I had a great experience on the start-up bus when it arrived in Nottingham. Parked outside Antenna I carefully dodged traffic to claim my place aboard the already buzzing atmosphere. I think what was exciting for me was finding some new ideas, but also finding people who were experiencing the same issues.
So what do start-ups talk about if you trap them on a double-decker bus for two hours. Obviously I can’t tell you everything, but here are my highlights.
When is the right time to launch a start-up?
It’s not easy to know when to launch your new idea into the real world. Too soon and risk making promises you have not properly planned out. Take too long and someone else may beat you to the post. The answer is different for every business. You need the proper planning in place and a confidence in your business plan along with financial figures behind it. Keeping that first group controlled may be the way to go, so you have time to refine any problems, while keeping your initial launch manageable. However, sometimes you have to go with your instincts and make that first jump.
How do we find customers?
This is never an easy one and targeted marketing is important. Looking laterally at who your customers are and what other services they need may need could give you that first step. Other business owners are good contacts if your start-up compliments rather than competes with what they do.
Do we need a website in this age of social media
This is becoming more of an issue. Social media is an exciting and addictive field. Each potential entrepeneur only has a limited time and managing the different marketing streams can be difficult.
Websites have some key advantages:
- You have control of your brand not the social media platform
- It’s a good place to store longer pieces of information. Not everything can be said in 140 characters
- Social media platforms have their own rules and regulations which do not restrain your own website
- If any of the social media platforms lose your data it is still on your website.
How do we manage our time better?
When you start out budgets are often tight and you will find there are many jobs that you will have to do yourself, or be shared by a small team. This is the time to be organised and manage your time carefully. For a start-up time is often important, and not all of it can be measured in billable hours.
What is the right price to charge
This is always a difficult one. You need to know the market rate, but also how much money will cover the bills. Never mind that at some point you want to make a profit. Here again there is something to be said for good research and a detailed knowledge of all your costs. Many first time start-ups are not natural accountants so it is also a good time to get some advice.
And the rest …
Two hours went faster than I imagined and I’m sure we didn’t begin to scratch the surface. But I came away feeling energised. I have made some new local contacts and met a few start-ups who I hope will become strong businesses in the future.
These were just a few of the discussions we had, and with the 2nd week beginning 19th September, I wonder what yours will be?
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