Learnings from a start-up

2MPy business consultancy

27 May 2022 — 7 min read

After a year in business, founding partner of 2MPy Clare B Marshall shares insights and pointers for other emerging enterprises or those embarking on their own start-up journey.

And just like that, 2MPy has reached one full year of business, celebrating its first birthday.

As far as entrepreneurial ventures go, getting a start-up off and running, making things happen and delivering services to clients - whilst developing existing relationships and forging new ones - has been immensely gratifying and I am grateful for the huge support and business received since the early inception of 2MPy.

And now we move into a new phase of business.

‘I’ becomes ‘we’ following a recent restructure establishing 2MPy as an LLC with co-partners. But more on that later.

But what have been the biggest learnings points on this journey? And would I do it all again?

Timing is everything

When embarking on any potential business venture, the importance of a robust business case (supported by market analysis and financial backing) goes without saying. Depending on the type and nature of the venture, timing can also be critical, particularly where economic and geopolitical upheaval might necessitate a pause for a re-think.

And from a personal perspective, creating a start-up is a huge step, whatever stage of your career. For many, it involves a decision to leave an established career, to step into the unknown. For me, this included leaving a good company, amazing colleagues and a well-established, high performing team. So it required careful thought and, with a continual stream of challenges and opportunities, there never felt like a ‘good’ time to go.

Equally, it was important not to dither and delay. An important change such as this required energy. The highs and lows of running your own business are driven by personal creativity and innovation - and stamina.

So, with the support of my then employer to put a transitional arrangement in place, the decision was taken and a longer-wave departure date agreed.

This gradual withdrawal from the business with a systematic handover of responsibilities (as opposed to drop-dead departure) aimed to reduce uncertainty for all parties concerned; an approach to be encouraged.

Making a global office work

Whilst the global pandemic did not influence the decision to start a new enterprise, the familiarity it created with new methods of remote and virtual working has undoubtedly been an enabler.

Microsoft Teams meetings and webinars on Zoom are now common practice in the corporate world; a proven way of working. Had we sought to start-up five years ago, our business model may have been frowned upon. At the very least, its viability questioned by clients.

Today it is supported and in lots of places expected.

2MPy, typical of other organisations offering global consultancy services, embraces shifting international business etiquette. For example, a reduction in unnecessary or non-essential overseas travel can result in cost-efficiencies and environmental benefits and offers greater responsiveness and flexibility in service delivery, particularly when working with different time zones.

Whatever your preferred method of working, key to success is being responsive, reliable and getting the right information to the right people at the right time.

From a practical perspective, when starting out, don’t cut corners with the quality of IT equipment, software and security you choose to invest in, after all it’s the engine room of your business operations. Also think about the type of insurance you should carry as part of your wider risk management strategies.

Stay focused on objectives

Set realistic business objectives and stick to them when you start-out. Take care not to overreach, at least in the first year of business.

Invest time establishing the foundations of the business, developing key relationships and delivering sound services to your existing client base. If this is managed well, word-of-mouth becomes a central and effective business development and marketing tool.

Consider Jim Carroll’s concept: “think big, start small, scale fast”. Equally, stay focused by adopting an eyes-wide-open approach to risk-taking and don’t stifle your own creativity.

If you are unsure about a new idea, but have a strong rationale for trying something out, then give it a go. But keep things under review and change course as required.

Bounce ideas off a trusted colleague or friend. It’s surprising how ideas can be germinated with a little help and wise counsel.

No matter any knock-backs, always remain confident in your abilities. Remember, you hit the challenge of getting the business off the ground in the first place so don’t allow a bad experience to throw you off course.

Be realistic and understand any limitations

Starting up a business can be challenging but also an exciting time and with enthusiasm comes many grand ideas. Remember, if you are hanging up a ‘corporate hat’ and setting up an enterprise, you will no longer have ‘go-to’ access to corporate support and systems – or a team to delegate to!

Take one step at a time and don’t overstretch yourself without an appropriate level of support from collaborators, friends and loved ones.

Seek help when you need it

If you need help or advice, be bold and reach out to your network of contacts. Seek out ways of working which enable collaboration with others. It is incredible how much support, advice and cooperation people are prepared to give, both close contacts and wider communities.

Remain open-minded to opportunities as they transpire. If you are not immediately able to help, you are likely to know someone who can. This in turn creates further opportunities for collaboration.

Two heads can be better than one

Which leads us to ‘I’ becoming ‘we’.

In April 2022 2MPy re-structured with chartered engineer Tony Marshall, joining as co-partner. His extensive experience of business leadership and a background in transport infrastructure and the built environment, brings a new dimension and dynamic to 2MPy allowing us to offer a more rounded, solutions-focused and tailored consultancy to clients.

Based in France, a country where we have encountered a strong entrepreneurial spirit, we’ve been welcomed by local authorities and received fantastic support from local advisors. Which has been hugely important when navigating business structure options, financial mechanisms and, of course, tax returns.

There is often no single answer to the challenges and opportunities presented by running your own start-up.

Don't be afraid to bring many heads together to work out the right path and be clear about articulating the strengths each partner or collaborator can bring to a project.

Take care of yourself

Starting a business is incredibly creative, exciting, innovative, challenging - and sometimes exhausting.

But I have never been less stressed or happier, consciously aiming for a positive work/life balance. My behaviours have been subtly modified, redirected to looking after energy levels and I have relaxed a previous regime of strict time management. In doing this, I seem to achieve more each day.

Working flexibly enables the day to take different shapes and guises, whilst still achieving objectives and completing tasks. No longer chained to a rigid 9-5 (or maybe 24/7) existence, delivering 2MPy’s services becomes more enjoyable and resonates differently.

After over 25 years of working very long hours at a desk or in meetings, what the last year has taught me is that sitting at a desk all day is bad for you and “doing things” is good.

Taking time out for other interests has a positive knock-on effect when getting back to business. Greater energy levels enable clarity and creative thinking and better planning and project delivery, in addition to personal growth and fresh approaches to business development.

On your ‘to-do’ list as a start-up, include: 'making time for fun' and 'doing the things you love’, whilst looking after yourself and those around you.

Celebrate the wins

As we celebrate our first birthday and a successful first year of business, I can say, yes, I would do it all over again.

Seeking to grow our international experience and offering, not only was a new enterprise created, but we also relocated overseas. A major life event which continues to be thoroughly enjoyable and rewarding - and embracing change is something we continue to celebrate.

Now, moving forward, we are excited about our new company structure which will enable us to collaborate more widely and develop deeper, longer lasting relationships with clients and business partners.

Clare B Marshall is co-partner of global business consultancy 2MPy. Together with co-partner, Tony Marshall, the team provides international strategic advisory, project support and independent commercial insight to small, medium and large enterprises.

Learnings from a start-up

2MPy business consultancy