BUSINESS
ALL YOUR BUSINESS QUESTIONS by Jude Fiddler
Jude Fiddler is a writer, business mentor, lawyer and the owner of DLP (UK) Ltd, an employment law and HR firm she set up 20 years ago. As part of her work, Jude is also business advisor to over 500 businesses and in her spare time sits on employment law tribunals in Watford.
What is your Why? The reason to set up a business is referred to as our ‘Why’. A Why is what drives us to our goals and sets us on the right path. A ‘Why’ can be anything – it could be to show the world our expert baking skills, to make a million pounds, to make our mothers proud, reduce the commute or achieve mortgage free living. These are all good Whys. Whys are personal and private but they need to be honest. If your Why is to spend more time with your children, but you end up working harder than ever, then something has gone wrong; you have been working to the wrong why - even with stacks of cash in the bank. When I started my business, I didn’t have a clue. I had no experience, no master plan and no business qualifications. My business Why was quick and something I never saw coming. On an ordinary Wednesday, November 7th 2001 to be exact, my manager rejected a business idea I had presented to him, and which I later found crumpled up in his bin. Yes, it sounds shallow now but I had to prove that the idea would work. Now, some 20 years later, it is the very same business plan that I use to run my business. My goals and my Why have changed many times since then, including making my mum proud and being able to support my parents, but my current Why is the biggest yet. It’s the need to change an entire industry, and even if it’s just one employee at a time, every decision and strategy now only happens if it furthers my Why. So what’s your Why and how do you measure your success? Do you use your Why to lead your decision making? I’d love to hear your comments or any further business questions, and if you email them to Judith@dlp. org.uk we will address them in this column in our next edition.
QUESTIONS 1. I am 54 and an empty nester. I have never run my own business. I have an idea that I think will work but wonder if I’m too old or if it’s too late to start something new at my age, and if it is a risk? Absolutely not! Age is no barrier for starting a business. In fact, it’s likely you have a strong network, a great support system and a proven business idea you’ve spent time on. Maybe instead of overthinking your Why, ask yourself ‘Why not?’ A great exercise to do is to take 3 pages, on the first write ‘set up costs’ where you list the price of all resources you think you’ll need (hardware, email address, website, stock, products or materials).
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On the second, make a ‘business plan’, where you will write your business time line - where and what your business startup fund will be, how long you estimate it will be until you get your first paying customer, pricing, and then a prediction date for profitability. The third page is for ‘sales’. Brainstorm your ideas, adding in costs or timings where relevant, and you can include details of competitors and how your product is different. The interesting thing about this exercise isn’t what is written on the paper but rather the difference between those who complete this task and those who don’t. If you find yourself making excuses and not yet ready to spend time completing 3 pages, it is unlikely ya needed to start a business.
