- Point 3: “Resist diversifying too early” is an appropriate one. Don’t try and take on every job of every size initially. Specifically don’t spend a lot of your time quoting for jobs that have 500-1000 guests if you don’t have the equipment to do it. By all means sub-hire it to someone else if that’s what you want to do but make sure you concentrate your energies on your target market.
- Point 18: ‘Agonise over minutiae’ In my job I see this time and time again, people going over so many minor points with if this happened or if that happens, there comes a point when you’ve just got to take the plunge and go for it. You’ll always find a reason not to do something.
- Point 21 is very interesting as it’s basically contrary to what I’ve written on price. It’s saying you shouldn’t beat your competition on price, you should offer better service and a more personal touch than the competition. This is certainly one approach and it’s perfectly valid, I know several people who have targeted the higher end more personalised marquee weddings and are doing very well. My argument is it’s higher risk. If you know you can undercut larger companies due to your lower costs then you can pretty much guarantee work. If you offer better personalised service then you’ll soon find you can increase your prices and still keep the work coming in as your reputation grows.
- Point 27: Also leads on to some advice Mal at Premier Party Tent offered the other day. Get a good accountant on board, they’re well worth the money. Be a little careful, some accountants believe they’re Gods gift to business (I should know, enough of my mates became accountants and preach to me about what I should be doing). Just remember this – if accountants were so good at running their own business why aren’t they doing it themselves? A bit like my articles on here -listen to the advice and pick and choose what you want . Accountants are also mentioned in points 33 & 34.
- The best quote I remember is ‘if you want to be a self-made man don’t leave out the working parts’. By all means some businesses fail and it’s not your fault but don’t let it be as a result of lack of effort, drive or hard work.
Thanks for reading