Supporting start-ups, Renold Tang

Entrepreneur Renold Tang (Business Economics and Accountancy, 1980) has spent 30 years growing his own accountancy practice and other business interests. He is now helping other start-ups through the University’s Small Business Clinic.

What are your memories of Southampton?

They were all great memories. I had a wonderful three years at University. I chose Southampton because it was a good university, with a nice campus and a friendly environment. It had also been recommended by friends; their recommendations proved to be valid and I had a fantastic time.

What did you do after you graduated?

I went straight into accountancy. In those days, firms were looking for people rather than the other way around and I got a job on my first interview. I worked for a couple of accountancy firms before starting my own practice in 1986. That gave me the freedom to run other businesses at the same time.

I started with a business failure, a kitchen manufacturing company that didn’t do well because of the recession. I then set up CashCentres Ltd, a cheque-cashing franchise, with some business partners. We started with two outlets and over time this grew to 260-plus units! Businesses in oil distribution, the insurance industry, and property management have followed, all while continuing my accountancy practice. I am very pleased to have helped many small businesses.

You are also now helping with the University’s Small Business Clinic. How did that happen?

Three years ago, I was approached by the Southampton Law School and Business School to help start up the Clinic. I was happy to help, but also offered to provide advice as well. Going to university gave me the opportunity to learn and I have benefited from that. I felt it was time for me to give something back. When I started out there was no-one to help me, but now I believe I can help others. I also like to get involved, be challenged, and have a mix of different things going on.

How successful is the Clinic?

The Clinic is doing very well. We run it once a month during term-time. Students and staff can book a free 35-minute appointment with a consultant; we are now over-booked. Since we started the Clinic, we have advised many potential business start-ups and I know at least five people have set up their own businesses, and one of them now has an annual turnover of £3m.

Hugh Gaffney-Dodds a final year student in Southampton has made a good start of his Brand ‘Hu-go’ supplying designer mobile phone accessories to general retailers and I believe that we should be seeing his products on sale in our University shop soon.

The Clinic is increasing its profile too. One of the people I advise, Sara Costa Gomes Cunha Pignatelli, designs shoes based on 100 per cent recycled material. She was actually studying at the London College of Fashion, but when she ran across a specific problem she was advised to come to us. That was a year ago and her business MDMA (Minimise Damage Maximise Art) has since been featured on television and in magazines.

What are the most common issues you advise on at the Clinic?

In the Clinic, I get asked a lot of questions from individuals, such as what business vehicle should I use, what tax do I have to pay, do I have to register for VAT, and where do I get funding? But the aim of the Clinic is to be more tailored to that individual’s business needs. We also run seminars providing basic knowledge on starting a business, where we can talk to a wider audience.

What does it take to start up your own business?

You need to be willing to make sacrifices in your life and have 24/7 dedication. You need to prepare for the unexpected, and be able to accept that no-one owes you anything. People tend to think that if they have an idea, others will give them money. One guy came to me asking for help setting up a software business. It turned out that he hadn’t even tested his concept. But then there are others who are really dedicated and who deserve the help – they are who I want to hear from.