How Old? How Long?

[ebonybailey]

Simple questions:

How Old is your business?

Did you expect to have been more successful / Less Successful at this point?

And what are your plans for the future, do you keep going, expand...?


Michael

[Rachael]

Well, I started in 2004 however have had 2 name changes and also gone back to working for other people and college whilst carrying on in events!!

I've been through so much that I'm seeing 2006 as a fresh start. I'm hoping to expand into public relations - with the help of some saint like people (andy 10 yetis :D:D:D)

Looking forward to a wonderful 2006

[Jayne]

One of them 12 years, bowbiz 3 1/2 months, art one 2 weeks :D

It's hard to say with my new biz's, what will happen, very early days.

Jayne :D

[DuaneJackson]

3 years old now. This year is really looking to be a good one.

We're seperating KashFlow from the core business (Key One) and I've got an investor lined up and we're really going for it with the marketting side of things and hoping to have a very good year in terms of sales with that particular business. - So expansion definetley.

There's not much planned for further developing Key One this year as all my focus is on KashFlow at the moment.

It'd be nice to find a decent developer, salesperson and server admin that I could trust just to run with things on Key One with minimal managment time required from me. We've got all the resources and infrastructure to do it - just not the people!

[DuaneJackson]

In terms of expectations. It's definetley been a lot more successful than I'd dared hope for. We stumbled upon the idea of KashFlow about a year ago and this has been a real gem for us in terms of creating additional revenue but also having a unique product to market.

Up until that point we had been serviced based and there's only so many hours in a day to sell. With a product it makes little difference to the resources needed with each additional sale.

[Rob Holmes]

Ive been in web design and optimisation from 1997 - with splitting Matrixx away from the main business around 2 years ago it's grown steadily since then.

About 18 months ago I created a concept for a Uk wide network of franchises (not connected with matrixx) and have spent the last 8 months helping a test franchise get off the ground. The test franchise has put a guy in business that was made redundant a while back and he is now financially independent because of this. This year we plan to have a further 10 franchises up and running which is a small but good step to our aim of 200 franchises in the next 2 years. We've secured a 5 figure sum from an investor, got on board a top business growth expert and now got a fantastic accountant (alpha) to help us realise the full potential of the business.

:)

Rob

[lowcostinks]

about 6 months now, been going ok so far not very busy. but i havent spent no money on advertisment as of yet.

I hope to see myself in the next year or to maybe open a shop on our local high street

lets hope hey!

[Emma Crabtree]

Have been 'live' for about 8 months. I'm finding it tough for a myriad of reasons, but looking for things to start happening in 2006.

Starting out on one's own, in a foreign land is the biggest challenge I have ever set myself. It helps having forums like this to keep one's motivation up.

Cheers
Emma

[Mortime Business Software]

This is an interesting thread.

I didn't intend to start a business in software development for another couple of years, so I suppose my business is about minus 2 years old! But since joining UKBF, and meeting so many friendly and helpful people, I have decided to start something by the middle of this year.

I don't expect to be making any profit for another two or three years because I still have a lot to learn, and I want to try and find a team of, say, three or four people who are as enthusiastic as I am. But whilst I continue studying, I will prepare myself with the necessary skills and do some market research.

I would like to have a couple of modular applications built by the time we go full time. Something we can offer as limited-feature or time-trial downloads, then let customers purchase licences if they wish to continue with them.

Looking much further into the future, I would like to punt for contract work from meduim to large businesses, and even try for government work. In for a penny, in for a pound. I don't see any reason why we shouldn't aim for the stars. :)

Dave

[Top Hat]

We started about 6 years ago as a bit of a laugh/hobby

Back then I would never dare dream of how successful we've been.

Plans for the future, more of the same, more visitors, better conversions, higher average order, more glittering prizes.

[Claire B]

I've been running for nearly 2 years (but it feels like 20 :D )

[Coding Monkey]

I don't expect to be making any profit for another two or three years

Don't put that in your business plan ;)

I was incorporated 1st April, but it wasn't until August that I started trading. It's actually going far better than I expected, because I've been willing to sacrifice higher profit for higher quality and receive better customer relations as a result. I've been amazed at the positive feedback from customers, and how willing they are to help by referring us to their friends. The next step is to move into an office and employ a fulltime designer within a few months.

[Real World Hypnotherapy]

I have been running businesses for 5 years and MK Printing since September 05. Because I don't work in the business as such it allows me to concentrate on driving it better and focus on bringing the work in.

This year we will be the biggest suppliers of comp cards to actors/models and also one of the largest suppliers of materials to new businesses.

I am opening up 6 websites over the next couple of months so the future is very bright :) This took a lot of work mind.

Matt

[Hedgehog Toys]

Well, we have been up and running since 1st of December 2005 but we haven't had a website up and running until this month so christmas was not as busy as it can be.

We are going to concentrate on the run up to christmas 2006 and also in our nursery / school supply services .....

No chance of me giving up my full time job yet though :cry:

[Pixels Ink]

I've been going since 1st of December 2005 and things are going waaaaay better than I had thought they would be this early in the business. I've not done much marketing as most of my business is coming in through word of mouth. I also do a lot of work for MK Printing.

I was expecting to be a lonesome cowboy for a good few years but at the rate things are going I may have to look at employing a few others.

I'm not rolling in money as I'm doing the same as MacMyDay and am charging low fees at the moment as an incemtive to new clients. it is working really well with lots of great testimonials coming in and good referrals.

Once I have bult up a little more money I intend to start advertising more.

8 years of working in design studios has allowed me to take on the good things and how to to do the bad things better or avoid them completely.



Col

[Real World Hypnotherapy]

A lot of you will have spoken to Col if you have ordered things off me. We have been working together for a couple of months now and it is working out great.

Col is a great designer and because we give him so much work he doesn't have to go out looking for it meaning we can do it for cheaper for the clients.

Networking is where it is at! I met Col through someone else and we are bothing doing well out of our working relationship. If you want to expand your business, talk to more people. Let people know what you can offer and what you are looking for.

Matt

[Coding Monkey]

I'm not rolling in money as I'm doing the same as MacMyDay and am charging low fees at the moment as an incemtive to new clients. it is working really well with lots of great testimonials coming in and good referrals.


Well, we're not quite that low. The first design job we did was over 10x what you charge. If you don't value yourself, no one else will.

[fastfences]

About 18 months ago I created a concept for a Uk wide network of franchises (not connected with matrixx) and have spent the last 8 months helping a test franchise get off the ground.

Rob

Unbelievable :evil: A few of us have been yelling out for a 'Franchise' section; nothing's happened, despite you being here with a wealth of new-found knowledge just busting to be dispatched.

So now that you've released this applaudable news, are you going to share your knowledge with the boys . . . and Claire B? :wink:

Congrats on the great surge forward!
Cheers, Nigel

[clairemackaness]

I've been selling my art since the beginning of 2005 on eBay but my site only went live in August 2005. SInce then I'm making my slow but progressive way to the top.

[Kate]

we've been running the main company for six months, and have just TODAY(!) sold our first franchise in the secondary company - been running for about 16 months.

It's still a struggle, and we're not making any money at the moment - rather wondering how we're going to pay the bank charges every month, but every bit of good news takes us one step further!

Now I'm going out to celebrate - the champagne is on ice, the hard work starts tomorrow.

[ebonybailey]

Congrats Kate. You know where to get support from, we are all doing our best to make our business's work and its never easy.

Michael

[clairemackaness]

Well done kate

[seabro]

we have been running 16 months. from the beginning business has grown steadily. (general IT services) my goal for this year is 100% turnover increase on last year. I am not on target coming towards the end of the first month but I have very exciting plans and have started to implement them.

I can also see that the more clients you have on board, the more that want to come on board.

I got a fealing growth will not be linear. in the beginning it was less than linear but I can see that providing we manage to maintain the current service levels growth will become exponential.

it's not wishful thinking.. it's happening.

my biggest challenge for 2006 will therefore be to ride the wave without falling off!

[Steve Roberts]

I started my current company in 1990, when I was 26 (yes I'm 41!) Last year we turned over £8m and made 25% O/P.

My company buys and sells companies, charging both a retainer and a cut of the final sale price. This year I plan to get involved in floating companies on the stock market - in fact we've currently got a deal going through at the moment on the NASDAQ, which will net me both cash and shares in March (if God is willing!). I also want to diversify into facilitating MBO's, which is a natural evolution of trade sales and floatations. Lastly, I'd also like to get involved in "grooming companies to keep", whereby we'll assist retiring business owners to make their companies independent of the owner, but still dynamic - I'm currently forming some partnershps with a number of business consultancies to facilitate this.

All in all, the future's looking good.

[seabro]

£8m turnover and 25% O/P and too old to spend it....


(sorry steve, couldnt resist)

:-)

[Steve Roberts]

£8m turnover and 25% O/P and too old to spend it....


(sorry steve, couldnt resist)

:-)
No offence taken - my hair is grey but my heart is young!!

[Hayles]

In various forms our catering company has been going nearly four years. Started off in a tiny kitchen in the back of my wedding shop. I thought I'd just do the odd buffet every now and then....!

Nearly four years on and we're waiting to find out if we've got a new tender for the Town Hall and all the catering for council staff, town hall functions, etc. (they approached us initially which can't be a bad sign).

We get calls every day from people who we've been recommended to, and are teaming up with another local caterer who we'll pass on some of the work we don't want to do.

I'm really looking forward to 2006. And it sounds corny but a lot of my optimism is because of things I've learnt and people I've met from the forum.

But, we're ploughing money into our other business so we're still poor :cry:

[Mortime Business Software]

I can also see that the more clients you have on board, the more that want to come on board.

I got a fealing growth will not be linear. in the beginning it was less than linear but I can see that providing we manage to maintain the current service levels growth will become exponential.


I agree that growth is initially exponential, but obviously this can only continue up to a point. At first it may seem as if there is no growth, or linear growth with a small gradient.

I can imagine that there would be a few different variables to consider when measuring growth, and that to consider all of them together would be very difficult.

But let's say for simplicity's sake that we could measure growth for a given business for the "word of mouth (wom)" variable. You could then imagine that, on average, if each customer of the business tells 3 others, and each of those 3 told 3 more, and so on, then it will seem as though the curve for growth due to wom has the equation y = 3^x (x > 0). This would work rather like one of those pyramid schemes.

However, in reality even this simple function would become more complicated because other factors would interfere. For example, some customers would leave you no matter how much you tried to please them because your competitors would take some. Others may move to a different location or die.

Experienced mathematicians can come up with functions to predict growth, but owing to the chaotic universe we live in, even they cannot predict such phenomena very accurately. And with tools provided by great people such as Isaac Newton, they can even predict the rate of growth at any given time in the future.

With my limited math skills, the best I could imagine is an 'S' shaped curve which at best always approaches but never reaches an upper limit.

Dave

[seabro]

your right Dave. I guess if I had given it some thought then truly exponential growth would have been out of the question.

I guess I just meant faster growth than it had been earlier in the business.

Still excited though :-)

[Pixels Ink]

Well, we're not quite that low. The first design job we did was over 10x what you charge. If you don't value yourself, no one else will.



I see what you are saying but I do value what I do very highly and I think if you ask recent clients they value highly the work I have produced for them. If I am able to produce quality work at very competitive prices then I think that is good for the client.

It is a cutthroat market out there and I would rather sacrifice a few quid early on to bring clients on board to show what I can do than go straight in there with the same pricing as everyone else and lose out to firms with a bigger back catalogue of work :D

Col

[Steve Roberts]

I can also see that the more clients you have on board, the more that want to come on board.

I got a fealing growth will not be linear. in the beginning it was less than linear but I can see that providing we manage to maintain the current service levels growth will become exponential.


I agree that growth is initially exponential, but obviously this can only continue up to a point. At first it may seem as if there is no growth, or linear growth with a small gradient.

I can imagine that there would be a few different variables to consider when measuring growth, and that to consider all of them together would be very difficult.

But let's say for simplicity's sake that we could measure growth for a given business for the "word of mouth (wom)" variable. You could then imagine that, on average, if each customer of the business tells 3 others, and each of those 3 told 3 more, and so on, then it will seem as though the curve for growth due to wom has the equation y = 3^x (x > 0). This would work rather like one of those pyramid schemes.

However, in reality even this simple function would become more complicated because other factors would interfere. For example, some customers would leave you no matter how much you tried to please them because your competitors would take some. Others may move to a different location or die.

Experienced mathematicians can come up with functions to predict growth, but owing to the chaotic universe we live in, even they cannot predict such phenomena very accurately. And with tools provided by great people such as Isaac Newton, they can even predict the rate of growth at any given time in the future.

With my limited math skills, the best I could imagine is an 'S' shaped curve which at best always approaches but never reaches an upper limit.

Dave

In my experience sales & marketing is very much a numbers game. The more calling / direct mail / advertising (etc.. etc..) the luckier you get.

In my company I thoroughly measure:

1/ The number of mailings.
2/ Advertising spend and demographic.
3/ The number of enquiries generated.
4/ The number of follow-up calls which ask for more info.
5/ The number of follow-up calls after more info sent.
6/ The number of meetings with prospects.
7/ The number of quotes from the meetings.
8/ The number of orders from the quotes.
9/ The average value of the order.
10/ The average pipeline of the order.
11/ The average payment time.
12/ The level of repeat business.
13/ The length of client retention value/time.

I then analyse which sales staff are performing and which need training, by assessing the conversion levels.

Now if the samples are big enough, taken over a reasonable timesacle, it means we can predict cash-flows up to 9 months in advance.

It's all about "measuring & control" (and want you don;t measure you can't control).

[MarkPearson]

My latest business which most of you are aware of www.rosesbydesign.com It has been running since November 05, so not long at all.

All is going well, we had a busy christmas and Valentines Day is looking like its going to be very busy.

It will be interesting what happens after we have valentines day and mothers day out of the way.

I have many ideas...

[Mortime Business Software]

In my experience sales & marketing is very much a numbers game. The more calling / direct mail / advertising (etc.. etc..) the luckier you get.



Definitely. Opportunies abound, it's just a matter of increasing the probability of stumbling over them.

Thanks for that Steve. I've saved your variables and I will think about them. This is another aspect of business I feel I need to consider before I properly start my software development business. I would like to have as much of this in place before I start.

I may pester you about this at some time in the future because I find it interesting. :)

Dave

[caroline]

We've been going three years now. I was amazed at how much better the website is doing compared to the shop! We started off as a gift shop selling three dolls and it has escalated from there to mainly all dolls now. I have to put in a lot of work to keep up with things though, as the dolls and artists change, and it takes time for the doll collectors to accept you into their world, if you know what I mean. It helps that I had an interest in them anyway and already knew a lot. Like I always say, you need to have a passion for the business you are in, otherwise it doesn't always work.