Warwick University: Business Start-Up Workshop

Simon Corbett

28 July, 2011

Running your own business…

• 20mins– Sold, Failed & Growing: business 1, 2 & 3– The Challenges ..– The Opportunities …– The Advice ….

Introduction32yrs old, Married & Daughter

Education:• Degree: De Montfort University• Masters: Warwick University• Professional Qualifications: CIM, CIPR, MRS

Career• 1999-2000: Weber Group – Junior Account Execu• 2002-2005: Porter Novelli – Account Exec, Snr Account Exec• 2005-2008: Edelman – Account Mgr, Snr Acc Mgr, Acc Dir

Business 1: JobsMK.co.uk - SOLD

• Year: 1999• Idea: Localised on-line recruitment in Milton Keynes• Customers: Recruitment Agencies & Hiring Companies• Finances: High margins, high cost of brand awareness• Within 12 months

– Team of 4– 40+ recruitment agencies– 50+ hiring companies– 20,000 site visitors per week

Exit: Sale to recruitment agency: D&P Recruitment

Business 2: Limo’s to London - FAILED

• Year: 2000• Idea: VIP drinks, limo to London - club entry & home• Customers: Company Parties, Socialites• Finances: Person 6 was break even• Within 3months

– 8+ limo’s per week– 300+ people per month

Exit: High turnover, low profit margin & burnout (lifestyle biz only)

Business 3: Jargon PR - GROWING

• Year: 2008• Idea: B2B Tech PR Agency

– Media & Analyst Relations– Awards & Events– Conf Speaker Opportunities– Blogger Relations

• Customers: B2B Tech Companies• Finances: Self-funded

Within three years ….• Top 40 UK Tech Agency: PR Week, 2010• Winner: CIPR – Outstanding Small Agency of the Year, 2010-2011• Silver Awards: CIPR – Campaign of the Year, 2010-2011• New Media Age: Top 100 UK New Media Agency• 20 retainer clients• 5 x full time staff / 2 x part time staff

• Up’s– Surpassing £250k in fee income– Winning ‘Outstanding Small Agency of the Year’– Dublin, 3 days & partners Christmas Party

• Down’s– Started July/August 2008 – Recession September 2008– Firing Staff– Hiring the wrong people

The Challenges

• Work: work in the business, not on the business

• Financial: you are the CFO

• Personal: wife, family, friends

• Staff: finding, incentivising, retaining

• Professional: competing against old employer & loosing

The Opportunities• Work: Exciting, interesting, highly motivating

• Financial: No one sets your wages!

• Personal: Proud, supportive & loving friends & family

• Staff: Develop and help someone grow

• Professional: Awards, recognition, media profile, experience

The Advice1. Believe in yourself – no one else will2. Understand your market: research, research, research3. Understand your business and focus 100%4. Employ people better than you!5. Make sure your business is scalable6. Biz Plan: 5 words – retain and get more customers!7. Understand what people want: power drill verses hole in the wall8. If bad things don’t happen, you don’t appreciate the good things that do9. Luck will play a part in your success – the harder you work, the luckier you will get!10. Don’t let anyone ever tell you you can’t do something!11. Take as much advice from other people as possible12. Chase success, not money 13. Success is an inspiration, failure is an experience!14. You must be passionate about your business!

“Destiny is not a matter of chance but a matter of choice. It is not a thing to be waited for, it is

a thing to be achieved”

Thank You