, you’re about to embark on a wild ride. Your coffee budget may soon rival your marketing spend, and your to-do list will probably grow faster than a viral cat video!
But fear not. Whether you’re launching the next big tech start-up or simply trying to sell toothpicks, this blog is for you. I’m sharing ten tips that might help you avoid some common mistakes and, just maybe, keep your sanity intact along the way.
Why am I qualified to write about this?
Selling and marketing have been part of my DNA throughout my career. I’ve worked in technology sales, marketing and sales management, helping major technology companies and start-ups develop effective sales strategies, increase revenues and grow their businesses. I was also fortunate enough to work with a company recognised at the time as one of the fastest-growing technology firms in the UK.
More recently, Jamie and I established and ran our own successful business, from which we have now retired. Working with some of the world’s largest software companies gave us a lifestyle we genuinely enjoyed and, perhaps more importantly, allowed us to keep adding to our pensions!
We built the business from the ground up, and I’d like to share ten of the things that I believe contributed to our success.
1. Keep your initial expenses low
This is probably the single best piece of advice I can give you.
When we started our business, we had two basic laptops, a couple of second-hand desks and chairs, a cloud-based database subscription, Microsoft Exchange and website hosting. That was it.
Once we started generating income, we reinvested it back into the business. For example, we waited a full year before leasing office space, ensuring we had sufficient income to comfortably meet the commitment.
It’s tempting to want everything to look perfect from day one, but try not to spend money simply for the sake of looking established. Build gradually and let your income help fund your growth.
2. Attend a business start-up exhibition
We gained some incredibly valuable insights from attending business exhibitions and listening to experienced speakers.
The knowledge we gained helped us create our initial website content and develop our brand without paying an expensive marketing agency. Later, once we were making money, we reinvested some of our profits in a design company to enhance what we’d created.
There is a huge amount of free advice available when you’re starting out. Take advantage of it.
3. Prepare a business plan – and know who it’s for
A business plan can serve different purposes. You may be looking for investment, hoping to attract a business partner or simply using it as a roadmap for yourself.
Ours was purely for personal use. From the outset, Jamie and I decided we didn’t want outside investment. We were building a lifestyle business and didn’t want the pressure or influence that can come with external investors.
There are plenty of online templates available to guide you through the process. The important thing is to think through your business properly before you get too far down the road.
4. Understand your target market
Market segmentation might sound like business jargon, but it simply means understanding exactly who you want to sell to.
We operated in a B2B (business-to-business) market and targeted technology companies with fewer than 500 employees. That gave us a clear focus and helped us tailor our marketing and sales activity.
If you’re starting a B2C business, the same principle applies. For example, if you’re offering guided walks, your potential market might include holidaymakers, local visitors, travel companies or people interested in health and wellbeing.
You can’t be everything to everyone, so work out who your ideal customer is and focus your energy there.
5. Marketing is essential
You may have the best product or service in the world, but if nobody knows about it, you’re going to struggle to sell it.
Think carefully about how you’re going to reach your target market and let them know what you offer. Most importantly, your product or service needs to solve a problem or fulfil a need.
You should be able to clearly explain what that need is and why someone should choose you.
6. Invest in a good database
Information is key.
Most databases are now cloud-based, meaning you can access your information wherever you are. We chose Salesforce, which allowed us to track our contacts, opportunities and, importantly, the results of our marketing activity.
You need to understand what is working and what isn’t. If you don’t track your activity, you’re essentially making decisions in the dark.
7. Network, network and network some more
When you reach people, you make money.
I assume that if you’re starting a business, you already have some knowledge and experience in your chosen field. If, for example, you’ve spent years involved in sport and are setting up a coaching business, you probably already know a lot of people who could help spread the word.
Tell people what you’re doing. Start conversations. Be curious about others and build relationships.
Not every conversation will lead to a sale, and that’s absolutely fine. But I can assure you that the more you network, the more opportunities you create.
Your ability to start conversations and connect with people is one of the most valuable skills you can develop.
8. Keep it simple
You should be able to explain what your business does in two sentences.
You also need a clear mission statement.
There’s nothing more frustrating than listening to someone talk for 30 minutes about their business and still having absolutely no idea what they actually do! The same applies to your website. I’ve lost count of the number of websites I’ve visited where, after reading the homepage, I still don’t know what they’re selling.
Make it simple. Make it clear. Tell people exactly how you can help them.
9. Work hard – but create the life you want
Our business was designed to give us a lifestyle we enjoyed, but that didn’t mean we didn’t work hard.
For most of the time, we worked from 8am until 6pm, five days a week. You might think, That’s not much of a lifestyle! But it gave us the freedom to travel three or four times a year and work from wherever we happened to be.
We could sit on a beach in Jamaica and still keep the business running, which suited us just fine!
Building a successful business takes effort, particularly in the early days. But if you build it around the life you want, the hard work can be incredibly rewarding.
10. Hire an accountant and do things properly
An accountant is worth their weight in gold.
They can help you set up your company correctly, keep your accounts in order and make sure your tax obligations are dealt with on time.
And one final word of caution: unless you genuinely understand contracts, don’t sign anything without taking appropriate advice.
For example, as a small UK-based company, we would never have signed an agreement governed by another country’s legal system without fully understanding the implications.
Doing things properly from the beginning can save you an enormous amount of stress later on.
And finally…
Starting your own business can be exciting, terrifying, exhausting and incredibly rewarding – often all in the same week!
There will be mistakes along the way, and that’s okay. You don’t need to have everything figured out from day one. Start with a clear idea, understand your customer, keep your costs under control and be prepared to work hard.
And remember, every successful business started somewhere.
So, if you’re thinking about taking the leap, I hope these ten tips give you the confidence to get started. Go forth and chase that entrepreneurial dream!
And if anyone needs a little help or advice, don’t hesitate to drop me a message. I’d be delighted to help if I can. Until next time xxxxx