It’s been 18 months since I last posted and made my declaration of my new company, so I figured I should update on how it’s progressing. I also feel like I am about to turn a new chapter with the company, so perhaps this is a good time to reflect.

It has been scrappy. The key for a new consultancy business like this (no funding, no investment) is to keep income coming in. This has meant accepting a large number of small projects, whilst trying to build reputation. The ends have always met in the end, but going through month by month it was not always a certainty that they would.

I have had over 15 projects in this time, some long, most short. And I must mention that I have done next to zero promoting of my business. Most business has come from word of mouth or organic search – with gives me confidence in what I have been delivering and in the website I built.

To ensure I win the projects I have been charging less than I could have to my clients. This has helped secure the work, but now that I am building a decent reputation I believe I am able to raise my prices.

Lesson 1 – Minor Pivot.  I originally started off trying to provide two services: 1)Product design to Malaysians and 2)Asian manufacturing to the West. Most of my business has been in point 1. Being based in Malaysia I have been able to market that service more, and also I have fewer competitors and more experience in this area. I also enjoy the creative output of this work more. I will continue to offer the manufacturing outsourcing, but it will not be as much of a priority in the short term.

Lesson 2 – Interns have been champions. I have had 3 (paid) interns since January and they have helped me so much. Their creative energy and talent has really helped keep the work load manageable and clients happy! Managed well, interns can add incredible value.

Lesson 3 – Take money up front. On at least three occasions I have not been paid/paid in full for work. I now insist on taking some money up front to ensure the client is serious and to minimise my exposure.

Going forward. I am now in a position to secure a couple of large, longer term projects that can be my bread and butter. These will more than take care of basic overheads. And I am getting a growing demand  for small projects for which I am looking to employ my first non-intern staff member to manage.

I am very excited for the next year. If it develops like it is hinting to then I can continue to work on a large range of exciting projects and have the funds to expand the business as well as keeping myself fed and watered!