From cupcake-crazy home bakers to fitness addicts and artistic dreamers, more and more entrepreneurial Britons are turning passions and pastimes into money-making enterprises. In fact, latest studies show there are 600,000 more micro businesses in the UK today than there were during the onset of the financial crisis in 2008*.
A separate report by the Office for National Statistics also found that self-employment in the UK is at its highest level since records began 40 years ago. However, one of the big differences between being self-employed and turning your hobby into a business, where you’ve had no formal training, is that you’ll have to work even harder to get a grip on market and customer demand.
Do your homework
Before taking the plunge, homework and research are key to deciding whether or not it’s just a pipe dream. This needn’t break the bank – depending on the business and what you want to find out, you could try face-to-face focus groups in your local community, as well as free online polling tools such as surveymonkey.com.
Social networks give fast feedback and are a good place to find other people in your industry – and discover what your customers are saying about you. Or why not delve into big data? Google Trends and Google consumer surveys show the types of terms people are looking for online, which can assist in optimising your website copy using SEO (search engine optimisation).
Create a business plan
As with any new venture, creating a business plan and working out costs is also hugely important, especially when it comes to figuring out prices, profit and securing investment. That’s not to say it’ll be easy – many small businesses fail in their early years because owners make mistakes, misread the market, or fall victim to other external factors.
Get it right and you’ll end up wishing you’d done it sooner: “I used to teach textiles and was always sewing between classes,” says SewLomax founder and creative director, Emma Lomax. “Starting my own business meant moving to the next step. It was no longer about embroidery; it was about making something people wanted.”
* Data from Royal Society for the encouragement of Arts, Manufacturers and Commerce/Etsy.
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Over the past couple of decades, The Chasm Model has been the centrepiece of nearly every conversation I’ve had about launching new technology.
While its merits are many, lately I’ve been wondering how applicable it is in business-to-business markets. Sure there are early adopters. Perhaps even an early majority. It’s the late majority that seems to be in trouble.
Having sat around harvesting revenue from their customer base, the late majority wake up one day to face a revenue precipice. In short, the early adopters and majority reach a tipping point and start acquiring their customer base en-masse. Powered by the economics of the cloud (not just technology but also business) these new players scale at speed – achieving continuous growth rates in the high double and even triple digits.
We see a couple of shifts driving the acceleration of the new players. For instance, cloud technology and business models on the supply side, and then mobile on the demand side. Entrepreneurs emerge from both sides presenting the late majority with an impossible force to counter – and their brand advantage and customer relationships are quickly weakened.
Look at what happened to booksellers, record stores, and others. We are seeing the same in accounting where new disruptive value propositions are being built on cloud platforms like ours. What’s important is that these new players aren’t just using new technology – they are reshaping their brands, service offerings, price points and more.
The message is clear. Rather than wait for the late majority, fuel the high-growth early adopters and watch them grow. Who would you rather be (or be backing)? The eater or the eaten?
Last night we enjoyed an evening of dinner, dancing and decoration at the Xero Awards in London, celebrating the success of our partners in 2014.
Nineteen awards were presented across the evening, from our Regional Accounting Partners of the Year, right through to the Most Valued Professional, Add-on Partner of the Year and the Overall Accounting Partner of the Year.
A huge congratulations to all of our winners!
We welcomed our guests back to Xerocon day two after a big night of celebrations at the Xero Awards, acknowledging the success of our high achieving partners.
Branding your practice
Rita Clifton, chair of BrandCap, opened day two with why branding is so vital in the digital age. Successful branding is about being clear about who you are and what you stand for, communicating that in all that you do, and employing people who stand for what your brand stands for. “It helps if the CEO isn’t an idiot… they’ve got to epitomise who the brand actually is.”
“A brand is more than packaging and labelling,” she said. “It’s the substance that lies beneath.”
Today’s guest author is international motivational business speaker Debbie Mayo-Smith.
You know how important it is to have a small elevator pitch or few word summary of what you do. Not only to have it – but to get it right.
This is something that I have had great difficulty with. No, more than difficulty. It has painfully eluded me. Even though I am a marketer and normally have a way with words and know how to talk in benefits. Well, you would think – that is until it came to describing succinctly what I do. Having that wee pitch that generates interest and ‘tell me more’
Oh the struggle! Every time someone would ask ‘so, what do you talk about’? A feeling of pain would have to be carefully hidden from showing in my facial expression (because I knew I hadn’t found the perfect description) as I would stammer out an answer.
This past week I was in Melbourne, invited to speak at a very important event – AIME. Asia-Pacific Incentives & Meetings Expo. This event is populated with my prime target market – professional conference organisers and event/meeting planners.
I thought I was creative in picking this title for my presentation:
Tiny Tweaks – Great Gains. Fabulous smartphone, software, Internet, cloud tips from the queen of productivity Debbie Mayo-Smith.
Yeah, I agree now in retrospect. Toooooo verbose.
Keep your elevator pitch simple
The day before my keynote session, we had several networking events. Seeing simply my company name SuccessIS, which I never use anyway, people would ask, as they do, “So what do you do?” and “What do you speak about?”.
“I show how to use your everyday business tools better for more time and more income.”
“I talk about using everyday technology better.”
“I show how to make small changes for great gains in using everyday business tools.”
The response has always been bland – not that “ohhhhh, tell me more” that you are supposed to get (according to the people that teach you how to get the elevator pitch right). Yet, the subject matter – email overload, smartphones, software, the Internet, is something everyone uses and struggles with. Continue reading ›
More than 800 accounting industry professionals rolled into Battersea Evolution this morning for Xerocon London 2015, the UK’s largest fintech conference. Attendees arrived from far and wide – New Zealand, Australia, and the US, as well as all across the UK. Many rolled in on our awesome Xero shuttle bus, and some even arrived in our Xero black cab… though it’s no longer black!
Earlier this year we gave you a preview of our work on building out RTI-compliant UK payroll software. Now, we’re getting ready to bring UK payroll in Xero to life to offer a seamless online payroll & accounting experience for our UK customers. We know changing payroll software providers is a big decision, so we want to share details on what to expect.
Payroll in Xero is designed to help make running your business easy. If you work with your accountant or bookkeeper they can be invited in to manage payroll for you or invite someone in to manage payroll without seeing the rest of the business financials. Integrated accounting and payroll is inevitable. Information from payroll seamlessly flows into the accounts – no more manual data entry, no more manual processing. The way it should be.
UK Payroll in Xero
We’ve built beautiful, smart online UK Payroll for businesses and their advisers that’s easy to implement and easy to use from anywhere. We’ve designed the experiences for businesses with less than twenty employees.
Earlier today at Xerocon London, James and Sid from the Xero Developer Relations team shared a sneak preview of our new Files API which has officially just launched.
We’re delighted to have launched another API that we know will seed more innovation in the ecosystem. But first a little recap on Files in Xero.
Files is a feature we built not to compete with industry titans such as Dropbox, OneDrive, Google Drive and Box, but in recognition of the fact that storing final copies of receipts, invoices and other files against your accounting documents is handy for everyone; business owners, staff, bookkeepers, accountants and Add-on partners.
Since the launch of Files, users have embraced this feature fully, with a mind-boggling amount of data already stored in Xero:
Today’s release introduces a new notifications framework to Xero – a new way of keeping you up to date about what’s happening from within the application.
With more features being added to Xero every month, and with the features we’ve got in the pipeline, there will be more opportunities to send updates to you – and to your advisor. We’re keen for Xero to “work while you sleep”, automating many of the mundane and repetitive aspects of running a small business. As we do more of this for you, we also want to keep you updated.
We figured this required a rethink about how we provide you with these updates.
Previously, updates have been provided through the notifications inbox; every now and then you’ll see a small red circle letting you know there’s a new update to read about.
Typically these updates tell you about a new product release, or about a bank feed’s status. To read the notification you need to click on the inbox icon, access the list of notifications and click on one to read it. Put another way, you have to stop what you’re doing to see these updates.
Our vision is simple: to have a single notification engine that supports all our applications; not only Xero, but our mobile and practice offerings as well.
Today’s release is the beginning of that journey.
Updates are signalled in the same way: via a small red number on top of the inbox. Instead of needing to go into the inbox, you click on the icon to display a drop-down menu that sits “on top” of whatever you’re working on. You don’t need to jump into a new screen to read the update. Watch the video below to find out more.
Xero UK managing director Gary Turner is down at Battersea Evolution the day before Xerocon London 2015 kicks off, with a summary of what to expect over the next two days. Check it out here: