Mentoring many up and coming entrepreneurs has allowed AJG Direct MD Paul Gillett to gather an in-depth knowledge of money potholes for tomorrows business owners. Be sure not to fall into the same traps as those who’ve been before.
London based Event based sales and marketing specialist AJG Direct offer a unique mentoring service for young marketing entrepreneurs. A goal of the firm is to develop young minds to create a brighter and more diverse market in the UK. With a team of high flying contractors working alongside the company, Paul Gillett noticed that most demonstrated business potential and he drafted up his business development opportunity to run alongside his outsourcing solutions. The free mentoring service offers advice and guidance to those looking to get ahead in the industry.
Alarmingly, one of the biggest restrictors of success noticed was poor money management, and Paul Gillett reveals the biggest mistakes made by young professionals:
- Spending too much too early: Product development should be the primary focus in the early days. Thus, most revenue should be injected here.
- Not spending enough. As a business moves from strength to strength, there will be a time when substantial cash injections will be needed to grow and make a stand as a significant player in the industry. For those who are unable to generate the revenue themselves, it is time to pitch to potential investors, and many businesses don’t reach their potential through failure to make a leap of faith.
- Hiring a sales team too early. Sky-high salesforce salaries can cripple small businesses. Be sure to have a product/service to sell before drafting in the salesforce. Everyone including product developers can work to promote the up and coming product during the development stage to ensure revenue is available to develop a useful product.
- Beefing up on administrative matters in the beginning. With useful outsourcing options available small businesses can benefit from pay as you go services ensuring costly staffing solutions are sapping all profits.
- Falling for office space. Be mindful not to over promote early on with a super flash office space. Young businesses need to attract ambitious and hardworking individuals who aren’t afraid to get stuck in. These are often individuals who are still trying to make a name for themselves in the industry, don’t overwhelm them and scare away the up and coming talent.
- Paying full salaries. Incentivising with equity in the early stage of business is a fantastic option, the harder everyone works, the more everyone gets paid. This is an easy way to develop a stable team that is committed to success.
- Wasting time. Success in business is time sensitive, executing a campaign at the right time will allow a pioneering idea to become a long-lasting success. Competition n the market may be developing the same product. Therefore, timing is everything.
By shaping the minds of young businessmen and women, we can guarantee a stable, economic future in the UK, securing our present and future clients will want to source their solutions locally. The firm will continue their mentoring services long past 2018 as they feel compelled to creating a brighter future for all.
Managing Director: Paul Gillett