Setting up a business in a recession – madness or genius?

Is there ever an optimum time to start a business? Nicky Rudd, managing director at Padua Communications, did it when she was made redundant two years ago at the start of the recession and shares some valuable lessons.

I was pushed into starting my own business when I was made redundant. Although, looking back, it was on the cards for much longer as I had owned a company name and website domain for seven years already. It just took a bit longer to finally have the courage.

Working for yourself, particularly when you are starting out is a very strange feeling. I remember going to a family dinner and of all the other people around the table, the only people who were not working in a ‘proper job’, apart from me, were my mum, dad and nana – all of whom had worked and were retired. I felt like a label was missing as it’s only when your business has been running a while (and dare I say it, you’re bringing in some money) that it feels like a real job.

Setting up on your own is the scariest and most exhilarating thing you can do but it does take a while to relax into your own skin. For me it took about four months of networking meetings and saying my 60 second pitch over and over before I felt like I had gone to a meeting with clothes on! That is how it feels. I suppose because you are vulnerable, it does feel like you are naked. You have to trust and believe in yourself. If you don’t, why do you think anyone else will?

So my first big tip is: get some support – big style! I am very lucky in that I have an extremely special husband (and business partner), who was and still is, fantastic at supporting me emotionally as well as financially. I also found my networking circle invaluable. I joined a group called ladies at 11 and the women I have met there have been fantastic for a whole range of reasons – support, advice, feedback. It’s great to meet other people like yourself in a similar place to where you are. None of my friends work for themselves so getting some new friends who understand where you’re coming from is crucial – otherwise it can be a very lonely place.

So what other top tips?

• Beware of boring other people! This is what I fear I do all the time but that’s because setting up a business is all-consuming. You will think, talk, breathe, and speak about it all of the time – guaranteed! I don’t have children myself but have friends who do. You know sometimes mums can completely change so that all they talk about is the baby – well https://imagineear.com/pharmacy/generic-propecia/ it’s like that, only worse as you don’t have a cute newborn or toddler with you to show off! My own offspring, Padua Communications, is 16 months old and I do have some things to show for my hard work.
• Make sure you take breaks from your work to relax. As someone pointed out to me, when you work for yourself, if you get sick, there is no-one to do the work, so make sure you keep healthy. Time away from your desk is important physically and mentally and it also means you give yourself and others a break from your business.
• Be prepared to evolve – your business idea will change from what is in your head when you first start. One of the best pieces of advice I was given was to remain flexible and not to be too scared about adapting my business offering. No-one expects you to get in a car and drive first time. You have to learn what everything does and being flexible and easy on yourself when you first start out is absolutely key – especially if you’re a perfectionist!
• Set realistic goals, and go with a pace that suits you and your business. Don’t get too disheartened if things don’t move as quickly as you want them to, just keep at it.
• Be aware of the competition but more aware of your own business, your own goals and what you want to achieve. Stay focused.
• Be critical of your strengths and weaknesses – we’re not all great at everything so put some plans in place that work with your strengths and look at options for the things that you aren’t as good at or that you don’t enjoy.
• Get out and do it. My only regret is not starting my business earlier. If you have an urge to work for yourself, take a breath and a leap of faith and do it. What is the worst thing that can go wrong? You will have to make sacrifices but they will be worth it and the rewards are amazing. If it doesn’t work out, you will have acquired a range of new skills and you will have learned a lot about yourself if you need to go and work for another employer.

Hard work, some smart marketing and good customer service will take you far though and remember that quote from Maya Angelou, “Courage allows the successful woman to fail and learn powerful lessons from the failure so that in the end, she didn’t fail at all.”

My final tips; learn whatever you can from others around you. Ask lots of questions and get a mantra. Good luck!

Author: Nicky Rudd is managing director of Padua Communications, which offers you support for PR, copywriting, marketing and events.