9 questions for…Tim Richardson

In this edition of 9 Questions For…, we hear from Tim Richardson, co-founder of Your Basket is Empty.

Q: Are you a founder, co-founder, solo entrepreneur, consultant or something else?

Co-founder.

Q: What type of business do you run?

Your Basket Is Empty is a Digital Commerce Agency. We build, manage and ship digital roadmaps. Our ideal clients are consumer brands navigating £5m - £50m in digital revenue.

Q: Why did you start your business?

I started my business because I realised that I am an unmanageable employee.

Q: What’s the biggest challenge you are facing in your business?

I pivoted from a solo consultancy to a Digital Commerce Agency in March of this year. While I thought my network was strong and I’d be able to pivot quickly, going from 0 to 1 was much harder than I anticipated. The biggest challenge we face right now is winning new business.

Q: What’s going well in your business?

Although winning new business is a challenge, I am encouraged that we closed two clients within one month of starting the agency. We also have a very strong content foundation, including a podcast, newsletter and personal LinkedIn.

Q: What skill do you excel at, and which one do you want to get better at?

I’m pound for pound the best agency salesperson in the UK. Fact. So I’m confident that our sales and marketing functions are strong.

I would like to get better at agency finance. Specifically, monthly management account creation and analysis.

Q: What will be different about your business this time next year?

We will be on track to double our 2024 revenue whilst maintaining a 20% EBITDA.

Q: What’s the one thing you wish you’d known before starting your entrepreneurial adventure?

I underestimated how lonely and isolating being a solo founder would be. Now that I have co-founders, I’m in a much better mental space.

Q: Where do you live, and what do you love about your city?

London, specifically Walthamstow. I like Walthamstow because it’s close to the action of East London but also a little removed and more village-like.