WHO WANTS TO BE AN ENTREPRENEUR?

A Bitesize Guide to Starting a Business.

CONTENTS
PREFACE
CHAPTER 1 SO !OU WANT TO BE AN ENTREPRENEUR?
CHAPTER " WHAT#S THE B$G $%EA?
".1 THE $%EA
"." CAN !OU E&P'A$N $T $N A SENTENCE?
".( $S THERE A %E)AN%?
".* CAN !OU )A+E $T WOR+ F$NANC$A''!?
"., RESOURCE CAN !OU )A+E $T HAPPEN?
".- %ON.T BECO)E B'$N+ERE%
"./ !OUR BUS$NESS P'AN
".0 F$RST TO )AR+ET 1 BEST TO )AR+ET
".2 CO)PET$T$ON CAN BE GOO%
".13 BE STUP$%
CHAPTER ( HOW %O $ GET $N1EST)ENT?
(.1 FUN%$NG SOURCES
(.1.1 PERSONA'
(.1." PR$1ATE
(.1.( BAN+
(.1.* ANGE' $N1EST)ENT
(.1., 1ENTURE CAP$TA'
(.1.- CROW%FUN%$NG
(.1./ GO1ERN)ENT $N$T$AT$1ES
(.1.0 BUS$NESS $NCUBATORS4ACCE'ERATORS
(.1.2 OTHER OPT$ONS
CHAPTER * WHAT SHOU'% $ CA'' )! BUS$NESS?
*.1 THE OPT$ONS
*.1.1 NA)E $T AFTER WHAT $T %OES
*.1." NA)E $T AFTER !OURSE'F 5OR SO)EONE E'SE6
*.1.( G$1E $T AN ABSTRACT NA)E
*.1.* BASTAR%$SE AN E&$ST$NG TER)
*.1., )A+E UP A NA)E
*." GET THE .CO) A%%RESS
*.( )A+E $T )E)ORAB'E
*.* %ON.T SETT'E FOR SECON% BEST
*., )A+E !OUR BUS$NESS E&$ST
CHAPTER , HOW %O $ PROTECT )!SE'F? 5$P6
,.1 WHAT $S $P?
,.1.1 COP!R$GHT
,.1." PATENTS
,.1.( TRA%E)AR+S
CHAPTER - WHERE SHOU'% $ BASE )!SE'F?
-.1 THE OFF$CE
-.1.1 AT HO)E
-.1." HOT%ES+4HUB
-.1.( %E%$CATE% OFF$CES
CHAPTER / HOW %O $ F$N% SUPP'$ERS?
/.1 WHAT ARE SUPP'$ERS?
/." ONSHORE4OFFSHORE?
/.( TR$A'S
CHAPTER 0 ARE !OU TECHSA11!?
0.1 !OUR WEBS$TE
0." APPS
0.( SOC$A' )E%$A
0.(.1 FACEBOO+
0.(." TW$TTER
0.(.( '$N+E%$N
0.(.* THE OTHERS
CHAPTER 2 HOW %O $ %O )! F$NANC$A'S?
2.1 THE ESSENT$A'S
2." +E! TER)S
2.( PROF$T AN% 'OSS STATE)ENT
CHAPTER 13 HOW %O $ PRO)OTE )! BUS$NESS?
13.1 PR
13.1.1 SE'F PRO)OTE7 )A+E CA''S4SEN% E)A$'S
13.1.1.1 CO))UN$CAT$NG W$TH THE R$GHT PEOP'E
13.1.1." CO))UN$CAT$NG THE R$GHT $NFOR)AT$ON
13.1.1.( H$RE AN AGENC!
13." A%1ERT$S$NG
13.".1 ON'$NE
13.".1.1 SEO
13.".1.1.1 SPONSORE% '$ST$NGS 5SEARCH6
13.".1."." SPONSORE% '$ST$NGS 5%$SP'A!6
13.".1.( BANNER A%S
13.".1.(.1 PPC4PP$
13.".1.* $NTERST$T$A'S
13.".1., HOSTE%4$N1$%EO A%S
13.".1.- SPONSORE% '$N+S
13.".1./ AFF$'$ATE )AR+ET$NG
13.".1.0 ON'$NE C'ASS$F$E%S
13."." OFF'$NE
13.".".1 T1
13."."." NEWSPAPER AN% )AGA8$NE A%1ERT$S$NG
13.".".( OFF'$NE %$SP'A! A%S 5B$''BOAR%S9 HOAR%$NGS6
13.".".* U)BRE''AS9 PENS9 )OUSE)ATS
13."."., %$RECT )A$'
13.( SA'ES
13.(.1 SA'ES %ON.T :UST HAPPEN
13.(." SA'ES CHANNE'S
13.(.* ABC A'WA!S BE C'OS$NG
CHAPTER 11 GETT$NG THE STAFF
11.1 O1ER1$EW PEOP'$S)
11." F$RST $)PRESS$ONS
11.( RECRU$T)ENT AGENC$ES
11.* SE'FH$R$NG
11., CO)PAN! CU'TURE
CHAPTER 1" WHAT %OES THE FUTURE HO'%?
1".1 E&$T STRATEG!
1"." 1A'U$NG !OUR BUS$NESS
1".( BE$NG 'UC+!
CHAPTER 1( CAN !OU SU))AR$SE THAT P'EASE?;
EP$'OGUE< WHO A) $?
PREFACE
This book is intended to give you some useful tips, pointers,
guidelines and advice if youre looking to start a business.
It is quite short; an overview, bite-sie, easy to read and digest.
It isnt a comprehensive, all encompassing, in-depth study of
everything you need to consider. !oud need something far bigger.
Theres a pro"le section in the epilogue should you wish to "nd out
why I think Im quali"ed to advise. #r you could $ust read it and
make your own conclusions.
#ne thing I should note is my focus on the type of businesses Ive
e%perienced; mainly online and&or mobile-"rst.
Ive tried to make it relevant to other business streams but if youre
looking for help on how to start a tannery or a newsagents Im afraid
its probably not for you.
I am '( based so theres an unavoidable bias; if your newsagents is
in )uenos *ires there may be a couple of useful tidbits, but I make
no promises.
)ertrand +ussell wrote ,in the preface to his masterpiece A History
of Western Philosophy-.
If, however, books covering a wide feld are to be written at all, it is
inevitable, since we are not immortal, that those who write such
books should spend less time on any one part than can be spent by
a man who concentrates on a single author or a brief period.
That was written in /012 but is entirely apposite here; many facets
of starting a business are touched upon, their surfaces scratched,
but youll need to read a full te%t on each to grasp, understand, and
know them fully.
3opefully this is a good starting point.
CHAPTER 1
SO !OU WANT TO BE AN ENTREPRENEUR?
This is as much introspection as anything. )ut you must ask yourself
45hy do I want to do this6
Is it a big idea6 3ave you had a brainwave, a 7ash of inspiration, a
premonition, a calling86 3ave you had an idea so good that you $ust
have to go for it, have to try and make it into a business6 Is that the
reason6
#r is it "nancial reward6 !oure never going to make your millions in
a 0-2, and you think going it alone is the fastest way to a quick
buck6 *fter all, its always entrepreneurs who are the richest, right6
Is it the independence6 9ot having to be in the same place at the
same time with the same people doing the same $ob with the same
boss hour after hour, day after day, year after year6 !ou want to 4be
your own boss, right6
Is it the challenge6 To make something of yourself, to say you
created something, to achieve something on your own6
#r is it a window of opportunity6 :erhaps you have come into some
money, an inheritance or redundancy or lottery win6 :erhaps you
have found yourself with time on your hands, maybe after
retirement6
5hy6 5hy is it6 5hy do you want to be an entrepreneur6
;larify your motivation. It may be one of the above, or it may be
something completely di<erent.
;larify it, establish it, repeat it, and remember it.
)ecause it will be tough. !ou will have problems. !ou will encounter
seemingly insurmountable barriers. !ou will get frustrated. !ou will
get de-motivated. !ou will run over budget. It will be lonely.
)ut when you hit those troughs, remember why you are doing this
in the frst place.
That will keep you going.
CHAPTER "
WHAT#S THE B$G $%EA?
".1
THE $%EA
5hatever your motivation, youll still need an idea.
It may come when you least e%pect it. #r, it might be a burgeoning
slow burner, something nagging, that suddenly all comes together.
:erhaps youll see a gap in the market, or something that could be
improved, or see a new way to deliver a service; it may be a 7ash of
inspiration, or it may form over time.
#r maybe you gradually build up a skill set that becomes viable to
4go alone with.
)ut dont get impatient waiting for the big idea to come along -
entrepreneurialism cant be forced, cant be rushed - and de"nitely
dont doggedly pursue something that isnt right, something you
arent convinced by.
The old adage that 4there is no such thing as a bad idea is simply
not true in entrepreneurial terms.
The many desperate wannabes that cannot be convinced their idea
isnt amaing, cannot be dissuaded, despite knock-back after knock-
back, are testament to that.
=etermination and resilience can be huge assets, but they can also
be destructive in the wrong hands.
#r more accurately, if theyre attached to the wrong idea.
#nly time - and trial and error - will prove whether your idea is a
good one; but here is an attempt at a checklist, a series of qualities
that individually or together make a 4good idea.
>nsure your business at least conforms to one of these, that you can
answer 4yes at least once. Then there is some potential.
If you cant, now is the time to abandon it8
$s it so=et>ing ne? or no@eA9 an in@ention or ser@iBe?
Have you invented! something" #ome up with something truly
new!" $r have you devised a new method of delivering something"
Have you checked, rigorously, that it doesn!t e%ist already"
%oes it CuADA a need9 or Ero@ide a soAution to a EroFAe=?
And if it does, is it really a problem in the frst place" &ou might be
convinced there!s a desperate need for a solution to something'
others may not agree(
$s it an i=Ero@e=ent on so=et>ing t>at aAreadG eHists?
Have you seen an e%isting product that could be bettered or
improved" Why does it not do what you think it should already" Is
the e%isting product patented or otherwise protected" Is it going to
be cost e)ective to enhance it"
$s it utiAising eHisting eHEertise or BontaBts?
*ots of start+ups come from people learning their trade! then going
it alone + accountants, programmers, designers, personal trainers...
,o you have the skills to pay the bills"
$s it a >oFFG or eHEerienBe t>at BouAd Fe =onetised?
-apping into your own + or other people!s + passions. -his may be
selling the bespoke furniture you lovingly create or running &oga
classes. .ake sure there is a desire and/or a need and, crucially, are
people willing to pay enough for it"
$s it so=et>ing t>at sa@es EeoEAe =oneG9 or so=et>ing t>at
sa@es energG4is .green?.
0eing green! is an abstract need! in itself, and if you can satisfy it
there is business potential. 0ut + will it be proftable" Will people
want to be green enough that there is a margin"
$s it AiBensing or CranB>ising so=et>ing Cro= so=e?>ere
eAse?
.aybe you have found a product in another country or territory that
could be ported to your market. 0ut why isn!t it here now" #ould
you get e%clusive rights" What is to stop people copying and
undercutting"
*s long as you can answer at least one of those satisfactorily, youre
over the "rst hurdle. If not, maybe its back to the drawing board8
*s well as e%amining the idea itself there are some abstract factors
you should be aware of and be able to deal with.
"."
CAN !OU E&P'A$N $T $N A SENTENCE?
*n oft-cited 4rule of thumb.
It should be possible for all businesses, although there are potential
e%ceptions like comple% technology or medical companies.
9evertheless, even if it is something really complicated, you should
still be able to distil it down to your raison d?tre.
Investors eyes quickly glae over when an entrepreneur cannot
e%plain concisely, quickly and simply what their business does.
* couple of ,e%tremely- famous quotes back this up.
12implicity is the ultimate sophistication.3 @Aeonardo da BinciC
i.e. *nyone can make something long winded and complicated, but
to create something truly simple and intuitive is the ultimate
achievement.
*nd.
4If you can5t e%plain it simply, you don5t understand it well enough.4
@*lbert >insteinC
i.e. If an entrepreneur cannot e%plain his&her idea simply, what it
does and why it will do well, he doesnt have a full grasp of it.
Try putting your idea into here and see what happens ,it
necessitates simple e%planations-8
http.&&splasho.com&upgoer2&
If you cant, perhaps youre not e%plaining your idea simply enough.
".(
$S THERE A %E)AN%?
If you have decided or determined that you have a viable idea, you
have to ensure there is there a demand, a market.
=o people 5*9T what you are o<ering6 3ow do you know6
=iscovering will be based on a combination of research, trials, focus
groups, market analysis, mystery shoppers, simple D and *s,
discussion with investors, and honest quiing of your friends, family
and associates.
!ou can come up with what you think is the best product or idea in
the world, but other people may not think so.
!ou need to be certain that at least some - enough to make a viable
business - do.
*lternatively, perhaps demand sparked the idea6 Then you know
people want it8
".*
CAN !OU )A+E $T WOR+ F$NANC$A''!?
*n obvious consideration that is sometimes ,and critically-
overlooked is whether your idea is commercially viable - is there
enough monetisation potential6
5hether its paid content, subscriptions, advertising revenues, user
data, retail, freemium, margin, commission, whatever - you need to
be EFFG sure that however youre monetising, youll generate
enough to make your idea into a business.
Hor e%ample, you could be looking at setting up a hotel booking
website taking a /FG commission - 4kickback - on bookings.
3ave you checked the margins the hotels work on6 It may be that
there isnt enough for both parties to take a worthwhile amount.
*lways ascertain for sure there is a- money to be made and b-
enough to support all parties.
Iake sure youve factored in all costs as well.
Take for e%ample a high-volume low-margin idea with payments
taken through :aypal.
The entrepreneur in question hadnt factored in :aypals fees and,
after he did, his pro$ected pro"ts halved ,because of the small
margins, not because :aypal charge 2FG...-
+emember your "gures here, remember the basics; pre-ta% and
post-ta%, net and gross.
The number of times entrepreneurs seeking investment have
incorrectly pro$ected their "gures as a result of confusing the two
de"es belief.
The worst thing you can do is build a business on the wrong
pro$ections and "nd that youre not going to make enough to make
it sustainable.
".,
RESOURCE CAN !OU )A+E $T HAPPEN?
*lthough the odd anomaly grows organically, pretty much every
business needs funding at some point whether founding capital,
private&investor funding, from the bank, or even the
government&public sector. Jee the associated chapter ,1- for more.
3owever, its not as simple as $ust raising enough money to make
your idea come to life.
;an you a<ord to quit your current $ob&forgo your income whilst you
get it up and running6 If not, can you balance your $ob and dedicate
enough time to your burgeoning business6
!ou need to make sure there is enough time, and money, available.
".-
!OUR BUS$NESS P'AN
#nce you have your idea, you should create a business plan.
There is no more relevant adage, clichKd though it is, than.
10y failing to prepare, you are preparing to fail.3 @)en$amin HranklinC
!ou must have a clear vision for how you are turning your idea into a
business.
*s discussed over the past few pages, you will have already
evaluated if your idea is feasible, if it can work - now you need to
plan how it actually works.
There are many good oLine and online services that can help you -
its a massive sub$ect worthy of a book itself.
The best site for further reading is probably bplans.
http.&&www.bplans.co.uk&.
The traditional business plan is a little outdated - you dont need
thousands of words or cover every minute detail - but you do need
to 7esh out a broad roadmap.
The main points when constructing yours.
O@er@ie? - This should be a summary of your business, why it is
unique&going to be successful, where it sits in the market, its
competitors, what your strategy is going to be, and your goals.
)asically a summary of the other sections. It can make sense to
write this last8
%esBriEtion - 5hat your business is, what it does, who works for it,
what its product,s- is&are, where its oMces are, its target market - all
the basics you need to know.
StrategG - 5hy is your business going to be successful6 5hat is
your 'J:, your competitive advantage, your 4angle6 3ow are you
going to launch, market, sell, make a pro"t6 This section should also
include a competitive analysis ,the strength and weaknesses of your
competitors, who is market leader, relative market share, and the
reasons-.
FinanBiaAs - 5here are your revenues coming from6 5hat are your
costs6 5hat is your pro$ected average invoice value and your
average customer spend6 3ow many customers do you need to
make a pro"t6 5hat are your pro$ected revenues over the ne%t
N&O&/E&E1&OF months6
!our business plan will undoubtedly change - it should be dynamic,
and your business should be nimble - but you need a roadmap
before you start, regardless of how strictly you end up adhering to
it. :lans are made to be changed.
=raw up something with a structure along the lines above and youll
at least have a focus, a direction, and a plan.
3ere is an article ,not brand new, but perpetually relevant- from the
Puardian with input from various e%perts.
http.&&www.guardian.co.uk&small-business-network&EF/N&$an&E2&top-
tips-writing-business-plan
"./
F$RST TO )AR+ET 1S BEST TO )AR+ET
*lthough earlier advice was to check thoroughly before launching
something you think is 4new to ensure it doesnt e%ist already, it is
not always a bad thing if it does.
This is because being the "rst to market also often entails creating
the market - if someone gets there "rst, some of the work is done
for you. !ou can piggyback them. Take advantage of their marketing
spend, the awareness they create, the budget they allocate.
Jimilarly, you may see a way to improve something that already
e%ists ,thus by de"nition not being "rst-.
!ou dont have to be a pioneer - sometimes it helps if youre not.
".0
CO)PET$T$ON CAN BE GOO%
*n e%tension of the previous section - sometimes competition and
rivals can be good, can be a positive - mainly for widening and
increasing the market.
:lus, of course, you can learn from, be stimulated by, and ,for want
of a better word- copy a rivals business&product&service - or at least
the best bits of it - to improve your own.
Hor instance, If you open an opticians on a side street, you may not
welcome another opening a few doors down, and then another. )ut,
together it makes the street the 4go to place for opticians.
*nd if you see their o<ers are working, or a particular brand is 7ying
o< their shelves8 well, you know what to do.
;ompetition can be good - especially for a plagiarist8
".2
BE STUP$%
* couple of years ago =iesel, the clothing brand, ran a 4)e Jtupid
campaign; the premise being, to use their own words.
2mart may have the brains, but stupid has the balls!
5hat this means; creativity can be sti7ed by over-thinking.
Intelligence can be a hindrance, as well as a help.
If there is too much focus on the potential downsides and fallibilities
of ideas, campaigns, creations or companies, you can talk yourself
out of anything.
Jometimes, as =iesel suggest, 4)e Jtupid. =ont over-think, dont
over-analyse. +ecognise opportunities, open your mind, and
facilitate creativity.
The best and most successful ideas arent necessarily the 47awless
ones, nor the cleverest people the most successful.
Jometimes 4stupid people can be successful simply by not
recognising the risks associated with what they are doing, ploughing
ahead anyway, and succeeding.

This is a great lesson&teaching for entrepreneurs; =ont get too hung
up on the pitfalls unless they are glaringly obvious insurmountable
barriers.
#f course, this philosophy has its time and place, and needs to be
utilised within reason.
:erhaps knowing when to employ 4stupidity is true intelligence6
".13
%ON#T BECO)E B'$N+ERE%
Hinally, and probably the most important point to make - dont
become wedded to an idea.
If lots of people have told you it wont work, if lots of investors have
declined to invest, if your trials and take up have been
disappointing, then, brutally, it probably wont work.
Jometimes businesses 7ourish despite adversity ,:ay:al was voted
one of the worst ideas of /0008- but there is nothing more tragic
than a deluded entrepreneur convinced that their idea is 4the ne%t
big thing despite it clearly being completely unfeasible or in some
cases, $ust plain awful.
Aisten to feedback and advice. Take it on board. *nd if its all
negative, it should tell you something.
#f course be persistent, of course be determined, but be realistic
and be pragmatic.
In the wrong hands dogmatic single-mindedness can be disastrous.
CHAPTER (
HOW %O $ GET $N1EST)ENT?
(.1
FUN%$NG SOURCES
:retty much any business will need start-up capital. 5hether its for
salaries, stock, premises, marketing, advertising, or money to tide
you over until youre revenue generating, youll need funds.
There are several options.
(.1.1
PERSONA'
*n oft-repeated adage is.
1Why risk your own money when you can risk someone else!s"3
This can be taken in two ways.
#ne, at face value, that any risk is unnecessary risk.
)ut also ,and other investors tend to take this perspective8- if
youre con"dent in your idea, why arent you putting your own
money into it6
This is most prevalent when the entrepreneur has another
successful business and clearly has access to funds. !ou can
understand the investors perspective - 4why should I put my money
into this if you wont put yours in6
#f course, only some people have access to personal funds - many
entrepreneurs start on the breadline and it is only the most
fortunate that can self-fund.

If you are lucky enough to have the option of self-funding, to
whatever degree, evaluate whether youd rather risk your own
money or incur debts&risk someone elses.
)ut remember, that 4someone else will be e%tremely reluctant to
risk their own money if they know you have funds that you wont
risk yourselfQ
The one thing to remember - never commit more than you can
a<ord to lose.
(.1."
PR$1ATE
:rivate Hunding is anything not from the 4open market. This really
means friends or family investing in you, your idea, and your
business.
!oung entrepreneurs, for e%ample, often get cash from their parents.
*lthough this can be in e%change for equity, and in many ways like
any other investment, there are - or could be - relationships on the
line.
#f course, if your business is successful you could strengthen them,
but beware that however strong a bond, money is a powerful force.
Iany entrepreneurs fall out with loved ones over their business,
over money invested or due, and it can be ruinous. Its often say
you shouldnt lend people in your family money, and this is no
e%ception.
If you dont have your own money to use, try and get dispassionate
investment - its far more bearable falling out with your bank
manager than with your parents.
(.1.(
BAN+
5hich brings us nicely to the banks. They will often be the "rst port
of call for people who do not have access to personal or private
funds&"nance.
It should be noted that banks rarely give money to very early stage
start-ups.
)anks are businesses after all, and chucking their customers money
at an idea, a concept, would be foolhardy ,however good you think
your business isQ-.
!ou wouldnt want that done with your savings.
!ou are far more likely to receive - or even be eligible for - bank
funding if you are a small business looking to e%pand, or a business
with a trading history.
*s a one-man start-up, your chances of the bank giving you a wedge
of cash are slim.
*t that stage you are far more likely to be successful by going down
the *ngel Investment route ,read on8-.
#ne interesting alternative is Hunding ;ircle -
https.&&www.fundingcircle.com - where investors can lend directly to
early stage start-ups.
The )ritish Povernment has recently ,at time of writing- announced
plans to $oin Hunding ;ircle and lend to small businesses; this gives
the concept and that platform speci"cally great cache.
Jeedrs http.&&seedrs.com is another e%ample.
(.1.*
ANGE' $N1EST)ENT
This is the richest ,no pun intended- source of investment for start-
ups.
4*ngel Investment and 4)usiness *ngels have only really become
mainstream in the last decade.
*ngel Investment is essentially small scale Benture ;apital -
typically under RE2Fk.
Jeveral platforms e%ist to connect *ngel Investors and
entrepreneurs, including.
*ngel Aist - http.&&angel.co
Benture Piant - http.&&venturegiant.com
*ngel Investment 9etwork - http.&&angelinvestmentnetwork.com
>nvestors - http.&&envestors.com
*ngels =en - http.&&angelsden.com
Hor a small fee >ntrepreneurs can upload their proposals - often a
contraction of your business plan ,the 4#verview or 4>%ecutive
Jummary is sometimes used- - to any&each of these sites.
The proposal is then circulated to potential investors who will make
contact if it is of interest. !ou take it from there.
* word of caution. )e careful with these platforms. It depends on
what stage you and your business are at as to how much
information you should reveal.
If you have a live, operating business there is no reason you
shouldnt reveal details ,in fact if you do you are, in a way,
marketing it8-.
)ut if you only have an idea or concept, be wary. Telling everyone
about it is inviting them to copy it. *fter all, why should they pay
you R/FFk for 1FG when they could invest R/FFk doing it
themselves6
Ieeting 4*ngels face to face does o<er some security but, if your
proposal is $ust being circulated to a database as many *ngel
platforms do, theres nothing to stop unscrupulous ripping o< of
your idea.
These companies also organise pitching events. These can be
conferences where numerous investors present, 4speed-pitching
where you do a mini-pitch to twenty or so investors in one evening,
or simple unstructured networking.
These events are powerful in that you can get yourself and your
idea&business face to face with multiple potential 4*ngels who
would otherwise be inaccessible.
3ere is as good a time as any to point out that *ngel Investors will
often refuse to sign an 9=* or ;on"dentiality *greement, to protect
themselves more than anything. If they did happen to one day
decide to pursue something in your business stream they could
potentially be sued.
This is nothing to worry about, and fairly commonplace. If it
concerns you, dont reveal too much8
*s well as the platforms connecting *ngels and Investors, you can
search out *ngel Investors yourself and approach them directly.
(.1.,
1ENTURE CAP$TA'
Benture ;apital - 4B; - is the original private "nancing model.
It is now a hugely sophisticated industry, with massive companies
like Ni, ;learstone Benture :artners, Jequoia ;apital and Poogle
Bentures ,to name $ust a handful- investing millions into young
companies.
B; is usually focussed on or targeted by later stage businesses
seeking a relatively large amount of capital ,typically R2FFkS-.
'nless yours is a large-scale operation, it is unlikely a B; will be
your "rst port of call. 3owever, if you are looking for a second round
of funding after proven trading "gures, it very much would be.
(.1.-
CROW%FUN%$NG
* new method of raising "nance has sprung to prominence in the
last couple of years - crowd-sourced funding, or 4;rowdfunding.
The best known is (ickstarter http.&&kickstarter.com which seems to
have single-handedly brought ;rowdfunding into the mainstream.
There are others, like ;rowdcube http.&&crowdcube.com,
;rowdfunder http.&&crowdfunder.com, ;rowdtilt http.&&crowdtilt.com
and IndiePoPo http.&&indiegogo.com ,and more- - but (ickstarter is
comfortably the most popular.
It should be noted that there are some caveats around (ickstarter
,and many of the others-; you must have a prototype before listing,
and only certain types of company are eligible ,see speci"c sites Ts
and ;s for more-.
The premise is, rather than one investor investing R/FF,FFF, you
have /FFF investors investing R/FF.
#r /F,FFF investors investing R/F.
!ou get the idea.
*nd rather than equity&shares in the business, investors get
4rewards; these might be product samples, signed limited edition
copies, the chance to feature in a creative enterprise ,e.g. an e%tra
in a "lm or character in a book-, or dinner with the founder.
Its a rapidly growing sector with some huge success stories already.
:ebble, the >-Ink watch that communicates with your i:hone or
*ndroid device raised over T/Fm from appro%imately UF,FFF
backers, or investors - and their initial target was $ust T/FFk.
http.&&www.kickstarter.com&pro$ects&20U2FUF/V&pebble-e-paper-
watch-for-iphone-and-android
)ecause of its reach and potential - and because it is very much the
eitgeist -;rowdfunding is a hugely e%citing medium for
entrepreneurs, and looks to be, at least in the short term, the future
of capital generation.
Its certainly worth e%ploring if you are seeking funding.
*dditionally, unlike *ngel Investment, the entrepreneur retains
complete autonomy over the pro$ect.
)ear in mind again the risks associated with publicising an idea that
has yet to be brought to market - it can be easily copied.
(.1./
GO1ERN)ENT $N$T$AT$1ES
There will usually be some form of governmental support available
,coming from a '( perspective here-, whether a temporary or
permanent initiative - but often it is only available in quite small
amounts.
Hor e%ample, the '( Povernment is currently ,at time of writing-
supporting 4Jtart'p )ritain, an RVEm public&private scheme to help
entrepreneurs.
!ou can read more about Jtart'p )ritain on the oMcial site here.
http.&&www.startupbritain.org&
The idea is that, in association with ma$or private partners such as
)arclays, )lack)erry, >%perian, Intel, Iicrosoft, Ic(insey W ;o. and
Birgin Iedia, R/2FF will be pledged to every start up business, plus
separate government loans of up to RE2FF.
There are also ranges of grants and enterprise loans available from
governments and governing bodies ,such as the >'-. ;heck
governmental business support sites like )usiness Aink for more
information on these.
http.&&www.businesslink.gov.uk&bdotg&action&detail6
itemIdX/FUNU0/22NWtypeX+>J#'+;>J
(.1.0
BUS$NESS $NCUBATORS4ACCE'ERATORS
Incubators&*ccelerators provide your business with various support
services from the physical ,oMce space, Internet, etc- to the
consultative ,e%pert advice, mentoring, etc- and, of course, "nance.
They are designed to be holistic solutions for early stage businesses
,often very tech-focused-, giving them all the help they need to
grow and be successful.
:redominantly Incubators and *ccelerators e%ist to take an interest
in the start-ups they support and bene"t from their future success.
3owever some operate on public funds or simply charge a fee to
businesses using their facilities.
>ntrepreneur.com give a good overview of them here.
http.&&www.entrepreneur.com&article&2EVFE
Two of the biggest and best-known incubators are )idom -
http.&&bidom.com and Techstars - http.&&www.techstars.com
(.1.2
OTHER OPT$ONS
There are some niche alternatives; this is a fairly comprehensive list
of the options.
http.&&www.enterprisenation.com&blog&2F-sources-of-funding-for-
your-small-business&
CHAPTER *
WHAT SHOU'% $ CA'' )! BUS$NESS?
*.1
THE OPT$ONS
Aoosely you have "ve options when naming your business. #ften
names will blur the lines but your choices are.
9ame it after what it does ,e.g. :imlico :lumbers-
9ame it after yourself ,or someone else- e.g. Jaatchi and
Jaatchi
Pive it an 4abstract name ,e.g. #range-
)astardie an associated term ,e.g Jhutl-
4Iake up a name ,e.g. Yoopla-
>ach of these has its advantages and disadvantages - and of course,
it will depend on what kind of business you are starting as to what
path you will go down.
3ere is a little more on each.
*.1.1
NA)E $T AFTER WHAT $T %OES
*long with naming your business after yourself, this is the oldest
naming convention in the book ,no pun intended-.
The pre"% tends to be a name or a location, with the suM% the
activity - although thats not always the case ,for e%ample )urger
(ing-.
Its obvious. Its simple. Preggs the )akers, )oots the ;hemist, Zones
the )ootmaker; the list is endless, from small independent retailers
to global monoliths.
=otcom businesses often use a descriptive name as well, for
e%ample +ent Iy Jtu< ,http.&&rentmystu<.com- or Jellanapp
,http.&&sellanapp.com-.
#verall there is a tendency towards retail and service-based
companies naming themselves after purpose but it is a perfectly
legitimate convention across all sectors.
*.1."
NA)E $T AFTER !OURSE'F 5OR SO)EONE E'SE6
*long with the previous category, the oldest and the simplest
method. Hrom Iarios :ia to Iarks and Jpencer to :rice
5aterhouse ;oopers, there are businesses named after their
founders or their founders family&wives&pets&best friends across the
world.
*lthough more 4professional services tend to be named after their
owners, founders or partners ,law "rms, solicitors-, again it is
prevalent across every sector.
It is an ancient convention - many modern behemoths grew from
family businesses.
*.1.(
G$1E $T AN ABSTRACT NA)E
'sing an e%isting but abstract word to name your business is also a
widely recognised tactic. Hor e%ample 4#range, the mobile network.
This could be an ob$ect, word or phrase that has some sort of
signi"cance to you or to the company, or $ust something completely
random. #r it could be the result of an enormous research pro$ect.
*lthough these can be standalone, they are often suM%ed with the
purpose of the business ,blurring with no. /.-, for e%ample :enguin
)ooks.
*.1.*
BASTAR%$SE AN E&$ST$NG TER)
This is a relatively new convention, concomitant with 5eb E.F,
where businesses - mostly start-ups - bastardise an e%isting word or
associated term,s- to name their business.
>%amples include Jhutl ,shuttle- and of course Hlickr ,7icker-.
This manufactures uniqueness by tweaking a key word, term or
phrase.
:interest is a good e%ample, melding as it does 4:in and 4Interest -
pinning interesting things - for its name.
*.1.,
)A+E UP A NA)E
*nother nouveau-popular approach is to 4invent a name; see Yoosk
http.&&oosk.com or :alringo http.&&palringo.com
These often incorporate another trend, that of utilising rare or
foreign TA=s ,top level domains - the end of your '+A&web address-,
for e%ample bit.ly or instagr.am.
These give your business a unique identity, and provide 4instant
J># ,search engine optimisation- as nowhere else uses the term,
but can be problematic as people easily forget or confuse them.
*."
GET THE .CO) A%%RESS
Hor posterity and kudos, as well as J>#, its great to have the .com
'+A for your companys website.
If you are absolutely set on a name, there are alternatives, for
e%ample hyphenation or using a country domain e.g. .co.uk, but
most 4serious businesses will hold their own .com
,9ot to mention that your '+A will constantly grate on you because
its not the one you +>*AA! want8-
!ou may wish to hold o< until further down the line before
purchasing it from someone else - but the more successful you are,
the more e%pensive it will be.
The potential e%ception is if your name incorporates a di<erent TA=,
e.g. instagr.am.
)ut then they own instagram.com too8
*.(
)A+E $T )E)ORAB'E
Iany companies have eminently forgettable names. To cite one
here would be to invalidate the point8 but they do.
Try and make yours unique. Iake it memorable, and not something
people will misspell or forget.
It of course, echoing the point above, helps if your name is in your
domain.
*.*
%ON#T SETT'E FOR SECON% BEST
If you want to call your business 4advertiseonmycar but that has
gone, dont stick to the format and call it
4advertiseonmyautomobile. )e 7e%ible.
If you come up with a good name, and its been taken, come up with
a new name.
=ont rehash your original choice - it will sound awkward and
compromised, as well as constantly remind you that you couldnt
get what you actually wanted.
*.,
)A+E !OUR BUS$NESS E&$ST
9ow you have a name, make your business e%ist.
Jtart by registering your business as a Jole Trader or :artnership,
with a view to incorporating further down the line.
*t this stage make sure you can get - and of course are not
infringing others - trademarks. Iore in the ne%t chapter.
CHAPTER ,
HOW %O $ PROTECT )!SE'F? 5$P6
,.1
WHAT $S $P?
I: is Intellectual :roperty.
Iany people do not understand I: and it is often ignored or
forgotten, which can prove hugely costly down the line.
!our I: can be one of your most valuable assets.
Intellectual :roperty generally covers ;opyright, Trademarks, and
:atents. 3ere is a useful table, based on an e%ample from the '( I:
#Mce, which distinguishes between the three.
COP!R$GHT TRA%E)AR
+
PATENT
Term Aife plus UF
years
;an last
forever ,/F
yearly
renewal
required-
'p to EF
years
,annual
renewal
required-
:rotects
*gainst
!our work or
creation
being copied
in
communicati
on or
performance
The use of
your
Trademark
without
permission
!our idea
being
copied,
manufactur
ed or sold.
5hat is
:rotected6
*rtistic or
intellectual
creations
!our brand
identity,
name&logo
etc.
Inventions
,products
and
processes-
It depends what kind of business you are starting as to which I:
registration and&or protection you should seek.
If your business is a creative one, your original work will need to be
copyright protected.
If you are launching a business stream or service you may need to
trademark your brand.
If you are inventing something, or developing a product, you may
need a patent.
This chapter contains information about all three, as well as how to
apply.
,.1.1COP!R$GHT
;opyright, is, literally, the right to copy. It is the protection an author
receives over his or her original work, whether artistic, intellectual,
literary, or another creative "eld.
1#opyright does not cover ideas and information themselves, only
the form or manner in which they are e%pressed.3 @Jimon JtokesC
Hor e%ample, writing about a boy who is a wiard is not forbidden,
but calling him 3arry :otter living in 3ogwarts and so on clearly is.
That is the di<erence between copyright protection and patent or
trademark; the latter two protect the idea itself.
;opyright is granted, according to various legal standards, to work
that displays suMcient originality, and is granted automatically once
the work is committed to te%t, video, audio, etc.
;opyright e%tends across most of the world, including >urope,
+ussia, the 'J and ;hina.
It is sensible to follow any original work with the copyright symbol,
the author, and the year of creation, for e%ample.
WH$ WA6-2 -$ 07 A6 76-87P876798" [ Iatthew +owe EF/N
To prove copyright in case of dispute it is sensible to put a dated
copy of the original work with a solicitor or bank.
,.1."PATENTS
* patent can be granted if a product or process shows a suitable
amount of originality and 4non-obviousness.
+ather than granting the patent owner the right to
produce&manufacture&sell whatever has been patented, a patent
stops other people doing so.
>ssentially, it protects your idea.
;urrently, there is no such thing as a worldwide patent - it has to be
applied for in each and every country in which protection is sought.
There are some regional bodies - the >uropean :atent #Mce ,>:#-
and the *frican +egional Intellectual :roperty #rganiation ,*+I:#-
for e%ample - and there is the :atent ;ooperation Treaty ,:;T-, with
whom a patent covers all member states.
)ut no 4body has the right to grant a true international patent.
The 5orld Intellectual :roperty #rganisation - 5I:# - provides a list
of all Intellectual :roperty #Mces, which can be found here.
http.&&www.wipo.int&directory&en&urls.$sp
There is also information by country, here.
http.&&www.wipo.int&directory&en&inde%.$sp
*nd, details of all the international bodies such as the >:# and
*+I:# listed above.
http.&&www.wipo.int&directory&en&regional\oMces.$sp
If you have invented something, a product or process that you
intend to bring to market, you should seek patent protection.
#therwise, anyone can $ust copy it.
It is advisable to "le for patent protection before discussing your
invention with investors ,or anyone else- as it could be stolen or
imitated.
:atents typically last for EF years.
3ere is a de"nition of what is required for a patent, from the 5I:#
website.
-he patent application generally contains the title of the invention,
as well as an indication of its technical feld' it must include the
background and a description of the invention, in clear language
and enough detail that an individual with an average understanding
of the feld could use or reproduce the invention. 2uch descriptions
are usually accompanied by visual materials such as drawings,
plans, or diagrams to better describe the invention. -he application
also contains various 4claims4, that is, information which determines
the e%tent of protection granted by the patent.
http.&&www.wipo.int&patentscope&en&patents\faq.html]protection
:atent laws vary hugely from country to country, territory to
territory, and it is highly advisable ,i.e. essential- to consult a patent
lawyer to determine e%actly what protection you are eligible for, and
where.
It is interesting to note that with the ine%orable rise of technology,
the patent seems to have drifted from its initial remit.
The system was created to protect and foster innovation; to stop
others copying what you were doing and encourage people to
e%periment and do new things.
'nfortunately it now seems to be doing the opposite. Take this for
e%ample.
http.&&venturebeat.com&EF/E&//&/U&apple-page-turning-patent&
3uge companies like *pple are applying for and often getting as
many patents as they can. Poogle bought Iotorola purely for their
patents.
*nd all to put the shackles on the innovation of others, to stop them
competing.
5hat was intended to create an open market with the 4little guy
being protected has become, at least in part, a tool for
monopoliation.
,.1.(TRA%E)AR+S
* Trademark is something that uniquely de"nes a brand, company,
venue, service or product, and usually comes in the form of a name,
phrase, logo, or image - or a combination of those.
Jome everyday e%amples.
The name 4Poogle is Trademarked
The distinctive 4I ,the 4golden arches- of Ic=onalds are
Trademarked
The )urberry check pattern is Trademarked
*nything that distinguishes the origin of a product, essentially.
Trademarks e%tend 4automatically with continued use ,with an
associated, usually /F yearly, registration fee-, but if they are not
used&employed they usually e%pire ,depending on the body of
$urisdiction- after "ve years.
The "rst step to gaining a Trademark is to "le with your domestic
Trademark oMce.
Jimilarly to :atents, there is no one all-encompassing worldwide
Trademark registration body.
3owever, there are several uni"cation&harmonisation agreements,
the best-known being the Iadrid :rotocol, or Iadrid system. This
allows a Trademark owner to protect his or her mark in various
countries across the world and make changes to all unilaterally
through one administrative process.
* full list of countries participating in the Iadrid :rotocol is available
as a downloadable .pdf from the 5I:# website.
http.&&www.wipo.int&e%port&sites&www&treaties&en&documents&pdf&ma
drid\marks.pdf
*lthough Trademark application can be time consuming and
sometimes e%pensive, you must bear in mind that it can be even
more costly to rebrand an entire company, service or product if you
try and e%pand internationally and "nd someone has already
registered your name&logo&design there.
It is a tough dilemma that must be evaluated on a case-by-case and
risk&reward basis.
)ut its de"nitely true to say 4Trademark if you can.
9ote that you do not have to register your Trademark - you will still
receive some common law protection through use.
3owever, this is far less secure should a legal dispute ever arise.
There is an e%cellent downloadable pdf from the '( Intellectual
:roperty #Mce that goes into great depth as well as providing a
series of useful links here.
http.&&www.ipo.gov.uk&myip.pdf
CHAPTER -
WHERE SHOU'% $ BASE )!SE'F?
-.1 THE OFF$CE
!our 4oMce - where you are going to base yourself, and your
business - is a key consideration. There are a number of options,
each with their pros and cons.
-.1.1AT HO)E
PROS
COST< *s long as you have a laptop and an Internet connection you
can set up a home oMce in the study, at a desk, or $ust on the sofa.
H#+ H+>>.
CON1EN$ENCE< 9o travel is required - many people long to work
from home for that very reason. Jimilarly there is no travel budget
required.
CO)FORT< !our own house, your own stu<, whatever music you
want on or the TB in the background, perhaps the garden in the
summer8 its rela%ing and comfortable working from home, no-one
would dispute that ,depending on your house I suppose-.
CONS
CAB$N FE1ER< Aiving, sleeping, eating, rela%ing *9= working in the
same con"nes can be depressing and claustrophobic. 3aving a
separate, dedicated area to work ,e.g. a study- helps de"ne the
work&live divide.
%$STRACT$ONS. 5hatever anyone says, they dont work as hard
when they are at home. 5hether its TB, family, the dog, whatever,
00G of people will be less focussed in the comfort of their own
home.
PROFESS$ONA'$S)< :articularly if you are meeting customers or
clients, working from home does carry a certain stigma, $usti"ed or
not.
-.1."HOT%ES+4HUB
PROS
CACHET< 3otdesking is very much the eitgeist, particularly in start-
up circles. Hrom ;lub 5orkspace to the Poogle Tech 3ub, modern,
chic, cool shared workspaces are very much in vogue.
NETWOR+$NG< !oull be working alongside and opposite other like-
minded entrepreneurs, a great networking opportunity. 5hether its
sharing e%pertise, "nding suppliers, or simply making friends,
shared workspaces can be fantastically potent sources of
connections.
AT)OSPHERE< #ften lively and buing, hubs can be e%citing
places to work. Hilled with upwardly mobile ambitious individuals,
they have a dynamism and energy that you do not "nd elsewhere.
COST< *lthough obviously more e%pensive than home-working,
hubs are still considerably cheaper than a dedicated oMce.
FAC$'$T$ES< *s well as a desk and Internet access many business
centres o<er subsidiary services like a postal address, landline,
answering service, printing, and so on.
CONS
PR$1AC!< 5ith loads of people milling about and listening to your
phonecalls&looking at your screen, plus the visibility of any
documents you may leave out, you need to be very careful with
anything even vaguely con"dential.
%$SRUPT$ON AN% %$SPUTE< *lthough not always the case, it is
often the rule that no-one 4owns a desk, and you "nd yourself in a
di<erent place every day. This can be refreshing but also irritating,
and sometimes generates bad blood ,people being competitive for
the 4best seats-.
'OG$ST$CA' PROB'E)S. If there are plumbing&electric&Internet
problems, with no-one to take speci"c responsibility, they can drag
on and become a source of con7ict.
COST< *lthough perverse to include this in both sections, hot-
desking can be e%pensive especially if you add au%iliary services
such as post, printing, and meeting rooms. *lthough clearly cheaper
than a fully serviced oMce, be aware that it can still be a signi"cant
outgoing.
TRANS$ENCE< Jometimes its possible to rent a locker or a secure
storage space - but often its not ,and in any case that adds to the
cost-. Jo be prepared to take your laptop everywhere, carry all your
documents to and from the 4oMce everyday, and being unable to
leave anything overnight.
-.1.( %E%$CATE% OFF$CES
PROS
AUTONO)! AN% F'E&$B$'$T!< 9othing compares to having your
own oMce. Its the equivalent of your business becoming a 4grown-
up.
SECUR$T! AN% PR$1AC!< !ou can leave your stu<; laptops,
documents, clothes, whatever; and know they are safe. 9ot to
mention I:.
$%ENT$T!< ;reating an identity is nigh on impossible in a shared
space. !ou need your own oMces to establish a company culture.
CONS
COST< * glaringly obvious drawback&barrier. Hew businesses can
a<ord their own premises in the early days. Aong contracts and
una<ordable rents have done for many overly ambitious start-ups.
=o not take anything on until you are absolutely certain you can
a<ord it.
$SO'AT$ON< 'ntil you take on some more people, your own
company in your own oMce on your own can feel a little isolated,
certainly more so than, say, a shared business centre.
CHAPTER / HOW %O $ F$N% SUPP'$ERS?
/.1 SUPP'$ERS
If youre starting a business youll need suppliers, whether
designers, developers, physical wholesalers or painters and
decorators.
There are several methods&approaches to "nding someone with a
speci"c skill set, including ,but not necessarily limited to8-.
E&$ST$NG RE'AT$ONSH$PS< This is the ideal; having a network of
people in place that you know and trust, perhaps from a previous
role or a previous company. 3owever not everyone has that lu%ury.
ISEARCH#< Poogle, )ing, etc are the most obvious and instantly
gratifying methods of "nding something or someone. The danger is
that you "nd who has the best J>#, not who is the best at what they
do.
,'nless youre looking for an J># specialist. Im yet to see a
compelling argument against the theory that you should use
whichever J># *gency comes "rst in a search for 4J># *gency8-
BUS$NESS '$ST$NGS< There are various online and oLine
directories available. )ear in mind these are rarely impartial ,they
typically contain paid for listings- or comprehensive.
P$TCH4TEN%ER< !ou can subvert the tender process and let
suppliers "nd you using sites like.
00=esigns - http.&&00designs.com
Jortfolio - http.&&sortfolio.com
Hreelancer.com - http.&&freelancer.com
)ehance - http.&&behance.com
They allow you to post a $ob and let people 4pitch for it. This is a
great way to "nd skilful, talented individuals and small agencies. !ou
can also search portfolios and reach out to people that impress you
directly.
P"P S$TES< !ou can "nd people to ful"l speci"c tasks according to
skill-set on sites such as.
#=esk. http.&&odesk&com
*maon Turk. http.&&mturk.com
:eople :er 3our. http.&&peopleperhour.com
Hreelancer. http.&&freelancer.co.uk
Then pay them on an hourly&task basis.
RECO))EN%AT$ON< >%cluding people you already know, probably
the safest way. * recommendation from a friend, peer or contact is
hugely valuable. *lthough portfolio&work&client sections can e%hibit
pro$ects and results, a personal 4vouch can eliminate worries over
communication, reliability, punctuality and associated deliverables.
FR$EN%S AN% FA)$'!< #ften there will be people willing to help,
sometimes 4pro bono ,for free-, or perhaps at a discounted rate.
This can be a great help getting your business o< the ground ,think
logo design, website setup, etc-.
3owever, remember that ,more than likely- these people will have
another $ob, or a revenue-generating priority, and inevitably their
mate&brother&cousins ,i.e. your- work will slip down the to-do list.
There is the possibility of people working in e%change for equity; but
be wary of resentment ,on their and your side respectively- if.
a. the venture goes badly and they end up working for
,essentially- nothing, or
b. it goes well and they hold a large stake for doing relatively
little
'ltimately only you know if someone can be trusted, and if your
relationship with them can be trusted.
/."
ONSHORE4OFFSHORE?
4Aocal ,onshore- or o<shore suppliers, particularly with regards to
development, is a perennial debate.
The main bonuses of going o<shore are cost and the sheer volume
of skilled people available ,the two are interlinked of course-.
3owever, typically everything else ,communication, reliability,
clarity, response time, often quality- is compromised. 9ot always,
but typically.
'nless you have a near-7uent ,in your language8- liaison ,pro$ect
manager or supervisor-, wherever possible someone you have met,
then unless money is a huge issue ,or youre saving a huge amount
of money-, o<shore is best avoided.
That is not to say reliable o<shore developers do not e%ist - many
HTJ>/FF companies use developers in India, ;hina, >astern >urope
,speci"cally :oland and 'kraine- and elsewhere.
)ut as a small start-up on a small scale its an absolute mine"eld,
and a risk not worth taking if you can avoid it.
If you can combine it with a recommendation - someone else who
has used an #=T ,o<shore development team- successfully - then
you lessen the risk somewhat, but paying a faceless company in
another country is still risky.
To summarise; if you go o<shore as a small start-up, youre lucky if it
doesn!t go wrong.
/.(
TR$A'S
>valuating a suppliers capability is tough.
Iany will be reluctant to do 4trial work for free, especially if its a
competitive pitch.
=ont be put o< if they politely instead refer you to a portfolio. It
probably $ust means they get a lot of requests, which is a good
thing.
,This isnt helped by unscrupulous companies trying to get work for
free under the pretence that its a trial&pitch-.
If you can get a free sample, great ,this is of course more practical
for designers than say developers-, but youll likely have to evaluate
and decide on the basis of portfolio&e%perience&"t ,as well as cost
of course-.
Iake sure you meet them. This is a universal rule whether on or
o<shore.
* face-to-face encounter with whomever you are going to be liaising
with on a daily basis for the ne%t few weeks&months is essential. It
might increase the ,setup- cost a little but will be worth it in the long
run.
*nd, of course, its invaluable in helping you decide who to go with.
CHAPTER 0
ARE !OU TECHSA11!?
0.1
!OUR WEBS$TE
!our website is tremendously important.
It will be the "rst thing that many customers, clients and employees
will see.
!ou have to ensure it is up to scratch.
Hirst impressions are everything, after all.
3eres a checklist for yours.
Iake sure your branding is clear, crisp and prominent. !our
logo and business name should take centre stage.
Iake sure the raison d?tre of your business is clear and
obvious. Too often its not clear from websites what the
companies actually do. 3ave your one sentence e%planation
,mentioned earlier- prominent.
Iake sure the layout is not too cluttered, nor too sparse. =ont
have content for the sake of it; but you should not struggle to
"nd relevant copy to "ll the pages.
9avigation should be easy and intuitive.
Iake sure there are no broken or dead links, no circular user
$ourneys, and no errors.
=o not use stock, clip art style images anywhere. They are
horrible. Images make or break a website - gorgeous high-res
photo-backgrounds with te%t overlaid are the current vogue.
;heck the copy. :roofread. :eople are super-picky about
spelling, grammar, clarity and e%pression in website copy. Iis-
spellings, typos, illiteracy and similar are tremendously o<-
putting to a user. ^If they cant even spell properly, how are
they going to be able to8_ ,"ll in the blank-.
>nsure you understand how the back-end ;IJ ,content
management system- works. !ou do not want to be tied to
your developers each time there is an amend or update to be
made. 5ordpress, Zoomla and =rupal are the best-known ,and
best- options here, in that order.
3ave dynamic content - feeds, a blog, new articles, an
embedded Twitter feed - this will encourage repeat visits,
make the site look 4current, and improve J>#. * simple
5ordpress blog with latest news, relevant articles, and various
widgets is ideal.
(eywords, page titles and meta-tags are important. It is worth
spending a little money on an J># specialist to ensure this is
done correctly.
Pet your own server and hosting. !ou do not need to pay an
intermediary a ,huge- margin. Hor around R2 per month a "rm
like Po=addy will set it up, create your email addresses, and
be on call for any problems. Then whoever does your website
can manage the 4go-live process.
'nless your website is your business ,e-commerce for
e%ample- theres often no need for a comple%, interactive site.
* simple one or two page microsite is "ne.
Jimilarly, you dont necessarily need a custom-designed site.
The quality of site templates is now so high that they are
perfectly suMcient for a small start-up - not to mention being
far cheaper. Hor RE2 or so you can get a superbly designed
and coded customisable 3TIA or 5ordpress template from
sites such as http.&&themeforest.net. *dd your own images,
branding, copy and customisation and no-one will know its a
template.
!ou may even choose to use your Hacebook or Twitter page as
your homepage, perhaps even :interest. This is increasingly
prevalent.
5ith the rise of mobile its important that your website is
responsive and adaptive to di<erent browsers and platforms.
Test it properly to make sure it works and displays properly on
popular mobile and tablet interfaces and devices.
0."
APPS
*t its current growth rate mobile Internet will surpass desktop by
EF/V. It will likely be much sooner.
9ot only are people browsing more on portable devices but 4second
screen interfaces are on the rise.
!ou should put this shift at the heart of your tech&online strategy.
That doesnt necessarily mean an app - it means optimising your
online presence,s- for mobile platforms.
*pps are e<ectively stand-alone programs, self-contained, and often
platform speci"c. There are various app stores from which you can
purchase and download; the *pple i#J Jtore, the *ndroid Jtore
,Poogle :lay-, the 5indows Jtore, the )lackberry Jtore, and the Iac
app store to name a few.
3TIA2 ,the latest Internet coding language- app stores are starting
to spring up and then you have *maon&(indle apps, Hacebook
apps, Jpotify apps, TB apps, even apps for intelligent ob$ects like
ovens and vacuum cleaners.
*pp stores are invaluable to small developers and mobile-"rst
businesses. 9ot only are they great delivery mediums, particularly
with vanity '+As, but they are also fantastic marketing platforms.
5hether its someone casually browsing and stumbling across your
app or, if youre e%tremely lucky, the store itself featuring your app
on its homepage, they are great discovery engines.
3owever, despite all the bene"ts you get from a presence on an app
store - they provide a showcase, shopfront, payment system,
marketing tool, branding e%ercise, captive audience, and 4footfall all
in one - its important to ask yourself. Is an app really necessary"
5eb apps or mobile optimised websites are commonplace. !ou
dont need an app for the sake of it.
*pps are e%pensive, both to develop and update&keep current, and if
youre developing on each main platform theres a whole tranche of
work with each update.
*nd with the sheer volume of apps now out there ,*pple alone have
approved over /m- theres a strong chance yours will be lost in the
ether.
:lus, they muddy the water a little, with di<erent capabilities and
user $ourneys on di<erent devices and platforms.
* nice mobile optimised site keeps everything simple and
consistent.
J# - before you develop an app, stop and think; do I really need one,
or am I :ust building one because everyone else is"
0.(
SOC$A' )E%$A
* tome could be written on how to manage your social media
presences, still not cover everything, and be redundant in a year.
3ere is an overview; no doubt this will seem dated in the not-so-
distant future8
0.(.1
FACEBOO+
* Hacebook presence is the best and easiest way to connect with
your audience. 9early all your customers will be active on the
platform and brand pages are becoming increasingly popular as
customer service channels as well for interacting with your
consumers.
*s with apps, make sure you ask yourself 4,o I really need a
;acebook page".
In contrast to apps, though, Hacebook has the bene"t of being free;
a considerable advantage.
=espite the ease of entry be aware that badly managed pages with
questions going unanswered or being dealt with unsatisfactorily will
do more harm than good. If you are going to sanction an oMcial
page ensure that it is properly managed and monitored from both a
content and a customer service perspective.
+emember that everyone can see whats written on your Hacebook
page8
Hacebook is a fantastic engagement tool - once someone has 4Aiked
you, your page repeatedly appears in their 9ewsfeed, whether it be
information, photos or videos you have shared.
The more likes and comments your content gets, the more peoples
newsfeeds it will appear in - so dont $ust post things for the sake of
it. :ost interesting, relevant material that will encourage what is
called 4engagement from your fans.
#nce you get enough 4Aikes for your page you can get a custom
'+A ,e.g. Hacebook.com&Iy;ompany- - this is good for your J>#,
and will often be one of the "rst results for a web search.
If at all possible get the name of your company in your address.
*s mentioned, a Hacebook page can be your website itself; this
focuses traMc to one destination but does restrict what you can
include.
0.(."
TW$TTER
*lthough the other main pillar of social media, Twitter is a very
di<erent beast to Hacebook.
* good analogy is that Hacebook is for connecting with the people
you went to school with, whilst Twitter is for connecting with the
people you wish you went to school with8
There is a horrible Twitter obsession with celebrities; begging for
replies and retweets, whether actors, actresses, sportspeople,
musicians, reality TB stars; the list goes on.
)ut Twitter can be a hugely valuable tool for brands&businesses. !ou
can have very personal chats with your 4followers ,again as both an
engagement and a customer service tool- and market en masse.
!ou also have the opportunity to give an image or personality, a
4voice, to your brand.
The more 4genuine followers you have, the more powerful your
Twitter marketing and communication channel is.
)ut theres no point having thousands of followers if they are 4bots
or fake accounts - you might as well be shouting into empty space.
5ith Twitter, more so than Hacebook, having your companys name
as your Twitter handle is important.
9ot only does it make it memorable for people trying to 4tweet you,
but because it is contained in every tweet by and to you it is
enormously valuable for J>#.
Jome useful links from Iashable and, econsultancy on Twitter
strategy.
http.&&mashable.com&guidebook&twitter&
http.&&econsultancy.com&uk&blog&NFVE-ten-tips-for-twitter
http.&&econsultancy.com&uk&blog&/F2UN-/F-tips-for-bEb-twitter-
success
0.(.(
'$N+E%$N
5hilst Hacebook and Twitter are 4personal networking platforms,
AinkedIn is a 4professional platform.
*n overview of the 4Balue of AinkedIn from their own site.
7stablish your professional profle and control one of the top
search results for your name.
0uild and maintain a broader network of professionals you can
trust.
;ind and reconnect with colleagues and classmates.
*earn about other companies.
*everage powerful tools to fnd and reach the people you
need.
-ap into the knowledge of your network.
,iscover new opportunities
http.&&help.linkedin.com&app&answers&detail&a\id&12
Its hugely useful for $obseekers and recruiters alike, as well as a
highly potent marketing database, a research platform, a way to
connect with other brands and companies, a way to "nd suppliers,
and simply as a way to connect and stay connected to professional
,and in some cases personal- acquaintances.
Its also great for self-promotion, of yourself and your business. )uild
a presence for both ,again good for J>#-.
0.(.*
THE OTHERS
Juch is the nature of progression in tech, and Jocial Iedia in
particular, this chapter may well be out of date by the time you read
it.
Hrom Instagram to :interest, from Bine to app.net, there are new
channels opening, growing, and dying all the time.
Try and stay ahead of the curve and make sure you have presences
on the most popular platforms.
CHAPTER 2
HOW %O $ %O )! F$NANC$A'S?
2.1
THE ESSENT$A'S
5hether you are pro$ecting cash7ow6 to ensure your business is
viable, generating forecasts to pitch to investors, e%plaining the past
years "gures, or simply working out per unit pro"t margins, your
"nancials should be at the centre of everything you do.
They show how well your business has done in the past, how it is
performing in the present, and how you e%pect it to grow in the
future. !ou should ensure that any document you create or present
contains all of that information, as well as a detailed twelve-month
,minimum- operating plan.
*t the very least you should be able to read, understand and
construct a :WA ,:ro"t and Aoss- sheet, and be able to talk through
it. That is e%plained here.
!ou should also unquestionably read further, including a speci"c
business accounting te%t.
2."
+E! TER)S
Jome key terms you should be aware of.
Botto= 'ine< Jo called because it appears at the bottom of a
company`s income statement&: and A. ;an refer to net income or
net pro"t; the phrase `a<ecting the bottom line` covers anything
that in7uences them.
Gross )argin< The percentage of revenues retained by a business
after paying production costs but before paying ta%.
FiHed @ersus 1ariaFAe Costs< * "%ed cost is not in7uenced by
production and includes salaries, rent, electricity, etc. Bariable costs
change with volume and business procedures.
EJuitG @ersus %eFt< >quity is people `buying` part of your
company for money; debt is simply owing money to, for e%ample, a
bank.
'e@erage< The amount of debt that is&was required to start&run
your business. If you have a high equity-debt ratio you would be
highly leveraged.
CaEitaA EHEenditures 5CaEEH6< *nything your business purchases
that will continue to have value in the future, like property or an
acquisition.
ConBentration< 3ow much business is focussed on or dictated by
one client. If you are very reliant on one big buyer, for e%ample,
your business would be very concentrated. Aots of small buyers
would be the opposite.
There are many more. Jome are e%plained in the sample pro"t and
loss statement, ne%t.
2.(
PROF$T AN% 'OSS STATE)ENT
Jummary&=e"nition. * pro"t and loss statement ,or income
statement- shows how gross revenues ,income- translate into net
income - i.e. detail all outgoings and work out whats left over.
It is an essential and universal way of forecasting and presenting
"nancials.
* :WA statement runs over a period of time - a
month&quarter&year&three years. They represent the top line of a
businesss "nances and, although predictive&future "gures are part-
based on surmise, they are often the "rst thing a potential investor
will want to see.
* typical :WA will look like this.
:ANUAR! "31" 5K6 5K6
%eFit Credit
Re@enues 5saAes6
GROSS RE1ENUES
5saAes6
EU,FFF
EHEenses 5Bosts6
RENT OFF
UT$'$T$ES VF
SA'AR$ES 1UFF
COST OF STOC+ //,FFF
HOST$NG N2
FU'F$')ENT ENFF
TotaA EHEenses -/V,U/2
Net $nBo=e V,EV2
)asically a list of what you have coming in and what you have going
out over a given period.
Hrom this you can calculate your gross pro"t, which is simply.
Re@enues Cost oC SaAes
5hich in this case is REU,FFF - ,R//,FFF @stockC S RE,NFF
@ful"lmentC- X R/N,UFF.
The other e%penses - rent, utilities, salaries, and hosting - are not
included in 4cost of sales. They are "%ed costs.
Hrom the gross pro"t you can calculate the net pro"t.
Gross ProDt 5EHEenses4FiHed Costs L TaH6 M Net ProDt
Hor e%ample.
:ANUAR! 5K6 FEBRUAR! 5K6 )ARCH 5K6
Re@enue EU,FFF EE,1FF EO,1NF
Cost oC SaAes ,/N,NFF- ,/E,11F- ,/N,1VF-
GROSS PROF$T /N,UFF 00OF /E,02F
EHEenses ,2,1/2- ,2,1/2- ,2,1/2-
ProDt FeCore
TaH
V,EV2 1,212 U,2N2
TaH EHEenses ,E,1FF- ,/,OFF- ,E,EEF-
NET PROF$T 2,VV2 E,012 2,N/2
* full :WA would also include depreciation and amortiation before
reaching the net pro"t "gure.
!ou can match the Zanuary "gures from the :WA detail above.
- +evenue X +evenue
- ;ost of Jales X ,;ost of stock S ful"lment-
- Pross :ro"t X ,+evenue - cost of sales-
- >%penses X *ll other outgoings before ta% ,rent, utilities, salaries,
hosting-
- :ro"t before ta% X The pro"t before any ta% deductions
- Ta% >%penses X Ta% costs
- 9et :ro"t X 4actual pro"t; the 4bottom line.
This is a very simplistic overview with rounded "gures. 3owever, the
pro$ections and forecasts that you present to investors or use as the
basis of your business plan ,essentially predictive pro"t and loss
sheets-, probably wont be that di<erent - a lot of it will be based on
ballpark "gures and guesswork.
Typically you will present two 4levels to the document - a "ve-year
plan that will show total revenues, pro"ts etc, and then a more
detailed twelve-month plan that will show the month-by-month
breakdown of all operations.
There is a useful template courtesy of Puy (awasaki that you can
download here.
http.&&sdrv.ms&5di*n:
*nd there is a wealth of information on the 3I+; website, in the
4Jtarting a )usiness section.
http.&&www.hmrc.gov.uk&startingup&inde%.htm
CHAPTER 13
HOW %O $ PRO)OTE )! BUS$NESS?
Jo you have a business - a product or service - now how do you go
about promoting it6
5ithout getting into debateable demarcations and de"nitions,
4promotion can broadly be broken down in to :+, *dvertising, and
Jales.
4Iarketing covers various aspects of each but is such a nebulous
term; proactive 4promotion broadly encompasses these three
channels.
13.1
PR
:+ - :ublic +elations - is, loosely, creating the right perception of
your business, and managing its reputation.
The old adage is. 49o publicity is bad publicity, and thats still the
case to a degree; being talked about negatively is better than not
being talked about at all. *t least you are being 4perceived. *t least
you are on peoples radars.
There are obvious e%ceptions - think :+ disasters like ;arbolic
Jmoke )all ,search if you havent heard of it - fascinating story-,
3oover ,search 3oover S Hree Hlights-, and the 4new wave of Jocial
Iedia blunders like Jhell, 5aitrose, and *merican *pparel - but it
generally holds true.
:ress coverage&e%posure is still as valuable in raising brand
awareness as it ever was, admittedly with a paradigm shift in
audience - it was ,at time of writing- revealed that Poogles
advertising revenues had eclipsed the entire 'J print industry.
)ut in todays world of crowd-sourced ratings and open reviews
,see. Trip*dvisor, the *pp Jtore, *maon- it could be argued that 4no
reviews are better than bad reviews - the opposite of traditional :+
thinking.
Jo the basics remain, with a modern sheen. In this environment how
can you 4:+ yourself and make people aware of you and your
companys e%istence6
13.1.1
SE'F PRO)OTE7 )A+E CA''S4SEN% E)A$'S
The simplest, quickest, and most e<ective approach is the direct
one. picking up the phone.
!oull need to call the relevant departments of newspapers,
magaines, websites, $ournals, blogs, TB channels, interest press - or
email them if, as is increasingly the case, there is no number
available.
* nice one-two is to email "rst, then call to follow it up. It gives you
an 4in ,however tenuous- rather than $ust a cold call from nowhere.
There are two things you need to ensure.
!ou are communicating with the right people
!ou are communicating the right information
)oth are equally important.
Theres no point sending a press release announcing a ma$or
medical research breakthrough to the editor of a tennis website.
*nd its similarly worthless reaching the right person - say the editor
of a medical $ournal - with a release that doesnt convey what it
needs to. This could be because its badly structured, written, or
focused.
13.1.1.1
CO))UN$CAT$NG W$TH THE R$GHT PEOP'E
This is a matter of time and research. ;ontact information is often
available on corporate websites, in the 4contact sections of online
and oLine publications, and appended to relevant articles. !ou can
search databases on sites like AinkedIn, )ranch#ut, Biadeo and
aing, and you can of course contact the organisations directly to
"nd out who you should speaking to ,this is often the most e<ective
route, $ust going direct and asking-.
#ver time you should build up a 4Iedia Aist of the relevant people
from all your target outlets.
* good Iedia Aist will contain the following.
The publication, and brief information on its content
Its geographical focus
Higures on its circulation&readership&hits per month
The role of the person you wish to target ,e.g. Technology
>ditor-
#ther names that may be of use ,e.g. >ditorial *ssistant-
;ontact details ,address, telephone, email, website, etc-
*s your business grows and matures so should your media list - you
should be constantly updating and honing it, adding new
publications as you "nd them and amending details as they change
or you discover more.
Then it is poised and ready to go when you have something you
want the world to know.
13.1.1."
CO))UN$CAT$NG THE R$GHT $NFOR)AT$ON
This is as important, but more diMcult. Its no good having a brilliant
media list containing all the in7uential people in your industry and
how to contact them if you have nothing relevant to contact them
with.
Jome pointers to help you.
!ou need a 4hook. This could be breaking news, some new
research youve done, something novel your business is doing,
something relevant to a wider story, a current trend or issue, a
strong - even controversial - opinion or viewpoint on
something, a competition; but you need something.
:eople dont de facto 4care about your company - thats not a
hook. =ont be misguided ,or arrogant8- and think that your
release is interesting because its about your business. Its
not. It needs something else.
(now your target. This is where your media list comes in
again; you need to pitch in the right voice, and with the right
positioning. 'se a quirky release for an o<beat blog, and use a
corporate release for a business publication.
Inform, dont promote. * press release is not an advert. It is a
piece of information relevant to the target audience than you
have skilfully woven around your company ,in an ideal
world8-
Iake sure it is well written - if youre no wordsmith get
someone else to do it. Zournalists are literary snobs and will
instantly bin illiterate, badly worded or $umbled releases.
Jo, write your release well, make it targeted to the speci"c
publication you are sending it to, remember that you must have a
hook ,and news about your business isnt necessarily one-, make it
informative but not advertorial, and you should get it picked up.
Including a photo is always a good idea too.
Jimple eh6
13.1."
USE ON'$NE %$STR$BUT$ON
There are many online press release distribution tools. Jome of the
better known include :+web, :+9ewswire, Jourcewire and ;ision,
and all promise to hit the newsfeeds of thousands of sites, go direct
to $ournalists, target speci"c industries and geographies, and so on.
The science behind them is a little murky but they do occasionally
pay dividends, and you can be sure that a handful of minority
sites&blogs&newsfeeds will pick it up.
*t worse that will improve your J># and ensure that if people are
searching for your company they will "nd relevant information ,that
is assuming youve used a name that wont be lost in the ether; see
chapter E-.
*t best youll reach far more outlets than you could yourself and
might be picked up by a ma$or news source ,many of whom, the
distribution channels insist, do receive a feed from them-.
Its probably worth R/FF or so, theyre not too e%pensive - but stay
away from the premium targeted models that cost twenty times
that. There is no discernable di<erence in results.
13.1.(
H$RE AN AGENC!
Hor a premium you can hire an agency that will do your :+ for you.
)ut beware - when :+ agencies are bad, they can be very bad, and
in the early stages you will have little capital to spare. !ou wont get
much for a few hours a month and will be charged through the nose
for it.
3owever, a good agency will have contacts and can 4open doors
and get coverage that you could only dream of. They are e%pensive,
a lu%ury almost, but can be the key to the e%posure you need.
If you choose to use one, choose carefully; dont go for the cheapest
option, go on recommendation and review wherever possible ,Jee
;hapter V-.
Hurther down the line, when you have bigger budgets and wider
ideas, agencies will be far more useful - but many a disgruntled
entrepreneur has bemoaned that their :+ agency did 4nothing and
they got rid of them having spent RNk.
)ut in fairness, with little money, little time, and little in the way of
4hooks, there isnt that much to say so early in your lifespan.
+emember, your business in and of itself isnt interesting to the
wider world. 5ait until you have some actual news to tell people.
13."
A%1ERT$S$NG
*dvertising can be split into online and oLine.
#nline being J>#, search&display ads, website banner ads, hosted&in
video ads, sponsored links ,on websites and in say email
newsletters-, and online classi"eds. :aid Jocial Iedia activity can
also be included.
#Line is traditional media like television, newspaper and magaine
advertising&classi"eds, display ads ,billboards-, direct mail, and
merchandising ,pens, mousemats, post-its-.
The best approaches&channels will depend on your business
type&stream; some are more obvious ,e-commerce advertising
online for e%ample- but there will be a degree of trial and error.
13.".1
ON'$NE
13.".1.1
SEO
J># ,Jearch >ngine #ptimisation- is the broad term for optimising
your results in search engines.
That is, improving how high your website, blog or social media
presences appear when people search for things in
Poogle&)ing&!ahoo&other search engines.
That may be your brand name itself or a desire to boost your
ranking for associated terms like 4wooden table for a furniture
retailer, or 4cheap laptops for an electronics retailer.
Hor want of a better clichK 4content is king when it comes to J>#;
the more relevant content you have, the better you will fare. *nd
keep it fresh, new and relevant. )logs are great for this. Duality
incoming links ,other sites linking to you- also help; search engines
then recognise that other people view your content as relevant.
Then you have the actual site architecture - page names, headers,
meta-tags ,what you instruct engines to recognise you for-,
keywords - these all need to be optimised.
!ou need to be relevant and succinct; 4spamming by including,
overtly and hidden, as many keywords as you can is not the best
way to go. These are called 4)lack-3at techniques.
If your site looks&reads 4spammy, it will be recognised as 4spammy
by the search engines and be ranked as such. !ou may get a short
term boost by packing with hidden keywords but long term your
rankings will su<er.
#ptimising 4organically - making your site genuinely appear to be a
great source for whatever you are targeting by structure, content
and design - that is the contrasting 5hite-3at technique, employed
for long-term gain.
Bery basic J># can be done by you, or whoever deals with your
online functions; engaging, relevant content, page names and
keywords, page titles and hyperlinks.
)ut if youre relying heavily on search traMc you really need to hire
an J># specialist. If you get someone who knows what they are
doing, it can make a real di<erence to your traMc.
* web development company employing a part-time J># specialist
raised themselves from page OF on Poogle to page / in a little over
four months using 45hite-3at techniques.
They paid REFF a month. If only one client comes from that, its
already worth it.
13.".1.1.1
SPONSORE% '$ST$NGS 5SEARCH6
*s part of an integrated J># campaign ,or indeed as a standalone-
many advertisers pay to be arti"cially pushed up the search results
for certain keywords.
* laymans e%ample. your company might come up on page OO
when you search Poogle for a certain keyword term, for e%ample
4chandeliers. * sponsored listing will ensure that, instead, you
appear on the "rst page of results - and in addition you can target
the 4searcher by geography, and then, utilising Poogles wealth of
personal data, further demographic criteria like gender, age, even
interests.
!ou will have seen, when you search in Poogle, the separate
sections for ads - on the top and down the right hand side - that is
what you are buying.
!ou pay for each click-through you get from them ,or impression;
::; v ::I, more later-.
Its not $ust Poogle that utilise this revenue model for advertising,
although their ubiquitous *dwords are by far the best known.
13.".1."."
SPONSORE% '$ST$NGS 5%$SP'A!6
Poogle *ds can also be display based - that is, your ads appear
alongside relevant content. !ou may have seen adverts for cricket
equipment alongside cricket match reports for e%ample, or adverts
for ;hanel on beauty blogs.
Iany sites across the web utilise this for monetisation. >nsuring
relevant Poogle *ds appear alongside their content ma%imises
potential click-throughs ,and thus revenues-.
#ne well-known retail website displays *dwords beneath their own
products. This is ostensibly a biarre strategy as you are
encouraging your ,potential- customers to shop elsewhere.
3owever, when they reveal they make over T/m per year from
those ads alone, it makes a lot more sense.
Jome sites have their own proprietary conte%tual display ads, such
as Hacebook and Jtumbleupon - these work in the same way, with
advertisers paying to appear alongside relevant content on those
platforms.
13.".1.(
BANNER A%S
*s well as search&display ads, there are also the more 4traditional
,in that they e%isted before, oLine- 4banner ads - images that
appear alongside web content.
=isplay ads appear across the web, and can be "%ed ,i.e. someone
pays for the placement, $ust an online billboard- or dynamic ,an ad
provider serves ads in the space-.
=ynamic ads, like sponsored display listings above, can be
conte%tual; that is, adverts display according to the content of your
site once you have chosen a module.
They can also utilise 4cookies - stored data about sites you have
visited, what you have searched for, and so on - to determine the
ads that are displayed.
Jo they can target on two levels; one, the content of the site you are
on, and two, on the content of sites you have visited or searched for.
3ave you ever, for e%ample, looked at a coat on $ohnlewis.com, then
navigated elsewhere and seen an ad served for the very coat you
$ust looked at6
Jee *d ;hoices - http.&&www.youradchoices.com - for more
information on how this works.
Jome see this as an invasion of privacy, resenting the perceived
intrusion.
:ersonally I am of the school of thought that if I am going to see ads
- which is inevitable - they might as well be for things I am
interested in.
*dmittedly it is annoying to search for something for work purposes
and then see ads displayed all about it ,youre not going to buy a
yacht despite a yacht company being a client8- but that is no worse
than seeing ads at random.
13.".1.(.1
PPC4PP$
Jearch and display ads tend to be costed by one of these two
metrics.
PPC X pay per click; the advertiser pays per click through
PP$ X pay per impression; the advertiser pays per impression -
4view - of the ad
)roadly speaking, ::; is more e%pensive, as you are buying de"nite
traMc.
Iany advertisers prefer ::I, not only for overall budget but
believing it gives greater e%posure and can be more cost e<ective
per click ,you can measure the ;T+ - click through rate - for
comparison-.
!ou will need to evaluate for your speci"c needs, but as a small start
up it generally makes sense to opt for ::; and guarantee traMc to
your 7edgling site - it is unlikely to be receiving much organic traMc
,yet-.
13.".1.*
$NTERST$T$A' A%S
Interstitial ,meaning, in this conte%t, 4in-between- ads are those that
appear before you access a full webpage, on initial load and whilst
navigating.
That is their only real di<erence from banner ads ,other than often
appearing full-page, 4hyperstitial-.
Their main bene"t is incorporating advertising without
compromising the layout and content of the main pages; their
downside, again, being their invasiveness. >veryone hates ,what are
essentially- pop-ups.
4Interstitials are also used for login pages and warnings about age
restrictions.
13.".1.,
HOSTE%4$N1$%EO A%S
>ssentially 4rich banner ads, and working on much the same
principle, hosted or in-video advertising is a more resource heavy
,and many think invasive- advertising methods.
3osted video is simply a video banner ad, set on autoplay when a
website is loaded. This are generally unpopular, particularly those
with audio, and have dubious +#I.
In-video ads cover both the 2&/F&NF second video ads that now
seem to prelude pretty much every online video clip ,whether
!ouTube or 1#=-, and the pop-up ,or 4commercial break style video-
ads that appear during them.
The downsides to these are their invasiveness; the upside being
4guaranteed viewer attention.
Aike banner ads, they mostly work on a ::; or ::I basis.
13.".1.-
SPONSORE% '$N+S
These can appear within articles, in newsletters, or on websites in
the same way as display ads.
The di<erence being, the advertiser will pay an insertion fee, say
RE2F for a link at the end of a newsletter, or a paid-for link to a
relevant website in an article.
5hilst less sophisticated than the multi-layered conte%tual search or
display ads sponsored links can be hugely e<ective. They target a
relevant audience and at a ,relatively- low fee.
Hor e%ample geo-speci"c interest publications often include
sponsored features, articles, or links amongst their independent
content - this works for publisher, advertiser, and reader alike.
* huge proportion of Hacebooks and Twitters revenue is based on
sponsored tweets&posts&pages - basically sponsored links - too.
13.".1./
AFF$'$ATE )AR+ET$NG4'$N+S
*Mliate Iarketing ties much of this together. ;omprising merchants
and advertisers, it is a theoretically 4pure advertising model.
Ierchants are the vendors, the sellers, who let others market their
products.

*dvertisers are those marketeers; through links, banners, and
search ,and numerous other methods- they drive traMc to the
merchants and take a commission.
If youre looking at aMliate marketing as a monetisation tool or
revenue generator ,rather than for promotion- then you would be an
advertiser ,and thus would come within your business plan&sales
forecasts-.
If, however ,as is the purpose of this chapter- you are looking at
aMliate marketing as a promotional tool, you would be a merchant.
!ou would sign up to a portal like *Mliate 5indow
http.&&aMliatewindow.com, o<ering your products with an associated
commission structure, and advertisers would market you via
banners and&or links, taking a percentage ,typically 2-/FG- of any
sales generated.
4*utomated aMliate linking is gradually becoming better and more
popular, whereby aMliate links are automatically generated within
web content.
There is a "ne balance to be struck with aMliates; the more lucrative
your commission scheme the more likely advertisers will be to
promote you, but the more you give away the less your margin.
13.".1.0
E)A$' )AR+ET$NG
Aow cost, high volume; email marketing is universally popular.
Hlash sales, new products, newsletters - as your inbo% will testify,
pretty much every business will email market to some degree.
*nd therein lies the weakness; the sheer volume is overwhelming.
>nsure yours are targeted and relevant, and that you maintain your
databases integrity.
=espite the saturation emails remain the cheapest and easiest way
to communicate with current and potential customers.
* few pointers for your email campaigns.
>nsure your database is targeted and relevant. >mailing
someone with no interest in your business is akin to emailing
no-one.
Jimilarly, make sure all data has been validated if you are
buying marketing lists. The cheapest data will not be the bestQ
Berify your customer information; false emails are no emails at
all.
>nsure you create both a rich ,3TIA- and plain te%t email, so
people can see your content whether or not they have images
enabled
There are numerous email providers, the best know probably
;onstant ;ontact or Iail;himp, and they are powerful pieces
of software, not only for sending and managing lists but also
for content creation and analytics. )eware though, they can
become e%pensive as your database grows.
=ont be tempted to email too frequently. Too much, too often
is a guaranteed way to lose subscribers.
Jimilarly, dont try and pack too much in. :eople will only read
,and take in- so much. Two or three main articles with
,perhaps- some smaller features below is more than enough. If
its a list, ten items is the most you should really be including.
Think carefully about your sub$ect line. Its the one chance you
have to make people open itQ This is a good guide.
http.&&kb.mailchimp.com&article&best-practices-in-writing-
email-sub$ect-lines
13.".1.0
ON'$NE C'ASS$F$E%S
* more traditional mode of advertising that has translated perfectly
into the online world.
5hereas once you had shop windows and notice-boards, you now
,also- have the online equivalent - ;raigslist, Pumtree, and many
others, plus the online version of the newspaper classi"eds.
3ere - like always, $ust on di<erent medium - you can advertise your
garage, web development agency, >nglish translation services or
:ilates classes.
These are also working their way into social media, with the
Hacebook Iarketplace unsurprisingly having the most cut through.
13."."
OFF'$NE
13.".".1
T1
The modern-day behemoth TB advertising shows no sign of abating.
Hrom advertisingnews.org.
,espite the rise of Internet advertising, -< advertising is still the
most popular medium in the 92A. -his is the reason why brand
advertisers still continue to pour more dollars into -< ads than any
other medium.
In =>??, brands spent @A>.B billion on -< ads. -hat number is more
than twice the amount of money spent on Internet ads C@=D.B
billionE, newspaper ads C@=?.F billionE, radio ads C@?B.G billionE and
magaHines C@?I.J billionE.
http.&&advertisingnews.org&modern-tv-advertising-trends-di<er-from-
those-of-years-past&
Hurthermore, despite being predicted as the death knell for TB
revenues, the Internet has actually helped them.
-he -< business had a spectacular year. #able5s heavy hitters
crushed the 2KP B>> average in =>?=L #omcast led the pack, up BG
percent, followed -ime Warner #able Cup BI percentE, and #harter
Cup IF percentE. Among the big media companies, 6ews #orp, #02,
and ,isney, and -ime Warner all fnished up over I> percent. C-hose
four conglomerates account for :ust about all of the television I
watch, since they respectively own ;o%, #02, 2howtime, A0#, 72P6,
and -6-.E
http.&&www.theatlantic.com&business&archive&EF/N&F/&how-the-tv-
business-got-rich-o<-the-thing-that-was-going-to-the-kill-it-the-
internet&EOOV0F&
,The Juperbowl aside-, TB advertising can be very cost-e<ective and
is a lot cheaper than you think.
There are two aspects to the cost, creative time and airtime
,typically calculated on a ;:I @cost per mille, what you pay for each
thousand viewsC basis-, and quotes will be tailored depending on
duration, screening time, channel, and a number of other factors.
If you think TB advertising could work for your business - and its
certainly worth looking into - you can get a tailored quotation here.
http.&&www.tvadvertising.co.uk&tv-advertising-costs.php
13."."."
NEWSPAPER AN% )AGA8$NE A%1ERT$S$NG
#nce the primary - indeed almost only - means of advertising, there
is still huge value in traditional press. !ou only need to look at the
brands and companies still heavily spending to appreciate that.
#f course there is a macro online movement, but thats not to say
oLine should be $ettisoned.
5hether that is e%pensive, full-page ads in national press, interest
publications or local press, you can guarantee views and e%posure.
Hor your small business&start-up, its e%tremely unlikely that a full
page in the national press is a rational or feasible option, but if
youre local or hyper-local then a small classi"ed could be bene"cial.
Jmall classi"ed ads in the national press - e.g. Junday Times - are
not actually that e%pensive. )ut - in fact ,arguably because of that- -
you need to ask $ust how much traction are you actually going to get
from that6
Think of the readership, then the readers that actually look at the
classi"eds, then from those the number that would potentially be
interested in your service, from those the ones that would actually
remember, then from those the ones that would look&be
interested&remember and then from those the ones that actually
search or visit your site - and the cut-through is actually quite low.
If you are a local service - car-sharing perhaps, or a web designer -
then there is de"nitely value in local press.
5hether there is +#I from small ads in national press is far more
debatable.
13.".".(
OFF'$NE %$SP'A! A%S 5B$''BOAR%S9 HOAR%$NGS9 POSTERS6
Hor an online business these are probably not the way to go, at least
until you are becoming a household name.
#Line display ads are as, if not more, e%pensive than online
display, and there is an enormous drop-o< from impression to
visitor. :eople have to remember your '+A, remember your service,
T3>9 remember to search you.
D+ codes ,which you scan on your smart-phone to access content-
were developed to bridge this gap but really theyre no di<erent to
typing in a '+A. Its still that e%tra stage in the process.
,This is a novel use of D+ codes that I quite like though.
http.&&www.psfk.com&EF/N&FE&tattoo-artist-qr-code-$ob-
interview.html-.
#Line display is most e<ective for "lms, theatre productions, books,
or mass, multi-channel campaigns. The spread of posters on the
Aondon 'nderground is indicative of this.
There are some parallels with press advertising here. Aocal or hyper-
local ads can be productive but the wider the "eld the smaller the
drop and the bigger the ocean.
13.".".*
U)BRE''AS9 PENS9 )OUSE)ATS
This is more merchandising than advertising. )ut some nice quality
oMce accessories can make people remember you and your
brand&company ,whether through serendipity or repetition-,
especially if you take some time and make it look interesting,
di<erent, or quirky.
:ut them on reception of your shared oMces, give them to people in
the street, or send them out to your database.
13.".".,
%$RECT )A$'
3aving been, alongside cold-calling, the staple of proactive )E;
marketing, the advent of the Internet and speci"cally the greater
reach and lower cost of emails has seen =irect Iail ,=I- decline
spectacularly to the point that it is now underused, and ripe with
potential.
5hilst you still get hoards of kebab houses and pia delivery "rms
lea7eting incessantly, the amount of 4quality physical marketing
material has decreased dramatically.
5hereas previously the postbo% would be stu<ed with several
pieces of mail every day, its now uncommon to receive more than
one or two.
+eceiving post has moved from a mundane everyday e%perience to
,almost- something e%citing.
Take advantage. Try a =I campaign. *lthough they might be
e%pensive, and a quality mailing list may be hard to come by, you
might $ust be surprised by the results.
#f course, again, this depends on your business. #nly you can know
if its relevant.
)ut with a little creativity and imagination, somewhere, somehow,
there will likely be an opportunity to promote, engage, even e%cite,
through direct mail.
13.(
SA'ES
Jales cover the speci"c actions that put a product in front of a
customer.
* phone-call, a tap on the shoulder, initiating a conversation,
arguably even the act of pressing 4send on an email - are all Jales.
The Jales function is the sharp end - selling what Iarketing creates,
if you like.
Take an e%hibition stand. The stand, the branding, the display, the
product, the imagery, the copy, the samples - thats all Iarketing.
The person on the stand trying to solicit custom, hassling and
haranguing passers- by, actively pushing the
business&company&product - thats Jales.
13.(.1
SA'ES %ON#T :UST HAPPEN
!ou can create a great product, a great site, a great service; but you
cant $ust sit back and wait for your business to take o<.
Too many entrepreneurs believe that a great product - whether hard
or soft - will 4sell itself. Thats $ust not true.
4If you build it, they will come doesnt apply in business.
Jales dont $ust happen. !ou have to be proactive.
*dvertising and :+ will stimulate them, they are part of the
promotional mi%, but you will, bar the most e%treme cases, also
need to 4sell directly.
13.(."
SA'ES CHANNE'S
Jales take many forms, far beyond $ust )E; or )E).
!ou can be selling people, or selling to people. Trying to make
people buy, or trying to make people sell. !ou can be selling your
product, or selling someone elses.
The main proactive sales channels are.
FaBe to FaBe4P"P
!ou may be in your 4point of sale environment, for e%ample a retail
store, or on a stand. !ou may be talking to a potential investor, or
selling yourself to a potential strategic partner. !ou may be talking
at a conference or pitching at an event. It may be a casual or
random conversation in a bar or on the street. #r maybe youre
trying to talk someone you really want into $oining your company.
TeAeE>one
!ou may be cold calling or following up warm leads, pursuing new
business or contract renewals, talking suppliers down to your rates
or buyers up to them. The telephone remains the most direct and
productive approach for many businesses and will feature at some
level in yours.
EH>iFitions4Trade S>o?s
This might be your new product at an electronics fair or promoting
your overseas properties at an 4invest abroad show. =rawing people
into your stall&set - and engaging them and keeping them there - is
an invaluable route to relevant customers, both )E; and )E).
Net?orNing
#ften to sell your business you need to sell yourself. That may be at
industry or pitching events, or in social situations. There is an
obvious overlap with face-to-face sales. >very networking event is a
sales opportunity.
n.b. *s mentioned, it could be argued that the very act of sending
an email, or posting a letter, or handing out a 7yer is the sharp-end,
and counts as 4Jales.
3owever, in each of these e%amples the delivery is mere facilitation.
They do not require a salesman, simply an envoy.
13.(.(
ABC A'WA!S BE C'OS$NG
5hether in a face-to-face pitch or on a cold call, at an e%hibition
stand or a networking event, think of selling as a competition. !ou
versus them. !ou clinch the sale, you win.
!ou may be trying to get someone to sign a contract, or gain verbal
commitment over the phone. Iaybe $ust getting someone to agree
to go on your marketing list, or setting a time for a follow-up call.
5hatever you are trying to achieve, you should always be
channelling your 4target towards it.
!ou may be subtle or direct, professional or cheeky, verbose or
straight-to-the-point - but whatever you are, always be closing.
13.(.* WHAT $F $ CAN#T SE''?;
9ot everyone is a salesman. There is no shame in that - not
everyone is artistic, or mathematical, or articulate.
It may be that your product is so good it sells itself - but only in
e%treme cases. *s stressed, sales dont $ust happen.
!ou can stimulate them with :+ and *dvertising, for sure, but you
will need to sell directly at some level at some point.
If selling isnt amongst your skill-set it means a salesman - someone
in business development - will need to be one of your very "rst
hires.
)usinesses dont sell themselves. Jomeone needs to be proactive,
and if thats not you, it must be someone else.
CHAPTER 11
GETT$NG THE STAFF
11.1
O1ER1$EW< IPEOP'$S)#
:eople are a businesss most important and vital asset.
If you are starting from scratch you probably wont employ anyone
from day one - but that time&requirement will come, and sooner
than you think.
5hether its a part time marketeer&business developer, or a retained
developer, it wont be long until you start recruiting.
+ecruitment is hardly ever given the time it deserves. ;onsidering
your people are absolutely paramount to your success, it is
scandalous that reviewing ;Bs, conducting interviews, and providing
feedback so often get pushed to the bottom of the to-do list.
+ecruitment is incredibly fast-moving, and good people get snapped
up almost immediately ,if they ever hit the open market in the "rst
place-. !ou have to act quickly to avoid being beaten to the punch. It
should be the top of your to-do list.
4:eoplism is the idea that people are a businesss most valuable
commodity and important asset. In an age when capital, technology,
knowledge and other business needs and resources are instantly
accessible, people are the di<erentiators, the most important
factors, the keys to success.
!ou can read more on the sub$ect in Jir *lec +eeds de"nitive book,
4;apitalism is =ead. :eoplism +ules.
11."
F$RST $)PRESS$ONS
5hilst vital in a )E)&)E; capacity, the "rst impression you make on
a potential employee is also incredibly important.
That starts with your $ob advert ,make sure it is well written, clean
and concise - a top quality candidate will not apply to $oin a business
that cant even write its ads correctly-, goes through to quick
responses on the ;B, making sure the interview is conducted on
time and professionally, giving feedback, and continuing to be
prompt and professional throughout the application process.
Too many companies treat the recruitment process as an annoyance
- but its one of the most important things youll ever do.
>specially at the start, where your "rst employee is half your
company.
11.(
RECRU$T)ENT AGENC$ES
>very company begrudges spending money on recruitment
agencies. )ut pretty much every company does. 5hich tells you all
you need to know - they are a necessary evil.
The more professional out"ts will know their business streams inside
out and will often have a bank of ready-to-go candidates in the "eld
you are seeking.
)ut beware of cowboys - recruitment is rife with them.
=ont go for the cheapest - often consultants will only put
candidates forward for roles where they will earn a nice commission.
5hilst you may think that negotiating an agency down from a EFG
to a /EG fee is great, often it $ust means your $ob has $ust been
pushed down their priorities.
9ot to mention the fact that an agency willing to bend their fees is
probably struggling for business, and thats probably for good
reason.
11.*
SE'FH$R$NG
The alternative to using a recruitment agency is "nding someone
yourself. That can be via an internal 3+ department ,unlikely if you
are early stage- or more likely you yourself.
Typically this will be via $ob-boards, which have moved almost
e%clusively online in recent years. The biggest and best known are
indeed.com, reed.co.uk, monster.com, and total$obs.com, but there
are hundreds and thousands of others, both mainstream portals and
profession-speci"c like socialmedia$obs.com or simplyhr$obs.co.uk.
These vary in cost and e<ectiveness, and have become increasingly
e%pensive year on year.
;omparing agency fees - often as much as NFG of "rst year salary -
with the cost of an online $ob posting makes it seem a no-brainer.
)ut factor in your own time, plus the access to candidates that
agencies have, and you can see why it divides opinion.
11.,
CO)PAN! CU'TURE
;reating a good 4culture is the pipedream of businesses
everywhere, and remains an elusive formula.
It is a hotch-potch of factors including the business stream, the
leadership, the premises, the remuneration, the bene"ts, the
working hours, the social side, the hiring policy and, perhaps most
importantly, the employees themselves.
Theres no magic eli%ir that creates a 4good culture - but every little
thing helps. *nd it starts at the top.
#f course, good salaries, 7e%ible hours, a lovely oMce, fantastic
bene"ts, a careful hiring policy and a vibrant social scene all help8
It will be your company. =o your best to make people want to work
for you, want to work for your business.
+emember 4:eoplism; your employees are your businesss most
important asset. Treat them as such and youre on the right lines.
CHAPTER 1"
WHAT %OES THE FUTURE HO'%?
1".1
E&$T STRATEG!
:art of this - looking forward, what you are aiming for - will be
obvious from your "nancial pro$ections. !ou want a R/Fm turnover
inside three years, a net pro"t of R2FFk in year two, etc etc. *ll very
honourable, valid, and important. ;rucial in fact.
)ut in addition to your "nancial targets you need an e%it strategy.
That is, what do you want your business to do, ultimately6 >ven
saying 4I want us to become the number one gentlemens hat
retailer in the 'nited (ingdom isnt enough - again, a worthy target,
but its $ust that, a target, an aim - its not an e%it strategy.
*n e%it strategy is a way out, a way to release all your hard work.
:otential investors will always ask for this - they dont want their
money tied up in a business that can never release it, regardless of
its success.
!ou need to plan the end game.
This could be.
SaAe - Jelling your business to a buyer. This is the most common.
ABJuisition - Jelling your business to a larger group, who subsume
it.
)erger - Jimilar to an acquisition, but not necessarily a bigger
company.
$PO - Taking your company public; selling it on the stock e%change.
'iJuidation - +arely a pre-meditated plan but winding the company
down and selling its assets is an option.
#f course investors will look upon these with varying favourability -
youre unlikely to "nd someone to invest if youre planning to
liquidate8
*lthough, as an individual, if yours is a 4make hay while the sun
shines type ,for e%ample set up around an event, say the Aondon
#lympics- its possible to make short-term gains with that strategy
in mind.
1"."
1A'U$NG !OUR BUS$NESS
*s discussed previously, and clichKd though it is, your business is
only worth what someone will pay for it.
There are certain guidelines and benchmarks when valuing - a
multiple of >)IT=* ,earnings before interest, ta%, depreciation and
amortisation- is a common one.
The more mature the business, the more important revenues
become.
Hor an early stage business, you are really $udging on potential, the
strength of the idea.
Jimilarly to when you seek investment, you are essentially
estimating a value based on a number of educated $udgements and
guesses.
If a business has been going for twenty years its a lot easier to
value accurately.
If you have a "gure in mind, the longer youve been going the easier
it will be to $ustify.
1".(
BE$NG 'UC+!
There is a fabulous quote from Jeth Podin on this.
http.&&sethgodin.typepad.com&seths\blog&EF/E&/E&confusing-lucky-
with-good.html
1.ost people with a big idea, great talent and/or something to say
don5t get lucky at frst. $r second. $r even third. It5s so easy to
conclude that if you5re not lucky, you5re not good. 2o persistence
becomes an essential element of good, because without
persistence, you never get a chance to get lucky.3
Auck has a huge role to play in business. =ont get disheartened if
your "rst ,or even "rst few- ideas arent successful. *s he says,
persistence is part of being good.
Jimilarly, if you are successful, dont under-estimate the part luck
has played.
)ut at the same time, dont confuse a bad idea with bad luckQ
3e also says.
-he only thing more sad than the self+limiting arrogance of the
confusion between lucky and good is the pathos of the converseL
confusing ungood with unlucky.
;onfusing6 * little. Its a complicated but hugely valuable
philosophy.
/. =ont think because youre not successful you are 4bad
E. =ont think because youre not successful you are 4unlucky
N. =ont think because you are successful you are 4good
Jummary6 Auck is a huge factor. =ont blame it if you fail, and
remember it if you succeedQ
CHAPTER 1(
CAN !OU SU))AR$SE THAT P'EASE?;
This is $ust a reminder that this book is a $ack-of-all-trades and a
master of none.
!ou can "nd out in"nitely more about each area I have covered by
reading speci"c te%ts.
3opefully its a decent overview of many of the factors and
considerations when you start a business.
In summation, ^Jtart-up success_ can be broken down into the
following.
/. =o it for the right reasons
E. 3ave a brilliant idea
N. Pet some investment
1. ;ome up with a great name
2. :rotect your I:
O. Pet working space that is right for you
U. Hind good, reliable suppliers
V. 3one your website, social media presences and app,s-
0. :ut some good "nancial forecasts together
/F. :romote your business well
//. +ecruit the right people
/E. 3ave realistic e%pectations and be lucky
Pet all those right and youre laughing8
8
If Ive said one thing that helps you, whether thats avoiding hugely
in7ated hosting packages, how to be stupid, or not to waste REFFF
on a global newswire release, then its been worth the short time it
took you to read.
Pood luck.
EP$'OGUE< WHO A) $?
I think I know what Im talking about because I have worked in, for,
around ,and founded- various start-ups ,large and small- over the
past few years.
Im also involved with an *ngel Investment fund and have met and
consulted with numerous entrepreneurs, witnessing their mistakes
and successes and everything in between.
;hronology.
I worked for /FFFheads ,a word of mouth marketing agency-
when it had $ust three employees, and helped their early
growth. It is now an international company with around /FF
sta<.
I worked for +eed 3uman +esources, a start-up division of the
recruitment and training group, helping them establish
themselves and becoming the top performer in the business.
I moved to found inochi ventures, an *ngel Investment fund
through which I have met, appraised, consulted with and
supported numerous entrepreneurs and start-ups.
I then co-founded iBI: Atd, a lifestyle and technology company
whos mobile apps have become the no./ grossing lifestyle
app in NU countries and the no./ grossing app overall in /E.
iBI: continues to grow and prosper under my guidance.
#ur latest start-up pro$ect, )lack)o%, is gearing up to be a
success. ,Hamous last words8-
I think that quali"es me to dispense a little advice to an aspiring
entrepreneur. !ou may disagree.
If youve 7icked here from the preface, thats my $usti"cation.
If youve read the book already youve probably drawn your own
conclusions.
=o get in touch - abuse, advice, entreaties and gifts equally
welcome - on matthew.rowebinochiventures.com