Darren Ferneyhough [darrenferneyhough]
What is the business idea that you are working on right now? How did you come up with it?
I'm currently expanding my business in several markets, including the United Kingdom, Germany and Australia. The business involves helping entrepreneurial minded individuals to start their own business without the need for significant capital, with minimal overhead & risk.
The business is based on sound business principles and the perfection of a business model that has been developed and fine-tuned over the past 100 years.
The key to the business's success is it's structure, in which we help new partners to enter into business partnerships with 2 key organisations:
1. a commercial partner, a multi-billion dollar NYSE-listed corporation with a track record for innovation, integrity and excellence.
2. a not-for-profit independently funded organisation which operates online and offline training programmes and resources to support business partners in the building and success of their businesses.
Due to the the huge success in recent years of our business partners in growing the demand for the products and services provided by our commercial partner, further new business partners are urgently sought, particularly in the UK but also in another 50+ markets.
It is the ongoing acceptance of suitable new business partners in 50+ markets around the world, and the success that they achieve through the training and support provided that drives the success and profitability for all involved in the business to the extent that as of Q1 2012 there were 782 partners had earned over $1m (USD) since entering into their partnerships, and this number is increasing every month.
Typical new business partners are typically used to earning in excess of $100k already in their current or previous roles, however other applicants may be considered where determination, mindset, integrity and a work ethic are observed.
Is there a website, blog or social media link where we can see more about your project and/or yourself?
My LinkedIn profile is a good resource of information
What is your professional background? What were you doing before?
I have a previous background in the financial services industry including specialisations in tax planning (SDLT, CGT & Income Tax) and insurance.
Whilst no longer actively involved in these sectors I remain in contact with a number of experts in several specific fields and am proud to introduce friends and colleagues to them with confidence when the need for expert advice in these areas arises.
How did the entrepreneurial spirit rise up in you? Were you exposed to entrepreneurship in your family or your social environment when you were a child?
I purchased my first business at the age of 15 with capital borrowed from my mother. In the first few months after taking over the business I embarked on a business development initiative which was successful in quickly doubling the turnover and profitability and also enabled the repayment of the initial borrowed capital.
This success brought with it some challenges, so the next step was to re-organise the logistics and expand the workforce to both handle the additional workload and maintain customer service levels.
A year after acquisition the business was much more streamlined and profitable and with a desire to move on to other projects I negotiated a deal to give ownership and control of the business to 2 key employees and sold it for twice the amount originally paid just a year earlier.
Up to what point is luck is important? How do you attract it?
in my view, luck is where preparation and opportunity meet, but it is often still missed if the mind is not open, so to benefit from it you need to have a positive and open mindset and be prepared to make the most of a situation when it presents itself before you.
What do you do to maintain morale and continue persevering in low times?
I regularly surround and connect myself with positive, enthusiastic and driven people with similar or common goals to me. Fortunately for me I have a number of colleagues building their own businesses both alongside and in partnership with me and we are all about helping and supporting each other.
Are these times of crisis good for beginning a business?
Times like these can be extremely tough for many businesses or industries - but there are a number which do in fact thrive in such circumstances. I'm fortunate to be in one of these, and my business and the industries in which it operates tend to do just as well if not better in times of economic crisis as they do in times of general prosperity. One of the key reasons is that a major element of my business is helping people to generate additional income for themselves, which of course is something that many people are actively seeking in times such as these.
What would you call success? Where would you like your business to be five years from now?
Success is most commonly measured in financial terms, which is fine, but of course the purpose of wanting and creating financial success is for the freedom of choice that this can give.
Financial freedom is what I call success - to have enough money in the bank or regularly and permanently being received without the need for you to be spending your time on the generation of it, that you are free to choose exactly what you want to spend your time doing.
Once this position has been realised, different people make different choices.
Some will wish to increase their lifestyle and continue to build even bigger incomes or fortunes in order to fund this increase, while others will choose to relax and enjoy the fruits of their labour; others still will immerse themselves in working to improve the lives of others.
For me, an element of all 3 is my current and ongoing preference, and I feel extremely priviledged to be able to enjoy this position.
Five years from now I would like my business to have built even further to the point where I can spend even more time with my family and help even more people to enjoy happier lives.