Smart50 rank: 25
Revenue: $4,670,061
Growth: 74.54%
Founders: Rob Nixon, 40
Based: Queensland
Employees: 10
Industry: Other
Website: www.robnixon.com
In October 2005, Rob Nixon made a big decision. After a career selling training and software products to the accounting profession, Nixon did a wealth profile test and decided almost on the spot that he needed to go into business for himself. He resigned the next day and two weeks later had set himself up as a business coach and consultant with a specialist focus on the accounting profession.
The brave move, financed initially with a few trusty credit cards, has paid dividends. In 2008-09, the business posted revenue of $4.67 million, with average annual growth of 74.5%.
Nixon has a unique model. In addition to personal coaching services, he has set up coaching "clubs", where a coach works with a group of eight like-minded but non-competing firms who meet regularly, share ideas and strategies, and learn from each other.
More recently, Nixon has stepped back from seminars and coaching to focus on growing the business, with most of the coaching work handed over to hand-picked contractors and staff. He knows it was a gamble, but it had to be done to support the growth of the company."I ran the risk of losing clients who demanded my personal involvement but only one client chose to discontinue with the program."
Nixon's advice to other entrepreneurs is to try to answer three questions: What am I passionate about, what can I be the best in the world at and what drives my economic engine?
In answer to the third question, Nixon says it is important for early-state entrepreneurs not to undervalue their time.
"When I first started I wrote on my whiteboard in permanent ink: ‘Is what I am doing worth more than $X (big bold number) per hour. If not I should not be doing it.'"
Finally, Nixon says it is crucial to understand the importance of marketing in getting a business off the ground.
"Without marketing nothing happens. If you want to supercharge your business, you need to bring in external and professional marketing assistance. If I had my time over (and if I had the financial resources when first starting) I would have invested much more in marketing people and expenditure."
This is one area he is investing heavily in as the economy recovers.
"As many businesses are suffering, they are substantially reducing their marketing spend and noise. This is the perfect opportunity to take advantage of more competitive advertising rates and increase brand awareness. When conditions improve, sales will come walking through the door."
 |
 |
