Start-up planning for marquee hire start-up is valuable investment for the long term
Here are a few pointers to keep you focused on establishing a valuable business
Want to start off on the right foot with your marquee hire start-up? Take a note of the following business advice.
Exiting may be the very last thing on your mind as you are considering starting up a marquee hire business. But in order to reach an expected destination, you've got to set out a plan and remain focused throughout.
With all of the challenges along the way, some foreseen and others not, you'll need a trustworthy road-map for navigating the way safely.
Confidence can make all the difference.
When all else is telling you to give up, or change your mind - if your instructions (short, middle and long term) are laid out on paper and you can see all your reasons & purposes they act as wise counsel when temptations are high.
This is why any marquee hire start-up business person ought to invest in a solid business plan before making the leap.
What ought to drive your marquee hire start-up business plan?
What do you want to get out of your marquee hire business in the long run.
Start here, and work backwards to the present day. This sets your trajectory on success. This type of thinking will have you hesitant about making compromises on quality along the way.
Make your goal a personal ambition rather than a financial objective. The financial proceeds of a business are really the rewards of doing a good job at serving your customers.
How much of a reward really depends on how consistent you are at delivering value and what scale operation you are able to sustain running.
What are the key success factors for any marquee hire start-up?
What does it mean to run a successful business?
What is the purpose of a business?
Getting started with the right definitions ensures the tracks you set your business on are aligned with the underlying 'drivers'/purpose, of why you started it in the first place.
Once you have these identified, then you know why you are running your business and therefore what you expect that it ought to provide for you. This is on the understanding of course, that you get out what you put in.
(1) Your marquee hire business should work for you
Your marquee hire business should be seen as a vehicle for carrying you to your personal financial objectives. Set revenue and capital sum goals for running your business.
Revenue will fund interim earnings expectations. Focused attention on increasing business valuation will provide a satisfactory capital lump sum by way of transfer premium paid by a buyer upon your future exit.
These two near term and long term financial goals of a marquee hire company will be fed by net profitability.
Running a tight ship and consistently delivering value to customers will ensure free flowing profits without stifling bottle-necking.
(2) Never start-up just for money i.e. without any purpose
Money, is not a good enough reason to start a marquee hire business. Your business offers 'transport' in a financial sense (and not without personal sacrifice), but you have to determine where it must take you.
The emphasis of direction is key.
When you, your business partners and family together all commit to pouring in your combined efforts to getting this enterprise up and running and sustainably so for the years of ownership - you collectively take on considerable personal cost.
Along the way, you might even incur times when the benefit of interim returns i.e. earnings are depressed or even not there at all...if money was the objective, you won't need much persuasion during such seasons to quit and forfeit all the start-up efforts and expense - not to mention opportunity cost.
Your marquee start-up has got to be worth it. So make sure your return matches the very personal sacrifice made by all involved.
A great deception and robber of future value for many small business owners is cutting corners on building value in order to gain what seems to be quick, easy wins.
The prevailing urge will be to ensure you 'get' as much as you can out of every commercial opportunity as you can, and as the urge increases, honesty decreases.
The focus on service, puts you customers first. Actually, it puts your marketplace first.
Make your priority solving the problems of those around you with you new expertise rather than filling your own pockets. As this attitude really takes off, you'll find you're frequented more readily by all sorts of market participants.
Surprisingly, your business will become synonymous with getting good value and service when it comes to marquee hire...even without spending on traditional advertising.
The best and most impactful marketing of all is always giving great value & becoming known for it.
(4) Value focused
Understanding value and it's transfer is a core discipline of running a successful marquee hire company.
You simply don't get value unless there is hard labour somewhere along the value chain.
This is what big business knows and will often seek to widen the profit margin by acquiring labour at it's cheapest and selling at the highest possible price in return for the achieving the highest in-house gains. Such bad habits and manners have trickled down to small business, including marquee hire.
Often we find marquee hire business owner's value perception of core business functions such as marketing management is very low. Seen rather as an expense (i.e. a cost without any firm expectation of direct return) in terms of financial treatment than investment (i.e. down-payment on a direct and quantifiable return within calculated time frame).
As a consequence, many marquee hire companies will either altogether neglect employing a strategic marketing campaign, or at most, farm out the individual corresponding tasks as unrelated jobs to under-skilled and underpaid workers.
Where overall business valuation is considered to be important, each core discipline, including marketing, will be approached with professional managerial deftness for maximum (short term and long term) return.
(5) Make things simple
Where overthinking happens in a marketplace, profits are lost.
Communication is one of the most profitable skills to possess as a business. Especially in this modern day where information via the internet is so readily accessible, you'd be greatly disadvantaging your future prospects of success if you overlooked the importance of communication.
Marquee hire may not be rocket science, but to a complete newbie customer, even the most seemingly obvious information is highly valued. Cater for the least able and you'll pick up gains where many other providers preferred to cut corners.
Communication is a grossly underestimated advantage to be gained by start-ups. Demonstrating value with well developed, relevant and genuinely helpful marketing collateral in a marketplace where mature providers have established reputation can grant leverage for a way in.
Remaining open, will draw people to ask more. This is the stuff of business.
Transparency is a marketing magnet of sorts and works well across all formats. It takes upfront investment of time and effort to make yourself clear for the various audiences from the outset (considering all the possible questions they might have in advance), but once you do, you would have earned yourself some keen listeners.
Remember, solving problems is rewarding business.
(7) Keep it documented and truthful
One of the most impactful contributing factors for increasing the transfer valuation of a small business is documentation.
Writing down everything from verifiable trade records to processes and procedures - all sources tallying without discrepancy or anomaly, leaves behind a blueprint of how another owner might choose to grow the operation in your absence.
These documents could well be the singular most important vehicle in communicating the value of your business to the open market.
Our advice to start-up marquee hire firms? Start as you mean to go on.
Categorised in: A Guide To Event Business Management
This post was written by selmore