Leslie Hughes Business Eye Interview Feb 2010
| Name: Leslie Hughes Current Business: Hughes Insurance, Northern Ireland’s largest independent Insurance brokerage How many employees? 206 How and when did you start out in business for the first time? 1st March 1977 was my first day operating as an independent insurance broker. Having worked in insurance prior to starting out I recognised that opportunity existed in Northern Ireland. I worked from home for the first 6 months before opening my first office in Newtownards. What type of company is it? An independent insurance brokerage What made you decide to go into business? I saw the opportunity for growth in the insurance market in Northern Ireland and felt that, with the contacts I had already established in the insurance industry, I could operate as an insurance broker and act independently on behalf of customers in Northern Ireland. I had confidence in my own ability and had the drive to make my venture work. Did you ever worry that you were doing the wrong thing by going out on your own? Not really, I had already established a good reputation locally in the insurance industry and felt that if my own venture didn’t succeed I would be able to secure a job in the local market. Initially I gave the venture a year; thankfully I have never looked back. How difficult was it to become established initially? The biggest difficulty was obtaining insurance agencies for the local market, as a business start up the new company obviously didn’t have a track record and the insurance agencies need confidence in who they appoint. I was able to leverage existing relationships and can be very persuasive when I need to be. What challenges did you face along the way? The troubles had a big impact on how GB based insurance providers perceived Northern Ireland. My biggest challenge was to alter this perception. I worked hard to show them that there were opportunities to do business in Northern Ireland, in many cases, arranging for these providers to come to Northern Ireland and see for themselves. Once they saw Northern Ireland and I had educated them as to how they can operate in this market - it usually resulted in a productive relationship. What has been your biggest business related challenge to date? At Hughes Insurance we believe in delivering the best available cover at the most competitive price. There are providers out there who will compromise the cover they provide in order to deliver on price. In many cases these providers can lose sight of the end user - compromising the service they provide in order to increase volume. We have been in business for over 30 years at Hughes Insurance because we always put our customers first. What has been the biggest calculated risk you have ever taken in business? 11 years ago we made the decision to invest over £1 million in building our Headquarters at Strangford House, Newtownards. At the time we were operating out of three separate offices in Newtownards and had outgrown each. We needed to move into purpose built office accommodation but the scale of the investment at the time necessitated a commitment to ongoing growth that represented a risk. Thankfully it paid off. What qualities would you say you need to have to be a successful entrepreneur? Hard work is essential. An eye for business opportunities a must. An ability to maintain long lasting business relationships helps and, most importantly, never take ‘no’ for an answer. What practical advice would you give to a young budding entrepreneur? Get advice. Northern Ireland has a wealth of experience that can help young entrepreneurs out. Do you think there is enough help out there for people aspiring to set up their own business? Yes and no. There are a number of government funded initiatives that provide support. That said, schools and colleges can also support students to help manage the transition between academia and business. Above all - I believe that if the will is there, the help will be found. If you had never gone into business....what do you think you'd be doing now? Working in Insurance. It is an industry I have always enjoyed. |