A Blog by Matt Newnham

An entrepreneur is something many people aspire to. Stuck in a dead-end job that pays your bills and seems to cost you more in transport to and from your workplace than you earn with ideas about starting one’s own business, appear in the mind. Sadly few of these ideas get much further than the mind and if ideas do get written down they never go much further.  This in itself is an indication of what it takes to be an entrepreneur today and yet everything that prevents the idea, no matter how simple, crackpot or sophisticated it may be, can be overcome. Another word that can define an entrepreneur is an overcomer and when the term serial entrepreneur is used these people have overcome more than many can imagine.

Squeezing the juice from a lemon

A lemon has a finite amount of juice that can be squeezed out of it, everyone knows that. Time is the same and there are only twenty-four hours in a day and an hour is always a full sixty minutes, not sixty-one or fifty-nine. However, an entrepreneur knows how to squeeze more time out of a day than there seems to be in it. Time is an entrepreneur’s best friend or its worst enemy and it never stops ticking.  Time is the reason why so many great business ideas never get further than the mind or a sheet of paper and learning how to manage time, learning how to rest and at the same time not getting tired, is the art that every person who wants to establish a new business must learn to master. Eternal cups of coffee are not the answer.

The Joy of a new business

It takes almost constant energy to be an entrepreneur and even more energy is required when working in a full-time job. Energy and the inertia effect are present in most things and entrepreneurs are no exception. In the first few days and weeks, the excitement of putting a new business together flows and the new idea is something that fills every vacant moment. Waking up an hour early and squeezing in time once the day shift has ended, becomes the norm and prioritising what matters in life becomes important. There is a fine line between being selfish and selfless and new entrepreneurs will soon discover this. Sacrifices will need to be made but weighing these up inside the big picture of life, health and success have to be considered.  At first, many entrepreneurs throw their all at an idea or a business and the ups of the concept motivate them but it never takes long before a few downs hit them.

When time is not managed

Very often the first downs for an entrepreneur come when fatigue sets in. The obsession that drives an entrepreneur becomes another enemy of success and tiredness destroys dreams and people. Mistakes get made when tired, tiredness also wrecks focus and when even a minor upset occurs it can seem as if the world has caved in and no hope exists. As mentioned, there is only so much juice time in a day and appreciating this can prevent the downward spiral that can flow from tiredness, not taking time out and obsessive focus on the business or project ignoring or overlooking small yet important things.  Very often in the business of it all, an entrepreneur ends up making a cup of coffee and only drinking it (or not) when it gets cold, there is nothing worse than cold coffee. It is very easy for an idea or business to go downhill fast when time is not managed.

Entrepreneurial time travel

Successful entrepreneurs amaze others, inspire other entrepreneurs and even leave people guessing as to how they have done what they have and do what they do with the same twenty-four hours as everyone else. They don’t have a time machine and nor do they use magic. Successful entrepreneurs know the value of time, how to manage it and how to look after themselves. How time is used, how you pace yourself and planning are the keys to success. It is said time waits for no man and understanding that it cannot be controlled is where success begins. Planning, scheduling and not rushing, patience really is a virtue for an entrepreneur, are what helps and make an entrepreneur in an era of wanting things now, faster and sooner. Entrepreneurs don’t rush and they know that by drinking their coffee while it is hot, pausing for the caffeine fix is not about the energy rush but slowing time down and finding time to think, rest and focus. 

About Matt Newnham 

Matt Newnham is a passionate business consultant, thought leader and writer. A published author and keynote speaker, Matt thrives on the challenge of helping businesses and individuals succeed through the adrenalin of winning. With a technology, marketing and farming background, Matt’s experience has seen him overcome many challenges that allow his confidence to shine in everything he does. Approachable and always willing to go the extra mile to help others Matt can be contacted via Social Media – LinkedIn, Twitter, Facebook, Instagram and via his website – www.mattnewnham.com

The most important element for any start up to succeed is a good idea, strong determination, passion to follow your gut and tenacity.

Meet Ryan Novak who as a teen started his career working part time at his home town at a chocolate shop in Marcellus, New York. His job involved washing dishes, mopping floors and cleaning the trash. Later at the age of 21, he bought Chocolate Pizza Company from Bonnie Hanyak who also taught him the traits of being a businessman and became his mentor. In an age where scores of startups fail during the first five years of their operations, Ryan Novak not only turned his company into a huge success, but also took his Chocolate Pizza Company nationwide. Today his business has over 1,500 wholesale customers and continues to record exceptional growth over the past few years.

Ryan Novak’s Chocolate Pizza Company has a beautiful full page advertisement in the May issue of Gourmet News’s special Sweets & Snacks Expo edition. The company is participating in the upcoming Expo May 19-22 at McCormick Center in Chicago. Exhibition at the expo will give Chocolate Pizza Company exposure to more than 10,000 buyers and visitors where the company is planning to offer samples and display products and have meetings with new and old customers. Ryan Novak recommends budding entrepreneurs to become confident salesman and believe in their product and themselves.

Ryan Novak is the graduate of Syracuse University’s entrepreneurship program. The program seems to have thoroughly prepared him to conquer the business world. He saw the potential in the company’s signature product which is gourmet chocolate blended with homemade toffee and poured into pizza pans. It is then topped with nuts and candy and drizzled with white chocolate. He was quick to follow his guts and planed to expand the business into a national brand. In a recent interview Ryan Novak with excitement explained that part of the challenge of being an entrepreneur remains in the fact that you have to proactively look for problems that aren’t apparent upfront and try to solve those. According to him, a confident sales man can sell any product.

Started in 2010, the company has grown 365 times. In a short span of five years the company added a website, opened its own brick-and-mortar stores and landed a major wholesale contract agreement with likes of Hallmark stores. Before Ryan Novak purchased the company, it was going through a tough time. There was no reliability of service, customers weren’t happy and there were lots of damages in shipment. Ryan Novak took over the company with the idea to expand his company into a national brand. Immediately after purchasing the company, Ryan Novak established a strategic partnership with UPS to ensure reliable shipping and personalized customer service.

Ryan Novak had tons of people suggesting him to think about doing something else. But he was determined and believed in his product. He says if you put everything you have into your startup, it really pays off.

Do you have what it takes to become an entrepreneur? Have a look at the following traits of a smart and driven entrepreneur:

1. Ambition – the need to succeed

If you believe that you can change the world with your product or business then by all means do so. Successful entrepreneurs start with one small great idea and with their passion to succeed in all aspects of their business; they come up with ways to turn their ideas into reality. Without ambition, no product or service would be up in the market, there will be no competition and we will all be eating and drinking the same food, driving the same cars and using the same bar of soap. If you’re ambitious, talk to a mentor today and let your passion explode.

2. Creativity – always innovative

Customers look for something, a spark, in a product. They look for something downright ingenious, something that they can’t get off their minds! A successful entrepreneur has to possess a creative mind that will fuel him to create new and inspiring products and services to please his customers more.

3. Tenacity – often stubborn

Tenacity has its good side. If you truly believe in yourself, in your abilities and in your talents then you can go everywhere! Truly, business start-ups are the most stressful part of any venture but believing that your product clicks and you will be able to trump your competition then you will be able to drive yourself to success. Doubts cast a negative feeling in your abilities and will only lead to half-hearted results.

4. Risk Tolerant – being bold

A successful entrepreneur is not afraid to take risks; they accept risks as challenges that will help them become smarter and more experienced. There are no perfect start-ups in business and there is certainly no perfect business owner. Every entrepreneur has his or her own strengths and weaknesses. It is important to focus on your strengths and improve them and to seek help for your weaknesses. Take classes, seminars and lectures on business management and learn from the pros. Remember that risks make you tougher and more tolerant for all your endeavours in the future.

5. Intuition – spontaneous

As customers look for something that they could get out of your business, they also love to learn something exciting about your product. Offer something new and out of the ordinary that your think your customers will appreciate such as a new offer, a sale, a contest, a new promo or a raffle. Take them by surprise and give them free shipping once they reach a certain amount in purchases. Watch your customers recommend your brand as they find something special about it. Soon you will be able to expand your market list just by adding a few spontaneous tricks.

6. Personality – the life and soul

Get out of your shell and let your personality shine through from your products or services. Sometimes, it’s the quirky and the fun side of business owners that capture their customers’ attention more. Customers look for products that they can personally relate to and smart business owners understand what their customers need as much as what they want to get out of their purchases.

For more help on starting a business, call DAA Consulting today on 01707 527725 or contact us here.

www.daa.consulting

Meet British ice-cream wizard Charlie Francis, a former advertising industry veteran from Wales, who got so bored from his job that he started his own Ice Cream Company “Lick Me I’m Delicious.”

Francis’s ice cream company was quick to create a buzz among ice-cream fans with its exotic product line including ice-cream made from jellyfish protein and a machine that produced edible mists available in 200 flavors like Swirlywoosh, Whizzbang and lobster.

The mobile liquid nitrogen ice cream parlor “Lick Me I’m Delicious” is all set to record its growth from £60,000 present turnover to £140,000 in the coming year.

Ice-cream was not something new to Francis. In fact he got his first taste for invention while growing up on a Pembrokeshire farm where his parents made ice cream. Francis confessed in an interview that he is happiest when holding a fork and a screwdriver.

He grew up trying out different flavors. Francis invented an ice-cream that could glow in the dark by using synthesized jellyfish proteins. These are the same proteins that help jellyfish produce light inside their bodies. With a cost of $220 a scoop, these ice-cream are not cheap, which also means you are not going to find these exotic ice-creams on supermarket shelves anytime sooner.

However, these ice creams taste really good. Francis has experimented with more than 200 flavors. It was during this time he was struck with an idea of glow-in-the-dark ice cream while he was looking for a red berry (aka miracle fruit) which when eaten causes sour food like lemon to taste sweet like candy.

While searching online, he stumbled upon a research paper on jellyfish that described the inherent property that allows it to emit light called bioluminescence. He found a lab in China where they are synthesizing the protein. The scientist agreed to ship over a sample to Francis.

The protein mixed in the ice-cream reacts with the tongue at neutral pH. As the mouth warms up the protein, the pH levels rises and the ice-cream starts to glow. Since the production of protein is still in its early stage, it costs Francis around $320 for just 2 grams.

Though it might sound too ambitious, Francis is now looking at ways to create an invisible ice cream. It sounds practically impossible since ice crystals refract light, but Francis believes he will figure out a way of doing it.

Francis secured funding for his business by participating in a competition “take one small step competition” with Barclays bank. The competition was like X factor for business where entrants had to get as many votes as possible from a panel of judges and members of the public.

Frances spent plenty of time giving out free samples of ice cream. He ended up winning £50,000 from the competition and he invested another £20,000 of his savings.

Much of the business Francis got, was from events where his ice cream images were placed quite prominently. Francis said if he had invested his marketing budget into a magazine, he wouldn’t have got much interest. So he focused on creating interesting stories and making his business sound exciting to others in order to generate lot of noise in the press.

Francis, whom now many call Willy Wonka of the ice cream world, not only has a great taste for ice-creams but has also proved himself to be a great businessman.

For more help on starting a business, call DAA Consulting today on 01707 527725 or contact us here.

www.daa.consulting

There are many traits to being an Entrepreneur but here are our top three most endearing ones.

It’s often said, that an entrepreneur is a person who sees an opportunity; seizes it and exploits it with little to no regard to the barriers of the opportunity. This seems like a very “textbook” definition of an entrepreneur. It is easier to enumerate the definition of an entrepreneur with three essential characteristics:

1. Courageous and Fearless – An entrepreneur is a person who’s courageous enough to think outside the box or see an opportunity outside the status quo. He or she is fearless enough to create something with the perceived opportunity, creating a new niche in an existing market or even generating a new market. They exploit new opportunities, through designing actions to develop a business plan as well as acquiring the resources needed such as human, financial and locational assets. He or she is not afraid of failure. In fact, an entrepreneur capitalises on these failures so as to learn more about the opportunity.

2. Risk Taker – An entrepreneur is a risk taker. Entrepreneurship is associated with true uncertainty. This means, there is no statistical data to prove that the new opportunity will work; and no procedure or system which guarantees the success of this opportunity. This is not to say that they will not do their research but that their USP stands out from the crowd and offers an edge which is unique. Even though this edge may still be uncertain and off track, an entrepreneur sees this as novel and takes the risks in pursuing it. He or she is willing to risk and put everything on the line for the sake of his or her idea or opportunity, including career and financial security.

3. Motivated and Hardworking and Keeps the Company of Like Minded Individuals – An entrepreneur is driven and works hard to make the opportunity into a reality and a success. He or she is relentless in honing or crafting the idea or opportunity to perfection. They also make sure that the people working for and with him or her feels the same way. This is because there is the understanding that the idea or opportunity can only be achieved through hard work and teamwork of the necessary blend of talents.

For more help on starting a business, call DAA Consulting today on 01707 527725 or contact us here.

www.daa.consulting

Whether you’re a new business, or an established SME, getting your hands on new talent can prove difficult. This is especially true for those with a specialised skill who may already be in a secure position.

Without the support of a generously funded HR department, you might find it hard to get the message out there about why a prospective employee should work for you, so it is very important that you emphasis the successes of the SME and figure out exactly what aspects will appeal to prospective employees. Not too sure? We’ve put together a handy guide for you!

A recent study carried out by Nescafe Alegria and YouGov has shown that a friendly atmosphere, having a close relationship with colleagues and bosses, and having a say in the future of the company are key benefits of working in an SME.

Today, we’re going to reveal exactly what it is that employees love so much about SMEs and how you can use that to nab the best talent there is on the market.

Friendly colleagues

The stats: Most important for employees and employers alike was providing a positive work environment, with a majority saying that this was a key advantage to working in a SME as opposed to a larger company.

What you can do: The best way to ensure your working environment is positive is to have open lines of communication. SMEs have the advantage here as they are typically less bureaucratic, so there are closer relationships between the leadership and the employees.

Building relationships

The stats: Another big hitter on why people chose to work for a small company was the ability to get to know more of the employees. Almost half (49%) or 18 – 24 year old employees polled felt that they have a better social life with their colleagues in an SME.

In fact, working relationships developed a bit of a theme as 45% of SME employees said that having a closer relationship with their manager made them happier at work.

What you can do: If you’ve made it this far, you already treat your business like an extension of your family. Extend this to your workforce too and your employees will feel more included and appreciated.

Treasured opinions

The stats: Being able to offer input into the future of the company was seen as an advantage. However, employers found this more valuable than employees, with 61% of the former to 41% of the latter.

What you can do: This shows that although employees feel like they have more of a say with an SME, employers could work a little harder on making sure their employees critique is taken on board.

Flexible working hours

The stats: Both employers and employees agree that flexible working hours make employees happy.

What you can do: SMEs are much more likely to be able to tailor a job to deal with employees’ individual needs. For example, if Monday is the only day that an employee can’t get childcare, a small business may be more willing than a big company to allow an employee to work from home one day a week. By offering this option to your employees, you could hold on to them!

Progression

The stats: Unfortunately, this is one of the areas where SMEs fall down. Many employees feel like they won’t be able to climb the career ladder so quickly, or move on to dizzier heights, in a SME.

What you can do: With a smaller workforce, it’s true that there may be less opportunities. On the other hand, the role you can offer a potential employee, in may cases, is more varied and has more breadth than at a big company, where employees tend to specialise more. Plus, loyalty means much more in a SME, so when high growth happens, your best employees will be the first in line for a reward!

Their success is your success

It’s an oft-cited cliché, but the success of any business really is down to the employees, so getting the pick of the crop is in your best interests. But don’t stress about how to get the best candidates, instead focus on selling you’re winning business culture and people will soon realise why it’s a great place to work.

If you would like help with your hiring strategy, figuring out exactly what your SME culture is, or implementing any of the advice offered above, DAA Consulting would be pleased to help. Contact us to let us know what you need, and we’ll be able to get you where you need to be.

Starting up a business can be one of the most challenging tasks but also one of the most rewarding. Part of the planning and preparation, is to make sure that you are financially sound. Whether you are taking out a start-up loan or financing the business yourself, it is vital to keep costs to a minimum, wherever possible and in the most effective ways.

Shop Around

This should be something that you do often. When you are buying equipment, don’t be too hasty to purchase everything brand new. It really does pay to shop around. Think of exactly what you need everything for. Will a refurbished computer do the same as a brand new one? Chances are, it will.

The same can apply to things like business insurance. When you’re shopping around, compare the best tailored quotes. It’s convenient to do everything online but never underestimate the benefit of negotiating with someone on the phone.

Finally, there are a number of business banking options on the market, for new businesses. It is not uncommon for banks to offer businesses free banking or reduced fees, during the company’s early stages. Seek those deals out and make the most of them.

Outsource

There will come a point where you may need a PA, a graphic designer and a copywriter but can you afford to keep them all at once? Maybe you can but is it smart?

Making good use of cloud storage can also be beneficial and save you money on software. With free programmes like Google Drive, Evernote and Skype, running your business, it is easier than ever to get the work you need, without the cost of employing people full time.

Get Great Advice

Without a professional casting their eye over your business plan, it can be difficult to see where you could make better savings. A business analyst is the ideal individual to advise you, from an objective standpoint. They will look at your plans, suggest improvements and improve your strategy. You will inevitably reduce costs, seeing the benefits in the short and long term.

With just over 45 days until the UK General Election, people all over the country are trying to decide who is worthy of their cross on the ballot paper, and this goes for small business owners and startups too.

Business owners and the Election

So when one third of the private sector turnover comes from small business, it’s no surprise that the main parties are starting to look at getting small business owners on side.

There are various pressure points that political parties can address, which are of concern to small businesses; whether that be business rates, cutting of red tape, or regional development.

In this post, we’ll look at what is important to you this election, and give you the run down on what the main political parties are saying.

Red Tape

Whether they like it or not, all small business entrepreneurs have to deal with business regulations. At the beginning of this Parliament, Prime Minister David Cameron promised help for small business, and this came in the form of a three-year initiative to cut red tape.

However a recent study by business information group Croner found that more than half of the companies they surveyed felt that the measures have had no impact on their business. Moreover, a further 41% were unsure on the effect that the campaign has had.

For 2015, the two coalition partners have been clear that they want to cut red tape, with the Conservatives shouting a little louder, saying that small business is “disproportionately affected by regulation”.

The Liberal Democrats have come out to say that they will establish a Regulation Advisory Board which will focus on low carbon and efficient innovation.

Whereas Labour would model a US agency set up to assist entrepreneurs and small business, calling it a Small Business Administration.

Business Rates

Business rates can hit you hard wherever you are, and many business owners feel like they are a hidden tax. This is why there have been repeated calls for changes to the system which governs rates.

Last Autumn, the chancellor George Osborne promised a review on the rates system, and since then has said that rate relief has been doubled until April 2016.

Labour have committed themselves to cutting business rates in 2015, plus 1.5 million business properties could benefit from a freezing of rates in 2016.

The Liberal Democrats meanwhile have said that they will review business rates, which are a “disproportionate burden” on small businesses, and look at alternatives. “The review will cover the option of moving to site value rating within five years, and in the longer term land value taxation more broadly,” a spokesman said.

Regional Development

It can feel like a struggle for businesses to get off the ground outside of London, but the Liberal Democrats have committed to investing in manufacturing in areas such as motor vehicles, aerospace, low-carbon energy and chemicals to increase international trade by continuing the Regional Growth Fund.

On the other hand, Labour has committed to creating a British Investment Bank and a series of regional banks to boost lending to small businesses.

Finally, the Conservatives are looking to transfer power and budgets to cities in the North and, like their coalition partners, boast the Regional Growth Fund as an achievement.

The Others

Besides the big three, Ukip are determined to exit Europe, and the free trade agreements that go with it. However they assure business owners that cutting bureaucracy will allow them to continue to support businesses in the long run.

On the other side of the spectrum, the Greens are looking to up the minimum wage but they also have a number of small business specific policies such as introducing legislation on late payment and simplifying PAYE.

The Political Playing Field

Despite small business interest in these three areas, it seems that UK businesses aren’t worried by the election, even when their prospects are under discussion.

Elections can have such an impact on small business, so it’s no wonder that small business owners and startups are interested in what politicians have to say. That said, BDO’s Business Trends report finds that business optimism and output are still high, and that businesses are less worried about who gets the keys to Number Ten and more about the long term economic prospects of the UK.

The next election is unpredictable, no one is really sure where loyalties lie. Here at DAA Consulting we think keeping a keen eye on the upcoming policies and campaigns that will surely emerge, and are confident in helping your business plan for any eventuality. Just drop us a line to see how we can help.

Text Box: Photo: Wikimedia

Large companies world-wide know how important branding is, it has been long recognised that having a solid brand brings plenty of value. But to many small business owners, the time taken to implement a quality visual identity seems like it would drain too many financial resources and take away valuable time too.

But even with a limited budget, small and medium businesses can benefit from the impact of a well-honed image, because at the very base of the issue, a brand image can allow an SME to stand apart from the competitors. 

Typically, branding may be very expensive, but there are various options available to entrepreneurs to decrease the cost, including outsourcing your design work to a trusted freelancer. We’ve also got the following tips to help you build a powerful brand image, without breaking the bank.

1.     Keep it simple

“A good way to think about simplicity is how many moving pieces there are in the logo,” says Jonah Berger, author of Contagious: Why Things Catch On.

Not only does keeping your logo simple make it easier for customers to look at and remember, but keeping it minimalistic may also take the price of design down too.

2.     Get social

Photo: Wikimedia

Every business needs to have a social media presence these days, but there’s a difference between just having a profile and really utilising it for marketing purposes. You really want to be consistently engaging with your followers to push your brand identity.

3.     Brand consistency

Your logo tells your customers so much about your brand, so you want to make sure that it’s design fits your company’s overall message. Take, for example, the Apple logo. As one of the world’s most futuristic corporations, it makes sense that their logo is sleek, and clean.

4.     Think of your brand as a person

As a person, you’re made up of beliefs, values and purposes which drive your everyday life. When building your brand, it’s vital that you think of this in the same way. Our personality determines how we react to situations, this is what your brand identity will do too.

5.     Aim for remarkability

What is remarkability? This is when the design is ‘worthy of remark’ and cuts through everything else to reach your customer. You want a logo which is relevant, eye-catching but mostly memorable.

6.     Don’t try to mimic big brands

Carving your own distinctive identity doesn’t only make you look more professional and unique, but it has longevity. Imagine in a few years time you hit the big time, having a brand which is very similar to an already-established company could force you into rebranding, therefore destroying all of your hard work.

7.     Test your market

Trusting your gut isn’t necessarily a bad thing, but when it’s an important issue like branding, market research is the way to truly find out whether you are heading in the right direction. Get some independent feedback from a wide variety of people about whether your logo is saying

Photo: Flickr

8.     Marketing your brand in new ways

In the past, stamping your logo on everything was good enough to get the word out there, but nowadays this just won’t cut it. Respect your customer’s intelligence and think of new and innovative ways to get your brand identity recognised.

Think flash mobs, social media and viral videos, amongst others. This will generate some intrigue and inspire them to look further into what you have to offer.

Trying to develop your business branding on your own may seem like the ideal way to avoid expensive work. Rather than going to a design firm, you could consider smaller, independent designers who charge much less.

According to Stan Evenson, founder of Evenson Design Group, “Entrepreneurs on a tight budget should shop around for a designer, but don’t hire someone because of their bargain price. Find a designer who’s familiar with your field and your competition. If the cost still seems exorbitant, remember that a good logo should last at least ten years. If you look at the amortization of that cost over a ten-year period, it doesn’t seem so bad.”

You may know what you want, and that’s a brilliant start, by consulting with a professional designer could help you hone your vision as well as giving you practical advice such as whether the logo would transfer well into print.

Your logo is the basis of your brand, as well as the foundation for all your promotional material, so it’s one area where spending a little money now can pay off in the long run!

For more help on starting a business, call DAA Consulting today on 01707 527725 or contact us here.

www.daa.consulting