START UP ADVICE
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We asked Richard and Catherine to give some advice to other 20-somethings, who may be thinking along similar lines. “The first thing you need to know is the harsh fact that you probably won’t get any assistance whatsoever. I know you regularly see TV adverts with banks claiming to promote and support small business ventures, but in reality that means everyone and his dog – except those running trucks!” they muse.
“The start-up money for this business came from Richard’s own savings, plus a very small amount of help from the bank,” Catherine recalls. Second, pick a manager, not a bank brand. The name of the bank is largely irrelevant: “The relationship manager we had back in 2001 was a good one, but like all successful people she moved on and left us with a string of people far less enthusiastic about the road transport sector.” It’s probably worth noting that initially, Richard was, in his words, “laughed out of the local HSBC branch” when he went to open a business account. In a bit of a mix up, and unbeknown to him, Catherine had also made an appointment with the same bank’s Leeds branch. He went along and the account was opened straight away.
“Starting a business is a learning curve, and should be treated as such for the entire duration of its trading period. Don’t think you know everything – because you don’t. Be prepared to have little or no time off, and know the cost of everything,” they advise. “People should also learn the motto: ‘turnover vanity, profit sanity’. Keep that in the back of your head and you won’t go far wrong.” As a married couple, the pair agree there has to be a certain amount of confidence that the relationship can endure the peaks and troughs: “You have to be sure you can withstand both the good days and bad days,” Richard says.
Once you’re up and running, getting sound advice can be equally hard. “On the few occasions we’ve approached the business bank manager for help or advice, the stock answer has always been, “there’s no help for your industry”, Catherine quips. Luckily, Richard shares his premises with close friend (and former employer) Richard Jefferies, who is the third generation family member to run Reg Jefferies & Son. “In fact, it was Richard who sold me my first truck,” Richard recalls. “He’s operated up to 30 trucks in the past, proving to be an excellent sounding board for new ideas.”