Tag: founder

  • What to consider before starting a business

    What to consider before starting a business

    This is a big question, and I’m sure you’ve asked yourself (and Google) many times, your head, heart and gut will all be answering you at different intervals. It is a scary thought… or is it? I believe excitement and anxiety are the same emotion, it’s only your outlook that determines the outcome.

    I’ve collated my thoughts and compiled a list of the key considerations you need to secure before venturing into the unknown.

    Before I kick off with these, I will lay this statement out: “If you can onboard a paying customer before you take the leap, this will give you confidence, however, look after that customer, never dilute their importance to your new life, they have allowed you in this journey. Your first customer could also be your last. The power of referrals can grow a business foundation organically”.

    1. Support from your nearest and dearest

    I recommend Before you go any further with your idea, have a chat with your husband, wife, partner, kids, parents and other close family members and friends. However, most importantly ask strangers at a coffee shop, buy them a coffee and run your idea by them, create a succinct ‘elevator pitch’ hopefully inspiring some questions. Keep it short, respect their time and if you can entice a handful of strangers, it might lead to something new. Ask them to be candid, they may not get your idea, they may know of competition you didn’t. They will all have an opinion and it’ll help you perfect your narrative. 

    2. De-risk financially

    You need to make some decisions about your finances before you start a business – and that includes your personal financial situation. First, reduce any unnecessary financial commitments and work out what is the minimum amount that you can live on. Think about your income, – will you work full time and launch a side hustle? Or do you plan on working part time? Or are you going to go ‘all in’?

    I recommended using a Personal Survival Budget template to work out your finances and coming up with a timeline for how you’re going to transition yourself into the business.

    3. Have a plan and a vision

    You can’t expect to be successful in business unless you plan and Ollie suggested developing a business plan, business model canvas and cash flow forecast before you get started. Set some stretch goals to keep you focused and motivated. 

    Studies have proven that entrepreneurs with a business plan have lower failure rates. Planning will also give you more confidence and it will make you consider all aspects of your business – including any ‘what if’ scenarios.

    Develop your vision and know your ‘why’. This will be your north star to guide you. 

    Who’d have thought it? Get to know your customer.

    4. Get to know your customer

    Consider a deep dive into your target customer’s life. Work out what problems they have, what their view on the world is.

    Write down a large list of all their problems and analyse all of your results. It’s likely there will be three standout trends, this is where you should focus your business. If possible go and ask a spectrum of your potential customers for their problems, don’t guess.

    Get specific and drill down on your target customer. The more you know about your customers, the more your message will resonate, therefore the less you have to spend on marketing.

    5. Get to know yourself

    Getting to know yourself, as well as your customers, is just as important when starting a business. Your biggest competitor will be yourself. Remember your self worth is not based on the success or failure of your business. Do not let it be all-consuming.

    To get to know yourself a bit better, I suggest taking a personality test such as a Myers Briggs test, or DISC profiling.

    6. Sell it before you build it

    The idea that “if you build it, they will come,” doesn’t work for start-ups. You need to make sure that people actually want what you’re making. Get sign ups, pre-sales, any form of financial commitment. This is your proof of demand. 

    ‘Potential sales’ are often worthless – people’s outlook on the future is less tangible and unfortunately skewed. Instead, consider options such as crowdfunding to kickstart your business and build sales.

    7. Find a mentor

    Having a mentor with more experience than you can prove invaluable in the start-up world. 

    Mentors have been there, done it and got the t-shirt. They can help you make better strategic decisions, reach your goals quicker and open doors for you. I personally have mentors in various spheres of my life. Those who exude energy and a cross-section of backgrounds. 

    8. Develop networks with other founders

    There are loads of other people who are starting businesses right now – and facing the same challenges that you are. Get to know them and it could prove very useful for your business. Peer learning can double your profitability.

    My community offers access to other founders who are on the same journey as you. I will also start to run regular events where you can meet other entrepreneurs.

    9. Patience, perseverance and the right mindset

    It takes time to build a successful business, you can’t expect to be an overnight success.

    Building a business takes time, bags of grit, and determination. Developing the right mindset will be one of your greatest assets. I’d encourage you to learn to get comfortable with the uncomfortable.

    Podcasts are a great resource for gaining insights about how to think like an entrepreneur. Yet, instinct will hopefully play a part. You can listen to all the advice you help digest, but action makes things happen. 

    10. Don’t forget to have fun

    Most importantly of all, remember to have fun.

    Build relationships, not sales. Do unexpected things to surprise your customers. At the end of the day, business is all about people.

    Thank you for reading.

    A.

  • Is a Business Plan worth the time and effort?

    Is a Business Plan worth the time and effort?

    A business plan that attempts to account for all the possible changes that will happen in the future is obsolete before the ink is dry on the page.

    Why is it that business plans never come to life? Why do almost all of them, once written, sit on a shelf and gather dust, while the futures they describe never see the light of day, and the businesses they lay out wobble their way into uncertain futures?

    A traditional business plan is head-centered; it’s an exercise in what business owners think they should do. Writing a traditional business plan is usually precipitated by one of two thoughts:

    1. We’d better write a business plan because “that’s what most successful businesses do”.

    2. We need to write a business plan if we want to go out and borrow money.

    Traditional business plans are quite intentional. They are thoughtful, analytical, complete, decisive–all of the hallmarks of a supposedly “smart” business.

    Have a plan, and if that’s to rule the world… start writing a list!

    Traditional, head-centered, static business plans don’t work. A plan that starts in the head, with logic and reason and thoughts, lacks passion and excitement and purpose. And a plan that starts with the assumption that it’s been able to capture and account for all the relevant changes that will happen in the future is obsolete before the ink is dry on the page.

    The business plan that will always work starts from a different place with a different set of operating assumptions. It starts from a heart-centered approach, which means it starts with experiencing the feelings you have. Not only does this plan tolerate change, but it relies on your building in change as a key factor that will keep you on the best course.

    When I work with Entrepreneurs, I lead them through something I call ‘The Dreaming Room.’ This is the step before the business plan. In the Dreaming Room, we set out to imagine our businesses-but not from a logistics standpoint. Rather, we dream about the vision for the business. Why do you want to build it? Who will benefit? What will it mean to the world? Only after you understand those things, can you write any kind of tactical plan that will truly get you there.

    The real difference between the business plan that always works and the traditional business plan is in how you think and feel about the plan–it’s your attitude and your relationship to the plan that will make all the difference.

    A business plans real value, is to uncover the flaws in your idea to evolve it into a well-rounded defensible and focused roap map. It helps you understand your business far greater than before and it’ll help you structure you message nad narrative to employees, co-founders and investors.

    It will however, need multiple iterations as you gain momentum, but that is part of being your own boss.

    If you need guidance and a template to write a business plan, please do get in touch and I’ll help you.

    Thank you for reading.

    A.

  • Can I do more?

    If you’ve read through the blog posts and feel I could add more value, introduce new subjects that are a priority to you, then please let me know. I’ll be introducing structured content onto this site, and always welcome the opportunity to answer any questions you have.

    Please get in touch and I’ll get right to it.

  • How can I win more customers?

    How can I win more customers?

    Spoiler alert! There are a million different ways (educated guess) I’ve researched this in some depth and discovered a route back to branding. This article offers suggestions to consider, the results are tested too.

    LOVE YOUR CUSTOMERS

    It’s the ‘Age of the Customer’, the era of the ‘Internet of Me’. Brand names and physical footprints are no longer the decision-drivers they once were. Consumers have turned their trust to whatever they can pull up on their smartphones, from peer reviews to best-selling item rankings.

    Trends like these have triggered seismic shifts in the brand-customer relationship. For example, a brand must now demonstrate its care and commitment to the consumer before the consumer will commit to the brand. And what criteria do consumers use to determine that “this brand cares about me”? The benchmark is being set by brands like Amazon, Uber and Starbucks that excel at using technology to recognise individual customers and apply their knowledge of each person to deliver experiences that are personalised, connected, and easy.

    1. 72% of customers say they only consider brands that show they understand and care about “me.”

    Old thinking: Brand marketing aims to change consumer perceptions and behaviours in order to make people care about the brand.

    New thinking: A brand must now demonstrate commitment to the consumer and make the consumer feel wanted before the consumer will commit to the brand. When returning customers interact with a brand, they expect to be instantly recognised and receive a customised experience based on their prior brand interactions. The payoff for the brand: over half of consumers feel more loyal to brands that show a deep understanding of the consumer’s priorities and preferences (54% UK).

    2. 85% of customers (aged 24-45) all brands against the yardstick of mobile experience leaders like Amazon and Starbucks.

    Old thinking: A brand’s competitive set is other brands in the same category.

    New thinking: Consumers now evaluate every brand experience against their best experience across all product and service categories. “Best” is defined by customer experience innovators like Amazon, Airbnb, Uber and Starbucks, Specifically, consumers say the best brands make their lives easier, exceed their (already high) expectations and push the boundaries with product and service innovation. 

    3. 89% of UK based customers believe mobile enables them to make better purchasing decisions.

    Old thinking: A great customer experience doesn’t have to involve any mobile tools.

    New thinking: It’s virtually impossible to measure up to the “best” brands without a fast, intuitive mobile website and app. A great mobile tool needs to integrate seamlessly into an omni-channel brand experience that includes other devices and physical venues. The brand thereby proves its commitment to the customer at every human, physical and digital touchpoint.

    “Your brand holds much more value than the price you pay.“ To demonstrate this, “How does [the phone you use/the car you drive, the supermarket you shop at/walking into a fine dining restaurant/a dive bar] make you feel?” How does your brand make your customers feel? Let’s find out together.

    If you are ready to answer your own question, “how to win more customers?” then contact me and I we will work together to present your business and love, to your customers.

    Thank you for reading.

    A.