Contemporary marketing talk is all about marketing automation, content and sales funnels. Thereâs a significant amount of value to be gained from streamlining your marketing and sales processes â but thereâs one thing all these marketing tactics and strategies are aiming for: to get you in front of your potential customer/partner/lead.
Marketing is about relationships, and however fabulous your website and digital marketing are, youâre ultimately aiming to have a personal conversation with the right person to buy your product or service or build a partnership.
And that happens in person.
In-person marketing is the future (as well as the past). As people increasingly hide behind their multiple work communication channels â email, slack, WhatsApp, Twitter, Instagram â it seems like itâs hard enough to get someone on the phone, let alone meet in person.
And thatâs why events are the heart and soul of building an effective sales and marketing strategy.
Youâre either at someone elseâs event â as a speaker, sponsor, exhibitor or just plain participant â and if youâve selected the right event theyâve brought your market to you. Or you host your own events â which needs careful and targeted marketing â and position yourself in the middle of your market sector and the business potentially comes to you.
We Built This City is a London-based business that specialises in selling unique souvenirs that represent the famous city. Their mission is to revolutionise souvenirs by giving London's artists and designers a platform to showcase their talents and provide customers with creative and long-lasting souvenirs. Having grown at an incredible rate at the very beginning, We Built This City quickly made its mark on the souvenir market but founder Alice Mayor was still ambitious and wanted more. With the help of Innovating for Growth, she was able to achieve her scale-up wishes and went from a pop-up to having a permanent home on Carnaby Street in London's trendy West-End. We caught up with Alice to talk a little more about her journey from idea to super success and how the Innovating for Growth programme helped with this.
How did the idea for a new kind of souvenir shop in Londonâs famous Carnaby Street come about?
In 2014, London was still basking in the glory of the Olympics and had just become the most visited city on the planet with the annual tourist footfall figure at over 16 million. With so many international visitors heading to the capital for creative and cultural experiences, my lightbulb moment was riding past one of the many souvenir stores in London on the bus and thinking âsurely we can do better than that!â
My overriding priority in bringing to life the concept of âRevolutionising London Souvenirsâ was to find the right location for the store. I really wanted to avoid a scenario where we had the very best artists & designers to represent but didnât have the footfall to prove the operation a success.
As such, I was determined We Built This City should be established in the West End. I walked the streets on the weekends to try and identify the best location but each time got more fearful about the barriers we were going to face with rents and rates. At the end of what seemed like a very long 4 months, I finally tracked down a landlord on Carnaby Street.
I created a detailed pitch outlining my vision for the product, interiors, and marketing campaign. Within a matter of days, they offered a 2 floor - 3000 sq ft store on Carnaby Street with just one caveatâŚ we had 3 weeks to bring it all together and would need to launch for Christmas!
What challenges has the business faced along the way?
The main challenge for us at the start was being a temporary pop-up shop and having to move stores over 6 times in 18 months. We were always moving to a new store on Carnaby, so location wasnât the issue, it was just the sheer labour involved in moving shops and setting up processes all over again. Luckily we have an amazing team who stuck with us no matter how many times we told them we were on the move!
More general challenges are that at any one time we can be working with 250+ London artists, designers and makers - with so many partners and suppliers on the books the sheer volume of admin involved can be a daunting daily mountain to climb! Itâs worth it though, to see so many artists represented and supported in store.
Lastly, our core mission is always to support Londonâs creative community to drive sales and sustainable careers in the city. Running the business from a prime retail unit in the West End isnât always an ideal marriage as it can be difficult to achieve margins which are complementary to both scenarios. We wouldnât change the exposure Carnaby offers our artists for the world though!
What has been the businessâs biggest achievement so far?
Our biggest achievement to date has undoubtedly been securing a permanent lease on Carnaby Street. Weâre very proud to have made the transition from pop-up to a permanent retailer in one of the worldâs most iconic shopping destinations in such a short window. A permanent unit for us has freed up so much resource and time to focus on growing the business. As a result, weâve been able to grow the consultancy arm out to helping other London landmarks open including a major curation project for Battersea Power Stationâs new Design Store.
Picking up awards for the shop along the way has been an unexpected and exhilarating experience too - when we were awarded âBest Shop in Sohoâ by Time Out readers in our first year of trading, we spent the next week pinching ourselves!
What advice would you give to any small business owners thinking of going into retail and even opening a shop?
Having a unique point of difference is critical for a new retail brand or business - especially if youâre joining a competitive market (fashion, food etc.) You need to work out the one thing thatâll set you apart and work out how you can tell that to your customer at every part of the journey - and even before when selling the concept to a landlord, investor etc.
I would also highly recommend creating a pitch presentation to set out your vision and to share it with anyone who can help you make it happen. Itâs easy to become scared of people stealing your idea, but I found it incredibly helpful to get early-stage feedback and access to new contacts - many of whom ended up becoming our artists, advisors, partners and even our shop team!
Lastly, really interrogate whether you need to open a physical bricks and mortar store at all and what you want to learn from even a temporary pop up shop. Itâs important to establish your objectives early on and stick to them. My parting advice is to never romanticise the idea of a shop as itâs an unbelievable amount of work, money, and energy - and if youâre open 7 days a week the sheer volume of operations can easily leave you with little time to nurture the creative side of the business.
What are the challenges of growing a business and how has the Innovating for Growth programme helped?
When I applied for the Innovating for Growth course, I was really lacking the headspace to work âonâ the business - not just âinâ it. The programme has been indispensable in giving me the opportunity to stand back from the day to day and take time to start strategising from afar.
An invaluable learning from joining the programme has been the opportunity to look at all factors that contribute to the running of a successful business - not just those that are in your existing skill set or comfort zone! Deep diving into these elements with the guidance of the coaches, guides and guest lecturers on the programme has been invaluable to analysing the businessâs strengths and weaknesses in equal measure.
The real take away from the programme for me though has been the opportunity to meet entrepreneurs at the same stage - going through the same issues, problems and being able to share advice. It can get lonely and especially tough when youâre scaling - mentors are great but itâs meeting and sharing with those sat next to you on the same rollercoaster that gives you that belief to keep building!
* Innovating for Growth is a free three-month programme to help you turn your growth idea into a reality. Find out more here.
This programme is fully-funded by the European Regional Development Fund and the British Library.
Posted by Innovation and Enterprise Team at 6:24 PM
Global Entrepreneurship Week is fast approaching and weâre catching up with one of the panellists from our upcoming Inspiring Entrepreneurs: Question Time event, which is set to be the flagship event of this yearâs Global Entrepreneurship Week at the British Library. Anthony Eskinazi is the founder of the car parking app JustPark, an amazing tool that allows drivers from all over the United Kingdom to choose from millions of available spaces quickly and simply using their smartphones. With 1.5 million drivers already enjoying the benefits of JustPark, we spoke to Anthony about how he did it.
1.The JustPark app promises drivers a hassle-free experience that also saves them money. It sounds amazing but how does it work?
Itâs quite simple, to be honest with you. When creating the JustPark app, I really wanted to consider the thought-process of your average driver. From planning their journey to reaching their final destination, to eventually finding a parking space and paying.
As most drivers know all too well, parking can be quite a stressful experience when youâve travelled a long distance to find out that you cannot park your car or have to pay an absolute fortune to do so. With JustPark we eradicate this stress by providing drivers with an easy to use app that finds available parking spaces depending on their location and distance settings. The app will also tell you whether space is going to be available and how much it will cost (if applicable). You can register via your Google or Facebook login and pay using Apple or Android Pay saving you time and taking less than one minute to log in, pay and have your parking space confirmed.
2. JustPark has proven to be a huge success in the United Kingdom. Do you have any plans to expand internationally?
Yes, we do! The aim for us was to test the market in the UK and ensure that we had the right product and service before entering the international market. Since JustPark was founded, weâve been able to develop a product that is efficient and really does solve a pressing problem for drivers across the world. However, we strongly believe that the UK is one of the best markets for our service and therefore wanted to cement our position in the UK first before going anywhere else.
3. Did the idea for JustPark originate from a bad personal parking experience, or did you just spot an obvious gap in the market?
I would say both. It really stems from a frustrating experience I had driving with a friend in San Francisco when travelling to watch a baseball game. We arrived in good time for the game but ended up wasting a lot of time searching for a parking space. After searching high and low for space and not having too much luck doing so, I thought about asking a homeowner who lived nearby to the stadium if we could pay $10 to park in their driveway. I didnât do it but the idea for JustPark had been born.
I knew that this was a common theme at events in the UK, especially focused on major events such as Wimbledon, where people would rent out their underused parking spaces. The big difference for me is that the gap was really in the online transactions market, which would make life much easier for drivers, taking away the hassle and guarantee a stress-free experience.
4. With the tech industry constantly evolving at an incredible speed, how do you ensure JustPark stays ahead of the competition?
In an industry like ours, it is very important to continuously invest in research and development. We make sure that the team are up-to-date with the latest technologies and able to learn and develop their understanding of what is happening in the technology and parking industries. It is vital that all of us are involved in this process as it allows us to share knowledge and continue to be at the forefront.
5. Having founded JustPark and seen it grow into a huge success, could you see yourself doing it all over again with a new company?
As things stand I am really enjoying the work Iâm doing with JustPark and havenât thought too much about what comes next. Iâve started investing in interesting high-growth tech start-ups to help me understand different sectors. It would be exciting to try something new but weâll just have to wait and see.
6. If you could give a young Anthony some advice, what would it be and why?
My first piece of advice would be to have fun and make sure you donât miss out on lifeâs enjoyable moments. I think itâs easy to get caught up with your business and forget that a new feature or opportunity is likely to still be there tomorrow. Relationships with close friends and family are important. These are the people who will build you back up and give you a hug after a knock-down and cheer you from the rooftops when things are going well. It is important to find a work-life balance that works for you. Becoming an entrepreneur is a lifestyle, not a career choice.
The second piece of advice would be to work with other people. It makes the entrepreneurial experience much more enjoyable and although you may have to share a piece of the pie, you will benefit from the shared knowledge, experiences and ideas. You donât have to do it alone!
In light of #NationalMentoringDay last Friday 27 October - we reached out to our network of successful business owners who have tried their hand at mentoring others within the business and corporate realm. Mentoring has many benefits to all involved, and Managing Director, Ken J Davey shares his first-hand experience of being a mentor and gives some insight into the benefits of mentoring.
Ken is the Managing Director of Smarter Business Mentoring - which draws on extensive commercial and financial knowledge and experience from Corporate and SME operations, to support and encourage business managers and owners to grow, develop and succeed in their sphere of business.
In addition, he is also the Managing Director of Original & Distinctive Limited and a company that specialises in providing quality, niche premium artisan drink products from small producers to up-market hotels & restaurants, wine bars & private member clubs; select wine merchants & specialist shops as well as private clients
We share some insight into Kenâs experience as a mentor;
What drew you to become a mentor?
Mentors can provide answers to questions and suggestions that can make a big difference when it comes to navigating the business world. Having benefited on several occasions from being mentored, I was keen to return some of that value and, mentor bright and determined people on their journey through the world of work, from Start-ups to Corporates.
What benefits have you seen from mentoring, from both sides - yourself and the mentee?
Sharing my business experience to support and encourage a mentee to grow, develop and succeed, was critical to building trust and giving a mentee confidence and encouragement because someone else had âbeen there beforeâ! This meant that without being a subject expert, I could legitimately challenge the mentee on any aspect of their thinking or strategies, thus opening their mind to a wider view of both themselves and their business. It also gave me, as the mentor, greater insight into the value of my anecdotes and business experience as valuable tools to help others.
Have you ever been mentored yourself? (If so what was the experience like)
On several occasions, I have had the benefit of being mentored. This challenged my thinking and my business strategies, which allowed me to have a wider perspective on issues, while also encouraging me to have a better understanding of âwhyâ I pursued certain strategies and, what the consequences of the various outcomes might be.
What is your top piece of advice for someone looking to become a mentor?
If you are looking to become a mentor, then having the willingness to share your business experience (good and bad) to support and encourage individuals to grow, develop and succeed, will be key to a successful mentor/mentee relationship.
How important would you say mentoring others within the business realm is?
Mentoring others within the business realm is considerably important. At KPMG, I was often responsible for developing teams in virtual and entrepreneurial environments. This would include both business development training and mentoring key individuals, including making valuable connections in the business world. Networking is vital for climbing the corporate ladder, so seeing individuals âgrow and shineâ through mentoring was very satisfying, while it also contributed to the development of the Firmâs professional resource pool.
What was your experience with the I4G programme like and how did it help you with yourbusiness?
The Innovating for Growth programme provided a wealth of expertise and advice for my business, Original & Distinctive Limited, which otherwise would not be available to me. The programme covered nearly every aspect of running and business and the combination of 1:1 and group workshops enabled a balance of views and discussions, which were most helpful. I was able to take a helicopter view of my business while also having experts challenge the status quo of, and provide incisive advice for, my business.
Shortly after undertaking the Innovating for Growth programme, when our brand was Smarter International, we rebranded to Smarter Grower Champagne - as a direct result of the Programme. A year or two later, and building on incredible depth of learning from the Programme, we undertook an in-depth strategic exercise that not only led to our third rebranding to Original & Distinctive, but also, building on the new ideas and objectives from the Programme, put in place an innovative and disruptive approach to the UK drinks market, that is underpinned by a strategy to manage the supply chain as a single entity, in order to generate: lower costs, higher quality, better customer service and, higher returns for the organisation, its suppliers and, its investors.
National Mentoring Day offers the chance to celebrate mentoring and appreciate the fantastic work that mentors do throughout the world. We hope you take part in the array of international events and networking that will be taking place.
In 2012, Franck Jehanne and Brijesh Patel joined the Innovating for Growth programme with the hope of taking their then fledgeling business, Kalory (a London-based photo and video studio) to the next level. Courtesy of the specialist support provided, which focused on everything from maximizing their Intellectual Property to refining their business model, Kalory has gone from strength to strength and now counts huge brands such as Rolex, Cartier and Habitat as some their clients
With such an impressive client-list itâs probably not too surprising that theyâve been able to amass a wealth of knowledge that has helped them to stay ahead of the game. In this article, co-founder of Kalory, Franck, talks about an important trend that heâs noticed in recent years and itâs one that all business owners should not ignore.
Approximately 87% of British consumers have made an online purchase in the last 12 months, and the United Kingdom only comes after Norway for buying online in Europe.
With the increase of e-retailing, the photography needs of a brand or a retailer have changed. Advertising campaigns for print media, point-of-sale displays, billboard advertising and TV commercials are now sharing their budgets with the increased needs for a stronger web presence both on the website of the business and on its social media networks.
At Kalory Photo & Video Studio, we have seen a marked change in our clientâs requests since the beginning of the year. This trend has been seen across all the different industries we are working with, from multi-brand e-retailers, jewellery, watches, cosmetics, chocolates, drinks, furniture, and sports brands too. The same trends seem to be valid for both start-ups and very established businesses. This is an empirical analysis of our field experiences in the last 12 months.
The first trend, which seems extremely strong, is an increase in the quality of product photography. For many, a packshot is a packshot, but there are actually different levels of quality possible and the quality of lighting and retouching can vary tremendously for the same product, and so does the final image. The camera used has an impact too. Since the beginning of the year, we have noticed a real change in the way clients approach packshots. Budget allocated to this important visual section of the website has been increased and even outside the luxury industry, brands are upgrading the attention to detail for all their e-commerce photography: positioning, colour correction, control of the reflections, visibility of the branding, etc.
Professional Instagram pictures
The development of Instagram stories allows businesses to keep in touch in a more relaxed and spontaneous way with their customers, while they are paying more attention to the quality of photography posted on their main feed. Instagram stories are perfect for quick snapshots taken by the communication teams to keep their audience posted on what is going on. The feed is increasingly becoming a visual platform showing what the brandâs values are. The colour tones (cold or warm), the type of images posted (lifestyle, architectural lines, etc.) are key elements to consider in order to create a consistent feed that attracts followers. Posting again and again about your products is not enough. The trend we have observed since March is to organise short photo shoots of one to four hours with a selection of products and props and to shoot a series of creative images with a basic to medium level of professional retouching. This enables us to create a large number of images on a reduced budget. The images are controlled and professionally lit, but still natural and not overly airbrushed which is the perfect blend for Instagram. This is especially effective when a mood board and a shooting list and schedule have been carefully prepared; it can be interesting for example to create a series of images with a certain colour-tone followed by another series with a slight change in colours to create waves on the feed.
Videos & moving images
The use of video is also a trend that has been growing fast in recent years; product videos and event videos mostly, but we have recently seen a surge in social media videos (which are usually around 15 seconds), as well as cinemagraphs. They are mostly visuals without interviews or any sound takes and with a simple story, but need to be efficiently edited to get the right social media interactions.
An increased involvement and commitment from brands.
An increasing number of clients are more involved, prepared and put more thought in their photography brief. This is a clear sign of the importance photography and video has gained in the marketing and communication conversation. PR and marketing teams are also more involved and have become very hands-on, using mood boards, stories and precise creative ideas and angles, as well as a good analysis of what the competition is doing to convincingly convey their messages.
The use of photography is definitely changing quickly. Everyone is taking pictures. The life of a picture is both very short, almost instant, and very long: the image itself has to be impactful immediately, but it is also part of an overall visual display (Instagram feed, Facebook page, etc.) that will remain online, so the thought process when creating it, is definitely key.
Knowing how fast visual communication and social media are changing, there is no doubt, that new trends will emerge soon, and brands and retailers need to keep a close eye on what is happening in this field of communication if they want to stay on the top of their game.
Franck Jehanne is the co-founder of Kalory Photo & Video, which offers professional photography services in London and all over the UK. The studio is located in London Bridge, SE1, but the team also shoots on location at clientsâ premises. If youâd like to follow in the footsteps of Franck and believe your business has what it takes, why not apply now for Innovating for Growth and take your business to the next level?
Jennifer Earle, with her enticingly named Chocolate Ecstasy Tours, founded her business back in 2005 by doing the things she loved best; learning, discovering London, meeting new people and tasting delicious food, especially chocolate! We caught up with Jennifer, a recent graduate of the Innovating for Growth programme, to find out how her business started and to learn about an exciting new development that is underway.
What was your background before starting Chocolate Ecstasy Tours?
I ran the Chocolate Ecstasy tours business alongside full-time work, including a role as a Food Buyer at Marks & Spencer and a Food Developer at McDonaldâs. I was already writing about food part-time and, from 2006 I started to get invited to speak on the radio and TV, as well as judge food awards and speak at events.
I finally began working fulltime on Chocolate Ecstasy Tours in 2013 and added more tours, more dates and more workshops and events â including teaching chocolate workshops in schools and running food innovation days for companies. The tours gradually became premium as the experience and knowledge of my guiding team increased and we reduced the maximum number of guests on a tour to eight.
This commitment to quality was always going to restrict how large I could grow the tours business. I really wanted to make something that could reach more people and promote more of the amazing food businesses we have in London, but in a way that still hit the core values of quality, discovery, effortlessness and fun. Iâd been mulling over the options for years, but the idea for Taste Tripper didnât all click into place until one evening in 2015. I shared the idea with my husband who was so enthusiastic about it he wanted to get involved.
What makes Taste Tripper unique?
Taste Tripper is the worldâs first self-guided tasting tour business. Our Explorer Packs are a really effortless and flexible way to discover part of Londonâs amazing food scene. The partner locations in the Taste Tripper Explorer Packs all offer something delicious for you, just for turning up! And, like a VIP, you get a special deal on any extra purchases, too.
What we hope will keep us unique is our commitment to quality. We will only ever send people to places that we believe are fabulous.
What challenges has the business faced along the way?
Being a new concept meant that we had to convince businesses to work with us. In principle this has been easy but, as we mostly work with small businesses that have a lot on their plate, it can take time to get them to send us the information we need and approve things.
We had some dire printing errors which were quite expensive. I donât think we could have done anything differently to have avoided them. We also had our trademark challenged by a big company which meant thousands on legal fees before weâd even made a hundred sales. There were tough decisions to make but we are proud that we stood our ground and won!
Through the British Library Innovating for Growth programme we had fantastic, honest feedback and we called our first customers for more of the same. Itâs been so enlightening and inspiring and made us go back to the drawing board on quite a few significant things. Itâs been quite frustrating that it has taken us some months to get the changes ready, but they are finally live!
What advice would you give to any small business owners thinking of developing a new product?
The most valuable thing for us was contacting customers and asking them to speak with us and give us feedback. The sooner you can do this, the better. Trying to sell as soon as possible will show you if thereâs a market. But then you need to ask those people who parted with money if they are happy and how they could be happier.
We probably would have benefited from discussing our ideas with more people and listening harder for their suggestions. But people will tell you different things so try to focus only on the things that keep being mentioned. Itâs important to have the courage of your convictions over the smaller stuff, especially if you think you know your market well.
I would also advise anyone that good products donât happen quickly. Whatever time span you had planned for launch or growth: double it. And maybe double it again.
You grew the business with the help of our Innovating for Growth programme. What specifically did the programme help you achieve?
The honest feedback from experienced people was invaluable. It forced us to really look at what was working, what wasnât and what was important. We got clearer on what we wanted the business to stand for, how we could communicate that and what changes we needed to make. The technical advice for ensuring we have a watertight business was also brilliant and so useful.
During the three months we decided to change the redemption from tear-off paper strips on the cards to online redemption, whilst still keeping the attractive giftable Explorer Pack (it all seems so obvious now!) and we also decided to add a map to the homepage so customers could create their own London Explorer Pack. Weâll eventually offer neighbourhood Explorer Packs, too. It really feels like we have a much more solid business with real potential for growth. Iâm so excited!
Are you an ambitious business owner looking to scale up, like Jennifer? If so, Innovating for Growthis a free three-month programme to help you turn your growth idea into a reality. Find out more and apply now.
Posted by Innovation and Enterprise Team at 10:00 AM
The Centre was officially launched yesterday on the 11th October 2017 and is now the eleventh city in this network across the UK â with free intellectual property and business information, training workshops and one-to-one advice available to local entrepreneurs; the launch of this new Business & IP Centre has been extremely well received.
At the launch event, start-ups from across Norwich heard from a special panel of the regionâs successful food industry founders led by award-winning chef and founder of Charlie's Norfolk Food Heroes, Charlie Hodson. Questions were put to chef and restaurateur at Benedicts, Richard Bainbridge, Candi Robertson, founder of Candiâs Chutney, and Mike Deal, founder of Wildcraft Brewery, and were left inspired to develop their own enterprises.
Roly Keating, Chief Executive of the British Library said: âThe success of the Business & IP Centre model is evidence of the strong connection between libraries and business, and Iâm thrilled to see this link reinforced again with the opening of a new Centre for entrepreneurs and small businesses in Norwich.
âOur vision is to create 20 such Business & IP Centres by the end of the decade, and I look forward to working with our city library partners to achieve this goal and to spearhead business growth and innovation in cities across the UK.â
Each Business & IP Centre provides an inspirational space for entrepreneurs to come together to network, attend events and access a wealth of resources including business databases such as Mintel market research reports, plus consumer data, trendspotting for the UK and worldwide as well as information on patents, trademarks, designs and copyright.
The Business & IP Centre at the British Library opened in London in 2006. Since then it has helped more than 700,000 entrepreneurs and helped create an average of 550 businesses and 1,200 jobs every year.
Starting and growing a business can be exciting and very rewarding, and at the British Libraryâs Business & IP Centre we can help you to achieve all of your entrepreneurial goals. However, there are factors that arenât often spoken about when we talk about the life of a business owner. Entrepreneurs typically dedicate long hours and lots of energy and effort to building their company and there is a risk that this can lead to burn-out unless care is taken. As today is World Mental Health Day, we would like to take the opportunity to challenge the assumptions about mental health and equip ourselves with the necessary tools to maintain balance.
Tom Costley, Operations Director for Mind in Camden, explains why he thinks entrepreneurs are sometimes at risk of developing poor mental health and suggests some practical tips and strategies that entrepreneurs can employ to protect their mental wellbeing and maintain a work-life balance.
Why might there be a risk of an entrepreneur experiencing issues with their mental health?
Entrepreneurs typically have a high sense of purpose, meaning and drive in their lives, and this is actually great for positive mental health. However, there can be a downside to this if the drive to succeed comes at the detriment of other things which help keep us in balance. For example, if building the business becomes the only focus of the entrepreneurâs world and they pour all their energies into it, then they risk neglecting some other important factors which help sustain their good mental health, such as our personal relationships or downtime for relaxation. Often entrepreneurs can feel so driven to succeed that they imagine they are immune to the consequences of neglecting their wellbeing and ignore tell-tale signs and symptoms. Lack of sleep, for example, can lead us to feel irritable and frustrated and affect our decision making. Business owners may feel we can ride through this and carry on working, but ultimately it will negatively impact on how effective they are in their business and on their chances of success. For example, they might unintentionally be snappy with an important client, forget an important deadline or experience âbrain fogâ and lack of clarity when making an important decision with long-term implications.
Entrepreneurs can also be emotionally high-risk takers, investing 100% of themselves in their business to the extent it becomes an extension of their personal identity and it is difficult to see where the business ends and the person begins. We see this a lot currently as the trend for social media and video content creates an expectation for business owners to be more visible than ever before, which creates additional pressure. This may not be a problem when the business is working well and experiencing success, but should the business then take a dip that entrepreneur can find that their self-esteem is so closely entwined with their work that they experience a disproportionate reaction and fall into a âslumpâ. This is why preserving a sense of self which is separate from the business is vitally important in enabling us to ride through challenges and maintain perspective.
For an entrepreneur, having their identity very closely connected to their business can also compromise their emotional honesty. This may be particularly true for people who are at the early stage of building a business when the appearance of success and confidence is everything and we are taught to âfake it until we make itâ. Of course, there is an element of this that may be necessary as part of a business strategy. However, to safeguard against becoming disconnected from reality it is important to have someone who you can be more revealing with, and share what is really going on: your fears and anxiety as well as your hopes and ambitions. This might be a great friend or partner, or perhaps even a mentor figure or a counsellor. Whoever it is, make sure you allow time in your busy schedule to connect with them.
What are the warning signs of poor mental health that entrepreneurs should look out for?
Itâs important to remember that mental health is personal: itâs about understanding ourselves. We all have different warning signs which may indicate to us that we are heading out of balance. One useful way to approach this is to be aware of how we are when we are feeling âokâ and then to consciously monitor ourselves if we feel some of these things are noticeably worse. Typical warning signs that things are tipping in the wrong direction might include:
Altered sleep pattern or lack of sleep
Feelings of confusion or compromised ability to make decisions
Levels of sociability
Sense of connection to those close to us
Ability to see the âbigger pictureâ and maintain perspective
Itâs important to take account of our individuality when monitoring our mental health; we need to compare ourselves to what is healthy and normal for us rather than for other people. For example, whilst social contact is important for good mental health, we all thrive off different levels and types of social engagement depending on our personalities.
Do you have any tops hints and tips that you could recommend to help entrepreneurs/business owners look after their mental health more effectively?
Again this is personal, so knowing yourself is essential. Identify what keeps you resourced away from your business and ensure you build in time to do this with full presence and commitment. Preserving time to switch off and be with the important people in your life, or simply spending time doing something which gives you joy and helps you connect with life beyond work, really can make all the difference. This could be a sport, gardening, walking, reading or just being with friends and family. Because they donât keep set working hours, business owners can have a tendency to feel tremendously guilty about taking time out for themselves. In order to commit to doing this, you may need to keep reminding yourself of the benefits: switching off from your business every once in a while will increase your creativity, give you renewed energy and ensure you are keeping fully charged in order to make your business a success.
Posted by Innovation and Enterprise Team at 10:12 PM
The day was filled with inspiring events and engaging workshops from speakers who share their well-earned wisdom with a crowd of budding entrepreneurs and business owners.
This year we held 18 different events, each filled with information and advice on how to turn an idea into a business, covering every topic you might need, from how to write that all-important business plan, to tips for managing your cash flow.
Hopefully, you managed to pack in as many of the talks as possible and just in case youâre feeling a little overwhelmed by all the information you absorbed over such a small amount of time. Weâve got just the thing to help:
Here are 10 things we learned from the day which we believe are vital takeaways for anyone looking to make a start in business.
Anything is possible
Julie Deane OBE founded her company The Cambridge Satchel Company with just ÂŁ600. Itâs all she had spare to get started and sheâd made a promise to her daughter that she wouldnât have to go back to her old school that September. It was already June. Julie had plenty of hints and tips for the audience and although she has a firm belief that âyour life is more than what you wear or the bag you carry,â she has created her brand based on a passion for British manufacturing and a product that will last customers a long time, making it a cost-effective purchase.
Julieâs talk on how she started her business from her kitchen table was not only moving but demonstrates that almost anything is possible when youâre as determined as she is.
Test your ideas first
You donât have to immediately pack up your 9-5 and risk all your savings when you have an idea for starting your own business. In fact, many of the speakers encouraged staying comfortable while you plan and test your ideas first. Nigel Spencer, Research & Business Development Manager at The British Library, gave an insightful workshop, based on a regular offering at the Business & IP Centre, on where to take your business idea next and how to plan for its future.
Nigel recommended some of the fantastic tools available for free from the Business & IP Centre such as a Business Model Canvas that you can download, and then tailor to your business model revealing any gaps you might not have addressed yet.
Know your worth
Anis Qizilbashâs entire talk focused in on this important reminder for start-ups and people who are venturing out into the world of business. She encourages people to employ her strategies and challenge their fears around charging the right price for their services or product. âDonât think about the money youâre going to make, think about the impact for the customerâŚ make it about the difference you can make.â Believing that you are charging a fair price and remaining confident in the face of a difficult sales pitch is no mean feat â but this talk left everyone feeling empowered and ready to charge their worth.
Find people who believe in you
âIf Iâd have told my mum that I was going to Mars on a rocket ship she would have replied âoh, how interesting, when?â said Julie Deane. She used this as a great example of finding people who will truly support you as you make your idea into a business reality.
Neil Daly of Skin Analytics echoed this in his panel discussion on Profit with Purpose. When he asked his wife if he should work a normal 9-5 that brought in enough money but made him miserable, or follow his passion to diagnose skin cancer earlier, but run the risk of money being tight, she reminded him that âyouâre a miserable bugger when youâre unhappy at work, so go for your passion.â
A common theme across the day was a need for self-confidence and belief in your ideas, but equally important is finding the people you can rely on when it isnât going perfectly. Having someone who thinks your ideas are worth fighting for is crucial.
See your competitors as free research
Keye Oduneye from Google Digital Garage kicked off the day with his talk on How to Build a Social Media Strategy with an interesting take on how to view your competition. âsee them as free research. Theyâre either doing something you should or doing something you shouldnât. Learn from them and be inspired by them.â
When thereâs someone out there doing something similar to you, or trying to reach a demographic that youâd like to tap into, keep a close eye on what they get up to online. Use it to decide what you might do with your next campaign on social media and keep the creative juices flowing.
Social media is a powerful tool
As demonstrated by the live Twitter feed that had #BIPCStartUpDay trending by the afternoon of the event â social media is a force to be reckoned with. Keye Oduneyeâs talk highlighted just how many customers use it to reach brands for swift responses to customer service queries, get the latest news from their favourite companies, and ultimately decide where they might spend their money.
Keye gave a thorough breakdown on the sort of things you should be sharing with potential customers and how important it is to see social media as a powerful influence to build a brand and reflect the kind of business you want to be seen as from day one.
Networking is key
Life coach, author, and speaker Rasheed Ogunlaru led an interactive workshop on âHow to network for business successâ that was full of useful takeaways for everyone. âIf I donât meet, I donât eatâ was one such important reminder â although networking might seem nerve-wracking, meeting people and promoting your business is key to earning money from your product or service.
It certainly helped to be surrounded by people that have already started or are thinking about starting their own business all day, and plenty of business cards were exchanged throughout the event, but networking is more than just a brief connection we learned. Even if you connect with someone who might not seem like they can help you with your business, they might know someone who can. Rasheed urges people to âcollect good peopleâ that you can share values and ideas with to help grow your business and make it a success.
You wonât always get it right
Setbacks are part of life and business. We can plan ahead, but sometimes we make mistakes and thatâs natural. âHow to get your business in the media on a budgetâ was less of a how-to workshop than it was a lesson in how to face the potential pitfalls when youâre promoting your company. Jessica Huie runs an award-winning PR company and knows a thing or two about how to get your business into the media spotlight and create a positive buzz around what you do, but she also reminded us that itâs ok for it to not always go your way. âyou are not for everyone and everyone is not for youâ was the mantra, and setbacks ultimately teach us something in the long run. You will attract the right audience if you are authentic, do your research, and always seek to understand your customer better.
Focus on pleasing your customer and youâll always make money
There is a lot to consider when youâre starting out in business or working out how to turn a great idea into one. Budgets, planning, PR, social media campaigns, and networking are just a few of the plates youâll be juggling â and sometimes all at once. The topic of Tim Campbell MBEâs talk could not have been more appropriate for the day as he shared his thoughts on âStaying Alive â How to get motivated when growing your start-upâ. How exactly do you stay motivated and keep cash flow steady with everything else going on?
His advice was simple â focus on the customer. Donât chase the materialistic aspects of the business as much as you concentrate on delivering what your customer expects and more. By focusing on providing the best service and product, always innovating and âdelivering with qualityâ Tim promises you will always make money.
The Business & IP Centre is a fantastic resource
Julie Deane not only inspired with her story of setting up her business with minimal funds, she also shared some interesting stats. She revealed that businesses that engage with the Business & IP Centre are 4 times more likely to succeed than the ones that donât, and as we learned from Nigel Spencer, there is a whole host of tools at your disposal to help plan and test your business. From free or low-cost workshops to online guides that cover numerous topics, itâs in your (and your businesses) best interest to check them out.
Days like Start-up Day are just a small taste of what you can achieve with the British Libraryâs Business & IP Centre. So, if you have a great idea and want to set up your own business, donât hesitate to get in touch with a member of the team. You can also check out our list of upcoming workshops and events to get even more great advice and support for your great business idea.
With our national Start-up Day events on Thursday 21 September fast approaching, we are working with our specialist staff and many of our external partners to pull together the best advice and practical know-how to help make your jump to becoming a business founder as easy as possible.
Most start-ups are likely to have a website before their first customers and as such will need to think about delivering a secure and compelling online experience for those precious new clients. Written with help from our partner Lucidica, here are our top 3 factors to consider as a start-up, alongside choosing your brand name, fundraising, and staff.
Make sure your data is safe and secure
As a start-up, data is crucial to the growth and development of your business. The idea of losing your data could cause long or irreplaceable damage to a business of this size. However, itâs had to find the right data backup solution for your business with so many options on the market and also with the need for it to be cost efficient. Intermediaries such as Lucidica can advise you and tell you which applications weâve used and found to be effective and we will also implement these systems and ensure your data is safe. Itâs always best to talk to an expert and find out what options you have, especially when itâs a technical subject you may find intimidating.
One such example is Cerberus who is a firm of commercial investigators specialising in assisting clients to protect their businesses and brands. They received help on how to share contacts, calendars, files, tasks and other company data not just within the London and the international offices, but also available to investigators on investigations from worldwide sites. They also needed to ensure that all data was backed up off-site.
Get the best efficiency out of our tech equipment and systems
In your start-up years, technology solutions need to save your business time and also be cost effective. Whether itâs your email provider, technology equipment or other technical applications, they need to be scalable, adaptable and affordable for your business. A lot of retailers offer small businesses and start-ups special rates, even if they are run by an individual. Lucidica is a Microsoft gold partner and reseller and also a Dell partner meaning they can give you the best deal on technology solutions.
Mango Logistics Group is a London based logistics company handling courier and storage needs for customers from consumers through to FTSE100 enterprises. They have eight computers and have been a client since 2009. Lucidica provided a virtual web server along with managed email hosting within a split Linux and Exchange environment.
3. Have a plan to fend off cyber-crime and attacks
With more than 70% of cyber-attacks targeting small businesses, it is crucial that your start-up is protected. Cyber security is constantly on the rise and is becoming a profitable business for hackers. This means that businesses of all sizes are increasingly placing more priority on protecting their business and data. Not only can an attack cost you a substantial amount of money to fix, it can also lead to hours/days unable to work and files that cannot be reclaimed.
Make sure that you seek advice on what security best practices will help your business without making your work processes convoluted. Some of the questions you could plan to ask are:
How to identify the potential security flaws in the company and whereabouts it is likely hackers may penetrate to
How to create a practical data recovery plan
How to get a template to run a security audit
Where can you relocate important data
Quite often, the biggest cyber security breaches could have been prevented by the smallest changes. However, thanks to the Business & IP Centreâs new partnership with Tech experts Lucidica, we will pass on the advice you need to make the changes before anything can happen. Look out for upcoming workshops held in the British Library.
Lucidica is really well placed to offer this advice as they started small themselves â with Thomas Jeffs helping out businesses as a one-man-band in 1999. Thomas discovered he loved empowering businesses to use technology more effectively to help them grow and turned his passion into a business. Since then, Thomas has amassed an enormous amount of experience in helping over 1000 small and medium businesses solve their IT problems. Heâs gathered a team of expert engineers and support staff to help him deliver his vision. You may have even taken part in a workshop in one of his popular training sessions in the Business & IP Centre.
We are really pleased to say that some of the Lucidica team will be with us for the London Start-up Day, at the British Library on Thursday 21 September 2017. They will be on hand to answer any IT and technical questions you may have and offer their expertise advice on getting your business online and optimised.
Posted by Innovation and Enterprise Team at 11:19 AM