Rising star: Stephen Brooks
Sep 03 2008
Stephen Brooks started his events management company, PM Squared, after having worked for ten years for a conference and events firm. The company started making a profit within two months and one year later has a turnover of £150,000.
Why did you decide to go it alone?
I felt that I had gone as far as I could in the company I worked for. Starting my own business meant a better income, as well as an improved quality of life through getting to see my kids more often.
How is your work different now?
It’s a lot more hands on. I really enjoy the client-facing side of the business and that’s something I had started to miss. I’m in a position now where I can offer my knowledge of having worked for a larger company for a smaller agency cost.
How did you fund it?
The company was funded out of my own personal money. It cost £5,000 to start up, which included a loan from extending my mortgage and my own savings. The costs were low because I didn’t have to employ any staff and could do all my work from home.
How did you get your clients?
I didn’t do any advertising. It was all done by word of mouth and through freelancing work for agencies. I also had some contacts from my previous job. Obviously I want to build up my direct client base as that represents a lot more revenue for the company.
Where do you see the company going next?
I would be happy for my business to remain an SME – I don’t want it to turn into a big agency because I like the personal contact involved. Also, with our costs being so low, it doesn’t need to be massive in order to be profitable. Ideally, I would like to be hitting the £1 million turnover mark in the next five years.
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