YourBusinessWithJamesCaan2016 - 14

It's not about
the money

Self-made multi-millionaire James Caan is so passionate about
business that retirement is the last thing on his mind

H

e lives in Monaco now so when I
dial in I imagine James Caan on a
luxury yacht with water lapping against
the bow, cocktail in hand, sun on his
face. I didn't ask the 55-year-old if that
was the case, of course, because we had
business to discuss and with his
melodious, distinctive voice he had
plenty to say about that...
How do you think the Brexit vote
will affect start-up businesses?
It was a surprise to everyone that the
country voted to leave Europe. If the
referendum took place again I'm almost
certain that the decision would be
reversed as a lot of people voted to leave
without realising the consequences.
These are only becoming apparent today
rather than during the campaign.
What this tells me is that the
government did not do a good enough
job in communicating the facts and
we've had a collapsing pound, stock
market turmoil, a forecast of economic
slowdown and predictions of a recession.
Employers have stopped hiring,
investments in businesses are on hold
and uncertainty around what may or
may not happen has caused tremors in
the UK economy.
I think most people voted out because
of immigration. There is no question this
was one of the biggest decisions from an
economic perspective, but a number of
politicians have reinforced the fact that
immigration has fuelled the UK
economy, is good for the country and a
lot of people who arrive here make a
positive contribution.
What is frustrating and disappointing
are the actions of a few migrants - and
the way that's reported - that has caused

14

people to make a decision that's not
good for the economy.
For new businesses there won't be a
real effect on starting a business unless
your primary focus is exporting to or
importing from Europe. If your trade is
primarily in Asia or north America then
it probably won't affect you. And if
you're looking to start one focusing on
servicing the UK market, Brexit is
unlikely to make a difference.
But if your business involves Europe,
research the implications because there
are product-specific issues, for example
exporting food to Europe has different
rules to importing products or services.
You need to find out how leaving the EU
will affect the way you set up your
business or services.
Has Brexit affected your businesses?
It certainly has, particularly when we are
placing people in companies inside
Europe and decisions have been slowed
down or put on hold. A number of new
positions have disappeared, decisions
we were expecting have been put off and
new job opportunities have gone down.
Everyone is waiting for clarity and this
has affected decision-making. It is a
question of watching and waiting.
Is this a good time to start
a new business?
The success of a business is not about
the market or the sector, but is always
about the people who have the right
approach, the right attitude and the
right passion, along with the right idea.
Most important is how you execute your
business plan.
Many people become incredibly
successful starting a business in a

recession and there are people who are
able to sell products and services where
others have failed. If you are the right
person with the right plan you are likely
to succeed, it's not necessarily whether
the market is up or down.
Which industries do you think will
thrive in the near future?
The way in which we use technology to
market and promote our services is an
up and coming area. More businesses
are learning that an online proposition is
viable. Ten years ago we may have
thought that people wouldn't buy
clothing or food online but there's been a
definite shift in mindset. People are far
more accepting of online trading than
before and that market is growing.
The key issue about having an online
business is having a strategy outlining
how you will drive traffic to your site. In
that way it is no different to bricks and
mortar. If you have a shop that is hard to
find you will not attract a lot of trade.
But if you have a shop in the high street
with high footfall the chances are you
will do more business.
Similarly if you have no marketing
strategy then there will be no traffic to
your site and no customers, so if you
have a strategy that drives traffic to your
site you will get more business.
But you have to work out what the
cost is to drive each person to your site
and whether that cost is sustainable.
An online business that sells a product
for £10 but is spending £15 driving
someone to that site cannot make it.
So what is your strategy going to be?
How much are you going to spend to
drive traffic and will that be sustainable
in the long run?



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