Today, Helen and I are joined on the show by Karolina Adamczyk from Ademchic, a design company working closely with developers.
This one is another one that should not be missed…why? Well, Karolina’s infectious laugh for one thing! But on a more serious note, what I really enjoyed about this discussion was how Karolina managed to convert a hobby into a business and especially how she manages to merge design with ROI…which you rarely hear in the same sentence I can tell you…
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Resources mentioned
Property Deal Tips & How to Reach me By Telephone
Link to the Podcast feedback survey
Contact Karolina Adamczyk:
Linked In – send her a connection request or message referencing this podcast.
Karolina’s Instagram & Facebook pages are in both her own name and also the company brand.
Today’s must do’s
Subscribe to and review the show in iTunes…and while you are at it please help us to spread the word by telling all your friends too!
Send in your property stories, questions or moans to podcast@thepropertyvoice.net and we will try and feature YOU on the show too!
#PropTech: A guide to how property technology is changing how we live, work and invest – a link to the latest book.
Property Investor Toolkit – here is the book link on amazon.co.uk & amazon.com in case you would like to get yourself a copy to accompany this series
Get talking!
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Transcription of the show
Hello, and welcome to another episode of The Property Voice podcast. My name is Richard Brown and as always, it’s a pleasure to have you join me on the show again today.
Today, Helen and I are joined on the show by Karolina Adamczyk from Ademchic, a design company working closely with developers. This one is another one that should not be missed…why? Well, Karolina’s infectious laugh for one thing! But on a more serious note, what I really enjoyed about this discussion was how Karolina managed to convert a hobby into a business and especially how she manages to merge design with ROI…which you rarely hear in the same sentence I can tell you…
She has plenty more to say too, so let’s hear from her right now.
Property Chatter
Discussion summary between Karolina, Richard & Helen.
Discussion summary between Anne, Richard & Karolina.
Discussion notes and key points…
Karolina had an international career in banking. She loves business development and also interior design…she especially loved transforming spaces.
She took a job more London-based than airport-based and then turned a hobby into a full-time job.
She went out networking; got the bug and started refurbishing flats in London. She also found investors directly and through crowdfunding but her own investment projects didn’t go 100% to plan.
However, she had developed a large social media following…merely showing what she was doing and sharing her knowledge, which then attracted her first client. This started the progression into becoming an interior designer, serving the property community. She also didn’t sleep much!
Karolina gradually migrated to part-time at work, which helped the transition. She also found the courage to completely exit from her job.
Karolina turned a passion into a business. She wanted to do it sensibly…with cash flow behind her, so hired the first employee whilst still working herself. Lots of communication as a manager is virtual, using tools like Slack for example. There were lots to learn about business, so the slow transition was helpful.
Sometimes there are no boundaries between work and home life, but Karolina does believe she is working with her passion.
Challenge and learnings
Moving from long-term stable employment with a regular paycheque to having no stability and having to generate cash flow from scratch. Underestimated what it would feel like…uncertainty coming from the emotional state of people relying on her for work and pay. It’s a big responsibility, which was not expected. Having spent a career in business development corporately, it is very different to doing everything in a small business yourself with no brand or reputation to rely on. It’s very different as a start-up.
Dealing with the migration to working for herself
She spent a year pushing back having any employees and then decided to hire. Then only deal with the best of the best people. Her team have very similar skills…a little bit of everything! She recruited versatile, action-oriented staff. Need to set up all the processes and the admin, which takes a lot of time to do. After a year as a limited company, still feels like it’s not yet 100% efficient. Still learning and growing from others to apply to her own business.
Pipeline development vs. project delivery
Big push on sales and networking, then return to deliver. Also, need to manage to create time to find business for the pipeline for the future, whilst delivering. It’s a balancing act. An emotional and operational rollercoaster!
Looking at developers from the outside in
Diversification of the pipeline is crucial…do not rely on just one source, although a handful of good long-term clients can be very useful. This provides a constant flow of projects to Karolina’s business. Developer’s lead times are much longer than they are for Karolina. The purchase process is the main focus, as this is where the money is made. Then, they want to pass the project on to a trusted team of professionals to deliver it, headache-free. So, a developer’s focus is on new business and then hand over the operations to other partners and professionals.
Greatest successes
Leaving work! She says she has the most amazing clients that promote her business, with great reviews and recommendations. Can now see the impact of her business actions in a smaller business environment. Having a dedicated team so focused on unlocking development value and also to help her clients to reposition themselves to grow their own businesses, so they can grow together.
A common theme – all about people and making a visible impact that goes beyond just delivering the project, which seems different from large corporate life. This community is different, it all about helping and learning from each other as partners with a collaborative mentality. Having a vision that is bigger than yourselves. This seems different in the property community to our society at large.
Principles and values
Integrity, the spirit of one team, honest and direct (also a standing joke with her direct communication style!), trying to build a community and team within and outside of the business. You suffer if you don’t surround yourself with people with the same values. People will appreciate your values if they share them, if not, then there could be an imbalance or misalignment.
State of the property market
The London market is not that encouraging…she, like the rest of us, are looking forward to normality after the Brexit saga. It’s helpful to create a product that stands out from the competition, that works particularly well in the current climate where demand is lower. Positioning yourself as a premium, a lifestyle-oriented developer is therefore vital right now. This helps developers get through tough times.
Combining the design with the business case
It seems unusual for a design studio to have the same mindset as they do…marrying the design with the numbers. It’s all about unlocking the potential of the scheme. Is the layout right, are you maximising the opportunity? Can you add a bedroom or units? There is a huge advantage in thinking beyond what the planning permission says, simply by tweaking the layout slightly.
Start marketing before completion to line up the buyer, create a more expensive looking product through marketing and branding by selling a lifestyle (add value with perception).
Save money in the supply chain by utilising existing buying relationships. Equally, get the specification right to control the product and so also the margins.
So, it is all about merging design with the financial elements.
Advice and top tips for people starting out or at an early stage
For women in particular…get out of our heads and just go and do it! Don’t get stuck in the preparation…it will never be perfect, so go with imperfection. Don’t have doubt…just step out! Go for it and believe in yourself!!
You will change things as you go anyway, it is constantly evolving…there is no optimum until you have market tested several times to discover what actually works in practice. Things will evolve, evolve, evolve.
External communication: social media and networking
Linked In – send her a connection request or message referencing this podcast
Karolina’s Instagram & Facebook pages are in both her own name and also the company brand.
Social media is a love and hate relationship! On and off in terms of producing content, but she is always in there. It is recommended for personal brand building more so than company brand building, as business is people dealing with people in reality…so it’s down to our own posts around the methodology and case studies. So, you need to put yourself out there.
You can find your own path in this sector…it does not have to be as an investor or developer, you can be a service provider to create an income stream.
OK, so that’s all for this week. If you want to talk about anything from today’s show, or just talk property investing more generally, email me or Helen at podcast@thepropertyvoice.net, I would be happy to hear from you! The show notes can be found at our website www.thepropertyvoice.net
All that is left to say, is thank you very much for listening once again this week and until next time on The Property Voice Podcast…it’s ciao-ciao.