What I have learnt about starting a new business (CampusLife) in 2022
Who would start a new business right in the middle of COVID? Me of course! Why would you choose the middle of a pandemic to risk a start-up? How has it been going with all the ups and downs of 2022? Well… let me give you the good, the bad and the ugly.
For context's sake, I have launched several start-ups in my time, so it's not my first rodeo. I began Social Star 10 years ago, right after the global financial crisis of 2009 when the tech company I was working for took a hit and couldn't afford to keep me on as their Marketing Director. It was a rough and abrupt way to begin my own business, but I loved it and never looked back.
I’ve also started a few other enterprises, a beer app called Closest Beer and an influencer company called Tribe. So, you could say I knew a thing or two about navigating new things.
But a pandemic is a strange time to start a new business that revolves around university students and helping small businesses with marketing. It all comes down to your perspective. I'm an eternal optimist so, in the middle of 2021, I thought the troubles with COVID were behind us and that everything would go back to normal. Well, I was right in some ways as lockdowns were coming to an end, but the impact of the pandemic on the global economy was just beginning.
The good thing about starting CampusLife is the amazing team we have assembled. The talent I have found among university students is so good I have been able to grow Social Star too, hiring five additional people. With a bit of guidance and confidence, it's amazing what these motivated students can do.
The bad things are the growing pains of new businesses. This has been especially, challenging with the double-sided marketplace we have at CampusLife. We started out with a bunch of small businesses wanting candidates and not enough students. Then we had a rush of students to the platform and not enough businesses to match them! Until you have a great scale, it's always hard to balance between the two sides.
The ugly things are the technical headaches. It's tough to get a new platform started and just how you envision it, while you are still forming your ideas. New businesses always have loads of pivots while they test their ideas on the market. Since technology doesn’t pivot as fast as your ideas, it's never quite like version 1.0 of the plan! You sign a contract for a technical build and six months later you get it delivered but your ideas have progressed. That's the real challenge as it costs a lot to go back and adapt the software.
So, there you go folks, the good, the bad and the ugly truth of my last year building a start-up from a concept in my brain, to a team of five making revenue and helping clients. I would love to hear your experiences building your own businesses during the last year- we are all in this together!
Regards Andrew