Success stories
Philip Mossop
I've always been inspired by the creativity and freedom that comes with owning your own company.
Philip Mossop from Burnley has launched not just one, but two businesses in the last two years: Bacchus, a fine dining restaurant in Central London and WasteCollection.info, a specialist waste management and recycling company.
Philip is nothing if not ambitious; launching Bacchus just six months after WasteCollection.info got off the ground.
Why did you want to start your own business?
I am excited by the dynamism of the way in which start-up companies operate, the drive of the people trying to build them and the feeling of achieving something as a team when you start to get results. No day is ever the same.
What was the deciding factor for you?
Deciding that the idea would work. You have to do your homework. You have to know the industry you want to enter, the businesses already operating in that market, the risks and how you would deal with them. Leave no stone unturned!
How did you get the business off the ground?
I've got two businesses on the go at the moment and a first step for making them both happen was writing a business plan. Even more important was understanding when and where the money would be going out of the business - and how much I thought would be coming in (known as a cash flow forecast). You must be confident of the facts and figures before taking things further.
Best bits about working for yourself?
Building teams of people and watching people develop along the way.
What have been the biggest challenges so far?
A lot of people expect you to say raising money and speaking to banks. For me the biggest challenge is maintaining quality. Staff come and go over time and you need to train new people and so on. The constant is you, as the head of the company, and it's your responsibility to control quality because if you don't then customers will vote with their feet.
What would you have done differently if you could go back?
Absolutely nothing: you learn as much from your mistakes as your successes.
How does it feel to be your own boss?
There is no denying that is stressful at times and you certainly have to be dedicated to the cause. However, when things go right, your customers are happy and your staff enjoy their work it's the most satisfying feeling in the world!
Finally, a piece of advice for those thinking about starting up?
Don't be afraid to take the risk. It is always risky but it's up to you how much. The more you understand about what you are getting yourself into the less the risk becomes. In other words learn to manage risk.
