1. How did you get started in business?
I think I got started in business from birth. My Mum and Dad had corner stores and I was taught business skills at an early age. (I can remember balancing the till while in primary school… It was one of the ways we learnt to count).
After school I worked in One Hour Photoshops, working my way to Manager by the time I was 19. In 1995 I was offered a “job” at a lab as manager.. Turned out they wanted someone to buy it, so I did. This led to the expansion to 2 suburban Kodak Express stores. In 2001 someone offered me an offer too good to refuse so I took it ? (I took a year off and then took up a position as the EA to the Managing Director of the No 3 Photographic Supplier in Aus.)
Meanwhile my hubby, Mick, had been working in various companies doing Security Screens, Window installation, Blinds, Awnings etc. In 1998, I convinced him he should go out on his own. This business – Abacus Screens and Security – while successful, it suffered from my lack of time to manage the business side of things. (Advertising not planned, very much RE-active rather than PRO-active).
In 2000, he was offered a job at one of his suppliers so he took it. Lesson 1: ONE business at a time ?
Fast forward to 2005 and we moved from Brisbane to the Sunshine Coast. Mick secured a position at a local screen company. (I am still travelling to Bris 3 days a week). Mick learnt very quickly, the coast was grossly under serviced in the security screen business, so we resurrected Abacus Screens in October 2006
Understanding the problems from “Abacus Mach I” we put a number of things in place up front.
- We made sure we had enough money to start. Printing, advertising, good ute, etc etc etc. Also enough “buffer cash” for 3 months wages, just to take the pressure off.
- We joined a couple of networking clubs, so we had people to talk to and bounce ideas off.
- Mick spent a fair bit of time scoping out who he knew (Lots of his old colleagues have moved to the coast and are now in management and decision making positions with building, window or aluminium companies)
Nearly 2 years down the track and all in going along VERY well.
2. What inspired you to become part of the FBT forum?
Gosh it is soooo long ago now ? From memory I was googling something to do with business and came across FBT. I am a forum junkie and join anything !!! Most though get deleted from my Favourites after 3 months or so when I get bored. So I guess the fact I have been a fairly active member for the past 24 months or so is testimony that the forum is vibrant and above all RELEVANT!!
3. What have been your three biggest business challenges (so far) and how have you overcome them?
- Finding staff- As with many communities, we have a skills shortage on the coast. (Hmmm Well maybe not We have a “committed worker shortage”. Talk to many business owners (especially “tradie types” in any coastal community) and , if the surf is pumping, the sickie rate is high ?)
- We have overcome this by asking prospective employees LOTS of questions (I asked the forum to give me some questions to ask – Thanks Guys!!) and following up references. My number one telling question with references is “Would you be happy to have “Fred” work for you again?”
- Marketing – With my background in retail I have great skills in creating a rapport to keep customers coming back and back. Abacus presents a different scenario wherein, generally, we only see our customers once or twice Overcoming this is an ongoing process. I ask a LOT of questions of similar, non-competing businesses. Eg our local winner of “Young Woman in Business” is in the steel shed business, so I rang her up, took her out for coffee and picked her brain.
- Managing Growth – Mick is getting a reputation among builders for being good ? So being able to say NO is difficult. We have learnt to say No gently, “No you can’t have it in 5 days but is 7 ok?” If he delivers in 5 Great!! But at least he doesn’t have to. Having a buffer allows us to outsource the manufacturing if need be.
4. What five tips would you give to a person starting in business?
- Know your craft. (It astounds me how many people have NO idea about any part of the business they are in – Often seen in franchise owners)
- Learn the basics of book keeping. It is VITALLY important to know the basics of profit and loss and the difference between Gross profit and Nett profit. I see too many people who think they can buy something for $10, sell it for $20 and think they have made $10!!
- Work ON the business. Of course you will read that everywhere, but what does it mean? It is the time to do bookwork, time to think of marketing strategies, time to work on staffing, time for networking. You need to MAKE time. If you feel you have no time because you are actually doing the job- get some staff and let them do the job!! If you have staff for 1 day, use that day to work ON your business.
- Make sure you (and your family)are healthy. As an employee, it is ok to have a day off to be sick or look after the kids when they are sick. It is much more difficult to do this as a small business. Keep fit and eat well.
- Balance family life Keep a diary. USE it. I have been known to schedule family time. But it IS important to block time out in your diary for yourself. Remember that in the overall scheme of life, your kids and family is worth FAR more than any business. Little Billy’s birthday party is infinitely more important than any business meeting. If you already had a meeting with Client A and Client B wanted to meet at the same time, you would reschedule… Family is ALWAYS Client A!!.
5. Is there anything you would like to say about being in business, and or being an active part of learning more from Internet type forums?
Internet forums can be a good source of information and networking. FBT has a great cross section of industries and people who are ready to help. There is no such thing as a silly question!
6. The best part about being in business is…
The journey ?
I like to think of any of our businesses like a baby. They took a year or so of sleepless nights and teething troubles, then they walk all by themselves and eventually don’t need you anymore ? Along the way you need to guide and point them in the right direction, they won’t just grow on their own. Discipline is important and , if you get it right, you raise a healthy self sufficient entity, with a life of its own.
Mick Moynihan & Sue Josephson
Abacus Screens
25/6 Beerburrum Street
DICKY BEACH Qld 4551
Ph 5491 5489
Fax 5439 4125
www.abacusscreens.com.au
Tags: business, business success, business women, Effective Networking, have fun in business, Leadership, mums in business, People!, Planning, small business marketing, women in business
