Nov 02, 2014
• In 1999 Cheeze Ltd. was formed.
• A digital direct marketing agency
founded by Jamie Riddell &
Katherine Riddell.
• The investment was a £5,000
overdraft.
• In 2007, the agency was acquired
by Digital Marketing Group plc.
For £10,000,000.
• The founders and key staff owned
100% of the agency at the time of acquisition.
• We grew the agency with no investment.
• Everything we achieved was through hard work and reinvestment of profits as they came.
• Here we offer 10 tips that may help guide you on the same path.
• Good Luck!
• Starting and growing a business
with no investments requires
commitment and sacrifice.
• The big salaries and fast cars
must be an aspiration not an initial
requirement.
• Seek partners with complimentary
skills – what are you weak on,
what skills can you benefit from?
• If you start a business the buck
will stop with you.
• Making the tea, answering the
‟phone, chasing the business,
chasing the invoices – you will
have to do them all.
• To succeed nothing can be
beneath you, nothing can be too
much.
• A business is usually borne from a great idea.
• A business plan will need to plan those great ideas.
• It will also need focus on the worst case scenarios.
- What happens if we don‟t get paid?
- What is the minimum rent
commitment?
- What happens if a client goes bust?
• It is easy to spend time on the positive things.
• Spend time on the negatives, they will save you in the long run.
• There is a chance someone else has a similar business or proposition.
• With a new company you will have no business reputation (maybe personal reputation) – so how will you immediately and obviously differentiate?
• Enter awards, no matter how small. You too could be „award winning‟.
• Seek external endorsement – can you register somewhere to get a badge?As seen on..?
• Endorsements help when you are young, they could also make the difference between you and a close competitor later in your business growth.
• Cash flow can be the biggest killer to new businesses.
• You can borrow money or factor invoices but that will eat into your bottom line.
• Seek ways to gain up front payment – inventiviseprepayment.
• “It‟s better than keeping it in the bank.”
• Positive cash flow can earn you money, loans can cost you money.
• If you are working for money, you need a contract.
• Not a cheap web template contract, but a bespoke contract for your business.
• This should form the basis for working with customers or clients.
• It sets out who is commitments, expectations and requirements.
• It will save you a lot of pain.
• Pay attention to every invoice.
• Is the detail correct?
• Don‟t pay invoices that aren‟t correct.
• Communicate with the invoice originator, get it fixed.
• Don‟t sit on invoices, just pay the ones that are correct and
fix the others.
• Always projected a positive and
successful image.
• This doesn‟t need to cost anything.
• If you need others to believe
in your business, you need to
believe in it.
• No matter how bad the day is!
• Twitter, Scribd, Slideshare,
Facebook, Linkedin, Blogs…
• These are all free opportunities for
you to share your knowledge.
• How can you promote your
business?
A white paper? A blog?
• Share your knowledge and others
will pay attention.
• Possibly the best advice we ever received.
• Is your business reliant on time and hours income?
• Can you create additional goods or services that will generate revenue 24/7?
• Apps? White Papers? Guides?
• This can grow your income
without growing your costs.
• It can be lonely running a business on your own – even with partners.
• A mentor can be a „business friend or a more formal associate director.
• They can help gain perspective and experience without head count expense.
• You have set up a business because you have a great idea.
• Sometimes you will wonder why? It becomes so hard.
• Keep going! It is still a good idea, just may take a while to seem that way!
Contact details are on the site
+ extended article covering the
points raised in this presentation.