claim for free
your one-page business plan template by Talented Ladies Club
“There is only one word that matters in business in the early days and that word is survival” Richard Branson and WOW am I feeling that.
I am just recovering and getting back into the swing of things after the very first Mums Enterprise Roadshows have taken place. They have been my biggest personal and professional challenge and risk yet.
I must admit I am feeling tired and weary as the past two years of my business history have started to take their toll. There are many challenges I now face in order to keep my businesses and dreams alive and I think this is the toughest road I have ever faced. That is why the VOOM video I watched as part of Andrew Wilsons keynote at the recent Synaxon Conference (a Little Fish client event I managed) had such a huge impact on me, it has stayed in my mind and is the reason I am writing this blog.
The reason I am feeling tired and a little weary is because I have been battling to survive for two years now. I need a holiday but can’t afford one as every penny I have earnt has been put back into my business. There are many challenges other than needing a rest which are facing me right now, which include:
1. We have no live Little Fish client events. As of end of June we are not working on any client events which means no money is coming in. Fortunately, I am currently preparing two applications to tender to which we have been invited by a previous client,so our hopes of winning at least one is above 50%. But obviously we cannot rely on that. Little Fish has also put no effort into marketing itself for 12 months due to time taken up by Mums Enterprise but thankfully we have survived and continued to win new business from incoming enquiries, but obviously that is no way to continue. We must win more client business. But this then runs into another problem………
2. I cannot sustain the businesses both Little Fish and Mums Enterprise by working the way I have. Basically doing everything myself other than Lucy who manages the Mums Enterprise brand and getting ad-hoc event help on event days etc. I have been every department needed to launch and run this business and deliver for clients and deliver for Mums Enterprise. That is sales, marketing, admin, social media, book-keeping, event manager and so much more for two years. This way of working is not sustainable nor will it allow my business to reach its full potential. I need people to grow and I need expertise above my own but this then leads into another problem……
3. Money! I need access to funds and fast. I have lost more money than expected hosting the very first Mums Enterprise events. This was the biggest professional and personal risk of my entire life. I have faith in the long term it will be commercially successful for both Lucy and I but it will not be easy, it certainly won’t be achieved in its first year. Even though I expected a loss, this loss coupled with the risk of having no Little Fish clients, the need to pay all outstanding bills, continuing to pay to run the business such as web hosting, phone, internet, accounting fees etc. AND pay myself enough to cover my own personal bills which is minimal and pay myself enough to cover childcare (thankfully the other half pays the rent.) Money is the biggest factor on our survival. It always has been, you need money to keep going but now I am in a brand new predicament. I now need money to not only survive but to keep up momentum and grow.
So you see my challenge. Running a business is not easy, I certainly didn’t expect it to be. I do really see things starting to snowball for us, which is a term you always dream to associate with your business. But how the heck do you manage and pay for that snowball to keep rolling. My survival now depends on my next moves, and don't forget I have never ran a business before. So my next, short term moves for my business survival includes....
1. Get a short term business loan so I can continue the business and give myself time to plan strategically. As mentioned the business is not sustainable working by myself so I need time to evaluate and make plans for the next 12 months.
2. Win new Little Fish Business. In order to survive even in the short-term we MUST win new Little Fish business. We are working on two tenders at the moment which is great but there is no guarantee we will win them. I need to approach new target clients, pick up past conversations.
3. Build a network of potential go-to Event Managers and Marketing support. I know what staff we need. Thankfully I have made some great contacts through attendees who came to the Mums Enterprise Roadshow. When the time is right I can then bring them on-board. But this is money again, I cannot recruit the staff I need without capital. It really is the most frustrating thing of all but I have an asset I may cash in to allow me to do this. I may have to really risk it all to survive.
4. Get the ball rolling for our Crowdfunding campaign for the Mums Enterprise Roadshow. I have already created a ‘What Next’ web page, we asked for pledges at both Mums Enterprise Roadshow’s and included an advert in our handbooks. I need to pick up conversations with those who have already expressed an interest in supporting us and spread the word that we are seeking £50’000, the ideal is that one person has the funds to support us. OR second to that we get 50% funded throughout pledges and then we can go to a platform. The first events took 16 months to plan, we want to host four events in 2017 so we must get our skates on. As mentioned I cannot do this alone any longer, which comes back to staff. We also need staff so we can organise and keep pushing this brand, which again all comes to down to money.
So you see, those are just my short term tactics to continue my mission to the moon and to survive. No easy task. Now don't go thinking I am too proud to ask for help, or share any piece of my pie. I certianly am not, I know when I am at my expertise limits, I know I need experience and advice from others which I have sought and contnue to seek. I know that the only way to get to where I want to be is to open my arms to the big bad world and trust in others, trust others to make my dream thier own. Thank fully I have my business partner Lucy now, in discussions with somebody to take over the day to day running of Little Fish and manage client events. I have a business consultant Hooke & Co and am working with Paul Grant of the Funding Game who can help us get funded faster. I am very well aware I cannot shoot for the moon alone which I think will be the biggest reason I will, in time flourish and see the success I am working so hard for.
So, anyway I best get on with it hadn't I.
Watch the video which was my inspiration to share my business survival journey, and feel free to share yours.
The video is called ‘Nothing is impossible’ It really talks to the voice in my head, I know what I need to do to survive. I need to keep going, two years is nothing. I must keep fighting, I must keep my dedication alive and I must continue this battle to keep shooting for the moon. One day I will get there.
Find out more about my brands and businesses here:
