ASK Garry McFall for the single piece of advice he’d give someone thinking of setting up their own business, and he doesn’t hesitate.
“Only start your own company in an industry you know inside out,” says the 44-year-old entrepreneur. “I’ve seen people invest their retirement funds in a coffee shop and have to shut three months later because they know nothing about the business. When you know what you’re talking about it helps you through the difficult times. And it gives you credibility.”
When he set up Copper Black Coffee in October 2015, Mr McFall had been in the vending business for years, and knew about every aspect of the industry. Before going out on his own he’d already sounded out some of the clients that would become his customers and, after coming up with a name and working with a designer on brand identity, he hit the ground running.
Almost two years on and the business now supplies coffee machines – as well as the coffee and accoutrements - to cafes, restaurants, workplaces and clubs, in Greater Glasgow and beyond, with clients as diverse as rugby stars the Glasgow Warriors and the caterer that supplies Amazon’s giant operation in Dunfermline.
With turnover growing quickly, Mr McFall moved the operation from his spare room to a combined office, showroom and storage unit at Storage Vaults in Cambuslang, which he says allows him to work better and more professionally with customers.
The East Kilbride businessman believes taking time to examine how your business is performing at every level is key to ensuring a promising start-up survives the ups and downs.
“I was always pretty business-minded and I came from a sales background, but I’ve learned so much in the last 18 months, particularly around things like cash flow," he explains.
“For example, I initially spent quite a lot of money on an online advertising product. But when I dug down into the accounts I realised I just couldn’t afford it, and that it was causing real cash flow problems. Luckily I managed to get myself out of the hole without too many problems, but it taught me that financial reality is sometimes different from what you imagine in your head.
“I looked again at the turnover and the margins and saw that they are very different things. I took a step back, reconfigured the business and got back on my feet.”
The businessman from East Kilbride admits it also reiterated how important it is to have good relationships with suppliers.
“If you’re going to be late with a payment, tell them that,” advises Mr McFall. “It’s important to have a strong relationship based on trust, and that’s what I’ve built up.”
He adds that digital marketing is important these days, but warns that it can be a minefield.
“I was lucky that I got someone to work on my online presence at the right time, and he still works on my site a couple of days’ a month. Before finalising the name of the company I was careful to ensure I could get the URL. It doesn’t cost a lot of money but it’s an important part of presenting yourself in a professional way.”
And he has no regrets at all about leaving behind a salaried position.
“I’d never be tempted to work for anyone else again – not on your life!” he laughs. “I enjoy the flexibility of being able to work hours and days that suit me, and being in charge of every aspect of my working life.
"I have people around me that I can call on for an honest opinion and advice when I need it.
“My exit plan is either to build the business to the point where national company will buy me out, or I’ll employ someone and develop them to a point where eventually I can take a back seat.
“But at the moment I absolutely love what I do, and it’s that passion that keeps me going every day.”
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