START-UP TOOLKIT By Ged Henderson IN ASSOCIATION WITH:
THE FIRST STEPS TO SUCCESS
Starting a business is exciting and rewarding but it can also be a leap into the unknown. Our start-up toolkit offers advice and guidance to fledgling businesses and their owners
Every successful business can trace its history back to its start-up stage, its founders taking those first uncertain steps on their entrepreneurial journey.
Rupert Gatty, founder and chief executive of CoolKit – the UK’s largest manufacturer of temperature-controlled and refrigerated light commercial vehicles – took on that journey 20 years ago.
Rupert started the business, now based in Blackburn, when he was made redundant
“Second, I’d advise you to be very clear in your plans and only pursue a venture that is a true, viable commercial opportunity, ideally in a sector that you have an understanding of.
“Unfortunately, not every clever idea can become a business, so you need to focus on providing a product, service or solution that people truly need or want over something that seems exciting to you. If you can’t see it forming the foundation of your livelihood, say ‘move on’.”
Rupert adds: “I’ve mentioned understanding Stay alert to what your competitors are doing
and be willing to rethink your approach, and use technology, especially AI, to your advantage, or risk starting at a disadvantage
following a company insolvency in the same industry. He saw an opportunity to use his experience to build something new.
Here is his advice to those starting out: “First of all, any aspiring entrepreneur needs to be honest with themselves about their appetite for risk. If you’re not comfortable taking calculated risks and absorbing the consequences, then you might want to rethink your ambitions.
the market you’re entering. This is incredibly important. Ideally, you should try to leverage your existing expertise in an industry when starting a business.
“If not, spending time learning, listening and immersing yourself is something to focus on upfront. Without market understanding, even the best ideas flounder. You must also be able to clearly articulate your unique value proposition.
If you’re just another version of what already exists, you will struggle to make it work.”
He also stresses the importance of having “a real plan”, one that the business owner can measure against. He adds: “Revisit it often. Be brutally realistic about both your costs and your revenue timelines.
“Stay alert to what your competitors are doing and be willing to rethink your approach, and use technology, especially AI, to your advantage, or risk starting at a disadvantage.
Continued on Page 36
Rupert Gatty LANCASHIREBUSINES SV
IEW.CO.UK
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