Enterprise Nation

Martin Lloyd-Penny runs matureaccountants.com from his home. He started the business after being made redundant and believes it’s the best move he ever made. Martin offers 12 top tips for anyone considering doing the same.

An introduction

We heard from Martin after an Enterprise Nation appearance on Sky:

‘I just saw you on Sky News and thought I should get in touch.

Can I write a piece about my experience of being made redundant in 2004 and discovering that Good CV + Aged over 50 + Losing job = Bad combination.

I was out of work for 12 months and then decided to fight back and came up with my best idea to date! www.matureaccountants.com a home-based business which has proved to be a great success story with a global market. I now have over 3,600 candidates on the books and that number is growing daily and I have placed over 120 in jobs in the UK and overseas billing over £500,000 in the last 3 years.

I have now licensed other mature brands under the mature recruitment banner (sales, IT, Lawyers, MDs, Credit managers) and just as you said this morning losing my job was the best thing that could have happened to me.’

Top Tips

We wrote back to Martin and asked him what advice he would offer to anyone who has been made redundant and considering starting a business. This is what he offered:

1. Don’t panic and do the obvious – i.e. try and find another job just like the one that has stabbed you in the back!
2. Come to terms with the reality that being on somebody’s payroll is no more secure than being your own boss.
3. Work out how long you can survive financially with any redundancy money or savings you have.
4. Ask yourself the following question – on a scale of 1 to 10 how much would I like to be financially independent and the master of my own destiny? If it is more than 5 then self-employment may be the way to free yourself from the shackles and “negative choices”.
5. Adopt the Zanussi principle – “the appliance of science”; make a list of all the skills and experiences that you have accumulated over your working life. Plus the people you know.
6. Then work out how you can adapt that knowledge to create something that will work for you.
7. Don’t fall into the trap of starting a business that appeals to you – find a business that appeals to everybody else. Do your market research thoroughly.
8. Find a way of generating some income while you get your business idea off the ground.
9. The internet is a great low cost way to build a business.
10. Start small and don’t force it or rush it – it took me 9 months to place my first candidate.
11. Find a business model that doesn’t require any borrowing – it’s a great discipline (and probably a good idea these days) if you can build a business without relying on a bank.
12. Give me a call if you have any doubts and I will tell you how I did it!

A happy ending

Nearly 5 years on I really enjoy running my own business, It’s not work as I used to know it. Every day is different and I can please myself. I sometimes start work at 6.30 in the morning and still be in my dressing gown at 11.00! Recently I have placed a candidate from New Zealand with a client company in Bahrain.  I don’t have to travel to work and if the sun is shining I can pop down to Trent Bridge for a few hours and watch some cricket. If it all goes wrong there is only 1 person I can blame.

• Martin Lloyd-Penny is Founder of Mature Accountants Ltd