We’re currently going through the ‘delay’ phase of the Coronavirus (COVID-19) outbreak in London and we have all been instructed to stay at home. It effectively means that if you are not a key or essential worker, you need to stay in your house to reduce the chances of catching or spreading the virus.
Small business owners and self employment
The Government are currently doing everything to save the economy including promising to pay workers 80% of their expected wages while in isolation. There has been little said about self employed workers and small business owners in the emergency budget and this has raised a lot of panic in my little World. We expect some more information from the authorities this week.
Dealing with the current situation
The key question I’ve have been asking myself through all this is ‘What role should I be playing in all this?’. The first thing I am learning through all this is not to panic. We just have to be patient and see what is on offer.
I am currently honestly looking at my financial situation. If there is need, I will probably contact creditors to arrange payment plans. They won’t stop charging you if you don’t come to some type of agreement.
I am going to use this season to review my business plan and the areas where I have been focusing my energy. It’s also a good time to put all my invoices and documents in the right places. There are so many areas I can definitely improve on while we are in isolation.
It’s also the season to look at part time job opportunities during this odd season. There are currently quite a few online jobs out there at the moment. There’s no point letting pride get in the way, bills still need to be paid! It’s a good time to find out more.
I have woken up a few times wondering if this virus issue could last long enough to damage my business. It was during one of those scary moments something important hit me. My job is to find peace in the storm. My duty is to survive. There won’t be any business for me to attend to if I don’t look after my health. It’s also not in our best interest to worry about things out of our control.
The next morning, I decided to focus on eating well, exercising properly, reading and checking up on loved ones, especially the elderly. I realised that there is no point listening to conspiracy theories or feeding myself with information about how we are coming closer to doomsday. If it comes and there is no way of avoiding it, at least, let the day find me with hope rather than despair.
It will pass
We will get through this. I pray you won’t lose any loved ones during this scary season. We can handle anything to do with money but we certainly don’t want to lose any of our loved ones.
It will be a time of celebration when all this is over and we look forward to being a part of your special events. Please take a few minutes to browse through our website to see the services we provide. We look forward to catching up with you in good health. Stay well and keep fit.
Nomadic Fun Casino Hire started out as a one man band. I would hire one or two extra dealers, hire a van, deliver tables and entertain guests. After the event, I would put the equipment back into the van, drop them at home and return the van. Job done!
I have a feeling most small businesses start this way. People often hire from people they know and trust therefore it is necessary for most small business ventures to start with a face.
Scaling your business
Scaling your business is the process where your business has a life of it’s own. It becomes independent of you. It is the process of creating procedures that allow someone new to come in and run your business following a clear process.
If there is no difference between you and your business, it means you need to be at every event. People are hiring ‘you’ rather than your business. This naturally limits how much work you can do and it limits your growth. It also means your ability to learn is also often limited to your experience.
It also means you can’t take time off or afford to be ill. I’m sure most people become self employed so they can have more time for loved ones. You won’t have any time if you don’t learn to scale your business.
Focus on becoming teachable
I found out very quickly that we often have very limited skills when we start out. While I had strong people skills and could entertain well, I knew very little about refurbishing equipment, negotiating at a much higher level, taxes and VAT and even less about scaling my business.
Recently, I have hired a business coach to teach us how to run the business efficiently and we are focusing on building a strong team with people who can bring different skills to the table.
I read somewhere that the most successful entrepreneurs out there read a lot. You can learn so more from other peoples stories, you often don’t need to reinvent the wheel.
Ask for help
It’s good to sometimes admit that we don’t know it all and ask for help. You would be surprised to know how much help is out there if you are humble enough to seek advice from the right people.
Wisdom has to be exercised here as you can’t go rushing off to everyone for advice. This can easily expose you to people who will either mislead you innocently or take advantage of your naivety. Focus on looking for qualified mentors. They can save you so much time and many expensive mistakes.
Invest in your staff and business
They say if you pay peanuts, you get monkeys. It’s absolutely true in business. If you’re not offering the right training and the right amount of money, you most likely won’t be able to keep the best members of your team. At the end of the day, they are trying to earn enough to make a living too.
Play hard, play to win
I established a few ground rules with my wife before I became self employed. The first rule was that we would work like we had nothing to lose. We accepted that there will be many days of mistakes and learning but we would plough through anything. There was no way I was looking forward to a life of mediocrity and failure. We would have to crash and burn trying.
Thank you for taking a few minutes to read my blog. I would love to read your comments. We’re all trying to learn. Please check out our services at www.nomadic-events.co.uk to see the services we provide.
Copyright by Jimi Sotimehin. Not to be used without my permission
If I had to give young people what I believe is the secret ingredient to growth in a small business, my focus would probably not be limited to talent.
One of my favourite quotes is “knowing what we should be doing and actually doing it are two very different things.”― Herminia Ibarra, Act Like a Leader, Think Like a Leader.
Happy new year everyone
I’ll use this paragraph to wish everyone a happy new year. Thank you for taking a few minutes to read my blog. My hope for you is that this year will bring us growth, grace and favour beyond our wildest dreams. I sincerely hope we can all learn from each other. This year, I’ll be trying to update my blog weekly.
Talent in this context focuses on natural talent and skill. I can’t truly focus on whether talent was born or made, I suspect it’s a combination of both. Your chances of becoming an athlete might be enhanced by the fact that your body structure might be athletic to start with.
We need talent but we often don’t pay enough attention to work ethic, discipline and habit.
I was often told that success would come easily to us when we started our fun casino because we had a very small friendly, people-oriented team. Time is teaching me that those talents are obviously required but not enough.
Work ethic and developing new skills
Developing a teachable attitude has become the top of my priority list for myself. It’s really hard to grow if we are not willing to embrace new perspectives
Life is teaching me everyday that the habits you develop are as important as the talents we rely on everyday. I would pick a happy, teachable and reliable average croupier over a knowledgeable croupier with a bad attitude.
These days, we spend so much time learning about how to market our services. We are learning to use social media tools to reach potential customers. I have often been encouraged to outsource things that take time to learn. Experience is however teaching me that the early stage of your business is your responsibility and you can’t truly afford to have no knowledge of the things that should matter to you. It’s also risky and expensive if you’re totally in the dark about your expectations.
I read somewhere that you can’t complain about someone predicting rain if you request for the weather report. I have accepted that it will be a tough season and we are looking forward to the expected hard work. It’s not about thinking about what we should be doing, it’s all about putting things into action.
We are also looking forward to doing what we do best which is serving you at your fun casino events. Please check us out at www.nomadic-events.co.uk to see the services we provide.
Looking forward to catching up with you soon.
Copyright Jimi Sotimehin. Not to be copied without permission.
How to build a Fun Casino Business in London – Part 1
Building a Fun Casino Hire business in London
The first desire of almost every Fun casino hire business owner I have met is to show profit. The easiest way to do this is to make sure the running costs do not exceed the amount you make from your venture therefore I’ll be attempting to write rules for myself to enable me show a profit from running a fun casino hire business in London.
Keep a thorough record of your true costs
The major costs of running a fun casino event in London are often storage and maintenance of equipment, hiring or owning a van to transport tables and equipment, fuel costs, staff costs, parking, insurance and taxes. All these need to be factored in when you are setting your prices.
Try to find a name and a logo that stands out from others. Also, think of ways you can bring value to your customers in your own unique way.
Learn how to negotiate
Everyone wants a bargain therefore if you don’t know how to negotiate, you will often find yourself in situations where you can barely cover your costs talk less of showing a profit. Make sure any loss leaders you incur are decisions you have made. If a Fun Casino business keeps running free events to gain exposure, it’s a matter of time before the business starts losing money.
The success of most small businesses starts off being heavily influenced by your close circle of friends. People generally hire people they know and trust. If all those closest to you are always after freebies, you will have to set ground rules for yourself on how much you can accept to run an event.
Thankfully this is not a problem I am experiencing with Nomadic Fun Casino Hire. We’ve been fortunate to find friends and colleagues who encourage our business therefore our progress has come down to ‘show me your friends and I will tell you who you are’.
Growing every business takes time
There is a big temptation to go for it early. It’s a marathon and not a sprint so it’s best to focus on building your foundations carefully. Don’t let all the ‘experts’ rush you into throwing money at every advertising gimmick they have out there.
Grow your community, learn more about social media and find out how you can communicate with potential clients. Be consistent. Don’t neglect the offline side of things too. Everyone needs some form of entertainment, the key is how much are they willing to pay for your service that can allow you to run your business profitably.
Do everything possible to keep your promises
This sounds easy but it’s not, especially when money is tight so make a habit of paying everyone on time. Build relationships with your customers and staff where there is trust. Don’t be quick to sign up to things that you might not be able to afford as these situations can easily damage your reputation.
The secret ingredient to every venture is courage. Every new business will bring up some challenges and the fun casino business is no different. Decide early that you will give it your best shot and put your heart into it. If you don’t expect to battle, you will probably give up early.
I hope you find my tips useful. I am not an expert on how to build a business. My blog is just me sharing my thoughts so If there are things I have left out (I’m sure there are loads), please feel free to leave your comments below. We can all learn from each other. Please check us out at www.nomadic-events.co.uk to see the services we provide. It would be nice to hear from you.
Copyright Jimi Sotimehin. Not to be copied without permission.
How to start a fun casino hire business in London – Part 2
Starting a fun casino hire business in London
Starting a fun casino hire business sounds like a bit of fun if you love casino games and enjoy entertaining people. It is very important that you have experience working in a casino as a croupier or a dealer. This will help you to provide a professional experience to your clients. It has so many rewards such as being self employed and actually enjoying what you do. However there are a few things to factor in before taking the plunge.
Find mentors in the Fun Casino Hire industry
This is extremely important. It is a business unlike anything else and you need to be able to talk to people who have done this before you. There are so many expensive mistakes I would have avoided if I had taken the time to speak to some experienced and willing fun casino hire owners before taking the plunge.
Make sure you sort out your storage issues before you start buying equipment
I found out the hard way that storage is very expensive in London. If you’re fortunate enough to have storage facilities already, good on you. Find out first before you buy your equipment. Don’t just throw your equipment into a damp garage, it can cost you a lot of money to keep replacing your equipment.
Keep records of every penny you invest into your fun casino hire business
There are so many hidden costs when you start having events. Petrol, replacing chips regularly (yes, you will do this often as guests sometimes keep a few chips as souvenirs), creating and printing fun money, building your website etc. will be some of your overhead costs. You have to be totally honest with yourself when you start out else you won’t know if you’re making money or not.
Invest in a good website
This is very important in the Fun casino hire business. Even your referrals will want to look at your website to see what you do. It’s effectively your shop window. Please check out www.nomadic-events.co.uk. We hope you like what we’re doing with our website.
Invest in good equipment for your fun casino hire
This sounds obvious but it’s not that straightforward. The trick is ‘don’t buy what you won’t be able to sell’. Don’t buy other people’s junk because you are just starting out. You don’t need many roulette wheels or blackjack and roulette tables when you start your fun casino hire but you need good ones. Also, try to find equipment that is not too heavy, you might need to carry them on your own sometimes when you have events. Don’t go running around buying everything off the local Del Boy (the wheeler and dealer from Only Fools and Horses).
Insure your equipment and find out more about public liability insurance
This is very important as many hotels will not allow you to bring in your equipment if you don’t have liability insurance
Next week, we’ll be looking at how to grow your business. I sincerely hope this blog has been useful. Please check out our services at www.nomadic-events.co.uk or our Facebook page ‘Nomadic Fun Casino Hire’ to see the services we provide. Please feel free to leave your comments below, It would be nice to hear from you.
Copyright Jimi Sotimehin. Not to be copied without permission.