Idea Transcript
Innovation and enterprise blog 53 posts categorized "Business plan" Next 02 March 2018
A fashionable way to start your business London Fashion Week has just finished for another year and is more international than ever, with over 50% of the designers born outside of the UK. The week is a great opportunity to show off their collections to global retailers, as well as getting coverage in the mainstream media and fashion press. In addition to helping new designers with their start-up businesses the show organisers offer British Fashion Council's programme with a range of business advice and seminars. The fashion industry in the UK currently contributes a staggering £66 billion to our economy. With London Fashion Week adding £30 million to London every year. Perhaps not surprisingly fashion is one of the most popular topics to research within the Business & IP Centre. And we have a great deal of valuable information and advice available. Have a look at our Fashion Industry Guide to get a flavour. For example our Mintel report UK Design Fashion 2017 shows that men spend more on designer clothes than women, because although men shop less, they buy higher value brands. Also 56% of men agreed that wearing designer fashion makes them feel more confident, compared to 49% of women. The report says that casual clothing and footwear are now the products that drive the designer market. This is a result of a move to less formal wear than in the past for visits to restaurants and trips to the theatre. Young people between the ages of 16 and 24 years dominate expenditure in every category of designer fashion, from underwear to shoes. This is due to the importance of social media, where celebrities can influence young people to emulate their lifestyles. Just look at how celebrities crowd the front rows of the top fashion shows. The IBIS World retail clothing report also covers the rising importance of social media and how it is expected to boost demand for fashion. The new breed of social media celebrities have a significant influence on their followers. Instagram has become the key social media platform for fashion. “With more than 200 million on Instagram connected to fashion accounts all over the world, Instagram has become a global destination for people to experience this stylish industry unlike anywhere else.” As well as market research and related fashion information in the Centre, we also run regular workshops and offer one to one advice clinics via our partner Fashion Angel. Don’t forget, we are here to help realise your fashion dream! Seema Rampersad and guest blogger Polly James Posted by Innovation and Enterprise Team at 1:03 PM
Tags Business, Business plan, Entrepreneurs, Market research Technorati Tags: advice, fashion, London Fashion Week, market research, start-up
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05 July 2017
How Intellectual Property helped Julie Deane start a £10 million business from her kitchen table So many small businesses lack IP awareness and understanding, but IP is something of an unsung hero and can prove critical in making or breaking a business. The Business & IP Centre team are dedicated to helping entrepreneurs and SMEs understand what IP is and why it’s important, what IP they might have created and how they might increase their business success and profitability by protecting and exploiting that IP in the future. Over the years the team have supported thousands of small businesses unlock the value of their IP, and much of the support we provide in the Centre uses case studies and real-life stories to demonstrate how having a handle on your IP gives you a huge commercial advantage. One such example is Julie Deane OBE, founder of The Cambridge Satchel Company, who has taken her business from the kitchen table and a £600 start-up budget to a global success story with a turnover of £10 million. Along the way Julie has overcome numerous business challenges including managing designers, manufacturers and overseas distributors, establishing web and physical retail sites around the globe and dealing with thousands of imitator brands. Here, in a free 30 minute podcast with the Intellectual Property Office, Julie lays the truth bare on how she’s developed strategies to tackle copycat websites, build the brand, keep putting the quality of the product at the heart of the business and “hang on to the passion that made you start the business in the first place.”
Here are our 3 ‘top tips’ for what you need to know when it comes to your Intellectual Property: 1. Think about trade marks - Is your business name protectable in the countries that you wish to trade? Is it already being used or does the word have another meaning in a different country. Future investors will want to know that you have the rights to trade in the countries that they wish to trade in, and you need to consider this right from the start to give your business the best chance of success. 2. If you’re creating a ‘thing’ - Do your research before filing for a patent; is there a market for your product? It is expensive and takes a long time to protect your idea so make sure you do your market research and can be confident that somebody will buy it at the end of the day. If you have paid for your product to be patented and want somebody to manufacture it for you, you also need to ensure you have agreements in place limiting their rights to your initial idea or design. 3. Founder’s agreement - It is easy to set out a document with your business partner right at the start when setting up your business agreeing things like % of ownership and what should happen in the case of a dispute, or if one of you wish to sell then business and the other one doesn’t. Once a dispute has started it is much harder and messier so you need to make sure all parties are clear on this from day one. You can find further help, support and information on IP in any of the eleven Business & IP Centres up and down the country, including the British Library in King’s Cross. Speak to any one of our specialist staff face-to-face, over the phone or by email. You can also log on to our free of charge online workshops to grow your knowledge about IP, and increase your chances of business success.
Julie Deane in the Business & IP Centre Julie Deane is Entrepreneur in Residence at the British Library and a huge champion for ambitious business owners. She recently gave advice and practical tips on Intellectual Property at the Library’s Scale-up Summit alongside Will Butler-Adams, CEO of Brompton Bicycles. Cambridge Satchel and Brompton recently launched a range of colour-matching bags and bikes where the satchel fitted perfectly to the handlebars. This ‘made-in-heaven’ brand match caught the attention of the press and delivered extremely high sales. Will and Julie's opening keynote presentation on ‘Getting your business in the media’ was a great success too.
The Cambridge Satchel Company / Brompton Bikes collaboration Posted by Innovation and Enterprise Team at 5:27 PM
Tags BIPC National Network, British Library, Business, Business plan, Copyright, Entrepreneurs, Finance, Growth, Intellectual property / IP, Patents, Registered design, Social enterprise, Start-ups, Success stories, Trade marks
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03 April 2017
How to research digital trends with eMarketer We often get enquiries in the Business & IP Centre about how to research digital trends. Such as mobile phone usage and social media growth. Fortunately, we have access to eMarketer research, which is the first place to look for research about marketing in the digital world. eMarketer PRO is relied on by thousands of companies and business professionals worldwide to understand marketing trends, consumer behaviour. And to get hold of essential data on the fast-changing digital economy. eMarketer is unusual for a market research publisher in how much information they give away for through their free newsletters. But the only way to get hold of their full content is to come into the Business & IP Centre in London and access eMarketer PRO. Here you will find: Over 200 new reports each year with data, interviews with subject matter experts, and original analysis to provide insights, understanding and context on the most important topics in digital. Aggregated data from over 3,000 sources of research in the data library. Over 7,500 proprietary metrics about the digital marketplace, including media trends, consumer behaviour and device usage. The ability to create customised charts and tables to help tell compelling stories with data. Coverage across 100 countries, including proprietary metrics for 40 core countries.
eMarketer PRO will help to: Answer specific questions and access data about digital related topics. Such as how much time do millennials spend with online video? How many smartphone users are there in the UK? What are the key UK digital trends for 2017? Get deeper insight on digital topics. Such as what is programmatic advertising? What are the pros and cons of developing mobile apps vs mobile websites? Research topics related to Advertising & Marketing, B2B, Demographics, Email, Industries, Measurement, Mobile, Retail & Ecommerce, Search, Social Media, Video Benefit from eMarketer Forecasts using eMarketer Estimates up to 2020 for hundreds of Metrics.
To give you an idea of what you would find, here are some extracts from a typical eMarketer report. UK Digital Video and TV 2017: Who’s Watching, How They’re Watching and What It Means for Marketers. Nearly two-thirds of the UK population will watch digital video content in 2017
There will be more digital video viewers than smartphone users in 2017
Short-form content isn’t necessarily the preserve of the young; older groups are viewing increasing amounts
In terms of platforms, YouTube dominates the short-form space and has massive overall reach
For long-form VOD, the BBC’s iPlayer service dominates, but Netflix is gaining ground
So what does this mean for Marketers? Pre-roll ads don’t work and are mostly disliked on digital channels
However, pre-roll is still where most of the money is going: 59% of digital video ad spending in H1 2016 went to pre- and post-roll inventory
Social is one area that seems like a good environment for video ads
Engagement with a video ad on social media often leads to a purchase
Posted by Innovation and Enterprise Team at 12:41 PM
Tags Advertising, Business, Business plan, Entrepreneurs, Market research, Technology Technorati Tags: digital markets, mobile devices, social media
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17 January 2017
Local Data Company shows coffee shops on a high Pubs are down while coffee shops are up according to a fascinating article on the BBC website today, Coffee shops on the march as pubs decline, town centre data shows. They have analysed information from the Local Data Company to show the number of town centre bars, pubs and night clubs fell by about 2,000 between 2011-16, while cafes, fast food outlets and restaurants increased by 6,000. We have access to this data and much more in Business & IP Centre in London through our subscription to Local Data Online. You can use Local Data Online to give you data and insights for locations, business types and companies across the country. It has a searchable map tool which lets you select a specific area and examine the overall retail make-up. You can identify local businesses and check the geographical spread of an industry or company. You can also find addresses and contact details for individual shops, lists of available vacant units, and a demographic profile of the area. You can search for a specific location, company and/or retail category, and information is displayed on easy-to-read maps and diagrams. Extra information for locations includes vacancy rates, the mix of independent shops vs. chains, crime statistics, average earnings and house prices.
So, if you want to find out where your new local coffee shops are, or which pubs have recently closed their doors. Just come along to the Centre and we can show you how use it. Written by Neil Infield @ninfield Posted by Innovation and Enterprise Team at 1:54 PM
Tags Business, Business plan, Food and drink Technorati Tags: business, geography
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05 September 2016
Tips guaranteed to cut your bills
Entrepreneurs inevitably spend more time thinking about sales rather than savings when starting a business. But given how challenging it is to run a start-up or small business, it’s fair to say that we don’t devote enough time to keeping our costs low. SMEs all over the UK are overpaying on their core services – and overpaying by hundreds of pounds. That can be the difference between success and failure. So here, we provide a series of simple tips guaranteed to save you money on your business essentials.
Switch to save Last year, the Department for Energy & Climate Change said that £2.7 billion was up for grabs by switching energy supplier. That announcement reinforced what many already knew – that thousands of small businesses and residential customers were losing money simply by not taking the time to look at deals from other suppliers. The same rules apply across broadband, card processing, mobile and more – there is money to be saved everywhere, and a huge amount of options in every sector. uSwitch have reported instances of broadband bills jumping 400% when contracts have rolled over, and that’s why switching matters – it keeps your bills affordable, and your suppliers on their toes.
Pay by Direct Debit This is one of those simple, easily forgotten extras that continue to cost businesses money. Most suppliers will charge you a small processing fee every month if you choose not to pay by Direct Debit. This is a no-brainer – if you’re paying manually, contact your supplier and change to Direct Debit today.
Combine gas and electricity suppliers It’s very common for energy suppliers to offer favourable deals to customers that choose them for both gas and electricity. So when you’re choosing an energy supplier, ensure you consider this option to get the very best price.
Use energy efficiently Reducing the temperature of your heating by just one degree can reduce your energy bill by 10%. That’s the thing with energy use – small savings make a massive difference. There are all kinds of things you can do to cut your energy use – here are just a few suggestions: Use LED lights, which use 80% less electricity and last much longer Turn everything off at night – even on standby mode, computers, kitchen appliances and photocopiers will continue to use energy Kitchen appliances use an enormous amount of energy, so try to ensure you have modern equipment which is typically more energy efficient
Assess your business needs before choosing a supplier Whether you’re buying card processing services or insurance, it’s easy to get distracted by flashy promotions. So before looking at anything, think carefully about what your business actually needs. When choosing a phone and broadband package, think about how much you use a landline – the time of day you make calls, and whether you call mobiles or premium numbers. This will help you choose the right package – not simply the headline offer. For card processing, think about the type of terminal you’ll need. Different costs and rates apply to countertop, portable and mobile machines – so carefully consider the terminal you need. And for insurance, it’s all about choosing the option that suits your industry. Do you, for example, need Public Liability Insurance? Because if not, it’s an expensive addition to your policy. In all cases, it really pays to understand everything about your business before you start shopping. You can find out everything you need to know in this handy guide.
Check your broadband speed A classic error small business owners make when choosing a broadband supplier is not knowing the speed they can actually get. Speeds vary wildly across the UK. It’s not uncommon, for example, to be in an area that can get superfast fibre but that can’t get a decent standard broadband speed. In this case, getting fibre really would pay dividends. You don’t need to be a broadband expert by any means – you just need to know your speed. You can find this quickly and easily by using this internet speed checker.
Audit your bills Financial advisors offer large, established businesses a service called a ‘utility bill audit’. And you can do your own – quickly, and best of all, for free. You’ll need copies of your last few bills for each of your major outgoings – so phone, broadband, energy, insurance, water, card processing and anything similar. Go through each, and start to look at the detail in each bill. Firstly, look for charges. If you understand the charge you’re looking at, that’s fine. But make a note of any you don’t, and follow up on them. Then, look at the bill totals, and try to look out for patterns. Have there been spikes? And if so, can you account for them? If, for example, your phone bill has spiked, look at the numbers you were calling during the period in question. This may suggest that you should change your phone package to include monthly minutes to certain number types. And finally, use an average of your monthly bills to help inform a price comparison online for each service. This will give you an excellent idea of whether you’re getting a good deal, and how much you could save. XLN is a partner of the British Library Business & IP Centre and provides phone, broadband, energy and card processing services exclusively to small businesses. Since 2002 it’s helped more than 250,000 start-ups and SMEs to cut the cost of their monthly bills. If you run a start-up or small business, browse their cut-price deals – like 12 months’ free broadband – at www.xlntelecom.co.uk Related articles
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Posted by Innovation and Enterprise Team at 3:45 PM
Tags Business, Business plan, Entrepreneurs Technorati Tags: cutting costs, Partner 51
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10 August 2016
How I took my business from a small start-up to a super success Arit Eminue started her business because she was passionate about giving young people opportunities to achieve their dreams no matter what their background, social class, gender or ethnicity. Her business, DiVA, matches young talent with outstanding employers through government backed apprenticeships, giving people the opportunity to ‘earn while they learn’ and help businesses gain the skills they need to remain competitive. Since the launch of the business in January 2011, DiVA have provided apprenticeships to over 200 creative youngsters with employers like 20th Century Fox, UK Music, Universal, Southbank Centre, Sadlers Wells, Crossrail and many more. We caught up with founder and Director, Arit, to find out how she’s done it.
Hi Arit! Where did the idea for your business come from? We started delivering apprenticeships in 2011. Before this, I had secured grant funding to provide a wage subsidy to film businesses hiring graduate talent. At the time the entry route to the industry was through unpaid work placements, which the sector was trying to combat. Our graduate programme addressed this issue, and was incredibly successful with a high number of graduates gaining full-time employment post-internship. Low-cost recruitment worked, but the grant funding dried up. Apprenticeships in the creative sector launched, essentially allowing businesses to recruit and train employees at a budget they could afford. I enjoyed playing the “Fairy Job Mother”, matching the right candidates to the best role for them, so I switched focus to apprenticeship recruitment and training. We started with six apprentices and now have 150 young people currently engaged in apprenticeships, carrying out many jobs businesses depend on such as; general administrators, social media assistants, marketing assistants, HR administrators, receptionists and finance assistants. What challenges did you face in the early stages? Changing perceptions. Apprenticeships were viewed as a poor alternative to a degree. Employers had such low expectations of nongraduate talent, and thought hiring an apprentice was too complicated and it would take too long for an apprentice to get up to speed. Having recruited graduate and non-graduate talent I can say with surety having a degree does not guarantee you’re work ready. In addition to changing perceptions about apprenticeships, running a small business gives me an understanding of the pressures employers are under, so my team and I work hard to make their lives easier. We take the headache out of recruitment by providing a full service. We submit grant funding applications and have all paperwork and training schedules issued up front so there are no surprises. We’re also at the other end of a phone throughout the process and beyond. What has been DiVA’s biggest achievement so far? Still being in business five years down the line - with not a grey hair in sight! Also we have a very high conversion rate from an apprenticeship into full-time employment and each time this happens I’m reminded that apprenticeships do work.
You grew the business with the help of our Innovating for Growth programme. What specifically did the programme help you achieve? The Innovating for Growth programme helped me to develop my team in line with my plans for growth. The programme also helped increase our client base. I had previously focussed on creative companies as opposed to creative occupations (e.g. marketing and communications), which are in any sector. Being encouraged to shift my thinking in this regard helped broaden our reach and attract noncreative businesses such as the CBI, Hackney Council, Greenwich Council and JJ Roofing. What one piece of advice would you give to any business owners struggling to take their business to the next level? Scheduling one day per week to work on the business (rather than just in it) was the best piece of advice I was given, so it seems only fair to share it. Admittedly, it wasn’t an easy habit to adopt. However, forcing myself to do it has paid dividends. Also, apply for Innovating for Growth and let experts give you the help you need to succeed – it doesn’t cost you or your business anything other than your time. Apply now for over £10,000 worth of business advice Are you a start-up looking to scale up, like DiVA? Innovating for Growth is a free three-month programme to help you turn your growth idea into a reality. Covering everything from intellectual property to reaching new markets and branding, we'll guide you through every step of the process. Find out more and apply now
The programme is fully-funded by the European Regional Development Fund and the British Library. Related articles
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Posted by Innovation and Enterprise Team at 11:24 AM
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10 February 2016
How to have a successful business partnership Many people who start a business do so with a friend or relative. Often they just start producing or selling something as an extension of this relationship. There are many benefits of going into business with a friend or relative but it can also lead to serious problems or disputes further down the road regardless of whether the business is successful or not. Here’s some advice on what to avoid and what can make your relationship last in business.
The problem with partnerships The problem with partnerships is that they are without limited liability. As a result should debts mount the partners may be considered jointly and individually liable. What this means in practice is that should, for any reason, your partner have no cash or assets with which to pay creditors, the whole debt may rest on your shoulders. This sometimes occurs after a personal fallout which makes paying the entire debt burden totally unacceptable to the person left carrying the can. In my experience, very few relationships survive this scenario intact. Unless you have a very good reason for doing so, I would advise against partnerships of this type. Form a limited company instead Instead it's better to form a limited company and divide the shares equally. The modern Limited Liability Company was first created in New York in 1811 as the American Government at that time felt potential investors were being deterred from investing simply because all their assets were at risk. In England, The Limited Liability Act of 1855 achieved much the same thing. Prior to this date, a merchant ship which sank in the Pacific Ocean meant the merchant owner could lose his home as well as his or her business to creditors. By setting up a Limited Liability Company business people could protect assets which were effectively beyond those declared as assets of the company being formed. This enabled people to invest say a thousand pounds into a venture, without risking their homes or other investments. Any potential loss was limited to the issued share capital of that particular investment. Put more simply, say you and a friend want to produce honey and put £1000 each into the venture. If you do this through a partnership and the business fails you will be jointly liable for its debts to the full extent of your personal assets. If, for instance, the business traded well for a while and then went belly up and owed £50,000 to creditors, you would each separately liable for that £50,000! This doesn't mean that you owe £100, 000 of course just that, should your partner not have his or her share, you will have to pay the full amount. You are jointly and severally liable for the full extent of the debt. The creditors/administrator won't care where it comes from. Don't fall into this trap! Create a Limited Liability Company at the cost of about £100 and divide the shares as you see fit. Personal guarantees Often lenders insist on personal guarantees which circumvent the protection you should enjoy as shareholders in a limited company. It is very important to avoid giving personal guarantees where possible, but where it is prudent to do so insist on an agreed limit to this extra liability. Unlimited personal guarantees leave you very vulnerable to potentially unfair financial pressure from lenders, should your investment go wrong. Seek proper assistance The above is not detailed advice and is only general observation, you should always take proper legal advice from a lawyer or qualified chartered or certified accountant before signing company formation, partnership agreements, or other binding documentation. Loan agreements are very important to get right, so proceed with extreme caution and avoid putting your home at risk wherever possible, particularly if you are elderly or have a young family. Always limit your liability where possible, but remember when borrowing money that that the money belongs to someone else so paying it back, as agreed, is the morally right thing to do. However, going into business with someone can provide many rewards too. It’s likely you already know the person really well and you will get the chance to do something you love with someone you care about which can be a lot of fun (despite the hard work involved!). It is, however, important that you get the right advice to make sure your business is set up properly. The Business & IP Centre regularly run workshops and one-to-ones covering a huge range of topics – of particular relevance to this article is a How to register as a limited company being held on Thu 11 Feb 2016. Stephen Fear on behalf of the Business & IP Centre Related articles
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Posted by Innovation and Enterprise Team at 1:57 PM
Tags Business, Business plan, Entrepreneurs Technorati Tags: business advice, business partnerships, business relationships, Stephen Fear 5
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16 December 2015
Top tips for running a photography business Turning a hobby into a business or turning a passion into a profession is a big decision and not the easy option to for those who want to ‘get out of the rat race’, or fancy ‘giving it a go’ because they are straight out of college with an A* in the subject... Being a professional photographer means one of two things: you work for someone (although there are not many full time photography jobs out there); or you go it alone, ‘freelance’ as self-employed or as the owner of a Limited company. Whichever route you choose, going ‘pro’ fundamentally means getting paid to take photographs; and in an age where everyone has a camera in their pocket, it’s a tough business in which to be successful. Plus it takes time to build your portfolio, your client base and your commercial experience. But there is opportunity if you go into it with more than just a whim and a talent for taking photos. So, if you think you have what it takes, here are a few tips that might guide you:
Photo credit Sam Lane Photography
1. Be a great business all-rounder It’s not just about taking good photographs, in fact about 95% of the time it’s about running a business. For sure you are the photographer (possibly the easiest bit?), but also the editor, the salesperson, the marketer, the planner, the accountant and credit controller, the business developer and the customer service exec. Having or getting a range of experience in some or all of these disciplines is the best tip of all. Working in a restaurant, answering phones or volunteering will all give you useful business/life skills you can apply to your business. People buy from people and they are buying a service from you… it’s a lot more than just taking a few photos.
2. Decide on your direction You don’t have to commit to one genre or having a special focus, such as being a ‘luxury wedding photographer’, but you should have a plan and this should include your overall mission, key objectives and strategy and, importantly, your financial goals. Work out what you want to do, what you need to do it, how long you think it will take and what money it will bring in. Pricing your work correctly is an art not a science; and you need to work out how hard you want to work to get the money in. Working for yourself means you have 100% control over how you spend your time and it is easy to work hard rather than smart – ever heard the expression ‘busy fool’?
Photo credit Sam Lane Photography
3. Market yourself Make it easy for people to contact you. Simple business cards with your name, telephone and email details are vital and incredibly important for making and building contacts. These days a photographer without a website is not a great comfort to a potential client who might want to check out your work - and there is no excuse when there are free websites and low-cost templates and tools out there. Get these basic marketing tools sorted before you go too crazy. Of course, social sites such as Facebook, Twitter and Instagram can be helpful, but they can be distracting and timeconsuming. Ask yourself ‘Is your ideal client likely to be on Facebook?’ If not, then perhaps this should not be something you spend too much time focusing on. Beware of throwing too much money on marketing such as advertising, wedding fairs, competitions and the like unless you are really sure it is going to reach your potential customer base and drive your business forward.
4. All the gear and no idea? Avoid the shiny toys. You don’t need lots of kit to be a good photographer or run a successful business. By all means have a plan and invest when you know you have a project or client that will justify the investment in specialist lenses, studio lighting, additional cameras, etc. But do spend money where it is needed – on your core kit, additional batteries, memory cards, card readers and editing software licenses. Also, you will need to have Public Liability and Professional Indemnity Insurance too if you want to be taken seriously.
5. Never stop learning Every photo you take should be better than the last – it’s easy to take hundreds and let the camera make the majority of the decisions. You can always be better at taking photos: composition, controlling the light and capturing the moment. And consider asking other photographers for expertise and advice. Most of us are willing to share words of wisdom and I personally believe there is enough work out there for all of us. Getting friendly with local photographers you admire and respect could mean they will consider recommending you if they are booked up. There will always be a need for a photo so whether pro or no, always give it a go!
Photo credit: Sam Lane Photography
About Sam Lane Samlane Limited is a photography services company providing a full range of commercial and social photography. Owner and Director, Sam Lane, brings over 20 years of marketing communications experience to the business and enjoys the challenge of working with clients to develop briefs and deliver images that showcase their brand, products or services in the best possible light. Sam has worked with the British Library on several projects and has attended events and workshops in the Business & IP Centre to continue to develop her skills as a business owner. Related articles
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08 December 2015
How to focus your entrepreneurial skills iPads, laptops and smart phones are now part of almost every entrepreneurs business arsenal, and with the tendency to do things on the go, it is essential to be organised and avoid easy distractions. You can learn to do almost anything if you focus, but entrepreneurs often have so much going on it’s a hard thing to do. Here Dr. Stephen Fear, businessman and Ambassador for the British Library Business & IP Centre, outlines some key skills you should hone in order to be an entrepreneurial success:
Learn to speed read Speed reading is a skill I rely on heavily which improves my productivity, knowledge and education and in turn helps my business succeed. However, it is only possible if you are 100% focused on the task in hand. My analogy regarding speed reading: if you were driving a car at 200mph, you would pass road signs – which although you are glimpsing them quickly, you would read and understand – as you have to in order to remain in one piece. Therefore, if you scan a document whilst speed reading, you will understand the document and take in the information – as long as you are focused 100% on the task in hand.
Do one thing at a time Dealing with more than one thing at a time is impossible regardless of what people may say. Of course you are able to run things through your mind which can appear as if you are thinking of lots of things at the same time. But in reality you are not, you are thinking chronologically at great speed, not simultaneously, which means that your mind is flitting from one thing to another, increasing your stress levels as it does so. Don’t fall into this trap: concentrate on one thing at a time, until there is nothing more you can do on that particular thing and then pick up the next.
Employ a clean desk policy I have two desks in my office set apart by an old swivel chair which I have owned for a very long time. One desk is surrounded by files and paperwork. My in-tray sits on this first desk usually looking overloaded, and my laptop sits alongside. My other desk is empty. Over the years I have found it very distracting to have too many things in my line of sight. I get agitated and feel overloaded to the extent it will affect my productivity. By swivelling my chair around and away from the pile of work behind me I am able to clear my mind and focus on the one file or item in hand.
Photo credit: Sam Lane
Do the thing you dislike first Another technique that I have developed over the years is doing the thing I dislike the most first. Never ever leave it untill last. Attack it, get it done and watch the stress drop off leaving you to relax into the more pleasurable tasks ahead. So if you are putting off that phone call to the bank, don’t put it off any longer- just do it! You’re going to have to ring eventually, so do it now and save yourself the stress of all the things that ‘might’ result running through your mind all day.
Streamline your meetings You also need to ensure that people around you are organised, this will in turn improve your own ability to focus and ultimately deliver. Always prepare an agenda ahead of a meeting and, where possible, share this 24 hours in advance of the meeting; list all the items in the order you would like them discussed. Make sure that people are allocated individual actions post-meeting and ensure they take ownership of that particular task during that section of the agenda before moving on. Note the date by which the action will be completed and make a diary note for yourself. Stay on the main highway! This is important because meetings have a habit of drifting if you allow them to. Don’t waste time by allowing personal discussions to develop during the meeting. There is plenty of time after for people to reminisce about their holidays!
Photo credit: Sam Lane
Don’t be afraid to ask for help As an entrepreneur you can often feel isolated and don’t know who to turn to. Don’t be afraid to reach out and ask for help in order to help you focus. Staff in the British Library Business & IP Centre provide hour-long advice sessions, to talk through your ideas in confidence and help you to identify the information and organisations which will help you develop your business ideas and a business plan. Dr. Stephen Fear, businessman and Ambassador for the British Library Business & IP Centre Related articles
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02 November 2015
5 things to ask yourself before starting a business We at the London Business Support Service work with the British Library conducting regular one-to-one confidential business clinics on the first Wednesday of every month at the Business & IP Centre. During these clinics we meet with many startups and realise that there are numerous reasons for starting up a business. However, once the process has begun, the main goal must be to succeed – and the best way to ensure success is to address some of the following questions before you start.
1. Do I want to or do I have to? What is the driving force behind your decision to set up your own business? Is it a long term passion or have circumstances forced you into it? If the latter, take some time to carefully consider how you feel about your choices, going forward. Resentment can have a negative effect on your chances of success, therefore it is beneficial to re-think your attitude as a positive mind will improve your enjoyment of each achievement towards your goal. If, on the other hand, you are about to embark upon your dream of being your own boss, you already have a positive outlook – and passion drives energy, which is a key factor for getting things done when you’re the one who has to do it.
2. Is everyone who matters on board with me? You should never have to do this alone. If you have a family, a business partner, financial partner or other interested parties, listen to their suggestions and keep them in the loop. Their support will help provide a natural synergy to maintain a good momentum. Any negativity should be analysed and quickly resolved. Many clients of ours have taken advantage of the connections available at the British Library and you too can build a network of like-minded entrepreneurs at the Business & IP Centre.
3. Do I have a support network? Your support network will include essential services such as accounting, legal or start-up business advisory services necessary for running your business. Outside of your immediate associates, you may need a range of consultants with experience across diverse subjects: website design, social media management, HR, grant funding specialist or business mentor, to name but a few. By building a network of contacts, you will be able to locate assistance with any issues as they arise. And, don’t forget, your experience could also mean that you are an important contact for others in your network. The Business & IP Centre offers a range of services from carefully vetted consultants, coaches and industry experts to help you overcome most of the challenges faced by a start-up.
4. Can I make it work? You have to really honest with yourself – can you make it work? What will it take? Planning at the outset, rather than deferring potential difficulties, could be critical. Gut instinct is no substitute for comprehensive research. Find out what others encountered on their journey and how they found workable solutions to overcome inevitable barriers.
5. Do I need a backup plan? A good question! Some say that if you feel the need for a backup plan, you don’t have the confidence to succeed. The real answer is that you need several backup plans – at key stages of the business plan. You will undoubtedly need a brief but solid business plan covering key points. A business mentor with experience of supporting start-ups will be able to guide you through the process, ensuring that you identify important areas of your business and address them appropriately. Come along to our business clinics at the Business & IP Centre which are suitable for any type of business in any type of situation, and our experienced business advisors are here to provide you with cost effective business support services that result in tangible and measurable benefits to your business. Nauzar Manekshaw, Business Advisor with the London Business Support Service Related articles
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Posted by Innovation and Enterprise Team at 4:10 PM
Tags Business, Business plan, Entrepreneurs, Start-ups Technorati Tags: British Library, British Library, Business & IP Centre, business advice, business clinics, London Business Support Service, startups
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