Starting a business can be a difficult yet rewarding journey with many challenges and successes along the way. A start-up requires a huge investment of time, energy and money and you have to be prepared to get knocked down before you can succeed. Together with business partner, Allison Baker, we created the start-up Workible, a mobile and social recruitment app for the flexible workforce industries. As business professionals delving into the tech world our journey as was like many others – a voyage into a space we knew very little about. We learnt many things along the way, which I would like to share to help other businesswomen with their start-up journeys.
Jill of all trades
When starting a business you need to be prepared to play many roles such as the director, marketing manager, business development manager and even receptionist. This requires a huge learning curve to develop the range of skills you need to run the business. For me, moving from a property developer to a tech start-up required a great deal of learning and research into where technology is now, how it works and where it’s headed in the future. For instance, I had to learn coding, wireframing, workflows, mobility, social platforms and viral marketing. My advice is to take any opportunity to read articles, attend seminars, workshops or webinars to quickly learn the specific skills you need for your start-up. You can also talk to experts who have the skills in the areas you need to gain advice or one-on-one training.
Finding investors
When building Workible we quickly realised we needed to find investors to get the business off the ground. We found our first investor by using the ‘100 cups of coffee’ method, which meant meeting as many people as we could and telling them our story. Attending networking events is another great way to find investors and generate interest in your business idea. My advice is to find investors who fit with both the requirements and skills sets, but also the values, of your start-up. It’s also helpful to find potential investors who understand your business or your target industry as it will be easier to gain their support. To retain your investors it’s essential to keep them informed of what’s happening in the business to ensure they remained involved and happy with your progress.
Silicon Valley
Early on we headed over to Silicon Valley in the USA, the technology Mecca of the world, to get serious about raising enough capital. Silicon Valley is like no other place in the world. There are many venture capital firms willing to listen to your idea and plenty of high-tech companies filled with opportunity and excitement. This is a great place for start-ups to meet other entrepreneurs, gain advice, discover future trends and learn from their experiences. While this is an opportunity to gain inspiration, my advice is to build the business in Australia then relocate to Silicon Valley with a proven business model to make it easier to gain investors.
Benefits of a business partnership
Starting a business on your own can be daunting and a huge investment. Having a business partner can be one way to share the finances and the responsibilities. I really enjoy working with my business partner, Allison Baker, as we support each other through tough times and celebrate our successes together. Business partners can also help to develop your idea further through brainstorming, bouncing ideas of each other and gaining a new perspective on a challenge. It’s a good idea to partner with someone you can work with and who brings specialised skills and knowledge to compliment your own. While starting a business can be challenging don’t let this stop you from pursuing your great idea. Talk to other entrepreneurs and learn from their experiences to prepare you for the road ahead. Good luck.
