Transcript Feb 2009 - Read about tips for setting up your own business

Independence Day
Steel Magnolia – the story so far
• Founded in April 2003
• Strategic market research consultancy
specialising in understanding the 50+ market
• Unique in the market place
• Combines specialist understanding of target
group with understanding of brand marketers
and brand planners
• Started as sole practitioner, now Ltd Co
• Home based.
2
Why 50+
• Wanted a specialism that I could be passionate about
• Compelling numbers evidence – it was a growing
market both numerically and economically
• No one else at the time specialised solely in the
market pace so I had a usp
Why Steel Magnolia?
• Memorable
• Has links with my specialism (steel/grey)
• Positive image in a market that has many negative
images
• Platform to create logo and identity
Kindle Research
• Founded April 1 2005
• Specialising in technology and education
• Employs 1 Research Director and partners with other
‘Associates’
• Mix of direct and agency clients
How did Kindle Research start
PUSH FACTORS
PULL FACTORS
• Commuting
• History of big agency experience
• Lack of local opportunities
• Key client relationship
• Feeling valued
• Low cost to set up
• Christmas holiday
• Opportunities to grow in Brighton
• Work life balance
Marketing ongoing
• Launched with press release and e-mail mailer, web
site completed September 03. Completely
overhauled in Sept 08
• Attend events that focused on 50+ eg conferences
• Alliance with Millennium – advertising agency that
specialised in 50+
• Often quoted in articles in marketing press about 50+
• Network of 50+ contacts in marketing and advertising
• Always try one new tactic each year – this year
Google adwords
Setting up Kindle Research
• Writing a business plan
• Finding a name
• Building a website
• Starting at home then moving to an office
• Telling people
Things that worked for me
• Launch PR generated enquiries that turned into
business opportunities
• Talking to all my contacts from previous jobs who
could influence short lists for projects
• Alliances
• Networks both 50+ and ICG
– Contributed to book ‘The 50-Plus market’
• Having some close friends to call on for advice
And things that didn’t!
1. E-mail mailer was costly and generated no
response
2. An expensive website
3. Directory listings
How to set up as a successful
Independent Consultant
11
What do you want to do?
• Name – your name or made up name
• Positioning – generalist vs specialist, freelance vs
consultant
• Who is your target audience? MR agencies vs end
clients?
• Key selling points – what are they?
Write a business plan
• Important to set down your goals and how you are
going to achieve them
• Hard and soft eg turnover, Christmas card list of 100
after year 1
Choosing where to work
• Office
– Separates work
– Banter
– New friends and business partners
– Cafes and shops
• Home
– Low overheads
– Peace (until the kids get home)
Get a good accountant
• Ask around your friends for someone they would
recommend
• If no leads then ask 2-3 to pitch for your business
• Get a software package to manage the finances
• Costs do vary
Marketing – what is best for you?
• Identity
• Launch with a bang!
• Website – history, case studies, testimonials,
blogging
• Conferences/exhibitions
• Write articles/contact journalists if have an interesting
story
• Training can help lift your profile
The importance of networking
• Competition vs collaboration
• Advice on just about anything
• Social networking – LinkedIn, facebook, Twitter
Memberships and accreditations
• AQR
– Independents group
– At least 1 good party a year and a conference
• MRS
– Reassurance for clients
• ICG
– Highly supportive network
– Quarterly networking events
– Web directory search
Keep going when the phone
doesn’t ring!
• Have periods when too busy and just the opposite
• Have to stay positive and believe!
• Ideal time to embark on marketing activity and have
lunch with your contacts
• Don’t spend all day at your desk – get out and do the
things you haven’t had time to do when you are really
busy
Good Luck!
Paul Hutchings – Kindle Research
[email protected]
+44 (0) 1273 770095
+44 (0) 7768 815472
Skype: kindleresearch
Janet Kiddle - Steel Magnolia
[email protected]
+44 (0) 1372 819076
+44 (0) 7816 519539