After studying the Legal Practice Course (LPC) with us, Gabbi Richardson went on to found the growth platform Yachting Ventures. Her business provides a hub for the leisure marine and yachting industries to startups, supplying an essential network, support and the opportunities they need to succeed. We sat down with Gabbi to ask how Yachting Ventures came about and get her top tips for starting a small business.
By Cara Fielder. Published 03 December 2024.
Side hustle phase
Preparing to launch Yachting Ventures as my full-time business was a careful and strategic process. I ran it as a side hustle for two years to validate the idea and lay a solid foundation. I used this time to test the market, refine our business model and ensure genuine demand for our services. By gathering feedback from early participants and adjusting our offerings, I built a strong foundation for the business.
I also focused on financial planning, using the side hustle phase to build a financial buffer. Managing my finances carefully allowed me to transition to full-time entrepreneurship with less immediate pressure.
Building a network within the yachting industry was another key part of my preparation. I attended events, connected with stakeholders and formed partnerships, which proved invaluable when transitioning to full-time.
Finally, the two-year side hustle phase let me experiment and refine our business model. By the time I went full-time, I had a clear, effective model and a strong understanding of the services most in demand.
Realities of work/life balance
As a CEO and founder, achieving a traditional work/life balance can be challenging, especially when launching a new business. The demands of building a business require long hours, dedication and a willingness to be constantly engaged.
However, while the concept of work/life balance often felt elusive, what I gained in return was the freedom and autonomy to live life on my own terms. The ability to set my own schedule and make decisions about the direction of the business is incredibly empowering. It allows me to integrate my personal and professional lives in a way that suits me best.
Managing this balance involves setting priorities and being flexible. I’ve learned to be mindful of my well-being, ensuring that I take breaks when needed and make time for activities that rejuvenate me. This might mean working late nights or weekends at times, but it also means I can take a midday break to recharge or work from different locations that inspire me.
Skills you need
To be successful as a business owner, there are several key qualities and skills you need to excel in. First and foremost is marketing and sales expertise. Mastering these areas is crucial to effectively promote your products or services, understand your target market and convert leads into customers, build brand awareness and sustain business growth.
Having a clear vision and strong strategic thinking is also essential. A well-defined vision guides your business toward its long-term goals, while strategic thinking helps you create a roadmap, understand market dynamics and make informed decisions. This approach keeps you focused and helps steer your business effectively in a competitive landscape.
Resilience and adaptability are crucial for navigating the inevitable ups and downs of entrepreneurship. Resilience allows you to bounce back from challenges and setbacks, while adaptability helps you pivot and adjust your strategies in response to changing conditions. Together, these traits help you maintain momentum and keep your business on track.
Lastly, a strong work ethic is fundamental to business success. This involves being willing to put in long hours, manage various responsibilities and stay committed, even when faced with difficulties. A dedicated work ethic reflects your commitment to your business and fuels its growth and development.
How to make sure your business will work
If you're keen to develop and start your own business, my top piece of advice is to validate your idea as soon as possible. Here’s why and how you can go about it:
1. Test early and often
Before investing significant time and resources, quickly test your business idea with real potential customers. Create a minimum viable product (MVP) or a prototype and gather feedback. This will help you understand if there’s genuine interest and demand for what you’re offering.
2. Conduct market research
Dive deep into market research to assess the viability of your idea. Analyse your target audience, understand their pain points and evaluate the competition. Validating your idea through research can provide valuable insights and confirm if your concept addresses a real need.
3. Seek feedback
Engage with potential customers, industry experts and mentors to get their perspectives on your idea. Honest feedback will help you identify strengths, weaknesses and areas for improvement. Use this feedback to refine your concept and make informed decisions.
4. Pilot your idea
Run a small-scale pilot or a test run to see how your idea performs in the real world. This could involve launching a limited version of your product or service to a select audience. Observing how it’s received will give you practical insights and validate its potential.
5. Be prepared to pivot
Validation might reveal that your initial idea needs adjustments. Be open to pivoting or iterating based on the feedback and data you gather. Flexibility and responsiveness to feedback are crucial for developing a successful business.
By focusing on validating your idea early, you can reduce risks, ensure there’s a market for your product or service and build a business that’s more likely to succeed. It’s a crucial step that can save you time, effort and resources, setting you on a path toward a more informed and strategic launch.
Over the next few years, my main goals for Yachting Ventures are to drive significant growth, expand our offerings and make a substantial impact on the yachting industry. We plan to broaden the range of services we offer to startups and scaleups in the yachting sector. By diversifying our services, we aim to support a wider variety of businesses and help them thrive at different stages of their growth. We want to be at the cutting edge, supporting groundbreaking ideas that push the boundaries of the yachting sector. By working with forward-thinking entrepreneurs and leveraging new technologies, we hope to drive meaningful change and set new industry standards.
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