Flybe / June 2018

JUNE

FOCUS TIME

BUSINESS

you prefer to work from home in the mornings

and from a coffee shop in the afternoons – do

it! This is your passion project, and it’s

essential you stay happy and content with your

day-to-day activity as it’s likely to consume a

lot of your free time!”

Don’t hold back

“The best advice I’ve ever been given has

been based not just on being commercially

aware but being emotionally intelligent. We

can be our own worst enemies when it comes to

holding back in fear of rejection or failure, or

because we feel the time isn’t quite right. But

the truth is, when it feels scary to jump, that is

exactly when to jump – let go of your fears and

seize the opportunity.”

Be tech-savvy

“Starting your own business evidently

means long hours, endless emails and

numerous phone calls, so it’s essential you

stay organised, especially if you have a team

working alongside you. If you decide to work

remotely, like I do with my team, using

online platforms and shared drives such as

Google Drive ensure work is being done in

real time rather than being reliant on team

members sending the latest version back.

Also, using conference calls, FaceTime and

Skype mean meetings can happen at any

time and anywhere, without everyone sat

around a physical table.”

Understand your customer

“It’s so important to understand and

know exactly who your customer is before

embarking on any new business activity.

Conducting market research should form a

key phase of activity before you launch your

business, as it will identify whether your

strategy is feasible and profitable or not.

Whether what you’re offering is product- or

service-led, you must immerse yourself in the

mind of the customer – understand how they

shop, where they shop, how they like

to be communicated with and how much

disposable income they have. Without

such information, you will find it difficult

to determine things such as your price

point, and which marketing channels to

invest in.”

Have a strong online presence

“In today’s climate, the best way to test

the water and see if your brand can survive

is by having an online presence. Selling

online can be beneficial to some businesses,

especially start-ups, as it can allow you to go

direct to your consumer. This can also be

extremely beneficial if you’re a product-led

business, as keeping operational costs low

and turnover high means the only sales

targets you need to meet are your own, and

not those of stockists. Selling online is also

likely to reduce your overheads as you won’t

be taking on store staffing costs to help

operate the business. Once you have

established a core customer base online and

have a stable revenue stream coming into the

business, you can then look for expansion

opportunities with wholesale partners or by

looking to open a physical store.

Learn the numbers and understand your

cash flow

“As with social media, understanding the

accounts side of a business can be a

challenging thing to get your head around,

especially if maths is something you haven’t

engaged with for a few years! Understanding

your cash-flow projections will determine the

success or failure of the business, so again I

would advise outsourcing the help of an

accountant to ensure you balance your books

and make sure you have cash injections that

will keep the business afloat. This in turn

will keep any stakeholders and shareholders

happy, which will ultimately ensure you’re on

the right path to achieving profit.”

Create your dream team

“Starting your own business is

nervewracking and at times incredibly lonely,

so it’s essential that you build a team of

people around you who will support you,

motivate you and offer a helping hand or

advice when the going gets tough. The best

way to build a ‘dream team’ is to maximise

on past and existing relationships, attend

industry events, and also engage online in

start-up or business forums to meet

likeminded people. Networking is a fantastic

skill that will not only provide you with a

support network but allow you to learn

invaluable skills from other people who are

currently, or have already been through the

journey. This will also enable you to

continually evolve your business by adapting

it in light of the people you meet, and the

things you see and experience along the

way.”

www.hopefashion.co.uk

Nayna McIntosh, CEO and Founder

of women’s fashionwear brand Hope

The truth is,

when it feels

scary to jump, that

is exactly when to

jump – let go of your

fears and seize the

opportunity