Starting your own company can seem like a daunting task. After nearly 10 years of running emobix, I can honestly say don’t worry about that. Starting it is easy. It’s keeping things going you need to worry about!
Many start-ups go down the well-trodden path of idea-pitch-funding-outsource followed by either ‘Hockey-stick curve success’ or ‘Snatch defeat from the jaws of victory’. It can be hard to predict how things will go – Fortune, unfortunately, does not always favour the bold, despite the rumours.
Follow the Yellow Brick Road
So, what’s the chosen path for a self-funded start-up with a less boom-or bust approach, looking to develop its own products but in a slightly more modest fashion, sustainably with organic growth? Good question. I don’t have the answers sheet, but here are a few observations based on a decade at the coalface.
Invest yourself
Not financially. Ok, that’s not quite true – you will need some funding unless you can bootstrap the business, but more importantly you’ll need to be committed, both mentally and physically. You’ll find all kinds of activities needing attention and soaking up your time, in addition to what you thought you’d be doing.
From office space to utility providers, HR and procedures to PI insurance. Company accounts to HMRC’s plethora of requirements. It’s a steep learning curve. Figure out what you need to do, or if you don’t know, figure out how to find out what you don’t know. There’s help out there, from your local business support groups to your local Chamber of Commerce. Go talk to people.
Work to your strengths
Figure out what you’re good at, but more importantly what you want to be doing. It’s all too easy to get caught up in the machinery, reacting to everything that comes in and failing to spend enough time on your goals, assuming you’ve defined some. Just because you’re capable of doing something doesn’t mean you should be doing it. Focus on the important.
Get some help!
One of our key strengths keeping a small business going through some difficult times has been our ability to cover most challenges ourselves, keeping overheads down and giving us confidence that things were being handled well. Conversely that can be a weakness in terms of business development as it takes time away from your key goals, often significant amounts of time or frequent urgent interruptions. Figure out where you want to spend your time and find good partners to help you handle the rest, whether it’s accountancy, web design and maintenance or recruitment.
Do the right thing
Be honest and transparent with your team, your customers and your partners. Honouring commitments and going above and beyond to help your clients work their way through the unknowns will reward you in the long term – more so than charging whatever you think you can get for a quick win.
Provide a good working environment for your team and encourage participation in the company with opportunities for growth. Try to ensure they have some stability and visibility of how the company is doing.
Hold some reserves to keep going in difficult times if you can – you have to be in it to win it. Running a business close to the wire can be precarious, and it’s certainly not for the faint-hearted.
Get the message out there
You may already know how to market your company and sell your products or services effectively. We certainly didn’t; our business ran almost exclusively on referrals and repeat business from within our existing network. Figuring out your goals, your audience and how to reach them is essential. There are various sources out there who can help you figure out what you need to know; take advantage of that, as it’s a long and winding path if you don’t.
Last but certainly not least, enjoy it! There’s a world of opportunity out there and starting a new business can be one of the most exciting and rewarding experiences you’ll have. It’s not for everyone, but if it’s for you, make the most of the challenge. You won’t regret it.
Pete McLaughlin
MD at emobix limited, Glasgow
www.emobix.co.uk
