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Capital Space Managing Director, Peter Boam, explains how you can build a successful business

Capital Space Managing Director, Peter Boam, explains how you can build a successful business
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Capital Space Managing Director, Peter Boam, explains how you can build a successful business
Siobhan Stirling - Sharp Minds Communications for Capital Space by Siobhan Stirling - Sharp Minds Communications for Capital Space
Owner/Director - Sharp Minds Communications Ltd

Recently, Capital Space Managing Director, Peter Boam, sat down with McBrides Accountants to discuss business growth. He talks, too, about Capital Space’s success in helping local businesses, while building its own empire at the same time.

Launching in 1997, with the first scheme starting in 1998, Capital Space has grown up over the past 20 years. By learning from our mistakes and upholding a solid business plan, our 50-strong team has provided temporary homes for over 750 businesses onsite, and 250 virtual customers. “I think Capital Space is making a huge difference to people who are wanting to start a business,” says Peter Boam. Capital Space takes the practicalities of running a business, such as manning a reception and handling post, while offering a level of flexible tenancy and unit size that allows for business scalability. When businesses decide to move on to more permanent accommodation away from Capital Space, says Peter Boam, “we ask them how they are getting on as a follow-up question. The answer almost always is: ‘I had no idea how complicated the world really is outside Capital Space’.”

Often, customers start their journey with Capital Space as a virtual customer.  This means customers can use the services of their local Capital Space business centre without physically occupying a unit space. But as Peter Boam explains, “When customers are confident enough to take on physical space as their business grows, they can expand into larger and larger space, until they outgrow us. Then, they will often move into their own permanent accommodation.”

Demand and direction

Over 20 years , Capital Space has demonstrated that there is enormous demand for what we offer. “That’s why we are looking for more sites, and we will build more as resources permit,” says Peter.

When business owners asks themselves what their next move should be, he advises them not to get stuck in indecision ; “If you don’t know where you’re going, you’re never going to get there.

“Our experience is that when people are determined to achieve something and they are clear about what it is, then they will go on and achieve it,” he adds.

Making mistakes

When starting out in business it can often feel like a minefield of options, paths and decisions that need to be considered and made, but Peter is frank in his advice: “Don’t be afraid of making mistakes. There is no shame in it. That is how we learn. Try and develop a discipline to recognise you have made a mistake and try to encourage your peers to tell you when you have made a mistake.”

Holding yourself accountable and listening to constructive criticism, be it from peers or your employees, is one of the first rules of successful business acumen. “The reality is, you want to know the truth and not [hear] some platitude to keep you quiet,” says Peter. At Capital Space, centre teams, says Peter, make a conscious effort to empower others to be “critical and objectionable” and to be “difficult and pessimistic.” He adds: “You need people to look at the negative side, to come up with the negative arguments but be willing to be persuaded. That way, you learn and move forward.” 

In other words, if you make a business mistake, identify exactly what it is and how it came to be made, then pull back as soon as possible and go in another direction. “If you are determined and want to get ahead in business, that [mantra] will help you,” says Peter.

To watch the entire McBrides Accountants interview with Peter Boam, click here.

To find out how  Capital Space  virtual offices or business premises

could benefit your growing business,

call 0800 107 3667