Today Indulge is officially 5 years old. That is quite a serious milestone for any business.
I guess this means we are no longer a startup; it's a bit of strange feeling... kind of like when you hit 30 but in your head you still feel like you are 21. I can't believe that it's only been 5 years since Russell & I were sat in a funny little office with green carpets and a black marble fireplace. Yet, the time has passed so quickly!
It certainly hasn't been easy. For the directors of this business, riding that emotional rollercoaster of launching a new business has been a tough, but unbelievably rewarding experience. We made some right decisions and some wrong decisions and over the years we have certainly learnt some lessons, both in general business and more specifically the digital industry. I thought I would share some of these with the wider world so that others can learn from our experiences.
1. Hours, hours & more hours
The one thing that is critical to the success of a new business is time. There's no avoiding it, when you start a new business you have to graft, probably without getting paid. 60 hours per week minimum! For those of you that run your own business you'll appreciate this is probably at the leaner end of the scale.
2. Love your clients
Your clients are the most important thing in your world. They pay your invoices, they pay your wages, they give you the work that will keep you busy and help you to build your portfolio. You must love them and treat them as such.
3. Quality is everything
Whatever it takes you need to ensure that the work you produce is of a high standard. Recommendations will be a major contributor of new business in your founding years (and onwards) and if you don't produce quality work people won't recommend you. Simple as that!
Make sure that you have processes in place for your entire project workflow, from lead generation through to project testing & deployment. Don't be tempted to go down the 'processes are a waste of time' route; by taking this route you are basically making an active decision to wing it and as you grow choas will inevitably ensue. Not cool if you're charging a premium for your services.
4. Hire the right people, and keep them
You need great people around you to succeed, people who are good at the things you're not so good at. Russell and I teamed up because our skill sets matched very nicely. I had the technical development experience and Russell had the interface and creative design experience. Our first hire, Andy, was a genius across the board and took our development expertise to a new level.
Similarly a bad staff member can take you in completely the wrong direction and can have a lasting impact even after they have gone. Make sure you interview people properly; test their skills with hands on experiments and never hire an average person because you are desperate. This will inevitably backfire and will cost you more in the long term. If you do make a bad hire don't beat around the bush, manage them out of the business as soon as you can. This is not a nice thing to have to do, but this is what the probation period is for and good business is not all smiles and joy.
Once you have built your team, keep them happy. Have regular staff parties & buy them bacon rolls on a regular basis. Make sure you are supporting their development and hold regular staff appraisals and 1 on 1's. You'd be surprised what comes out when you have a heart to heart with a member of staff.
5. Take the rough with the smooth
As the owner of a startup business you will experience soaring highs and crushing lows. You need to make sure that during the highs you don't get too carried away and that during the lows you don't get too distraught. Both extremes can lead to bad decision making. You need to try and keep a level head at all times.
6. Learn how to delegate
Delegation is a surprisingly difficult thing to do well. Sometimes it's hard to delegate a job down to a member of staff when you know that you will be able to do it more quickly and more efficiently. However if you don't delegate that staff member will never learn how to do it and you will become seriously overworked and stressed.
7. Control your costs
Controlling your costs is just as critical as driving your revenue. As the work starts rolling in it's very tempting to grow your team, buy new equipment, subscribe to things you don't really need, throw lavish parties etc etc. Be careful though, if you grow too quickly your costs will start to outrun your revenue and you could be in big trouble. If your revenue soars due to a single, very large project, don't hire a load of full time staff to get it delivered. Hire contractors, outsource, but whatever you do don't commit to paying someone a full time salary because when that project finishes you will have a huge gap to fill.
8. Don't let people walk all over you
Whether it's your clients, your landlord or your staff, don't let people get the better of you. Be assertive and don't be afraid to annoy people if you know you are right. It's better to deal with issues like this head on rather than leaving them to fester.
9. Manage Expectations
Make sure that you manage your clients' expectations at all times. Do not promise the world and under deliver. All that will come out of this will be disappointment and angst. You need to make sure that you quote properly & accurately and give realistic timeframes and specifications on everything you do.
It's always better to under promise and over deliver.
10. Know when to take a break
If you're ploughing 60+ hours a week into your business, there's no avoiding it, you will ultimately burn out and lose faith. You need to know when to take a break and switch off. If you're feeling beaten down take a long weekend, turn off your phone and do something you love. You'll still think about work a lot of the time, but your thoughts will slowly transform from negative, stressful brooding to inspiring, creative ideation. You will come back to work brimming with wondrous ideas and fabulous inspiration.
11. Believe
Finally, you need to believe. Believe that you are the best, believe that you are going to win that pitch, believe that your business is going to succeed. Without belief you will fail.
