Start a business: The 40 guides by Monocle.
Last month, I spent more than I've budgeted for a book to buy a new collection of Monocle called "The Monocle Guide To Good Business." I was a bit skeptical of the content at first, but this book turns to be quite compelling for me.
The 300 something pages book with its lavish hard cover contains of an interview with people across the globe who were concentrating on creating a better work environment by investing in good architecture, solid furniture and serving the best lunches. The founder of Monocle, Tyler Brule, on his speech:
"In many ways this book has been inspired by all those individuals who have had the sharp ideas and necessary courage to hang out their shingle. But it has also been created for anyone looking to refresh a string of shops they have inherited from granny, searching for a design firm to create a new identity or simply thinking about their next move.
We've always maintained that the best way to be inspired and stay on top of your game is to get out in the world and observe the people who are doing it best."
This book is about getting inspired and spark yourself to get creative, get on to create something on your own, and measure your own success. If by chance you have failed on your previous venture, this is your guide to have your clean slate, rediscover your true passion and learn the importance of being conservative when going out on your own business. The book is also stressed out that one does not need a special skill as much as a passion for the business we are doing. If we have that (the passion), results will come sooner or later. Skills are something we pick up along the way.
I'm quite stingy with a book, so let's drop the idea of lend it from me, because NUH UH I'M NOT GONNA. Click here if you want to buy it online, but the book is now available in Aksara stores though *smirk* BUT I am still the generous one, so I cut and paste for you the steps to success by Monocle for the soon-to-be greatest business owners. Read it while sipping on your coffee and don't forget to bring your pen and notebook! Jot down on whatever the idea that works for you. Happy happy exploring.
01) Inspiration - Know where to start
The first thing you need is an idea (or two, just in case the first one proves daft). You don't have to think of something that's unique - although this can be helpful in some instances. Often a fresh approach to an old format is the perfect place to start. A good coffee shop, a friendly lawyers' office, a modest but ambitious architecture firm, a cake shop with good buns and a nice window display; nothing new but things the public wants repeatedly.
(02) Awareness - Look before you leap
Think what this means for your life - are you ready for the sweat and tears? Be clear about why you are doing this and be ready to make some sacrifices in the pursuit if happiness and satisfaction. Because while it may be momentarily glorious to tell your corporate boss that you have had enough of her and her temper, what lies ahead for any entrepreneur takes courage and involves numerous set backs.
(03) Detail - Design a blue print you can rely on
Create a plan. A really detailed one. You may not stick to it in the end but there are some essential questions you need answers to. What are your start-up costs going to be? Who will be your investors and how will they be repaid? What do you intend your profits to be in year one? Be modest, clear and honest - especially with yourself.
(04) Research - Know what will work
Test that plan: check out your rivals and speak to people you trust. Have you been realistic in your pricing? How big is the market? Why is your opposition so successful? And make sure you don't just ask your close circle of friends: chances are they will either be over over-enthusiastic or dispiritingly cautious.
(05) Commitment - Stick to your idea
Don't dawdle. After you have spoken to everyone, don't get blown off course. Your head will spin if you ask too many people for advice. Let's say you want to start a small wine company with links from vineyard to retail. A survey opinions will push you up and down market from Chile to Italy. But if you know your passion is for selling Spanish wines to Japan, stick with it.
(06) Investment - Fund your business
Now raise the money. If you need investors, start with friends and family and show commitment by adding your own cash. Forget the Palo Alto venture-capital model (having a vague idea and getting a billionaire to pay for your vision) because beyond that bubble, investors want to see that you too are sharing the risk. You also want people who are in it for the long haul and will not jump at the first sign of trouble.
(07) Ownership - Avoid legal action
Speak to a lawyer and register your invention. Make sure any shareholdings are clearly explained on paper, understand your liability and think ahead. Your company name may be very valuable in years to come - make sure it really is yours.
(08) Modesty - Keep things simple
Kitchen tables are good for start-ups: it's perfectly normal for big businesses to have modest beginnings. Don't be tempted to take offices until you need to. Lots of companies require little more than a laptop and a phone to get started.
(09) Collaboration - Be a part of something
When you are ready to vacate the kitchen, the shared workspaces that have appeared in cities from Paris to Buenos Aires allow people access to large offices and all the things that go with them. But they also give you a network of people to bounce ideas off and collaborate with. You pay a modest fee in return for a working environment that's inspiring, even if you are only using a desk for a few hours a week.
(10) Petiteness - Have only what you need
If you do need your own office or shop from the get-go, start small. Too many retail concepts, for example, fail because people just start off too big, paying rent for floorspace they don't need. Conversely, there are lots of shops no bigger than a few square meters that raise the bar in terms of inventiveness.
(11) Equipment - Make work a pleasure
A desk, a chair, a laptop: get it right because it's likely you will be sitting here a lot. Your working environment should make you feel good about the day ahead. This is not about cash, just about choosing carefully.
(12) Support - Have help on hand when your computer gives up
Make sure there is a plan for when your computer breaks down and the website crashes - you need an IT man or woman. Mastering on the tech issues or hire a team member who knows the key you need to press to reset your day.
(13) Appellation - Ensure immediate recognition
Choose a name for your company that will stand the test of time and work in all formats - and in various nations if you intend to go global. It also needs to be something that you can say on the phone and people will get first time. Having to explain or spell the name repeatedly will become very tiresome very quickly.
(14) Elegance - Instigate clear and effective branding
Choose a font and a color for your brand. If you find it all too much, remember that's why God invented Helvetica. And make sure everyone uses the same font on emails too because brands must be seamless and co-ordinated.
(15) Correspondence - Deliver your message
Invest in stationery and business cards - they say an awful lot about you. Crisp, firm and precisely folded mail will underline that you are a brand that understands the details.
(16) Values - Stay on track
Know your brand values - what do you stand for? Let's return to our wine company. What's at its heart: provenance, sustainability, craft, modernity and paying everyone in the supply chain a fair salary? You don't have to shout to the customers about these key elements of your brand (they just want a good wine) but you need to be able to go back to your values again and again and make sure they inform everything that you do.
(17) Recruitment - Get the right balance
Pick your first staff carefully. OK, they can talk the talk and have the right skills but are they nice? Will they be there when the tough moments arise? Do they seem like the loyal sort? Gather people around you who can become a team.
(18) Aesthetics - Create a co-ordinated look and feel
Don't blow the budget yet but have an aesthetic about everything you do. If your wine brand is about craft and provenance, bring those qualities to life in how you design your office or host wine tastings. Add integrity and honesty to that list of brand values.
(19) Marketing - Let people know who you are
Choose a marketing plan - a simple one. How are you going to let people know that you have launched and that you have a new product? At every event and meeting, get contacts so you can build up a database of useful names. Produce a newsletter. Print posters. Make tote bags. Just get your name in front of the right people.
(20) Self-promotion - Take the direct approach
You don't need a PR just yet - you are the best person to tell your story. Public relations can work very well but nobody can relate your adventures better than you. A journalist will hear the passion in your voice and see the commitment you have made. Spend money on a coach who can help you with public speaking and presentation if you are nervous but wait until some proper money is coming in before getting in too deep with a big PR agency.
(21) Party - Tell everyone you've arrived
Make some noise: have a party and get people to notice you exist. The launch party is a good idea for any business because you start that word-of-mouth chain that will bring people to your door and put a stop to the question.
(22) Networking - Spread the good news
Buy people lunch. It's amazing how much business will come from such contact.
(23) Reputation - Offer service with a smile
Respect word of mouth - the original social media - and the power of the personal recommendation. Lots of this happens online but a lot still occurs naturally as friends talk to each other. Do your best to keep people happy and always reply to emails, even from hard-to-please clients. It's funny how a simple and honest reply can often resolve everything. Go the extra distance.
(24) Community - Have a local love-in
Base yourself in a community and be a part of it: get involved with neighboring enterprises and start-ups. Local trading associations and business groups do good things but many new companies find ways of becoming part of their local scene without such formal backing.
(25) Simplicity - Do it your way
Don't read too much literature - just do it. Business books can be useful but don't get caught up in complex theories. You just need inspiration and a guiding hand every now and then so pick up what you read with caution.
(26) Consistency - Work towards long-term gain
Brands are made through repetition so don't change course too easily. OK, so they don't get it at first but before you switch strategy, make sure that you have given it a good go.
(27) Submission - Get things off the ground
Let it take over your life in the early years. You may not have enough days off, you may not see your friends very often, you may earn less than you had hoped - but you will look back at these days as some of your finest. This is your life now.
(28) Mentors - Seek a second opinion
Have a wise counsel: you need some independent you can turn to for advice in stressful moments - some business coaches are helpful in this instance. When it looks tricky or you need to move to the next stage of your company's development, it's good to have someone who can give you informed but very honest advice. We all need mentors.
(29) Reinvestment - Stay topped up
Put money back into the business. Every single year. Even in the tougher times, your priority has to be making sure that you are staying relevant and well funded. The dividend can wait for the time being.
(30) Web-ready - Carry out careful digital planning
Know when it is time for the website and the digital plans because these are not cheap options. It's hard for any business to exist without a website but only build what you really need. Web projects rarely come in on budget and the platforms they are built on date faster than the quirkiest fashion statement. Look at simple off-the-shelf products for stock control or e-commerce. You need less than they tell you.
(31) Expansion - Aim for sustained success
Employ more people. It's a testing time when a business expands and clients can no longer have all of your attention. There are painful hurdles as you expand and you have to cede control on certain things. If you can, promote from within and reward loyalty. Outside hires can often go wrong if you are a small, tight organization with a clear set of unshakeable values. Be cautious.
(32) Exploration - Broaden your horizons
Go out into the world and take your show on the road. You want to be big in Mexico or Thailand? Well, go there. The world of video conferences and emails cannot let you see new ideas in action. More business will always come from your adventures. Running a company is all about friendships. Let people see your skill and enthusiasm in the flesh.
(33) Pruning - Aspire to the greater good
Let people move on - don't keep staff who are bad at their jobs. It's one of the most painful things an entrepreneur has to do but you should not renew contracts or avoid difficult reviews if you have found yourself with staff who will never be able to help you.
(34) Assistance - Make the best use of your day
Getting bigger? Employ an assistant. Today you booked flight tickets, tried to fix the photocopier, made some lunch and dealt with numerous questions from your team. There comes a point when you need an assistant who can give you time to do what you are good at.
(35) Diversification - Break new ground
Start to stretch your brand - what else can your company and its name do? OK, so you have the wine shop but could you also have a wine hotel or run wine holidays? Or how about a catering business? Spread the brand with care but maximize its potential.
(36) Retreats - Engender employee morale
Have company away days. You might try to get everyone to put aside an afternoon but it just never happens. Take them all away to the mountains or the countryside; somewhere nice and quiet. Friendships are reaffirmed and people get to think clearly about the way ahead. And make sure all management speak is banned; there should be no "blue-sky-thinking".
(37) Enlargement - Upsize at the right time
When no more desks can be squeezed in and there's enough money in the bank account, it's time t move on. Now your office can be a true demonstration of your brand's values. No need for flash but it should hint at the kind of confidence that says you are here to stay.
(38) Reflection - Remember how you got here
Remind yourself how this venture all began on a regular basis; go back to those founding core values again and again; making sure you are staying true to your company's heritage and be able to articulate your story (the real one, not a made-up one).
(39) Celebration - Let people know they've done well
When you have a big win or when Christmas comes around, make sure you pop a few corks. In hardworking, growing companies, it's vital that you know when to spread some cheer. These people are stars. Let them know it.
(40) Rest - Take a break
Have a holiday. You deserve it. Sun on your skin, a doze in the afternoon, a long, long dinner. You'll forget it all for a few days and then you'll find your fogged mind clearing. On the final days you'll be revived and full of ideas for the years ahead. You'll even have the occasional smile as you think to yourself, "I am running my own company. I am my own boss. I love what I do"
