8 Lessons Learnt (still learning!)

Our first three months in business with inkopia have really flown by. Perhaps this is because we have been in set up mode for longer than that and actually been preparing for the last three years. Not to mention a small matter of a global pandemic which has meant less socialising and more WFH.

It's hard to talk about lessons learnt - we have learnt so many and I'm sure there are many more to come. But after only three months do we have enough experience? However, we had an interesting conversation about this, so I thought I would share and hopefully any other budding entrepreneurs may take away something useful.

1 - Have a product / service that customers want

It seems like an obvious one, however we have refined our product offering to ensure we are presenting something unique that really solves people's problems. We cut out three or four suppliers by offering our #webtowall photography service. This appeals to customers' innate laziness (me included!) and also their hesitancy in this pandemic to deal with too many people.

Our product is now a slimline version of what we originally defined. Having done a lot more research and mined into the local market we have honed and pivoted to the point we are at now.

2 - Preparation

Being prepared has been a godsend. Having a proper business plan - a concrete foundation to build on - with our vision and direction clearly written out and agreed by all has been the backbone of our drive forward.

The business and marketing strategy that came out of this has been clear and detailed with audience demographics, pricing strategies, target channels, partnership potentials, budget forecasts, and loads more. It's hugely important to have a strategy and a plan – knowing you’ve got the grounding in the right place and you have something to work to gives the whole team confidence.

For the last few years (in our day jobs) we have been working as a project team with clients and we advise managers on how to run their businesses, strategically. Launching our own business has given us the perfect platform to showcase “Do as we do, as well as what we say”. We are now putting into practice what we preach to our clients on a daily basis.

3 - Patience

When we started out with inkopia we said we would start this soon. It’s taken patience, determination and motivation to get to this point three years later.

Every day something comes along that floors you and puts you ten steps back that you didn’t factor in. You know you can do it – give yourself time, just make sure it’s more time than you ever thought you'd need!

4 - Be agile, say yes

Although we have a plan, we are mindful that opportunities and setbacks arise all the time. We have left room to be agile and responsive to whatever may come our way. In all that lands on our desks we aim to say 'Yes'! You never know where this will lead and what other opportunities may transpire from a positive approach.

I say this with a caveat. I'm also a great believer in trusting your instinct. If it doesn't feel right, do your due diligence. Usually, the gut feeling is right.

5 - Budget, budget, budget

Some of these great opportunities impact our budget as well. As a bootstrapped business we are constantly looking at the bucks in the bank. What takes priority? What if a collaboration opportunity comes along that we just can't say no to? What if we have yet another technical issue to rectify? What if...?

The majority of our costs are COGS and marketing, as you'd expect. But we try and maintain a buffer in the bank. This is our safety blanket and to be honest this stops me having a heart attack as I can rely on the fact that there is cash available in case of a disruption.

6 - Automation

Right at the beginning of our discussions about inkopia we knew we wanted to have as streamlined a process as possible. Mostly to ensure a super smooth customer experience - from the online e-commerce shopping side and the financial software / payment gateway integration, and all the various transactional and promotional emails to remarketing etc - but also to cut out as much of the manual administration as possible.

There are three of us so we’re lucky that we can rely on each other. However, it’s important to plan to have down time. If you’re going to burn out – what’s going to happen to the business? We would like to have a holiday at some point!

7 - Consistency

I read somewhere (sorry, forgot the source!) that if you're getting tired of the routine as a new business owner then you're doing it right. I'm realising that there is progression in routine. If you can get through the daily to-do list and the weekly plan and ultimately the monthly reporting, then the cogs are moving and you're moving in the right direction. (Keeping motivated should probably be a whole piece on its own!)

Ultimately, if you're consistently sending out emails to relevant contacts, consistently posting when your audience wants your content, consistently assessing what is working and what is not, consistently reporting on your insights across all channels on a regular basis and consistently adapting, then your efforts will (eventually) be rewarded.

8 - Share

We are a huge fan of supporting locally-based companies. Supporting the community around us in all its many facets from local cake bakers to local manufacturing is really important. So many brands are UAE-based for us to put our weight behind.

The pandemic has forced us to go online and change our shopping habits, but this should continue in the future as standard practice.

 If you know a local business (including @inkopialoves), share their content, save their content, comment on their content (don't just 'like' it as that's not as positive for the new algorithms) and encourage your friends to use and purchase from them.

So right now we are three months in with thirty happy customers (little happy dance :D). The continuous baby steps and consistent measures should hopefully get us through the next three.

www.inkopia.com

[I'm still working on my day job as a business and marketing consultant while developing and growing inkopia.]