Lessons from my entrepreneurial journey

My first start-up was Texmo. It was a B2B end to end logistical management tool connecting retailers and tailors. We raised £15k of grants through various subsidiaries and pitches using our university network. Harrods and other top end stores were interested in using it. The tailors end was a different story. They were content with the archaic paper based system they were using. It was difficult for them to see our vision. Texmo team disintegrated and we went our separate ways. I was still passionate about tailoring and the idea. In life, when one door closes another one opens. When the opportunity arose for me to run my own tailor shop, I took it with both hands.

We incorporated the company on companies house. The office took the longest. We found a couple but the one in Kensington was the right fit. The former embassy of Georgia. Small but cosy. A beautiful view out the window. It was a long and boring process to get the keys. A lot of paperwork. You don’t want to get into a contract and end up signing for things that can later hinder you. I made sure that the paperwork was thoroughly checked by a solicitor. We opted for top of the range equipment and sorted out the worktables. It was time to do business.

We had a team of three. I was in charge of operations and strategy. The other two partners were tailors of high calibre. They had a combined experience of 40 years between them! One was a master tailor. The reason I got in to this business was to push Tailorhouse (formely known as Texmo) out. There were essentially two sides of the business. A B2B and a B2C. For the B2B, I opted for printing a brochure presenting the business. Outlining our strengths, experiences and competitive prices. With no lead, I put my suit and tie on. I was ready to find retail partnerships. My strategy was simple, aligning the retailers vision with our businesses. Essentially, how using our service will allow the retailer to generate more sales. Alongside this, we printed basic leaflets for our B2C customers in the local area. Since we had a small team, I marked a 3 mile radius on the map and did that too. As well as this, I attempted to grow my business on social media. I was walking around 15km a day (according to my phone). Not long before we started, we landed our first client. I knew after I achieved to get one partnerships, soon the rest will be rolling in. Boy they did. I was persevering. Going for lunch with the respective client, negotiating and sometimes even doing some complimentary work to show them how we operate.

Business is simple but not easy. Understand this: businesses can compete in five different ways.

1. Price
2. Quality
3. Service
4. Research&Development (R&D)
5. Marketing

You can attribute these five points to any business. This is what any business competes on.

With the tailoring business, I decided to focus on the first three. The reason being is that I thought marketing was mainly for B2C. Also, the networking I was doing face to face is a type of marketing. I could use my network to market to other stores within the same retailer. R&D was the use of our app. If for example:

1. the price was better than our competition.
2. The quality of work was more superior.
3. The service was world class.

In my eyes, there would be no reason why a retailer would turn my company down. It was a tricky one. I was right but it is deeper than that. Business can be dirty. I soon realised that there is a lot of corruption and dealings under the table. You can join the bad guys or believe in the service you are providing. I stuck to the latter. I believed in myself and the network I was building. I could eliminate a competitor by speaking to the guy at the top and striking a deal with him. A manager has influence but no-one is going against a decision of a director. Business decisions are made from the top down. However, to run a successful business, focus from the bottom up. I kept on persevering. One obstacle after another. I kept breaking down doors. Managers deciding not to pay. Invoices getting ‘lost’. Sales assistants expecting a miracle turn around time. You name it. Remember: the obstacle is the way.

We ended the first year on over £100,000 in revenue from the B2B side alone. B2C was alright. Had I focused on social media marketing, I am sure it would have been much higher. It’s a skill I am working on. I was so caught up in increasing the revenue and operations, the app was progressing slower than I projected. I was picking and dropping off the garments from store to store, walking 15km six days a week. I was exhausted and my energy was depleted. I had a agreement in principle with my business partners: to get a runner so I could focus on the app and strategy in order to increase revenue further. It never happened. We had a conflict of interest. I decided to leave.

Starting my first ever business was no easy task. I made a lot of mistakes. I am happy I did though. I learn through the mistakes I made and make. Business is a iterative process of constantly re-calibrating yourself and your company, ensuring you don’t make the same mistakes twice.

The journey is far from finished. I am now focusing and growing myself. Currently reading a lot of philosophy, self development and history. I blog and I am trying to share more with the world. I am also trying to learn new skills. Namely writing, programming and social media marketing. I have a new business in the pipeline and I will definitely share updates with you guys!

Ten principles to run a successful business in no particular order:

1. Have evidence and proof for everything — In business, everyone overpromises or say things that they don’t really mean. Write it down. Make contracts. Back yourself up.
2. Quitters never win and winners never quit — You’ll get a lot of no’s. That’s expected. Persevere. No means not now. Keep doing what you are doing and you’ll eventually get a yes.
3. Research your competition or similar businesses — I used to pretend to be a customer with my competitors. See how their service, price and quality is. Can I compete? What are they doing good that I can implement? What are they not doing which I can do? How are they marketing and getting clients?
4. Establish meaningful relationships — For me business is always personal. I know I am dealing with a company but the people mean so much more than the money. I always tried to get to know my clients on a human level. Yes making money is good but being nice and having a great character precedes everything.
5. Be yourself — Don’t try being someone you’re not. People will like you for you. Never put up a facade.
6. Know who you are working with — You can’t teach a dog new tricks. How do your business and retail partners operate? Do their vision and goals align with yours?
7. Grow with the business — Make sure you don’t lag behind. Read personal development and business books. Increase your network.
8. Be straightforward — Be frank. Don’t beat around the bush.
9. Don’t overpromise — Your word is your bond. Trust is utterly important in business. When you don’t deliver, people and businesses lose trust in you.
10. Either be a designer or a seller or both — You either sell the vision or make the vision come to reality. Having paper with no printer is useless. Having a printer with no paper has no use either. You need both to make it work. Create synergy.