Gabbi Richardson | Founder, Yachting Ventures

Alumna Gabbi Richardson completed the Legal Practice Course (LPC) with us and has gone on to found Yachting Ventures, a growth platform for startups in the yachting industry. We caught up with Gabbi to discuss balancing her studies with founding a new venture and the importance of business planning.

I've always had a strong desire to become an entrepreneur, which is deeply rooted in my background. Coming from a family of entrepreneurs, I was constantly surrounded by business ideas and discussions from a young age. This environment nurtured my risk-taking appetite, creative thinking and inspired me to come up with my own business concepts over the years.  Despite this, my academic achievements growing up steered me down a different path initially.

Excelling in school, I naturally progressed to higher education and pursued a university degree, studying law with philosophy. My academic journey then led me to The University of Law, where I completed my LPC on a part-time basis over two years before training and qualifying as a lawyer with a London-based shipping firm.

While my legal education and career provided me with invaluable skills and experiences, my passion for entrepreneurship has never waned. The blend of my business-oriented upbringing and my formal education has uniquely positioned me to succeed as an entrepreneur.

The concept for Yachting Ventures came to me in 2020, during the height of the pandemic. With a modest budget, I managed to balance Yachting Ventures as a part-time side hustle while simultaneously working towards my legal qualifications. By September 2022, after successfully completing my legal training and obtaining my qualifications, I dedicated myself fully to Yachting Ventures.

My law degree has been instrumental in supporting the development of my business in several key ways. First and foremost, it provided me with a strong foundation in critical thinking and problem-solving. These skills are essential for navigating the complex challenges that arise in the entrepreneurial world.

Additionally, my legal training has equipped me with a deep understanding of regulatory frameworks and compliance issues. This knowledge allows me to help startups and scaleups navigate legal hurdles, draft solid contracts, and protect their intellectual property, thereby mitigating risks and ensuring their long-term success.

Furthermore, the rigorous demands of law school taught me discipline and time management, which were crucial when I was balancing my legal studies with the initial development of Yachting Ventures. The ability to manage multiple responsibilities and stay focused on my goals has been invaluable as I transitioned to working on the business full-time.

As the founder of Yachting Ventures, I wear many hats, balancing strategy, operational management and hands-on client support. I steer the company’s direction to ensure we remain true to our mission of offering comprehensive support to startups and scaleups in the yachting industry.

My role involves refining our business strategies to stay ahead of market changes and identify growth opportunities. I build strong relationships with clients, offering tailored advice and support to help them navigate their growth journeys. I also manage our financial health through budgeting and forecasting to ensure we have the necessary resources for operations and expansion. Additionally, I establish and nurture strategic partnerships within the yachting industry and beyond. This is key to expanding our reach and providing valuable resources to our clients.

The proudest moment of my career so far has been the decision to go full-time with Yachting Ventures and fully back myself and my vision. This transition marked a significant turning point, as I moved from balancing the business as a side hustle while pursuing my legal qualifications to dedicating all my efforts and energy to the company.

Taking this leap required a great deal of courage and conviction. It meant stepping away from a stable and secure career path in law to pursue my entrepreneurial dreams. The moment I made that decision, I felt an incredible sense of empowerment and self-belief. It was a powerful affirmation of my commitment to Yachting Ventures and my confidence in its potential to succeed.

Since going full-time, I’ve been able to pivot the business model, expand our offerings and provide even more comprehensive support to startups and scaleups in the yachting industry. Seeing the tangible impact of these changes, and witnessing the growth and success of the businesses we support, has been immensely rewarding.

This journey has reaffirmed the importance of trusting in my abilities, taking risks, and pursuing my passion wholeheartedly. It’s a moment I look back on with immense pride and gratitude, as it has set the stage for everything that Yachting Ventures has achieved and continues to strive for.

I chose to study at The University of Law because of its stellar reputation and the flexibility it offered, which was crucial for my situation. At the time, I was living in London and working full-time, so I needed a program that could accommodate my demanding schedule. Their LPC was particularly appealing because they offered weekend courses spread over two years. This format allowed me to continue working full-time while completing my LPC part-time.

Balancing a full-time job with part-time legal studies was incredibly difficult, but the structure of the programme made it manageable. The weekend courses were designed to fit around work commitments, enabling me to gain the necessary legal qualifications without sacrificing my professional responsibilities.

The support and resources provided by The University of Law were instrumental in helping me succeed in this rigorous program. The experience not only prepared me for my training contract but also honed my time management and resilience, skills that have been invaluable in my entrepreneurial journey with Yachting Ventures.

At Yachting Ventures, when we’re hiring new team members, we focus more on attitude than specific skills. While technical expertise and experience are important, we believe that a positive attitude, adaptability and a strong work ethic are key to long-term success and fitting into our team culture.

We look for:

Genuine interest in entrepreneurship: We value candidates who are genuinely passionate about entrepreneurship. Whether they have an entrepreneurial background, have run their own business, or show entrepreneurial traits like creativity and initiative, this passion helps them align with our mission and tackle the unique challenges of our industry.

Growth potential: We prioritise a growth mindset and a willingness to learn over specific skills. We seek candidates who are eager to grow with the company, embrace new challenges and continuously improve.

Resilience: We look for individuals who are resilient, resourceful, and adept at solving problems. These qualities are crucial for navigating challenges and staying focused on our goals.

Passion: We want team members who aren’t just looking for a job but are excited about making a real impact in the yachting sector. Genuine passion for our mission ensures they’re motivated and dedicated to helping us achieve our vision.

Ultimately, we want to make a real difference in the yachting industry. By empowering startups, driving innovation and fostering a supportive ecosystem, we aim to contribute to the sector’s advancement and success. We’re excited about the opportunities ahead and are committed to pursuing these goals with passion and purpose.

If I could give advice to my 18-year-old self, it would be to embrace risk and not be afraid of stepping out of your comfort zone. It's easy to play it safe and stick to what feels secure. However, taking calculated risks can open up new opportunities and lead to remarkable growth. Don’t be afraid to pursue ambitious goals, try new ventures and explore unconventional paths. Trust your instincts and pursue what truly excites you. When you’re passionate about something, you’ll be more motivated and willing to take risks to achieve it. Don’t let fear of failure or societal expectations hold you back from following your dreams. Life is full of opportunities for those who are willing to step outside their comfort zone and take bold actions.

Follow in Gabbi's footsteps by studying the LPC with us.

By Cara Fielder. Published 23 September 2024.