Taking care of business
Holly Hands has some of her best ideas at 3am. The marketing and events specialist always keeps a pen and pad by her bed so she can write them down when creativity strikes.
“It’s always been my problem-solving hour and I find I can’t go back to sleep until I put the ideas down on paper, ” she said.
When she launched her own company three years ago, 3am Thoughts became the obvious business name.
“I found when I was working for other companies that I wasn’t doing my best work sitting at my desk from 9 to 5, so I decided to launch my own brand, ” Ms Hands said. “I’m at my most productive very early in the morning or late at night and it’s great to be able to work whenever the ideas and inspiration come to me.”
Her company has now grown to include three full-time employees, and eight contractors who handle big events, media launches and marketing campaigns for major shopping centres and restaurant groups.
Ms Hands is typical of a growing number of Generation Y workers, particularly women, who are creating their own jobs. Technologically savvy, they are working in mobile offices and hiring like-minded peers to help them reach their business goals.
In its latest business trends report, Bankwest revealed there was an 8.5 per cent rise in the number of people aged 25-34 launching their own business nationally in the past 12 months — a jump of 15,300 people.
The report also found a growing number of women operated their businesses part-time, making sure they could juggle work and their family commitments, while creating their own operating hours.
Sinead Taylor, executive general manager of business banking, said women were always looking for ways to earn extra cash regardless of their stage in life.
“This trend can be seen in the impressive growth of ‘nanpreneuers’— women over 65 establishing businesses — recorded over the past five years.
“Over the past decade, the number of men running a business has fallen by 9.3 per cent. In contrast, growth for women over this period has been positive, with the number of females running a business growing by 3.7 per cent, ” Ms Taylor said.
Small Business Development Corporation chief executive David Eaton said a growing number of Generation Y workers were budding entrepreneurs who could not wait to launch their own brand.
“The young people we see are not starting businesses because they can’t get a job, they are busting to be their own bosses, ” Mr Eaton said.
“Some come to us after a few years of living and working overseas. They’ve seen something in another country that we don’t have here and want to start a business around that product or service.”
Mr Eaton said Generation Y had grown up with technology, making the IT industry very popular, but most used technology extensively in their business ventures, from computerised ordering systems in the hospitality industry, to running online retail businesses.
“Feedback from our younger Gen Y clients indicates that a major challenge they face in business is being taken seriously, ” Mr Eaton said. “Young business starters can overcome this by being well prepared with the knowledge, statistics and information necessary to make an informed, impressive presentation.”
Ms Hands said it was important to have a sound business plan and to follow your own purpose, vision and values.
Although people should be aware of their competition, they should not be sidetracked by them, she said.
© The West Australian
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