Starting a business
Staufenberger Smith & Butte LLP is 1 year old. Well, it was a few weeks back but we didn't notice.
They say that if you can get throught the first two years you'll be OK. So by that measure, we're halfway there.
Not sure if it's any use, but we thought we'd share our top tips for starting a business, or getting through the first year. No doubt this list will have changed another 12 months from now.
1. It's not about us - no creds on a first date
Since we launched we've only presented credentials once and that was one too many. We quickly realised that it's not about us and what we've each done in the last 10 years. It's about the people we're talking to, their brands and how we can help. Our past work on brands such as PlayStation, BMW, Ocado, 118118 and others is what got us in the room in the first place, that first meeting is about future possibilities not past glories.
The relief is practically visible on their faces when we announce there's no powerpoint to sit through.
2. Don't be afraid to say no.
This one tends to polarise. Do you drop your pants, er costs, to get clients to try your services? Or stick to your guns, say no and risk losing the job?
In principle, we would always go the latter route. But, of course, the realities of setting up a business (without heavyweight backing or a big chunk of savings) sometimes mean that principles like this get ignored.
Thankfully, we haven't had many instances in which we've needed to do so. And we don't like to, because, you know, we're worth it. It costs what it costs. And sometimes that means that you have to say no.
3. Don't be afraid to give it away for free.
This is something we picked up from one of our heroes, self-proclaimed small business marketing guru, Chris Cardell. He's kind of evangelical about it, as a guru type is likely to be, but beneath the motivational hyperbole lies an obvious point: one of the best ways of convincing clients that you're worth it is to give free advice.
And so we see this as the corollary of the previous point (not reducing your rates) rather than a contradiction of it. At first, for an outfit that exists to give advice, it feels like commercial suicide. But in reality it's the consulting equivalent of the crack dealer giving away rocks to get kids hooked. And it seems to work.
4. Don't be afraid.
This is a bit of advice that we were given early on and it's served us well.
You need a bit of recklessness to set up a business in the first place. But the challenges don't stop once you get past the initial jump. Unless you're someone with the profile of Trevor Beattie, say, it's highly likely that you'll face some tough patches after you've got yourself up and running. And the advice we were given, when we were faced with these tough patches, was hold your nerve.
It might sound trite or a bit obvious, but you've just got to hang in there. It will get better. And if it doesn't, then you really are fucked. How can you tell when you should hang on and when you should cut and run? We haven't worked that out yet.
5. Never stop feeding the furnace (or somesuch metaphor).
The reason we had a tough patch was that we got busy earlier in the year and stopped chasing new business leads. Schoolboy error. The projects that had been keeping us busy came to an end in mid summer and we had nothing lined up for the usual late summer/early autumn seasonal lull. And it hurt. We won't be making the same mistake next year.
6. Talk to everyone
And by that we mean everyone. It doesn't matter if they're not obviously in a position to give you work. But you just never know who they might know or what they might hear about. And often you don't realise how they might help until they do.
7. Be nice to people
People like working with people they like and get on with. It's not rocket science. If you're self-important and arrogant, chances are you won't be asked back. So be nice.
So there you have it. There might be a few other points (like, don't forget your VAT returns, that sort of thing) but these have been the recurring themes Chez Staufenberger over the last year.
Anyone else have any others? We love to hear them.
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