Features: The secrets of success

Founder of Ultimo and co-owner of MJM International, the UK’s first lady of lingerie Michelle Mone OBE offers her top tips for business success.

You have to decide what you want to do - no one else can do this for you. Whether or not it’s an idea you have been thinking about for a long time, or it’s a light bulb moment - when you know your goal, stay focused and never lose sight of what you want to achieve.

When I was made redundant it came as a big shock, but it gave me the opportunity, time and motivation to explore other options. While attending a dinner dance with my husband, I was wearing a very uncomfortable cleavage-enhancing bra and then it happened. I decided I was going to invent a bra that was more comfortable, innovative, attractive and cleavage-enhancing than any other available on the market. I was so excited and thought this is it.

Thoroughly research your marketplace and your competitors, ensuring you know your product or service inside out and how you can improve upon what is on offer from the competition.

Take advantage of the internet for marketing your product and building an audience. Use social media as a free method of building a community of target customers with which you can communicate and interact on a regular basis.

Fail to plan - plan to fail. Prepare a detailed business plan with as much information as you can put together. You will need to get sufficient funding in place before the start. The clearer your business plan is, the better placed you will be to achieve this. By finding yourself a mentor who’ll listen to you and then acting on the advice given, you will be able to sound out ideas, explore options you may not have previously considered and allow for a more objective point of view to be added into the mix. Sometimes, if something is so close to you, you can look too hard to see other positive things.

Keep tight control on your costs and don’t overspend. Always remember your bottom line and look at the wider picture – you may need to take risks and criticism and it won’t all be plain sailing, but always have that goal in your mind.

Employ knowledgeable and hard-working staff to help you - you can’t do it alone and together you can brainstorm ideas and concepts that can complement your original product/offer.

In the words of Robert the Bruce, ‘If at first you don’t succeed try, try again’. Never give up on your dream. And when you reach a position to do so, try to give something back where you can and try to share your experiences with others.

Avoid becoming complacent. With Ultimo, I set out to create a successful brand - but 14 years on and every day I still strive to make it a bigger and better brand, with the same enthusiasm that I had in the beginning.