Category Archives: business plans

Soul Trader the Video – Rasheed brings his book to life

Rasheed-OgunlaruIn 2012 I wrote a review of Soul Trader – Putting the heart back into your business.

The book was written by Rasheed Ogunlaru the life and business coach for the Business & IP Centre since our earliest days. In my review I praised Rasheed for writing in a style that brought his amazing positive energy on to the page through to the reader.

However, there is no real substitute for seeing and hearing him in action. Something he has now addressed with Soul Trader – Coach Yourself Video.

In this video Rasheed covers the same seven plus one C’s used in the book:

  1. Introduction: Get ready; how to use video to help you grow.
  2. Clarity: Set your vision, mission & goals, find your unique path.
  3. Customers: Know who they are & learn how to win their hearts
  4. Courage: Grow confident using your inspiration / inner strength
  5. Co-operation: Build rich relationships to help your business grow
  6. Conversations: The art of converting contacts into business.
  7. Creativity: Tap into the energy, framework and flow to flourish
  8. Compassion: Taking care of yourself, others and business. 9. Change: How to face it, embrace it and shape it.

Once again Rasheed’s wonderful blend of passion, soulfulness and practical hard-headed business advice make for a powerful combination. Only this time you can hear the energy in Rasheed’s wonderfully mellifluous voice, and see it in his eyes and his body language.When he takes you through a practical exercise, of which there are many in the video, and then tells you to pause the video to write your answers down, you really feel you want to do it.

As in the book, Rasheed emphasises the importance of being clear about, not only what you want to achieve in business, but about your personal life goals, and how well they fit with your business aspirations.

He gets you to conduct a personal SWOT analysis (strength, weakness, opportunity, threat). Which is an excellent way of helping to discover what you do well, and what you need to work on or get help with. Next in importance is your customers. Who are they, what are their problems, needs and desires, where can you find them, and how much will they pay?

Customers Slide

The video concludes by reviewing the changes you will need to be prepared to make to adapt your business and yourself to a constantly changing environment. To ensure your business continues to develop and succeed over time.

Answer our questionnaire and win £50 worth of John Lewis vouchers

866529_feedback_form_excellent by Dominik Gwarek - kilashi

Source http://www.sxc.hu/photo/866529

We would love to hear from you about the difference the British Library Business & IP Centre has made to you and your business. Your participation is crucial in helping us secure future funding and ensure that we continue to meet your needs.

I would be grateful if you would spend five minutes to complete this survey. The information you supply will be kept strictly confidential and will only be used for this purpose. As an incentive, your name will be entered into a price draw and you could be one of three people to win £50 worth of John Lewis vouchers.

The survey will be closing on 19 March 2013.

Many thanks in anticipation.

Inspiring Entrepreneurs: Question Time for Entrepreneurs 2012

GEW_UK_logo

Tonight we hosted another of our Inspiring Entrepreneurs evenings as part of Global Entrepreneurship Week (GEW). This time we had successful entrepreneurs from a diverse range of business sectors, from home wares to plumbing.

Once again our moderator and all round business expert was Matthew Rock,  Real Business Co-founder and Editor.

Charlie_MullinsFirst up was Charlie Mullins who said he wanted to be a plumber from nine years old. And from very early on was out on the road working with plumbers. He doesn’t believe in a magic formula for business success. He didn’t have any set plans when he started out, just hard work and dedication to be successful. The harder you work the luckier you get.

His is a family business with children and in-laws employed. Pimlico plumbers is now the largest independent plumbing company in the country, and the most recognised in the country. And they now employs 200 people, but the hardest thing is finding the right staff.

orla_kielySecond was Orla Kiely who knew by the age of twelve that she wanted to work in fashion. She applied to the one good art college in Dublin and there discovered textiles. She left Ireland in the late 1980’s as there wasn’t much going on there at the time. After four years working as a textile designer she went back to college at the Royal College of Arts which she considers essential for creatives.

orla_kiely_logoFrom there she started making a few hats and bags with fax orders from the UK to Monaco. On moving back to London to expand the business with her partner Dermott Rowan she began by freelancing for M&S and creating her designs at weekends. Their first office was their flat which became crammed with boxes. The move to prints was the way they were able to differentiate their brand, and since then they have grown organically.

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Sam_HargreavesNext was Sam Hargreaves who credits his sister with starting his business when she turned down an iPod he had bought for her as a present. At 16 Instead of spending £5,000 on a car as agreed with his parents, he bought 50 iPods from the USA and doubled his money overnight, but was grounded by his mum.

His Gadgets 4 Everyone now has eleven staff and a million pound turnover, and recognised as the number one gadget recycler. Sam puts his success down to a personal touch, following up with customers over the phone and making use of social media. He tests his ideas on his friends who are brutally honest and will throw any bad ideas back into his face.

Stephen_FearFinally Stephen Fear who grew up with virtually no education, and used to read the newspapers he was delivering. At fourteen years old he began using his local phone box to contact American suppliers with help from a friendly phone operator. He settled on trainee salesman as his job title after rejecting Chairman and President, in order to get in the door at big companies who wouldn’t see a teenage child.

The evening ended with a lengthy question and answer session:

How to grow your business?
Spend your profits on your business not on holidays or expensive presents for yourself. Find the right partnerships who can help your business grow. Partner with your customers and your suppliers and ultimately with your financier.

Mistakes
Mistakes are how you learn, and you come out a lot stronger. You always have to watch your own business regardless of who you employ to look after it for you. You have to keep focussed on your business at all times. Plan ahead. Example of a five year plan to choose between menswear and home-wear for Orla Kiely.

Funding
Finance means everything must have a margin (40% in the case of Orla Kiely). Stephen Fear covered the funding options of Crowdfunding, personal investors who will take a percentage of the business, BBA website for grants. Charlie reckons friends and family can be the best source of funding for startups.

Business plans
Don’t need to be too detailed, but must be a credible road map for your business.

New markets.
Sam is expanding into European markets through connections and other people’s successes. The UK DTI help exporters expanding into new markets.

All of the speakers stayed on well after the 8pm close for some serious networking in the bar of the conference centre. It was great to be able to chat to Orla Kiely, Stephen Fear and Charlie Mullins over a glass of wine and nibbles.

Soul Trader – Putting the heart back into your business

Rasheed_OgunlaruRasheed Ogunlaru, life and business coach has been a Business & IP Centre partner since our earliest days. In addition to running the Your life, your business workshop once a month in the Centre and mentoring aspiring entrepreneurs with TieUK, he singlehandedly converted me to the benefits of life coaching.

I have to admit that perhaps due to a scientific background, or perhaps just plain old cynicism, I had always been wary of life coaching. I decided the only way to address this prejudice was to attend Rasheed’s workshop five years ago. After three hours I was entirely convinced by his eminently practical approach, to putting your heart and soul into your business.
So it is great to see his practical philosophy translated from workshop to published book in the form of Soul Trader published by Kogan Page. And having read it through this week,  I would put it at the top of my list of recommended reading for everyone starting (or growing) a business. I am still a big fan of Starting Your Own Business: The Good, The Bad and The Unexpected by David Lester, but Rasheed has addressed the key issue of what you really want to get from starting a business, and to make sure you end up running it, instead of it running you and your life.

Soul_Trader_coverHis introduction sums it up nicely:

Most people do not go into business solely to make money. They want to make a living, make an impact, make a contribution, make a statement, make something of real worth and value. They want to enjoy what they do, and make themselves happy and their families secure and proud. They want to make a break from the humdrum, and express their skill and abilities. But sooner or later many business owners fall into the same old trap, lose sight of what’s important and struggle with life balance.

The book consists of eight C’s made up of seven chapters and a ‘plus’ which focusses on insights to help anticipate and embrace Change.

  1. Clarity: Know your mission, talents and values.
  2. Customers: See life through customers’ eyes to win their custom and loyalty.
  3. Courage:  Unleash your inspiration / wisdom and adopt an athlete’s attitude.
  4. Co-operation: Punch over your weight; collaborate. Use / build your network.
  5. Conversations: Learn the art to connect, converse, create and convert leads.
  6. Creativity: Know when to work, rest and be at your best, (re)gain life balance.
  7. Compassion: Connect from the heart – be transformational not transactional.

Early on Rasheed gets the you to conduct a personal SWOT analysis. Which is an excellent way of discovering what you do well, and what you need to work on or get help with.

heart_and_chairThe book is peppered with examples from his hundreds of clients over the years, and covers a problem I have encountered many times, which he calls the ‘blindness of the visionary’. People become so (understandably) obsessed by their business idea or invention, they completely forget about their customers. This leads to a very expensive and risky approach to market research, where you bring your product or service to the market and then find out if anyone will buy it. Much better to find out as you develop your idea and tailor it to what you customers say they want.

Once again Rasheed gives a practical solution to this problem by showing how to map out your customers. He also explains how to develop a set of customer ‘scenarios’, to help understand the psychology of your customers. He doesn’t shy away from the realities of doing business in the real world as a soul trader. Without sufficient income (and avoiding the number one cause of failure – cash-flow) your business will not survive. Even social enterprises have to generate enough money to pay their staff and to invest in growth if they are to succeed. These are the hard questions that so many avoid tackling in their business plans:

  1. How much money to you need to live on, and to break even in business?
  2. How much money do you seek to make this year, next year and the year after in turnover – before costs and tax – and in your personal profit after cost and tax?
  3. On average how many sales or customer does that equate to per month and year?
  4. What specific action are needed to reach those goals, and what are the challenges?
  5. What evidence, research and assumptions are those figures based on?
  6. Looking again at those figures, what are a) realistic, b) optimistic and c) pessimistic sales figures for the next 12 months, and what would they mean to you and your business?
  7. What are your main products and services? How are they priced? What are all the costs involved? Which are the most lucrative? Which incur the most costs? Which involve the most hard work? Which are most dear to your heart and to your customers?

I have been talking to lots of makers recently such as jewellers, and many haven’t properly come to terms with the issue of wanting to make everything by hand themselves, but also selling enough items to make a living.

Rachel_ElnaughCourage is term one doesn’t  come across often in business books, but Rasheed rightly recognises that this is an essential ingredient in business, and gives practical tips on how you can develop it. I am constantly in awe of the people I meet who are at the beginning of a journey that would terrify me. The book contains an example from ex-Dragon and Business & IP Centre supporter Rachel Elnaugh. Rasheed asked one simple question during an advice session, and at a stroke gave her an insight which revolutionised her life. “I can honestly say that session with Rasheed was like walking through a doorway that has led me into a completely new and completely fulfilling life where success, money and love are all now flowering.”

Cooperation is an undervalued aspect of business, with many people I meet worrying about their competition before they have even started trading. The book talks about the importance of developing business partnerships through cooperation. And again Rasheed gives practical advice on how to grow and then utilize your support networks.

Conversations, which convert contacts into customers replace the ‘hard sell’ for soul traders. After all, no-one wants to be sold to, but everyone wants their opinion to be listened to. This chapter also includes how conversations work via social media channels and what precautions you need to take them online. There a lots of practical examples here, including how to deal with complaints by using, Acknowledge – Reflect back – Say what you can do.

Towards the end of the book Rasheed introduces his two-page business plan. As he says, ‘Business plans are written for two purposes and for two audiences: 1) for you to identify who and where you are, where you’re going and how you’ll get there; and 2) for investors or funders for the same purpose. If you’re seeking funding from others then you’ll need a longer, more detailed business plan…”

To sum up, I found Soul Trader to be clear and simple, friendly and supportive, passionate and soulful – just like Rasheed himself.

Our YouTube channel is now up to 341 thousand hits

youtube-logo

Back in October 2011 I wrote Our YouTube channel gets 250 thousand hits.

This has proved to be a very popular topic on my blog recently, so I feel obliged to point out that the number is increasing rapidly, and today stands at 341,492.

Our BIPCTV channel has been going since the Centre opened in 2006, when we began posting recordings of our Inspiring Entrepreneurs events, and our success stories.

The most recent upload was From Battlefield to Business, and run in partnership with Heropreneurs, Royal Air Force Benevolent Fund, Royal Navy & Royal Marines Charity and ABF The Soldiers’ Charity, British Legion, Franchising Works and Help for Heroes.

The wonderful Levi Roots and his Reggae Reggae Sauce still tops the charts with 25,541 views, but he has stiff competition from Success Stories Guy Jeremiah of Aquatina Ltd, and William de Lucy from  Amplify Trading.

However my favourite remains Sam Roddick, founder of the ‘erotic emporium’ Coco De Mer, and daughter of Body Shop legend Dame Anita Roddick. She describes herself as an activist first and accidental entrepreneur second.

http://www.youtube.com/bipctv

Levi Roots

Going for gold with our Inspiring Entrepreneurs – preview

Stephen_FearIn keeping with our exciting new Innovating for Growth Programme, our next Inspiring Entrepreneurs event next Wednesday is Going for Gold.

It’s for people who want to take their business to the next level but aren’t sure how. Come along and hear from serial entrepreneur Stephen Fear, Mandy Haberman, inventor of the Anywayup Cup and Cate Trotter, Head of Trends at Insider Trends.

Stephen is an experienced and skilled entrepreneur, his first business was for a cleaning formula made in a garage at the age of 16. He opened his first ‘office’ in a red phone box and has gone on to work on 64 different ventures across the globe.

The evening will also give you the opportunity to learn more about our exciting new business support programme, Innovating for Growth. If you are a London-based small business looking to grow, but aren’t sure how to take the next steps, we can help provide expert advice and support on business strategy and sustainability, branding, intellectual property, developing your product and getting it to the right markets.

Stephen Fear
Stephen is an experienced and skilled entrepreneur, his first business being a cleaning formula made in a garage at the age of 16. He opened his first ‘office’ in a red phone box when he heard on the news that new laws would force food manufacturers to change the way they clean ovens. The Bristol-born businessman hung up an ‘Out of Order’ sign outside the phone box, charmed an operator into pretending to be his secretary, persuaded a US firm to sell its oven-cleaner product to him, and was soon dealing with the world’s biggest food brands.

He an his son, Leon Fear, now run a multinational trading juggernaut incorporating 64 companies with interests in everything from hotels to manufacturing.

Mandy_HabermanMandy Haberman
Starting out with no experience in product design or business, Mandy Haberman came up with the revolutionary design of the ‘no spills’ Anywayup® cup for babies, which has gained turnover of £10m per year since launching in 1995. Mandy can also give invaluable insight into more practical entrepreneurial skills such as dealing with the legalities and patenting of an invention, having fought through a court battle with a major corporation, who used her patented technology for their own range of non-drip cups.

Cate TrotterCate Trotter
Cate is the Founder and Head of Trends at Insider Trends, a London-based trendspotting consultancy. Since graduating in Design from Goldsmiths, she has worked as a marketing consultant for brands such as Lloyds TSB, Tesco and Unilever. She set up Insider Trends in 2008, specialising in demonstrating how trends are coming to life in the world around us. Clients such as Philips, Nokia, Marks & Spencer, Absolut Vodka and American Express have used its trend tours, presentations, reports and workshops to gain a tangible understanding of otherwise abstract trend theories.

Cate regularly runs workshops at the Centre and is one of our success stories.

Could you be the next Business & IP Centre Success Story?

I love hearing and writing about our Success Stories, so it is great to hear that we have created a web page to find even more.

Like all good marketing, becoming a Success Story is a win-win. We get to show how our customers have benefited from our services, and they get great publicity for their business.

To apply, you just need to visit our Success Stories web page. And don’t forget to visit our BIPC YouTube channel to check out the rest.

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Success Story: Sheila Holdsworth, Know Knockers

Benefits of being a Business & IP Centre success story

  • Extra promotion for your business and product or service to a wide network
  • Increased exposure for your brand
  • Increased web traffic to your site
  • Opportunity to use promotional images or video for your own advertising purposes
  • Invitations to networking events to meet other like-minded entrepreneurs and key stakeholders
  • Regular contact and updates with Business & IP Centre staff and business partners
  • Highlighted internally at the British Library through internal communications channels such as the staff Intranet or newsletter

Success story guidelines:

  • You must be a registered user of the Centre
  • You should be able to demonstrate that the Centre has played a significant role in the development of your innovation, product or service. Ie. illustrate specific practical advantages from using the Centre and its services.
  • You should have attended at least one workshop (run by either British Library or one of our external partners).
  • Your innovation, product, service must have been launched successfully and your company trading for a minimum of 12 months.
  • You must be able provide evidence of ownership of the IP (e.g. a patent) in the case of a new product or process.
  • The story of your innovation, product or service is likely to be attractive to the press/media in the opinion of the British Library press office.
  • Your product or service displays the best of UK entrepreneurship and innovation in the opinion of the British Library
  • The case studies cover a wide range of different business sectors.
  • The case studies are representative of all entrepreneurs, including women and BAMEs.

Let our Industry Guides show you the way

industry guides

I was rather surprised to discover this morning that I have failed to blog about our wonderful Industry Guides. This is even more of a crime when I consider how my colleagues have toiled over them every six-months to hand-pick the best information for researching key industries.

Although by no means comprehensive (not really possible in the British Library due to our vast range of content), these guides highlight useful databases, publications and websites, hopefully in an industry or topic you want to research.

Below is a list of our current guides:

 

Totseat – our Scottish Success Story

totseat logoIt was great to hear from Rachel Jones the inventor and founder of Totseat who are based in Edinburgh.

She told me how the first Totseat was created from her wedding dress (with an understanding husband watching while she chopped it up). This followed on from a disastrous meal out with a small child – and various filthy high-chairs being proffered from the downstairs loo.

Totseat-DenimThe purpose was to create a safe haven from any adult chair for a small child – i.e. replacing a traditional high-chair when none was available, or they are too filthy to use. Rachel created a cotton Totseat from the original silk version, and enlisted the help of a friend to make it child safe. Soon lots of her friends wanted one too.

Being somewhat neurotic, Rachel took safety to heart and enlisted help of BSI test house, paediatricians, physiotherapists and the Child Accident Prevention Trust. With the safety attributes firmly embedded, she made 20 prototypes, with slight variables, (all by hand) and lent them to 20 families – along with a disposable camera – requesting as many testing experiences as possible.

Rachel then visited the British Library Business & IP Centre to see what other brands were ‘out there’ on international basis. As well as looking at trademarks, names, patent and design rights.

Several months and 900 testing experiences later Rachel had a ‘final prototype’, and managed to secure an appointment with John Lewis for a ‘reality check’. But it turned out that John Lewis loved it. Her reaction was, ‘yikes’!

She continued to use the Business & IP Centre for Mintel and Keynote research papers on state of ‘the nation’ (Childcare industry, nursery industry, accessories etc). She found this invaluable, as access to these reports are otherwise totally out of financial reach – and this sort of information remains a key part of their business planning and strategy.

Since going into production four years ago UK growth has been strong in high street stores, and now export growth is surging ahead with 40 plus countries. Totseat is now the leading product in its class, with multiple award wins, recognising its design, and safety attributes.

And now Totseat has been joined by Oobicoo, which was short-listed for Best Soft Toy 2012. The adorable, cuddly, soft toy tot Oobicoo is made from gorgeous soft plush and, at 60cm tall, is the perfect size to be an instant baby brother, sister or best friend.

Rachel describes the British Library as a ‘magnificent mind-space’ whether exploring, befriending or nurturing information for both day to day and strategic business.

Another great Inspiring Entrepreneurs with Mothers of Invention

Another fantastic event this evening with a range of inspiring women entrepreneurs and their stories.

Jones_EmmaThe event was chaired with great warmth, energy and humour by Emma Jones  who launched her first business at age 27, and successfully sold it two years later. In 2006 she launched Enterprise Nation as a website to help anyone start and grow a business from home. The company has since expanded to offer online services, publications, events and finance to small businesses across the UK. Emma is also co-founder of StartUp Britain, and currently acting as the campaign’s chief executive.

Sophie_CornishAs co-founder of shopping website notonthehighstreet.com, Sophie Cornish has won many prestigious awards including the ECMOD Direct Commerce Award for the last three consecutive years and the Online Retail Award Prix D’or 2010. They now host over 2,500 businesses on notonthehighstreet selling 40,000 different products.

They came to the British Library Business & IP Centre early on to look at trends in Internet retailing. And worked hard on their business plan to the extent that they new their numbers inside out. Sohpie emphasised that creating a brand is the key challenge for any business.

Her tips were:

  • Own your mistakes
  • There is no silver bullet
  • Hard work is your unique selling point
  • Cash is king

Kamal_BasranFrom helping her parents prepare samosas for the English pub they ran, to setting up her own food business The Authentic Food Company in 1985, Kamal Basran indulged her passion for cooking authentic Indian food and opened a small business supplying local catering establishments with hand-made samosas and other Indian snack food.

Today, the company has over 240 employees and has a turnover of over £31 million. The company are supplying many of the UK’s top hotels, pub chains, restaurants and retail outlets with the range of quality international cuisine.

When Kamal started out in business, she was a full-time teacher, settled in a comfortable lifestyle, married with two children. While out shopping she saw some ready made samosas, but once home discovered they tasted horrible and threw them into the dustbin. This was the trigger for starting her own business. She had no idea how to start, but wonders in retrospect if this is perhaps the best way.

She began making 600 samosas a week, and grew the business to over a million meals a week.

Her tips were:

Number one priority was to organise her children.
Then, learn how to do everything yourself (nothing is too menial).
Finally, don’t listen to other people (especially your parents!)

Her reasons for success were:

  1. Target your market
  2. Grow gradually
  3. People – 25 nationalities
  4. Products – are the best quality
  5. Customers – we love our customers

Rosie_WolfendenRosie Wolfenden and Harriet Vine are the founders of Tatty Devine whose distinctive fashion designs have made them brand leaders. In 2011 they had a boom year, with a £1 million turnover and kick started 2012 with opening a Selfridges pop up shop which launched their new silver label. The two London Tatty Devine boutiques are located in Brick Lane and Covent Garden.

Harriet_VineThey are independently run and design every piece, 99% of the jewellery is made by hand in their workshops (based in London and Kent). Their custom-made jewellery has been worn by everyone from Claudia Schiffer to Jessie J.

They are very proud of producing their own book on How to Make Jewellery.

In the last two years they have started letting others in to their business, such as developing a new website, to enable them to concentrate on the jewellery.

Christina_RichardsonChristina Richardson is founder of The Nurture Network the UK’s first on-demand marketing department for start-ups and entrepreneurial growth businesses. Christina has spent much of her career managing and growing FMCG brands worth in excess of £100 million.

Now she and her blue-chip trained team, work flexibly across multiple businesses – being their marketing expertise, part time or for specific projects – calling in creative specialists from their network as and when they are needed.

Her tips for new businesses:

  1. You need to give yourself the strongest foundations you can. Be distinctly different by playing a different game.
  2. Define your brand by being clear on your ‘onlyness’. Think about who your brand would be if it were a person.
  3. Test your brand out with real people.
  4. Have a vision, but with numbers. Know the future you want to create.

And for existing businesses:

  1. Marketing is everything that touches your consumer.
  2. Always think consumer first. Choose which group will be your most valuable customers. This will inform your marketing chooses.
  3. Plan with the end in mind and be objectives driven.
  4. Use everything you can do to spread your brand
  5. Bootstrap and collaborate

The evening closed with a lively question and answer session followed by some serious networking until closing time.