Surely a recession can’t be a good time to start a business? That’s an understandable and widely held view but there are a surprising number of entrepreneurs who have looked the recession in the face and decided that the risk is worthwhile, despite the obstacles.
Simon Godfrey was made redundant from his job as an IT Project Manager and, like many others, found himself applying for jobs and attending a handful of interviews but getting nowhere. With more than a passing interest in food, Simon began to look for ways in which he could turn a passion into a living. When his Colombian born wife, Ximena, suggested opening a creperie, he was less than impressed. “I thought crepes were bland floppy things” he explains, “and doubted whether it would use my skills or turn a profit”. But as Simon soon discovered, there are crepes and there are crepes!
Ximena has a strong business background and, at the time the creperie was established, was studying for an MBA. In spite of his initial doubts, Ximena’s enthusiasm for the idea soon rubbed off on Simon, especially after she introduced him to a crepe company in London that made some of the most delicious food Simon had ever tasted.
Ximena understood that there is a long road between having a good business idea and a successful, profit-making business. In both hers and Simon’s opinions, sound market research would prove the single most important factor in establishing whether their business would be viable, how it might operate and where it should trade. They decided they would like a pitch in Colchester’s prestigious Culver Square – a decision that took a year of hard work and preparation before it came to fruition.
During this preparation phase Ximena was busy with her studies so it was down to Simon to up-skill himself and do the necessary groundwork. After initially attending a Let’s Talk Business workshop at Colbea sponsored by Barclays Bank he decided to seek further help from Colbea. This was followed up by attendance on a Colbea 3-day Step Into Business course followed by Colbea business advice 1-2-1 sessions with Bill Paxton, one of their Business Advisors, where Simon was able to sound out his ideas and review his business plan. A half day Colbea marketing course completed Simon’s initiation into the world of running your own business, and Godfrey’s Creperie opened its doors – or perhaps that should be its hatch! – during November 2009.
Timed perfectly to benefit from Christmas shoppers, the business got off to a flying start, although snow and severe weather during January dented trading figures substantially. Despite this, the business remains on track and, with weather improving and shoppers increasing, Simon and Ximena feel it is on an upward trend. The couple plan to take on staff as the business develops, which will be a welcome break from the 7-day working life they are sustaining at present.
Simon is keen to share his thoughts on the ups and downs of establishing a business at a time of such economic uncertainty. “Firstly, do your market research thoroughly”, he says. “It is the one thing I would stress above all others. Don’t under-estimate the task and do take advantage of the help that’s on offer. Secondly, put together a good business plan; if you follow one of the many templates available, it will help to ensure you’ve considered everything you need to and will make you think about areas you might not have considered. Colbea’s advice and training was of great benefit and I’d recommend anyone thinking of starting a business to talk to them first.”
Godfrey’s Creperie is open 7 days a week in Colchester’s Culver Square. Find it on Facebook.
