Tag Archives: entrepreneur

Embracing the Next Chapter: Company Partners Journey Forward

Welcome to Company Partners official blog! We are thrilled to announce that we are embarking on an exciting new period of growth and innovation. In this blog post, we will share our vision, goals, and strategies as we move forward into the future. Join us on this journey as we embrace new business opportunities, expand our horizons, and strive for excellence.

1. Reflecting on our Past Successes:
Before we dive into the future, let’s take a moment to acknowledge the achievements and milestones that have brought us to this point. Company Partners has experienced remarkable growth since 2003 and success over the years, thanks to the dedication and hard work of our incredible team. We have built strong relationships with our members, delivered exceptional services, and established a solid reputation in the industry.

2. Embracing Change and Adaptability:
In today’s fast-paced and ever-evolving business landscape, it is crucial for organisations to embrace change and adapt to new realities. Company Partners recognise the need to stay ahead of the curve, anticipate market trends, and continuously innovate. Moving forward, we are committed to fostering a culture of adaptability, embracing new technologies and methodologies.

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3. Vision and Goals:
As we embark on this new period, our vision is clear – to become a global leader in joining investors and entrepreneurs together. To achieve this, we have set the following goals:

a. Expand our Market Presence: We will explore new markets and opportunities to expand our reach and increase our customer base. Connect business owners, CEOs, Non Executives, Entrepreneurs, Start-up Founders, Mentors and Investors at our annual networking event.

b. Foster Innovation: We will invest in research and development, encourage creative thinking, and foster a culture of innovation within our team.

c. Enhance Customer Experience: We will prioritise customer satisfaction by delivering personalised experiences, improving our services, and providing exceptional customer support.

d. Develop and Empower our Team: We will invest in the professional development and growth of our employees, empowering them to reach their full potential and contribute to our collective success.

4. Strategies for Success:
To achieve our vision and goals, we have outlined several strategies that will guide our actions moving forward:

a. Digital Transformation: We will leverage technology to streamline processes, enhance efficiency, and improve overall productivity.

b. Continuous Learning and Improvement: We will foster a culture of continuous learning, encouraging our employees to acquire new skills and knowledge, and constantly improve our processes and offerings.

c. Customer-Centric Approach: We will place the needs and preferences of our customers at the centre of everything we do, ensuring that we exceed their expectations at every touchpoint.

The future holds immense promise for Company Partners, and we are excited to embark on this new chapter. With a clear vision, well-defined goals, and a commitment to innovation and customer satisfaction, we are confident that we will achieve great success. We invite you to join us on this journey as we embrace the next chapter and create a future filled with growth, prosperity, and excellence. Stay tuned to our blog for regular updates on our progress and exciting announcements. Together, let’s shape the future!

Can AI help business?

Robot-Entrepreneur No one can have missed the publicity and yes, concern, around ChatGPT. Whilst technology has been broadly welcomed in the past, the latest AI advances has seen leading Captains of Industry voice their fears of a world where AI could take over.

However, used creatively and in the right context could such AI generated content be helpful without destroying jobs? Is in fact ChatGPT over-hyped or could it replace this author in writing about entrepreneurship?

I asked ChatGPT to write an original article about “How to Start a Business”, here is it’s response, you can judge…

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Starting a Business: A Comprehensive Guide for Success

Starting a business can be a thrilling and rewarding endeavour, but it also requires careful planning and execution. If you’re looking to turn your entrepreneurial dreams into reality, this comprehensive guide will provide you with step-by-step instructions on how to start a successful business.

Step 1: Identify Your Business Idea

The first step in starting a business is to identify a viable business idea. Consider your interests, skills, and experience. What problem are you trying to solve? What product or service do you want to offer? Research the market to understand the demand and competition for your idea. It’s crucial to have a clear and compelling business idea that can differentiate you in the market.

Step 2: Conduct Market Research

Market research is vital in understanding your target audience, competition, and industry trends. Identify your target market, their needs, preferences, and behaviours. Analyse your competition, their strengths, weaknesses, and strategies. This information will help you shape your business strategy and make informed decisions.

Step 3: Develop a Business Plan

A business plan serves as a roadmap for your business. It outlines your business goals, target market, marketing strategy, financial projections, and other important details. A well-prepared business plan can help you secure funding, attract partners, and guide your business growth. Make sure to create a comprehensive and realistic business plan that aligns with your goals and market research.

Step 4: Choose a Business Structure

Selecting the right legal structure for your business is crucial. There are various options, such as sole proprietorship, partnership, corporation, or LLC, each with its own legal, financial, and tax implications. Consult with a legal or financial professional to determine the best option for your business based on your specific circumstances.

Step 5: Register Your Business

Register your business name with the appropriate government agencies and obtain any necessary licenses or permits. The registration process may vary depending on your location and industry. Make sure to follow all the legal requirements and obtain the necessary documentation to operate your business legally.

Step 6: Secure Funding

Consider how you will finance your business. You may use personal savings, apply for loans, seek grants, or attract investors. Research and explore funding options that are relevant to your business. Prepare a detailed financial plan that includes start-up costs, operating expenses, and revenue projections to demonstrate the viability of your business to potential investors or lenders.

Step 7: Develop Your Brand

Your brand is the identity of your business and plays a critical role in attracting customers. Create a strong brand identity, including your business name, logo, website, and marketing materials. Your brand should convey your business values, resonate with your target audience, and differentiate you from your competition.

Step 8: Set Up Your Finances

Establish a separate business bank account and set up a system for managing your finances. Consider using accounting software to track your business expenses and income. Keep thorough records of all financial transactions related to your business, as this will be essential for tax purposes and financial management.

Step 9: Create a Marketing Plan

A well-executed marketing plan is crucial for promoting your business and attracting customers. Develop a marketing plan that includes strategies such as social media marketing, content marketing, search engine optimization (SEO), paid advertising, and networking. Tailor your marketing efforts to your target audience and budget, and consistently evaluate and adjust your marketing strategies based on their effectiveness.

Step 10: Set Up Operations

Set up your physical or virtual office, purchase necessary equipment, and hire employees if needed. Establish operational processes and systems to manage your business efficiently. This may include inventory management, customer service protocols, and employee on-boarding. Make sure to comply with all relevant laws and regulations related to your business operations.
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There we have it, AI generated business advice. Any good?

Do I need a Business Partner?

Business Partners

There are few very successful solo entrepreneurs, even well known star entrepreneurs started with partners and having a Business Partner can bring enormous benefits:

Combining key skills. One may be a great engineer, the other a talented marketer. Or there could just be parts of the business that need a specialist area of knowledge.
Bringing in additional sources of funding. Whether it be as equal working partners or simply as a hands-off Investor.
Sharing the workload. For one person to do everything, design the product / service, market, sell and deliver is tough.
Sharing the stress. Having a partner to bounce ideas off and talk about issues can be the difference between success and failure in running a business.
Motivate and encourage. There will be times that having a partner to help you drive the business forward, or to encourage deadlines being met is very helpful.

When taking on a Business Partner it’s best to put together a Business Partner agreement (see Business Partner Agreements ).

Adapting to market changes

With the COVID-19 lockdown easing as vaccination programmes become effective, business is returning to many sectors.

If you haven’t already, now is the time to reassess the way your business operates to take advantage of changing market conditions.

Customers will gravitate towards those businesses that have made it easy for them to buy, collect or simply use services and products.

As an example with the reopening of Pubs & restaurants outside spaces, my family booked to have a meal at a local Pub. They allowed booking through their website, but also answered phone calls, since many might be unsure of how the new procedures worked.

When there, the safety measures were clear and explained by a staff member, who was trained to be friendly and not overly bossy. The owner said they had spent 3 months when empty, building decking and a comfortable outside space. They were now gaining new customers that will continue over into the future.

Customers have had fear and caution engrained into them for 18 months now and that attitude is likely to remain for some time. Adapting your offerings, showing you have the customers protection and interests at heart in a welcoming way, can win you friends and ongoing clients.

What Businesses can do while isolated

Coronavirus has impacted businesses in a way that was unthinkable just weeks ago. No business will have planned for this and the smaller ones will be more vulnerable.

I believe though that when we get through this crisis it will be those that have used this period of forced isolation and closure to prepared themselves that will rise fastest and even make gains on competition that have not been proactive.

What you can do:

Secure the business:

Keep safe and don’t be tempted to find ways to get around isolating, Sports Direct have already suffered public condemnation for needlessly trying to stay open.
Ensure any workers are reassured and supported.
Contact your customers to explain your position and what you are doing to support them at this time.
Suspend all costs that it is possible to do so and look carefully at cash-flow for the next few months. Talk to your bank about how they can help you.
The government are bringing in measures seemingly every day that may assist small businesses and hopefully sole traders. Get on top of what assistance you are able to claim. If you have an Accountant, now is the time for them to earn their fee, talk to them.

Plan for the future:

If you could provide goods or services on-line, but haven’t yet explored that option – start looking. Those that already do, see how it can be expanded or made better.
Use this chance to re-examine your business, think about your goals and how you will put in place actions to reach them. Dare I say, now you have time, do a Business Plan.
Some restrictions are likely to be in place for a while, how can your business best operate once the immediate lock-down is lifted.
Consider how the public mind-set may be altered over the next year and find ways of communicating in future marketing a reassurance of working practices and care for your customers. Good PR can come from your good intentions, helping both you and your customers. It’s not cynical, it’s understanding what now is important to potential customers.
Keep positive. Every crisis eventually passes, position yourself for growth when it does.

The dangers of being a Sole Trader

sole trader danger

There is a hidden danger that many people choosing the Sole Trader route to running a business are not aware of.

Yes, operating as a Sole Trader is certainly the simplest way of running a business. There are no annual accounts to send to Companies House and most can run without needing to pay out for an Accountant.

As a Sole Trader you are basically self-employed and although you will still need to pay personal tax on your income (through self assessment), you have no other legal commitments to worry about - Except for losing your house, car and any savings you may have.

A Sole Trader is personally liable for all debts, expenses and activity of the business. Which means that if a customer decides to sue the business for any reason, you personally will have to pay solicitors to fight it and if you lose, pay the full sum awarded. In the worse case it might mean you have to sell your home.

If you had been running your business as a Limited Company, the customer could only sue the company – not you. In this worse case the company may be declared insolvent and have to close.

When you run a business as a Limited Company your personal assets, house and savings are safe. Something to think about when choosing how to run your new business.

Does luck play a part in business success?

Given that today is Friday the 13th I thought it interesting to look at the role luck plays in business success.

Firstly it would be wrong to say that luck, or being in the right place at the right time is non-existent – it does happen. Think of those who bought property in places like London some time ago, never thinking that prices would sky-rocket.

Perhaps simply the luck of meeting just the partner, Investor or contact that you need at absolutely the right time for your fledgling business.

Even starting a new business whilst unbeknownst to you, significant market and trend changes mean that it suddenly becomes a roaring success

However, as the writer Nesta Jojoe Erskine has said, “You don’t get lucky while sitting in the sofa with arms crossed doing nothing. You can be lucky only when you are prepared.”

There is strong evidence that the more you put yourself “out there”, make as many contacts as you can and take positive action, the greater the likelihood of having luck find you.

I recently was reminded of the famous quote by Jack Nicklaus, “The more I practice, the luckier I get”, and the similar “The harder I work, the luckier I get” by Samuel Goldwyn.

Yes sometimes fortune smiles unexpectedly, but most successful people have not sat around waiting for that to happen, they have put themselves in a position through planning and endeavour to allow that lucky break to happen.

Could the “Experts” be right about Brexit?

In an alarming development Britons are starting to wonder if the “so called experts” might have something going for them.

We’ve believed for years (well ever since Michael Gove revealed in his Brexit speeches that experts are always wrong) that people who have studied a subject for decades can’t be right.

Tony Simonds, retired Sales Executive said: “The so-called experts are always telling you things are bad for you, and it was only after my second heart attack that I thought their advice about not having deep-fried black pudding for breakfast is probably correct.

“They might be right about smoking too, so I’m going to look into that, although it flies in the face of lots of stories about people who smoked 80 Capstan a day and lived to 100.”

Store Manager Vicky Thompson said: “I’d always assumed experts just liked sounding important.

“However that advice about leaving a safe distance between you and the car in front turned out to be correct. I’ll definitely be telling my friends once the concussion’s worn off.”

The public is now grudgingly accepting that experts may have valid opinions on other subjects, such as patting tigers, swimming far out to sea and even the state of our economy after Brexit

However, Van driver Nick Baker said: “There’s only one sort of experts I trust and that’s UFO experts. Finding out all that highly classified government information takes a lot of work and you have to respect that.”

With acknowledgements to thedailymash

The Easiest Way to Sack your Boss!

Venturing out on your own can be a daunting task. Your nine to five brings with it a certain security net, however, the only way to achieve your dream is to take the leap and become your own boss!

In order to make sure that you are successful in this endeavour, though, it is important that you find the option that is right for you. Because, despite what you may think, there is more than one way to become a successful entrepreneur.

Below, we take a look at some of the simplest ways and give you tips on how to make sure that your journey to entrepreneurship is a positive one.

1. Start a business from scratch

This is what most people will think of when they think about becoming an entrepreneur. There are a lot of risks involved in starting a business from a scratch, however, if you have an idea that you have confidence in and you are willing to put in the work, this is probably the best option for you.

The most difficult choice to make will be when to hand in your notice and throw yourself fully behind your idea. Many entrepreneurs try to keep their day job as long as possible in the beginning stages of their business so that they have a salary while they get their business off the ground.

You need to be realistic about your financial situation. How much will you need to start your own business and how long before you are realistically able to pay yourself a salary?

2. Buy a business

Buying a business is another way to go about setting out on your own and being your own boss. The advantage of this is that you can see if the business has a proven track record.

This is very handy when you go to the bank to ask them for a loan. Proven financials will give far more of a chance of getting the money that you need to purchase the business.

For example, if you are looking to buy a pub, buying an existing one will come with an already established customer base and supplier relationships. You will just need to choose the right one to buy.

3. Find a partner

Going into business can be made a lot easier if you’re able to find the right person to partner up with. Having a partner can double your resources in terms of skills and capital!

It is, however, vital that you find the right person to partner up with. The wrong partnership can turn sour so spend time making sure that you have the same goals and ideals.

4. Find investors

The financial pressure of starting a business can be the single biggest reason to stop you sacking your boss. There are, however, a lot of financing options that are not necessarily the traditional routes of looking to banks for loans.

Why not look to angel investors to help you get your business going? If you have the right idea and you are willing to put in the time, there may be the right investor out there who will believe in your vision.

If you are able to carefully chose the right path to becoming your boss, there is every possibility that you can enjoy the process. Every future boss must find the option that is right for them and their circumstances. If you are able to do this, you’ll be on your way to success!

By Matthew Hernon: Account Manager at Dynamis looking after Business Transfer Agents and Franchises across BusinessesForSale.com and FranchiseSales.com

How to choose the best business partner

Having a business partner that you can bounce ideas off, share the work load and motivate each other is a great help to a young business.

They should also bring complimentary skills and additional expertise that allows the business to be driven forward faster.

Sounds perfect doesn’t it? Yet even with all of those boxes ticked, partnerships and businesses can flounder. Here’s how to make sure that your business gets the best from the partners:

Mutual respect & compatibility – many businesses have partners who may not want to be best friends, but they do need to get on with each other. You will spend a lot of time together and it should be enjoyable or at the least, not dreaded.
Attitude and work ethics – it often the case that one partner is slightly more flamboyant / extrovert and others perhaps more reserved or technical / financial, but all should share the same attitude towards work.
Company mission & vision – if the partners don’t agree on the basics of what the company is in business to do and where they eventually wish it to end up, then if not at first, certainly later there will be a fallout.
Long term personal vision – coupled to the above, individuals may have differing personal goals. If one is looking for a comfortable lifestyle business and the other seeing it growing to corporate status, or perhaps one partner sees it as a short-term venture, the other as a commitment for life, it’s easy to see how harmful disagreements could happen.
Defining areas of responsibility – stepping on each other’s toes is not only duplicating activity, but at worst will provoke great arguments. It’s easily avoided by defining who is responsible for what and shares the work according to preference and expertise. Best to do right at the start.

Putting together a partnership agreement (here are some agreement tips) will allow you to explore those areas and in documenting the way you will work together avoids misunderstanding.

If in doing so if you realise that there are major differences of expectation you can either work through them, or take the opportunity early to accept that the partnership is not meant to be.

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