Need help growing your business? Link in with StartUp Richmond

Business Direct - May 2019

We know Richmond upon Thames is one of the most entrepreneurial boroughs in the country. But, we all need a bit of help every now and again. Did you know that there is a wealth of information and support provided by the Council, our partners and many independent, commercial enterprises for local businesses that want to start up or grow?

This month we focus on StartUp Richmond, an online platform and business support programme helping you learn how to showcase your business, get free quality training for you and your staff, make new connections and get the support you need to transform your business and take it to the next level.

Helen Roberts, Founder and Managing Director of StartUp Richmond, tells us more.

How did you get into business?

My first business was investment banking recruitment in 1998. Working 16-hour days for the best part of 10 years and creating a successful business where I turned over multiple millions. I worked really hard to get where I did. Then, almost overnight, sales dropped off a cliff. The clients I worked with didn’t know what was happening; at least that’s what they told me anyway. In September 2008, Lehman’s filed for bankruptcy and the financial crisis began.

Going from £200,000+ a month to £20,000 overnight, I needed to do something. At the beginning, I thought it would turn around. I thought it would change and we’d have a few lean months and then it would pick up. I was so wrong. It happened so quickly it almost wiped me out personally and professionally.

At the time I restructured the business to cut costs wherever I could. I did my best to protect my people’s jobs for as long as I could eating up the business’ reserves. Business was continuing to decline and there was no sight of a return.

I had no choice other than to let people go. I closed-down our offices and worked out of a co-working space to keep things lean. Hundreds of people were being made redundant daily.

I received calls daily from people looking for jobs in the sector and there just wasn’t anything going. Based on their needs I put together a new career transition programme to help people move into new industries without any prior experience.

This took time to craft and develop and it worked well. I used the skills we had and created an offer that was in demand to support people to navigate pastures new.

We were in it together, we were operating in pastures new too. I lost everything too. My business, relationship, home, my health was impacted. I had never experienced stress and pressure like it. I was in a bad place. I’d never worked through a recession and had no clue what it meant for my businesses until it was too late.

It's easy to build a business in the good times and when things are going well you stay on that treadmill keeping up with demand and don't really think outside the box. You’re stuck in your business and not working on it. When things go wrong, that’s when you go outside to look back in and see what needs to change.

In 2009 I promised myself I would never be in this position again. I decided there and then I needed to invest in myself; I needed to understand business and how it worked.

So what did you do?

I invested in my education, learning from the best business minds around the world. I went on a circuit to develop my skills and learned the know-how of starting and growing successful businesses across all industries and what to look out for along the way.

Running my career consulting business, I now gained interest from people who wanted to start and grow a business. So, I shared what I learned and helped others create the life they want doing what they love.

There was an increase in people starting businesses and I have a deep passion for entrepreneurship so responded to changing market needs and crafted an offer to support start up and growing businesses.

What is StartUp Richmond?

StartUp Richmond was born in 2011 when I got on board with StartUp Britain a national campaign set up to boost business. It was set up to inspire, encourage, motivate and support people to start and grow a business. Being in business is tough and can be a lonely world. We aim to help business owners create a sustainable model for growth and encourage local businesses to work with each other to boost the local economy. We want to upskill business owners, give them the knowledge and tools that they need to start and grow a business to navigate the challenges will undoubtedly face. We offer:

• Live workshops
• Business growth clinics
• 121 strategic growth sessions
• Monthly meet ups for networking
• Online training over 400 on demand training programmes covering all aspects of starting and growing a business

What are the challenges facing local businesses and how does that fare with the rest of the country?

Access to office space for expansion is limited in Richmond

I have seen many businesses having to move out as they scale up.

Co-working space used to be an issue

Until we campaigned hard to gain more access to co-working space. Now we have Richmond Annexe, RACC and Iconic Workspace at Harlequins.

Rent and rates are high in Richmond

Many small independents are unable to gain access to the high street due to cost. The ones that do can find it difficult to compete with the chains to make the economies of scale work.

Lack of know-how to scale a business

Many people in business are just barely surviving by breaking even and not being able to take enough funds out for themselves. They don’t know what they don’t know.

Business is super competitive today

It’s never been so competitive and the need to position yourself is paramount. Business owners struggle to create the right offer for customers and don’t know how to engage them.

Lack of proof of concept at the outset is where many small businesses get into trouble

They create a business around a product or service that they think people want and when they go to sell it they realise there is no demand for it.

Lack of funding available to start or grow a business

Businesses that are in financial difficulty find it hard to raise capital.

Lack of leadership and development skills

Lack of leadership and development skills mean it’s hard to find and retain great people.

Product or service innovation

To continue to be able to delight their customers around their evolving needs.

Fear of failure

Continue as is in a business where the model no longer works. Fail to admit things are not going well and seek he help that they need.

Confidence and self-esteem

To take the right action when needed.

Why should smaller businesses consider training and support?

For anyone thinking about starting a business or growing they have to invest in themselves and get the training and support that they need to grow a sustainable business. Business is changing at a rate of knots and it’s hard to stay abreast of market changes.

The more tools that you have to start or grow your business the better. The more that people invest in themselves the more they become the expert and can offer greater value for their customer and not be left behind.

Entrepreneurship is a journey and the game is continually changing.

What do you think is the future of the high street?

The high street in its current form is doomed. Most high streets in the UK today have the same retailers with nothing new or exciting. Nothing makes it unique or worth going to. We need to see a return of small independents as well as larger retailers on the high streets we need to have point of difference to encourage people to go. High streets shops need to utilise the online platform to entice people to their stores and provide an online offer for delivery. Rent and rates need to be more affordable to give independents the opportunity to trade and make some profit.

What has been your proudest moment since setting up StartUp Richmond?

This year we completed a programme of business support called the Richmond Enterprise Challenge – Step Up, Start Up, Scale Up. Richmond Council funded the programme and together we designed a programme that set the bar really high. We surpassed all expectations.

In just 10 months we have:

• 3,844 people engaged across all mediums
• 2,269 people attended events
• 1,150 businesses directly involved in the programme
• Held 61 events, by running 45 workshops, four business clinics, 12 meet ups
• Conducted 104 one-to-one strategic growth sessions
• Created 39 webinars and 45 live training sessions
• Built an online portal to connect members

I love nothing more than hearing from members how well their business is doing based on some of the support we’ve provided. There’s nothing like the feeling of helping others achieve their dreams.

Any advice for new business owners just getting started?

1. Make sure your mindset is right

That you’re in a good place and ready to take massive action. Business is a tough sport and it takes work, a lot of work. There are amazing highs and big lows and it’s about how well you can manage the lows. Believe that you can do it and be unwavering about that and you will succeed.

2. Create an offer that your customers really want

Make sure it’s solving a problem or challenge that they have. Establish your proof of concept and prove it in the market. Make sure there’s a need and demand for what you’re creating. Look at the industry you’re in – is it in growth mode or in decline? Are you creating a blue ocean or working in a red ocean with lots of competitors?

3. Invest in yourself and your training and development

Surround yourself with winners. People that make things happen. People that have started and grown businesses. People that have been through it and are going through the challenge of growing a business. If you want to make your first £100,000 speak to someone that has done that. If you’re ready to make your first £500,000 or £1 million, speak to someone that has done it and learn from them. Invest in yourself and your development – this is key.

Visit the StartUp Richmond website to find out more.