A lot of the people I meet have some great ideas for their business. Yet when I meet them a while later, either they haven’t progressed or the spark has gone. Why do you think it is that some ideas don’t get off the ground? Of course, some are not feasible and some are just not what people want to buy. But some are absolutely on the money.
Typically, people either don’t have the confidence to progress their idea forward or maybe it’s because they don’t know how. Some people are hamstrung by not believing that they can do it.
Her are some very positive examples of companies I have coached to success….
Company 1: a startup that has achieved a 600k turnover in year one. The idea was quite easy, the implementation needed a bit more effort. The person with the idea didn’t have the capital to start on their own, so they realised that a share of something huge was far better than a share of nothing. So, after getting some investors involved the company got started. The business is much stronger for the collaboration of the other investors as they could link other complimentary businesses to follow the 1+1=3 principle. It took a lot of searching and negotiating to bring the investors onboard. Year 2 is looking like a £4.2m Turnover.
Company 2: a business that had been going for 4 years and making a reasonable profit for the owner. Changing the business model made a massive difference. Rather than running projects, the business changed to providing an ongoing service… To the same customers! The net profit to the owner went up by 8 times to nearly 400k in 21 months. And the business continues to grow. This all came about when the owner realised what part of the business the profit comes from and stopped doing the less profitable things; do you think it was a difficult decision to make?
Company 3: a business going for 18 years now. Was struggling until diversification. By widening their customer base, the amount of opportunities has quadrupled. Now the business has many other revenue streams for the same type of product. No changes in manufacturing or skills needed, just a wider set of customers. The order books are full and the next stage is to grow the team. It was all about seeing the opportunity and believing in investing in the marketing to a wider audience. With careful and focused marketing, the amount invested in getting the message out was not big to begin with. From the increased profits on the sales, about 12% is being invested in a carefully planned marketing approach to hit more sales opportunities.
These are just a few examples of following through on an idea that seemed quite daunting to the business owner at the start.
What idea do you have that will work if you see it through? Call me on 07766 080770 or email email@example.com for help to find out.