Hindsight is a wonderful thing
Having recently celebrated 25 years in business, chairman of the Cummins Mellor Group, Richard Mellor reflects on what he would have done differently when starting up in 1990.1 Be more frugal on spending my initial capital on intangible activity such as huge advertising campaigns, fancy equipment and trying to portray the part.
Be true to your gut instincts and deliver what you know is right deep down, instead of trying to portray what you think people need and expect. It’s ok to be the new kid on the block, people like to help and support. You don’t know everything and no one expects you to!2 Ensure that my terms of Business were water tight
Joining your sectors governing body and the FSB is a great step in order to ensure you have the right terms and insurance cover.3 With respect to my various business partners, I wish I had more courage to go it alone
If you have the courage to start your own business, no one will ever feel like you do about it, believe in yourself to succeed. Don’t give away anything just because you’re doubting yourself, instead seek out a good mentor who you truly trust and can talk to. You will make yourself a fortune!4 See what grants were available
There are so many options available to new start-ups at the moment, delivering support programmes to help businesses grow. It’s definitely worth looking into this to see what funded support you can access.5 Truly understand tax
Get to grips with corporation tax, PAYE, P11ds and VAT and when they’re payable. It all came as a bit of a shock to me!6 Understand the power of social media and marketing The amount of brand exposure you can gain and the contacts you’re able to reach on social media is amazing and should be taken advantage of. This, together with quality and consistent marketing is a great combination to get your business noticed for the right reasons.