The Keys to a Successful Startup with Entrepreneur Scott Logie of The Mothership Group
“It sounds obvious, but if it is, why do so many people not do it?!” – Scott Logie, Partner at The Mothership Group.
You may not have heard of Liverpool startup powerhouse, The Mothership Group.
The group who describe themselves as a group of “successful entrepreneurs who are initiating, developing and launching disruptive companies here in the UK”, credit themselves with having “created a unique structure that draws on a wealth of experience and expertise from its Partners, to create solid business propositions.”
The group was founded just two years ago, in 2014, by Lorna Davidson, who had already set up Tactical Solutions, a market leading field sales and marketing company which she went on to sell for a head line price of £29m.
Off the success of her previous venture, Lorna brought together a team of experts across different fields including sales, manufacturing, logistics, retail, hospitality, marketing and commercial strategy across a number of multi-nationals and brought her vision of a Partnership equipped to develop and launch a range of successful businesses which could then be sold.
“Each start-up developed by the group is expected to generate revenue within the first three months, profit within twelve months and to be a fully developed, self-sustaining business within three years,” the group tells us. “It is then to be sold with a unique split of equity between The Mothership Group, The Mothership Partners and start-up team, with 1% profit also being donated to The Mothership Foundation.”
We asked The Mothership Group partner, Scott Logie, what he believed to be the key factors in developing a successful business.
“We believe that at the heart of every business that succeeds are people, quality, motivated, hard-working and driven people.”
“For all that new businesses depend on a great market, or product, a winning strategy or innovative technology,ultimately it is with great people that businesses win, and disjointed teams where they fail.”
Scott attributes The Mothership Group’s recent successes, including a successful pilot scheme in Liverpool and London for business start up, My Perfect Shop and the development of a marketing strategy for online recruitment agency Red Wigwam, at least in part due to planning.
“We set objectives, we developed a plan and we stick to the plan throughout the projects”, says Scott. “Even when we were presented by curve balls or other opportunities we stick to it. Believe in the outcomes and you will succeed!”
It is this emphasis on focused planning, that Scott suggests is often one of the key factors that start-ups often lack.
“We are always amazed by how many businesses start up without any real clear direction where they are going, or indeed how they will make money”.
“We come across lots of business owners, entrepreneurs, who have a great idea, but no commercial plan as to how to meet and beat sales targets.”
Scott believes it is this lack of crucial planning that can often let start-ups down.
“Our focus is always on the money, for no other reason than without it there is no investment in marketing, in bringing in top quality staff and in developing the proposition,” he explains. A businesses’ aim, after all, is to make money.
“Before launch we spend time on the business plan, the sales plan, the offering and the KPIs (Key Performance Indicators) needed to measure success. It sounds obvious, but if it is, why do so many people not do it?!”
What does the future hold for the Mothership Group? As well as developing its current businesses and growing online recruitment agency Red Wigwam to hit a target turnover of £1 million by the end of the year, the group plan to research and invest in and grow another two businesses.
With the wealth of expertise the group is able to draw on, and a ever growing start-up culture in the city, the future looks brighter than ever for The Mothership Group.
The Mothership Group’s Tips:
- Set objectives, develop a plan and stick with it, even when presented with a curve ball.
- It is with great people that businesses win, and disjointed teams where they fail.
- Spend time on your business plan, sales plan, your offering (what you have to offer) and your Key Performance Indicators.
Words: Satin Beige
The Mothership Group: www.themothershipgroup.co.uk
Red Wigwam: www.redwigwam.com
My Perfect Shop: www.myperfectshop.uk.com