The day you don’t want to go to work is the day you must close down the business, writes Johanna McDowell.
Starting my first business was a long-cherished dream which was only possible once I had built up a lot of experience in large and small corporations, mainly in marketing and advertising. And by the time I started my first company, I was ready.
As a woman, being taken seriously has been part and parcel of building a career. When I started out I can still recall one of the university professors in the UK interviewing me and implying that once I had my degree, I would probably never use it and just get married and so on. Such sexist behaviour still exists.
Starting out as a business owner, the most important thing was to have a supportive bank manager in place, and again, I had to overcome the obvious resistance to me as a woman. Things have changed for the better - albeit very slowly.
Almost 25 years later, my key lessons have been:
The big idea - Dream big and find something that no one else is currently doing - resist copying and being one of a crowd.
But if it's a similar idea to something else existing, then look for your competitive advantages and make sure that these are visibly communicated
Do your research- If it's an idea from another country, find out how they started and what hurdles they had to overcome.
Don't get put off your idea by the naysayers- You will always have people telling you that an idea can't work. But if you believe in your idea, then persist.
Find partners- Some people prefer not to, but I believe you build a better business if you're not alone. Ensure the partners invest their money and time and are prepared to be part of the downside too - it happens.
Work out your management systems quickly and then be prepared to adapt them as the business grows. Every business - from micro to macro - has to have systems.
Leave schedules- Always complete a leave form - you need to keep track of your leave as a business owner. Also, you must set an example to your staff so that they complete their leave forms.
Record keeping- Financial reporting is critical. Make space for those files as they can make a huge difference later on in your business life.
Invoicing and quoting- If I can invoice something every day, then I am happy.Invoicing must be a priority in your business - and needs to take precedence.
Quoting- It’s not always easy to price correctly, but err on the high side - don't under-quote. Look to make a very good margin - that is what will keep your business afloat.
Clients and customers- Will stay with you forever if you do things well and deliver. Manage those expectations with the clients and keep communicating with them.
Meetings work if they are well managed- not everything can be done over email.
Phone calls also work- The power of the human voice can never be overestimated. If you have regular clients, then make sure you meet with them regularly - especially if you have ongoing projects.
Innovate- What worked in year one will not necessarily work in year two, especially as things change at very fast speeds in the current age.
Hire people who want to grow and who want to outgrow you. Make sure that they bring skills that will add to and improve those skills currently in the company.
Do your marketing- If you have a great idea and no one knows about it, then your business will go nowhere. Marketing a business is critical and can be done in so many cost-effective ways through personal contact, email marketing, public relations and being a guest speaker.
Keep your website modern and fresh- Use social media to attract interest and drive people to your website.
And have fun- enjoy your business. The day you don't want to walk into that business is the day you must close it down.
* Johanna McDowell is managing director of the Independent Agency Search and Selection Company (IAS).
* The views expressed here do not necessarily reflect those of Independent Media.
THE STAR