Malcolm Parkinson is Director of WCP Ltd which owns the male toiletries brand Rock Face. Here he tells us all about why he set up his own company, the skills you need and why networking is key.

About WCP Ltd

• The business was set up in 2010 by three ex colleagues who wanted to start their own business following successful careers in the food industry. We own and sell a male toiletries range calledRock Face.
• There are still only three of us in the business the rest is outsourced, keeping our overheads down.
• The company trades in the UK mainly but also in Sweden, Denmark, South Africa.

Why did you start your own company?

The business was started because we felt having been successful in food and drink industry for many years we had the combined knowledge and skills to do it for ourselves, and create and run our own business.

Once we had made the decision to start our own business, we discussed which markets we knew best. Toiletries came out as the clear winner so we started to examine which areas of the market we felt had the best opportunities to enter. Through our combined contacts we identified the male market as one with significant opportunity to grow, so we set about filling a gap we could see in the market for a product range which appealed to men with masculine branding, strong product performance, a unique fragrance and competitive pricing.

Did you get advice to get your started?

Because of our contact network built up over the years, we were able to obtain market data and information on the latest trends, this enabled us to hone down the area of opportunity.

How did you know there was a market for your business?

The UK male toiletries market has retail sales of over a £100m, which we knew from the data we had, so we knew that although it was a very competitive market, it was big enough for us to enter providing we could create something with a point of difference.

What skills and qualities do you think you need to set up and run your own business?

• Passion, drive, commitment and a never give in attitude!
• A good idea for a product or service that offers the market something different, i.e. not a “me too”.
• Being able to manage your finances early on, as cash flow is critical when you first start up.
• Marketing, sales and customer service skills, either your own or brought in.
• Being able to communicate what you are doing, why you are doing it, and why consumers should buy you! Be able to negotiate!
• Leadership, having the ability to lead your business in the direction it needs to go and keeping it focused on what it needs to be doing at each phase as the business develops.
• Project management and planning. Without a plan you are a ship without a rudder! And your ability to manage projects to deliver what you want when you want them is critical.
• Time management. The single biggest asset you have is your time, learn how to manage it properly, don’t sweat the small stuff, and spend time where you can make the biggest impact. If you have a team don’t be afraid to delegate and empower them to help you, a team delivers 10 times more than 1 person.
• Ability to solve problems in a pragmatic and efficient way.
• Networking!!! Use your contacts, or friend’s contacts, or parents’ contacts, or just ring someone out of the blue who you know might be able to help you. You will be amazed at what you can find out and who is willing to help you.

Why is networking so important when you run your own business?

No one person knows everything they need to know when starting your own business. So the cheapest and most effective way to find out what you don’t know or what you want to know is “networking”. In today’s environment with the power of the internet and social media, you can quite literally find a way of talking to anyone you need to “for free”.

Networking lets you glean valuable knowledge which saves you time and money; it stops you making the same mistakes others have made in your position, you can call on people with years of experience which will save you time.

So network, network, network, it is the best free thing you can do with your valuable time.

What are the advantages of running your own business – the highs?

• Money: You could make much more money than working for someone else.
• Be your own boss: You get to make the decisions crucial to your own success.
• Security: No one can fire you
• Discovery: Put your own ideas into practice and see what works and what doesn’t
• Experience: You will learn about every aspect of the business and gain knowledge in a variety of disciplines.
• Contact: You will get to meet lots of interesting people from your customers through to people who can influence your business.
• Self-Satisfaction: Take personal pride in creating and running your own business
• Long Term Gain: You can build value into your company meaning it has a sale value which secures your long term future.

What are the disadvantages of running your own business – the lows?

• Investment: You may have to take a large financial risk to get your business going
• Dedication: You’ll likely have to work long hours and have fewer holidays when you start, which can last for years whilst your business gets established
• Money: You may not be able to take out as much as you need on a consistent basis to start with.
• Strain: You will come under a lot of stress and stains early on; doing things you may not like e.g. firing someone. Dealing with irate customers or creditors.
• Learning: You will need to learn new disciplines, like filing, accounts, stock control, production planning, market research, sales and general management.
• Detail: A lot of time can be eaten up by the details of running a business, paperwork, phone calls, people management.

Why would you recommend running your own business to others?

Running your own business is not for everyone, but the reason I recommend it is the total enjoyment and satisfaction that comes from being my own boss, knowing that my success is down to me, no one can tell me what to do, when to do it, or even how to do it. Being your own boss gives you the freedom to express yourself and do what you want to do. Ultimately the main reason I wanted to be my own boss was financial independence, knowing that if I was successful, then I would reap the rewards for that success and secure my long term future.

Tell us one last thing about your business 

“It’s virtual” by that I mean we have no offices, we all work from home, and we outsource all our manufacturing and distribution to experts. This allows us to focus totally on growing the business.