We put together a post on starting Delphi six months ago… Now we’re at 12 months, we wanted to share a few thoughts on aspects of starting up that have been different to our expectations…
⏰ It takes all the hours god sends – Now, don’t get me wrong, it is hard work starting up. However, in the first year there are actually times when it’s lonely and quiet, waiting for prospects to get back, waiting for clients, waiting for the bank – waiting is a big part and you need to relax into it.
💰 It takes a ton of investment – Not any more. Cash flow challenges are real, but free or cheap productivity and collaborative tools, co-working spaces, and low start-up costs means the barriers to entry are very low these days and first year margins can be a joy, before the big costs kick in, in year two.
⚖ Proper legal and finance support from the beginning is a luxury – Nope. You only get to develop company articles and your shareholders agreement for the first time once. Also, setting the financial principles and ambitions at the heart of your business needs to be supported by serious professionals from day one. Engage good firms for both and act like the business you’re going to be from day one. You’ll get there more quickly.
🏢 Big is better – Nah. It’s so frustrating to lose a pitch because you’re too small, the temptation is to act big. However, staying true to the experience and expertise you bring to the market requires steadfast confidence. In our experience clients value people and the networks you bring. Nothing about being small indicates lack of trust or scale, in fact it’s a superpower.
🙌 There’s a ta-da moment in store – No great shakes, it’s a journey, but if you’re expecting a destination, a place where it comes together, it’ll be a long wait. That’s why milestones are important. People have always taken the mickey out for me for talking about past performance too much. But it’s milestones that build the story of a company and they keep you on track in the future.
