Equilateral Media tell us all about their start-up process & give ...

Equilateral is a Leeds-based non-profit social enterprise providing training, mentorship and advice to 13-25 year olds interested in electronic music or multimedia design, focusing on young people to whom such activities are usually unavailable or to those who would benefit from engaging in such creative activities both personally and socially. This is provided through: workshops, skills-based learning, seminars, creative careers advice, and an online zone providing coverage of Leeds? creative scenes.

http://www.equilateralmedia.co.uk

What inspired you to start your own business?

Equilateral was founded after the four us had been through government employment schemes (e.g. Future Jobs Fund) but subsequently still found it difficult to find anything more than occasional or part-time work in our fields. We found that we were becoming reliant on other people sourcing projects that we could work on, so we decided to create our own. The inspiration really came when we realised that we could pool our expertise and create something we all really care about. Further to that is the drive each of us has to do something good with our careers, helping others and ourselves. We have no prior business experience, but we all know what we want to achieve and enjoy learning as we get there.

How did you begin your business venture? What help did you receive?

The idea to bring a group together for a new venture was discussed many times over a few months. There came a day when we were all together and finally decided that we were going to make a go of it and by the end of the month we were incorporated. We have had help from a number of sources. A mentor who has helped get the company articles together and meets with us periodically to objectively assess where we are both personally and professionally. We have had several meetings with a mentor from the Chamber of Commerce to help us with our business plan, and of course we have met several times with Business Start-Up at Leeds Met. All of this advice has helped Equilateral grow much quicker than we could have done without.

What are your top tips for running your own business?

?It is still early days for us and we are constantly learning but what immediately comes to mind is the following: Talk to people. Business advisors, potential partners, potential clients will all have something to say and could help you focus your company in the direction it needs to go.

Always be learning and developing your ideas. In our work especially, we have found that it is important to stay ahead of trends as much as we can and develop our business to meet the demand.

Lastly, give it a go. Quite self-explanatory.

?If you could have done things differently, what would you have changed?

?Not much, there are things that could have been done differently, but those things have been an important part of the learning process for us.

?What has been your biggest challenge?

?No start-up capital has been difficult. We mainly provide services that can be carried out in community facilities but, even so, getting the initial money together for bits and pieces has been a challenge.

?What has been your biggest mistake?

?Wanting to set off with the creative and fun elements from the get go. It?s maybe not so much of a mistake, but we did shy away from getting the fundamental business aspects in place early on. We have of course covered this now, but it can mean a day of paperwork here and there which can get in the way of other work now we are trading.

?What do you see as your greatest achievement?

?To date our biggest achievement has been receiving acknowledgement that what we are trying to do is a good thing and that we are making good progress with it. Of course that has been made no clearer than winning the Business Concept Competition, a boost that has really helped push us forward.

?What advice would you give to students thinking of starting their own business?

?Seek advice. There are a lot of places you can go and talk to someone with years of experience, from concept of your idea right through to trading and beyond. Even if I had a background in business I would have still accessed as much advice as I could ? even so much as just a nod that you are on the right track.

?Also, checking back to our ?biggest mistake?, I would say get the groundwork in place for the business early. It seems obvious but it is easy to overlook the simple tasks that can give you a steady base for your business, whatever sector you are in.

?Contact ? Michael Waters E: michael@equilateralmedia.co.uk W: www.equilateralmedia.co.uk T: 07965 793 158

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Business start up support for students and graduates of Leeds Met University

Source: http://leedsmetbsu.wordpress.com/2012/03/23/equilateral-media-tell-us-all-about-their-start-up-process-give-advice-to-budding-entrepreneurs/

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