The Peak Princess Story

1. What inspired your business idea for Peak Princess?

I was inspired on a sunny day in the park having cake with my god-daughter, Tilly, and her Mum Jo. (I was on a career break after getting completely burnt out by city life and constant deadlines). It struck me that there was a gap in the market for beautifully made children's wear in prints that you don't get on the high street. I was very lucky that Liberty liked what I was doing and agreed to supply my fabrics. I've also been incredibly fortunate to have my Mum's support - she was a dress designer in the sixties and even had her designs featured in Vogue. She's a constant source of great advice.

2. What does your company do?

I handmake dresses for babies and little girls from six months to six years in Liberty prints from my home in the High Peak - hence the name Peak Princess! I want every little girl to feel as special as I did when my Mum used to make dresses for me.

3. What is one of your lessons learned in starting your own business?

I've learnt so many lessons I can't begin to tell you. My sister-in-law is the design director for Jellycat and I'd say she's taught me most about business. I'm a journalist by training so this has been a steep learning curve. My number one tip is to listen to criticism. Criticism stings and it's often difficult to not take it personally, especially when you're putting your heart and soul into something - which is what you are doing with handmade goods. But the criticisms I've had have been the most valuable pieces of advice. But balance that with having faith in your own judgment and be decisive.


4. How long did it take you to research your market and prepare before you launched?

I sat in the park with Tilly in June last year. The collection was launched in March but I didn't really get going full time until November as I'd been on a career break after a hectic 7 years in news and documentaries. My first port of call was my local Business Link adviser Sue who was great. I had a distinct idea of what the designs would be like and spent about six months product testing and doing market research. Friends have been incredibly patient trying on endless dresses until I was happy with the design. I took fabric samples everywhere I went and asked everyone and anyone who'd listen what they thought! And of course I did a lot of research on pricing. My target customer base divides into two camps - one a gift market for godparents, friends, relatives and grandparents looking for a very special gift and then second, professional Mums in their 30s and 40s who want their little girls to wear something made with love that can't be bought elsewhere.


5. What is your passion in life?

I have loads of passions - it's corny but number one is my husband Nik. Number two is where we live in Chinley. I love this part of the country and it's wonderful to make the High Peak a central selling point of my dresses. Number three is creating a wonderful product whether that's my dresses or in my previous life great documentaries and news programmes. After that I guess it's fell racing (and cake!).

Christine speaks with Lissa Cook

Peak Princess

HSBC Business Account Referral Scheme

If you are already a business account holder at HSBC, £50 could be yours if you Recommend HSBC Business Banking to a friend. Just walk into your local HSBC commercial banking branch for a referral card. More information can be found on their website:

HSBC Bank plc
HSBC Business Direct Team by phone: 0800 633 5610

Christine speaks to Keira at Mamascarf - very inspiring!

What inspired your business idea for Mamascarf?

I came up with the idea for Mamascarf when breastfeeding my (then) baby, Sam. I was self conscious about feeding in public and always trying to cover up but finding that nothing worked - blankets overheated him, he would pull off scarves and muslins and they would block my view of him. Added to this I would get arm and back ache without my support cushions. When I realised there was a gap in the market I decided to do something about it.

What does your company do?

My company creates and sells Mamascarf breastfeeding scarves online and through independent retailers.

What is your top tips in starting your own company?

My top tip would be to test the market when setting up a new business, so you know whether it's going to work or not without ploughing too much money into it. When I first launched Mamascarf, I had no idea whether it was going to be a success. So I had an initial small order made up to see how it went and said to myself if I lost that money it wouldn't be the end of the world and at least I had given it a go. Luckily it worked!

What are your plans for 2009?

My plans for 2009 are to build the distribution of Mamascarf by gaining new stocklists.

What is a fun fact about yourself?

Fact - My son was born on my first wedding anniversary.

Christine speaks with Keira at Mamascarf

Start Your Business - Free Office Space Offered to Start-Ups

Following Jun 1st featured article, many of you emailed me to ask for more tips on how to keep cost down for start-up businesses and whether leasing an office is a smart way to spend your start-up capital.

Starting your business does not always necessarily mean dishing out a lot of cash. Always do your research and the key is to get organised before your target launch date!

The following alternatives can save you money:

Virtual PA
There are companies (including Zentime) that will do all the admin. work related to your business without you having to hire full time staff. Virtual PA's is an increasingly popular trend especially in difficult times as business owners see the benefit of reducing head count but still efficiently getting the paperwork done - keeping their books current and in order. Virtual PA's can work from home, at your office for one day a week or whenever required instead of being on your payroll 5 days a week. This is a cost effective way for start-ups to complete tasks such as invoicing, book keeping, e-marketing newsletters and diary management, but keep the cost down. You can be a home-based business and have your work done for you by a virtual PA remotely.

Virtual Business Address
There are also companies that you can pay to use their office space and meeting rooms for important client meetings. A monthly fee of around £30 can give you access to professional boardrooms for client meetings, telephone answering or messaging service and most offer same day mail forwarding services at an additional cost. This frees up time, allowing you to focus on marketing your business and being on the road instead of monitoring the phones. Most of these companies also offer prestigious postal codes to enhance the image of your start up business.

Regus Workspace
Did you know that Regus provides a scheme offering free access to millions of pounds worth of office spaces to start-up businesses? I read this and thought what fantastic news! We need more companies like this.

Workspace solutions provider Regus has formulated a campaign to support UK entrepreneurs by offering free use of its business centres. Business mentoring sessions will be offered at its facilities to individuals seeking start up advice. Under the scheme, Regus is providing unlimited use of its business lounges and cafes in over 1,000 locations worldwide. Entrepreneurs can choose to have free use of day offices and meeting rooms or free office space for three months. Regus hopes that the idea will allow up to 50,000 start up firms to get established. Look at Regus Workspace

Get Organised! Part I

When I had the idea of launching my own lifestyle management & concierge business, I didn't know where to start. There were so many things to check off the list and it can sometimes be overwhelming.

Starting Up does not have to be a mad panic. All you need is some simple steps to help you get organised!

Business Idea - clearly outline what issues/ problems your idea can solve for your potential customers. What challenges does it face? Include this in your business plan.

Forming a business name or structure - speak to an accountant and a lawyer to discuss what business structure best suits you. Do you intend to trade under multiple business names and have them all belong to a Holding Company? Find out what your options are and make a sound, well thought-through decision.

Setting up your office - Consider keeping cost down by having a home based business. If the nature of your business requires meeting clients at an office, there are many Virtual Offices you can pay to use their offices if you pre-book. This will keep your overhead cost down whilst still meeting clients in a professional office environment when needed. Virtual PA companies including Zentime business support can help with general admin. Explore and understand the different packages available and having a virtual PA can make your life a lot easier especially for start-up businesses.

To be continued...

TAKE INSPIRATION speaks with employment lawyer, Dale Langley

What does Dale Langley & Co do?

We are a small firm of lawyers set up mainly to assist employees facing issues like redundancy and other employment issues, working with the client to resolve the situation as cost-effectively as possible but without compromising the standard of work.

What were you doing before becoming your own boss?
I worked for two large City law firms for fifteen years too long…however I have to admit the experience of looking at things from the other side is very useful to me now.

What are your plans for the business in 2009?
There is a lot of pressure to expand the business, and we are often approached by those seeking a merger, but our main aim is to stay “niche” with gentle and controlled organic growth over the next year.

What one general employment legal advice or tip do you have to offer to those who are facing redundancy and negotiating their package?
Sorry this is going to sound like a plug, but the best advice is to take a little advice early on rather than a lot, later on! Until you have advice – try to listen and take notes only.

What is the one thing you could not live without in your daily routine?
I could list so many, but the truth is you can pretty well live without most of them if you have to. Probably the best tool for our business is currently e-mail, and I guess I would now miss that more than most. In fact when a client is not on e-mail everything takes much longer!

Christine speaks to Dale Langley at Dale Langley & Co. | Employment Solicitors

TAKE INSPIRATION speaks with Chartered Accountant - David Beckman

Q. What does the company do?

We help to make businesses more profitable and life less taxing. We stand alongside our clients and help them in all aspects of running their business, whether it be preparing VAT returns, bookkeeping issues, dealing with final statutory accounts, submitting company tax returns, payroll or personal tax returns. Throughout this process, we advise businesses on how to maximise their profits and pay the least amount of company or personal tax using all legitimate means.

Q. What were you doing before becoming your own boss?

I worked for an international tax practice before joining a small partnership as partner designate. Three years after becoming a partner there I set up my own business as I was fed up doing all the work for the senior partner who insisted on taking the lion's share of the profits and retaining control.

Q. What are your plans for the business for 2009?

To continue our growth and to continue improving our internal systems so that we deliver quality service and advice to our clients each and every time, no matter how big or small our client is, and offer extremely good value for money.

Q. What one tax advice or tip would you give to those thinking of starting their own business?

Get the structure right at the outset as this can save a huge amount of tax. For example, to trade as limited company, rather than as a sole trader, and pay low salary and high dividends can save £2,368 of tax.

Q. What is the one thing you cannot live without?

My children

Christine speaks with David at David Beckman & Co Ltd | Chartered Accountants & Chartered Tax Advisers

To-Do Checklist Following Redundancy

It's a stressful time losing your job and the last thing you may be thinking of is organising your paperwork before your employment officially terminates. If you decide to leave the company and take your package, these are some things to check off your list of to-do's before leaving the firm. It's a good idea to photocopy all important documents such as the ones listed below so you have records of everything.

You will find it is more difficult when you've returned your blackberry, your staff pass, and lose access to internal telephone numbers to track these items down afterwards. So I've created this check-list that I hope all my online readers find useful. Please add to this list by posting your comments online.

Check-list of To-Do's
Contact your HR department and make sure your address & contact telephone no. is up to date for the following. Do not expect HR to update this information themselves. Always ask for direct telephone numbers to each department.
-Pension account
-Executive Share Ownership Plan
-Payroll slips

Documents you need from HR
-Your P45 form (you'll need this for your Tax Return)
-Your P60 form (you'll need this for your Tax Return)
-Have your outplacement consultancy services package be sent to you (if applicable)
-Ask for a breakdown of how your redundancy package was calculated
-Ask for any holiday pay that may be owed to you
-Find out the termination date of your health & other staff benefits
-A copy of your compromising agreement to seek independent legal advice

Useful links:
Directgov
Redundancy Help
Redundancy Expert

Redundancy: Job Seeker's Allowance

As they say, "Time is money!" The longer you take to look for employment or figure out what you want to do following redundancy - the longer your income is interrupted. Although each individual's entitlement to Job Seeker's allowance can be different, it's a good idea to contact your local JobCentre Plus branch to understand your rights and entitlement (if any). With unemployment currently at 2 million and still rising, you can only imagine how long it would take to process your claim. So speak to someone at JobCentre Plus and understand your options and see if it's worth submitting a claim for job seekers' allowance. If your claim is successful, you will receive £60 in job seeker's allowance per week. When I was made redundant, it took me a little while to find that I possibly could be entitled to job seeker's allowance. I simply did not know about this government service. Although my claim was turned down because my package exceeded their criteria and my combined household income was high, I'm glad I explored my options. You could be missing out on money you may potentially be entitled to. So know your rights! Visit your local JobCentre Plus branch and see if you are entitled to compensation. Every penny helps!

Jobcentre Plus

Dealing With Redundancy: more useful links

Some of you have personally written to me for more useful links relating to redundancy. A lot of you have found the following sites to be useful when dealing with redundancy. If you have used other sites that helped you, please post the links online to share with all our online readers. Thank you.

Careers Advice
TheSite
Directgov
Redundancy Expert

Expand Your Professional Network Online

Are you looking in all the right places for your next job? Perhaps you may consider joining a professional network such as LinkedIn. You can search for specific forums, groups or associations that closely relate to your area of expertise.

Research suggests that we are all connected to each other within 6 degrees of separation. This means, you may be able to find the right connection to your next job from your existing network or within the next 6 levels of your extended network. 6 out of 10 jobs are not advertised according to a research done by the University of Dublin. Further research from this study also indicated that more than 25% of people who find jobs through networking receive the referral from someone they meet once a year or less! This is great news because it means if one individual has 100 personal contacts in his or her network, he or she can potentially connect to over 1 million professionals by connecting with someone who knows someone else and so on.

By joining social and professional networks, you can be tapping into hidden job markets and increase your success rate of getting employed.

LinkedIn
Women in Banking and Finance
Association of International Property Professionals

Have you had success with similar online networks? What have you tried that is working for you and getting you interviews? Please post your comments below.

Redundancy: Fairplace Helped Me Launch My Company

I don't wish redundancy on anyone but I can honestly say I am very happy how things have transpired since I lost my job.  If it wasn't for that, I would have never gone on the Talent Management programme at Fairplace.  I would have never met all the wonderful staff and consultants who work there, and I would have never had the courage, inspiration and motivation to pursue my passion - that is to start my own business and be my own boss.

Looking for a job

For those who are looking to stay in the same industry or perhaps re-train and be employed in a different industry, Fairplace has an online service called eFairplace that allows members to access jobs database and register your CV via their "Bank CV" service. This is where your CV can be registered for viewing by potential employers.

Seminars & Workshops

The programme offers daily seminars and workshops that book up a week ahead.  Their library on Level 5 is packed with useful information such as The Executive Grapevine (only one copy is available) where you can find information on Headhunters and Recruiters with different areas of expertise.  There is also a variety of industry related newspapers, magazines, and reference books available.

Fairplace encourages all members to take personal responsibility for shaping their own future with the help of their professional consultants with business and HR background.

Fairplace has many offices.  The one I went to is in the city at 32-36 Cornhill.  You can find more information about Fairplace's services by clicking here. 

Thank you to all the staff at Fairplace for making my transition period a productive and positive one following redundancy.  I am truly grateful.

Q & A with Faraday's Law

What does your company do?   

Faraday’s Law offers practical legal advice on a wide range of issues to businesses large and small. Our low overheads are reflected in very competitive and flexible charging arrangements, making us an attractive proposition to start ups and young growing companies.   

What were you doing before becoming your own boss?   

Before becoming my own boss I was …. working as an in house lawyer for a large corporate: bored, unfulfilled, frustrated, etc. etc.    

What one general legal advice or tip would you give to those thinking of starting their own business?   

My one piece of legal advice for someone thinking of starting their own business: get your customer terms and conditions right: understand what you are committed to provide; what other obligations you are taking on; how you can bring a relationship with a customer to an end; and make sure your liability is limited if things go wrong.  

What are your plans for the business in 2009? 

2009 promises to be an exciting time for me as I plan to merge my practice with another lawyer’s. Under our new brand of The Legal Director we will build a network of experienced in house lawyers who want to be their own boss and work on a flexible basis with a number of clients. To businesses we offer the opportunity to have their own legal director on a flexible and cost effective basis.  

What are some essentials for the home office?   

Reliable, high speed broadband; a separate room to work where you can shut the door at the end of the day.    

What couldn’t I do without?  

Mobile phone.   

Christine talks to Ed Simpson

Faraday's Law

 

Improve Your Marketing Skills

You've got a product or service to sell.  Now you just need to somehow connect with your target customer.  

There is a fantastic Advanced Marketing Course at The City University that gets your marketing creativity bubbling out of your head.  It's amazing how joining a class such as this one can give you the competitive advantage you need to make your product or business launch a success!

Create your marketing plan and see if they reach the following four objectives of the marketing golden concept.

• Awareness
  
• Interest
  
• Desire
  
• Action
  

Recommended reading

Smith, P.R. Marketing Communications (5th edition) by Kogan Page Ltd. London

Everyone Needs A Mentor by David Clutterbuck

Marketing as Strategy by Nirmalya Kumar

Tip:  

Order books online from Waterstone's to get up to 40% off books delivered to your home FREE within days.  Don't forget to earn points with your Waterstone's loyalty card.

'Advanced Marketing Course' - City University

Redundancy: Career Change/ Re-training

Perhaps you may be taking this opportunity to re-examine whether or not you should stay in the same industry.  

Changing your career can be a huge step that requires much research before investing time and money in pursuing new training courses.

However, having an open mind can also lead you to many exciting career opportunities you never thought of before having been caught up with the corporate race in the corporate machine, climbing the corporate ladder.

There are many successful stories of professionals who re-trained and moved onto bigger and better things such as a former Commodity Trader who used to work at JP Morgan. After five years living a very hectic, time-starved, stressful lifestyle, she opted to leave banking and took 8 months off to attend design school.  She became a fully qualified professional Interior Designer.  She immediately found an entry level position at a designing firm in the west-end, made valuable contacts and launched her own Interior Design Company two years later.  With her banking background, she's able to address the financial aspect of running a business with help from a few professionals.  She's now a happily self employed interior designer based in Wimbledon.

For helpful tips and advice of whether a career change is suitable for you, contact 'Fairplace' for a list of comprehensive services.

Fairplace

Turn Your Business Idea Into Action - Part I

Thinking of starting your own business?  Have you got a business idea but need a plan to turn it into reality? Here are some tips & ideas in how to get started.

Know your customer
It is very important to understand where your customers are. Where do they spend most of their time doing? What do they enjoy? What do they dislike? You need to describe them and create a profile of your target customer.  Are they a business? What kind of business? Are they male, female, young or old? Try to get into the heads of your target customer and research on what they might buy. 

Find a mentor

There are huge advantages of having a mentor to offer expertise, advice and his/her experience.  They also offer a great ‘sounding board’ for you to bounce ideas off them and learn their thoughts and constructive feedback.  Try to find a mentor who is able and willing to devote an hour or two a month to discuss your ideas and questions.  Usually, mentors are people with motivation, encouragement, and have a bit more experience than you in your industry.

Speak to your indirect competitors 

Let’s say ABC Ltd targets the same customers as you, but sells a non competitive product. This will serve as a great comparison. Take a look at their website.  See if they have any press releases in their news pages. Search for them on internet search engines. Look for what type of media channels they had been featured in – magazine, news journals, exhibition, etc. 

Try connecting with the owner at ABC Ltd. The worst that could happen is he or she refuses to talk to you. Simply introduce yourself and tell them what you sell. For example, you are not a competitor, but you target similar clientele. Ask if they would share how their journey was when they first started their business. Which trade magazines do they advertise in, what exhibitions or trade shows they attend. Also ask if there is a community/ network or trade association that directly relates to your specific industry.

For example, a virtual assistant company may belong to The International Virtual Assistant Association.

continued...

Turn Your Business Idea Into Action - Part II

...continued

Research your market
Defining your market is so important to get it right before launching your product or service. By defining your market, you can then determine what type of promotion is appropriate and where to promote your goods to ensure maximum exposure and impact of your launch. 

Find the contact details of trade magazines (in my case, lifestyle magazines and financial newspapers) and ask for their media pack. Find out the cost of advertising (sometimes it’s pennies per word or depending on the dimension of your advert) and also distribution details such as: Where are the readers based? What type of jobs do they have? What is their average household income, etc. Determine whether they are the right magazine for your market your business.

Go to Trade Shows and Exhibitions
Going to trade shows can help find out details of your target market. Generally first days are the quietest, and exhibitors are enthusiastic. Find someone who sells something similar but not identical to you and explain that you’re here to see if becoming an exhibitor is right for your business. Don’t expect to take an enormous amount of their time from a busy stand. Listen to their opinion. Keep asking more stands. You may even find someone who would like to distribute your products, or become a supplier offering services as an extension to yours, but let them raise the possibility as most shows don’t allow you to sell to the exhibitors. 

Plan before you arrive

Do some research on which Exhibitors will be there before arriving. The venue is often very large and you will want to be more efficient with your time, visiting stands that relate to your industry first. Find trade bodies that are at the exhibition. They will be more than happy to discuss their industry with a newcomer. You will also find information about industry trends, which may help you determine the route you take to market your business. 

Be approachable

Speak to other business entrepreneurs who may be sitting next to you during a workshop. They may also furnish you with facts about the show and it’s always good to grow your business network. 

Organise your research

Now you are another step closer to creating your marketing plan and put your business idea into action. Organise your findings into a marketing plan with the following categories:

Where are we now?

Where do we want to be?

How are we going to get there?

How will we know we got there?

Free stuff

Often times, you can find tickets to trade shows absolutely FREE by entering online draws or simply requesting for tickets.  I've recently won tickets to the Ideal Home Show at Earls Court from http://www.free-stuff.co.uk/ 

My fiance also won a brand new iphone from the Metro newspaper online. 

Redundancy: Time To Freshen Up Your CV?

In today's highly competitive job market, your application is in competition with many job seekers and its common for most positions to attract multiple candidates. Make sure you stand out from the crowd!

Create an Impact
Did you know that on average your CV will have less than 15 seconds to make an impact? A professional, interview-winning CV is an absolute necessity to secure the job of your dreams. Your CV is your 'sales pitch' and potentially your only opportunity to sell yourself to an employer. Don't waste your chance, it may be the only chance you get.

Exceed Expectations

ConceptCV believe in exceeding expectations. We are devoted to the expert creation of compelling, persuasive, powerful CVs and career management tools. As a market leader we ensure that, following a comprehensive interview with an experienced, industry specific consultant, your CV is uniquely written and designed to demonstrate your true potential.                                                                                  

One Size Does Not Fit All
We don't believe in stereotypes or 'one size fits all' philosophies. Our 1-2-1 approach is an absolute necessity in the conception and construction of a dynamic, impactful and tailored solution.

Libby speaks to Christine Yuen

For more information on how to effectively freshen up your CV, contact Libby Calaby.

ConceptCV

Redundancy: Cut Down Monthly Expenses

Whether you may be used to maintaining a certain level of lifestyle or thinking to reduce some of your monthly expenses until you find another job, below are some things that serve as a checklist to help better manage your monthly expenses:

Contact your bank

If you have a mortgage, you may consider asking whether you can defer your mortgage payments for a couple of months until your income resumes. If you are renting your property, dig up your lease and see when you may be allowed to renegotiate the rental amount with your landlord.

Most banks offer the option to defer payment if you have paid over and above your required mortgage amount leading up to this point.  Speak to a financial adviser and review your portfolio now that your income is interrupted.  All it takes if your time to make an appointment to see them and ensure your finances are at tip top shape for this transition period.

Review your health policy

Some firms offer private health schemes during your employment and some even offer the option to carry on as an individual policy holder even if you leave the company.  

Some insurance companies offer the same level of coverage at a monthly premium that normally is cheaper than if you were to go out and buy a new insurance health policy.  Do your research. Ask your HR department prior to your termination date information or contact numbers, and get in touch with BUPA, AXA or whichever health care provider you currently have.  There may be a time window where you are allowed to carry-on with the health scheme before that option expires.

Review or renegotiate your mobile phone plan

You can review your current phone plan and switch to a more suitable one for you.  Visit impartial information websites such as onecompare.com and find a plan that's best for you. There is no reason to be paying more than you need, especially when your income is interrupted.

Review all your Direct Debits

This is a great way to trim the excess spending that are 'wants' instead of 'needs'.  Check your monthly bank statements and see if you can trim some of that spending down.  Items such as magazine or newspaper subscriptions.  Maybe you could adjust your gym membership now that you can hit the gym during the day instead of in the evenings.  Most gym memberships are cheaper if you go between 9am-5pm but always read the fine print before signing any amendments to any contracts.

Useful links

http://www.moneysupermarket.com/mortgages/

http://www.bupa.co.uk/

http://www.axa.co.uk/

http://www.onecompare.com/about-us.htm

TAKE INSPIRATION is launched!

TAKE INSPIRATION is finally here! - UK's free online resource and network for professionals and executives facing redundancy.

You've just been served your 'Job At Risk' letter, the next steps you are about to take may crucial and can be turning point in your life.  

Whether you have experienced redundancy before, or you are experiencing it for the first time, the process and road ahead can be difficult.

I've personally experienced redundancy myself and wish I had access to a supporting network such as this one to give me the much needed motivation, encouragement and inspiration to push on.  More importantly, this is a great networking platform for professionals, executives, entrepreneurs and recruiters to connect and exchange valuable experiences and ideas.

Regardless of which stage of the redundancy phase you find yourself, hopefully this site will help.

Are you considering:

-to stay in the same field or industry?

-to re-train for a job in a different industry?

-to invest some of your severance money to start your own business?

Whatever you decide, TAKE INSPIRATION will help you in this transition period.

Please email Christine Yuen at takeinspiration@gmail.com to get in touch.  I'd like to encourage all our online readers to post your questions, comments;  Share your ideas, lessons learned, tips & experiences along the way.  

Thank you to all for your inspiring stories!