36 START-UP TOOLKIT
Hannah Churchman Continued from Page 35
“Listen obsessively to feedback, even If it’s hard to hear. Be ready to reorganise, pivot and challenge your own assumptions regularly.
“Choose your partners, sponsors and investors carefully. Think twice before mixing friendship and business because undoing a bad partnership is far harder and more painful than being selective upfront.”
Brand building is also important, Rupert says, along with thinking creatively about what else can be offered to the business’ customer base.
Expert View
THE POWER OF NETWORKING
By Prof Sue Smith, director of the Centre for SME Development, University of Central Lancashire
In Lancashire, 99 per cent of all businesses are small and medium-sized enterprises (SMEs) and entrepreneurship is critical to the UK economy.
Starting and growing a business is exciting, but it’s also filled with uncertainty and can be a lonely journey—but it doesn’t have to be.
One of the most powerful tools for SMEs is being part of an entrepreneurial ecosystem. Successful entrepreneurs rarely go it alone and strong networks are an essential ingredient of success.
Networking isn’t just about collecting business cards or attending events; it’s about building genuine relationships that lead to shared knowledge, collaboration, and new opportunities.
A strong network connects SMEs to potential customers, mentors, suppliers and investors, while providing opportunities to learn from the experiences of others and offering a supportive sounding board for new ideas.
Research shows that strong networks significantly reduce the risk of business failure and help accelerate growth.
Networks form a vital part of the wider entrepreneurial ecosystem – an environment of resources and support for SMEs.
In Lancashire, this ecosystem includes other business owners, mentors, banks, universities, co-working spaces, the Growth Hub (BOOST), and business support programmes such as Help to Grow.
The award-winning Centre for SME and Enterprise Development at the University of Central Lancashire (UCLan) is at the heart of this ecosystem.
Industry-led, the centre supports SMEs from ideation through to growth and scale-up, offering networking events, masterclasses, expert access and student consultancy projects. Its incubation space, the Propeller Hub, provides a co-working environment and wraparound support for start-ups.
Being part of a strong network and entrepreneurial ecosystem can make all the difference when starting and growing a business – don’t go it alone.
Rory Southworth
He adds: “Finally, and most importantly: expect the unexpected. Being able to keep a cool head and think correctly under pressure can be a huge challenge, and one you need to overcome.”
Blackpool-based bespoke software development agency Code Galaxy was founded in 2017 by husband-and-wife team Nicky and Mary Speakman. Today it delivers its services to a range of local businesses and large organisations and has grown into a 10-strong team.
Mary says having an advice and support network is vital in those early days. She adds:
Mary Speakman
“When you start off you have a lot to learn. Find people to learn from.
“As a start-up it is important to find and surround yourself with the right people and to get yourself out there.”
She points to the strength and depth of the county’s business support services and highlights the help her business received from the ‘Growth Mentoring’ programme set up by Boost, Lancashire’s Business Growth Hub.
Mary also urges new entrepreneurs to take advantage of the networking that exists in the county. She says: “Engaging with people that have been on that journey, asking them questions, that is really powerful.
“Lancashire’s business community is generous when it comes to giving help and advice because people know how hard it is to get something off the ground.
“When you ask the questions and share your experience you realise a lot of what you are going through is completely normal for a start-up.”
Mary is also an advocate for coaching and mentoring. She says: “Over the years we’ve had many mentors, even now it is good that have that external knowledge and support.”
Rory Southworth, programme lead at fhunded, the county’s dedicated early-stage investment initiative, also advocates networking.
He says: “Potential investors, customers and collaborators are just as interested in the person behind the business as they are with the proposition, so my top tip for any start-up would be to embed yourself into Lancashire’s thriving business ecosystem though face-to- face networking.
“There are lots of events to get you started, ranging from business breakfasts and lunchtime masterclasses to all-day workshops and evening meetups.
“If you do take the plunge, ‘cold networking’ can seem quite daunting at first. But bear in mind everyone is in the same boat, and if you try and start a conversation which doesn’t go anywhere, you can simply move on.
“Once you get a bit more confident, I’d recommend trying to engage with other early- stage business owners who are maybe a year or two ahead of where you are currently. You’ll be amazed at both how helpful they can be, and how generous they often are in giving you advice based on their own experiences.
“By going through this process, you’ll also
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