SOMETIMES it’s good to listen to your parent’s advice, other times you are better off completely ignoring them and doing your own thing.
One woman who understands that completely is entrepreneur and business owner Charlotte Leigh.
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Charlotte made the life-changing decision to drop out of university despite her parent’s advice and it turns out it was one of the best decisions she made.
Now Charlotte is raking in up to £120,000 a year running two businesses she set up on her own.
The 42-year-old who is based in London, never really considered herself an academic so when she did decide to go to university it didn’t make much sense.
The family ‘dunce’
She said: “The only reason I thought uni was for me is that it because it was the expectation. Everyone in my family went to uni and achieved a degree.”
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“But I am not academic, clever yes but I don’t think they are the same thing. I couldn’t study, my brain wouldn’t focus in classes, I couldn’t revise because I wouldn’t remember anything and I hated writing essays. “
“I learnt better through practical work and actually doing things rather than learning about how to do them. I did one year and The University of Birmingham and then dropped out.”
Unspruisingly Charlotte’s decision did not go down well with her parents.
“They were disappointed as I had done really well to get into a red-brick university. My parents felt it was better to waste time and money at uni if I wasn’t going to work and do well.
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“My wider family made me feel a bit like the family dunce!”
Property Pro
But young and full of ideas Charlotte put some money together to start up her first business.
She said: “The property business was set up using £1,000 that I had saved from a side job. I bought a second-hand printer and laptop for £300.”
At the age of just 21, she set up Howard Property Services from her mother’s spare bedroom.
The business aims to offer high-quality solutions to property companies in need of compliance and tenancy turnaround services.
Charlotte said: “The business made a profit from day one so it was clearly a good idea.”
“After two years of working from my mum’s spare room, I sought and won investment and moved into an office and hired staff.”
Bumps in the road
Despite early success, Charlotte faced several setbacks with her property business.
She said: “I had a brain haemorrhage two years into the property business, just as we moved into offices. So that was unimaginably rough!”
“Trying to get my head back into business after a brush with death is difficult!”
And the minute Charlotte took her eye off the ball her competitors were right there to swoop in and take over the market.
Charlotte said: “I took my eye off the ball when I had my first child and when I returned to work after maternity leave I found that competitors had copied my business model and had muscled in on areas that I had originally had the monopoly on.”
“So that was a harsh learning curve!”
Going for Gold
But Charlotte was full of drive and ambition and in 2014 she made the courageous decision to embark on her next adventure.
She said: “I believe in taking risks, but calculated risks. I wouldn’t remortgage my house or leave a well-paid job for example.”
Charlotte spent £2,000 and three years retraining in jewellery design whilst managing her first business and raising two kids.
By 2020 Charlotte has launched her second business Lottie Leigh Fine Jewellery after studying jewellery design.
“All the jewellery I design is bespoke. I make one-of-a-kind pieces for individuals.”
“Everything I do is a “point of sale cost”. I have no costs until I make a sale so the risks were low.”
Now Charlotte is making a comfortable living while doing something she loves.
“My take-home pay is somewhere between £80,000 to £120,000 a year though it varies. I’m always careful to keep funds in the businesses.”
“I love designing one-of-a-kind pieces in gold and platinum with diamonds and precious gems.”
HOW TO GET STARTED BUILDING YOUR BUSINESS
Emma Jones, CBE, is the founder EnterpriseNation.com, said:
- Do your research. You’ve got your idea, but what’s next? Spend some time researching online. There’s lots of support out there.
- Create a business plan. A good way to look at this is I’M OFF: idea, market, operations, financials, and friends – which includes advisers and those who can help you along the way.
- Start selling via marketplaces. Selling via powerful global marketplaces like Amazon. Etsy and eBay will give you easy access to customers and you can parcel-up and send via your local Post Office. Or look for service-based platforms like Fiverr or People per Hour
- Get paid. If you’re using marketplaces, the cash comes through automatically, but if not, get used to regularly invoicing, and chasing. Cash is king and prompt payment is vital for small firms.
- Upskill and network. Once you’ve got orders or work coming in, start networking to widen your contacts and build skills.
Michelle Ovens CBE, Founder, Small Business Britain, said:
- Get support. No one is an expert in every area of business, so don’t try and do everything on your own. From pricing to finding customers, there is so much help available across the UK and online, and much of it is free.
- Be open minded. Covid showed just how fast the world can change. Growing a business will rarely go exactly to plan. The businesses that dealt with the crisis well reacted fast, changed things and made a plan B. It’s important to keep that flexible mindset, as things inevitably continue to change.
- Think digital. From selling online to automating customer communications, technology offers huge opportunities.
“I design in CAD and 3D print a model so clients can see and try on pieces before committing to the design.”
“I also remodel heirlooms that are no longer being worn.”
“The business idea was born out of the problems I had with my own fine jewellery commissions.”
“I hired a bespoke jeweller to design my engagement ring and it all went horribly wrong.”
“My friends had similar experiences and I thought there had to be a better way…… so I did it!”
After everything she’s built Charlotte knows she has made the right decisions.
“Doubts are normal. I know now that I did the right thing as I love the jewellery business and have a passion for it that I no longer had for the property business.”
“I let someone else take over Howard Property services, its still thriving but I am just not involved with it day-to-day.”
Charlotte advises anyone looking to start a business to make careful calculated decisions and plan ahead.
“You have to understand business. I am one of the few jewellers who works backwards.”
“I estimate my predicted costs and profit margin and then I design with that in mind.”
“Whereas many others would just design without thinking about the end result and how profitable it would be.”
“So think the skills I learnt through not going to uni have been much more beneficial in every way!”
Age and Wisdom
As someone who started a business later on in life, Charlotte says it’s never too late to start.
She said: “If you are interested in starting a business you should find a way to do it.
“At one point I was managing the property business, studying jewellery design, whilst launching a new business and I had a six-year-old and baby at home! “
“It felt impossible but I would set myself weekly goals, I always made sure the goals were doable so that I would be able to complete them.”
“If you are working I would suggest setting up as a side hustle and slowly making moves to set up your business. Small steps make for long journeys to exciting destinations!”
“So don’t focus on the end goal as that is too daunting. Just do a little at a time and eventually, you will get there.”
“I want to be able to look back and my life and know that I lived it to the maximum without regrets – so even if you are older, it doesn’t mean you shouldn’t go into business!”
“At 40 you are still working for around another 25 years and that’s a long time!”
Uni dropout
Charlotte added she doesn’t think a degree would have helped her get to where she is now.
She said: “I often wonder whether my life would be different had I studied jewellery design at uni – I think if I had done an art foundation course after my A levels I would have found jewellery much quicker.”
“But I had awful art teachers at A level and they sadly put me off!”
“Often those who don’t study or go to uni find that they have different talents that make them into better business people than academics!”
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“It is great to be able to learn and study but if you have no talent outside of that it won’t get you very far.”
“Being good at project management and customer service will get you further in life than any degree!”
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