Every month, we see many members asking UKBF for advice on new business ideas. As such, we've decided to start looking at the member behind the concept, and are choosing one a week to highlight.
In our first ever Idea of the Week, lukesvarc shares his thoughts around his watch and accessory brand idea.
As I grew older I got into graphic design and building websites and began making sites for businesses from the age of 15. At the age of 21, I started a small business importing goods from China and selling them online. I ran the business for less than a year but made a healthy profit and cleared all stocks online and to local stores.
I then began working in marketing, with digital magazines and worked with some big fashion brands doing writing, this is where my interest in the fashion market developed.
I currently work part time and freelance and will be reducing my 'day job' down to only three days a week to allow me to focus on the business.
I am also able to flexible with hours and I am paid by the day so if there were particularly busy times in the business I can juggle both nicely until it becomes a full time operation.
The brand is similar in style to All Saints, Religion Clothing but with a modern twist seen on brands such as Chained and Able.
We are looking to target the 18-30 market and are pricing the products at a price we feel is easily accessible and fits in with the sort of disposable income people between this age range are used to spending. I have had feedback on the products, the branding and pricing and it has all been very positive.
The ideal customers will be any gender, into current trends, likes to take care of themselves and is interested in popular culture such as tattoos, clothing and social media.
I have a good team of people helping me out, although not directly associated with the company. My partner works in social media, I have contacts in PR and I am friends with several bloggers and influencers so I feel I can get a good start online through the channels I will be relying on to target business.
Also, the margins are strong which means that all being well, we would have a good pot of money to invest further into new lines and other marketing tools to help continually push the brand and build on it.
The business is going to be funded through some of my own money and also some borrowing from a family friend that runs a business.
I'm not sure of the general age range on the forum but some answers can seem to come from older members, whether this is a bad thing or not, I don't know. I also find that you usually have to coerce help out members as initial feedback or comments can sometimes feel negative even if they weren't meant to.
What do you think of lukesvarc's idea? Make sure you're logged in or signed up to comment!
In our first ever Idea of the Week, lukesvarc shares his thoughts around his watch and accessory brand idea.
What's your background?
I have always been into business, making money and getting a deal. I grew up with my dad that was a bit of wheeler-dealer and often stood markets with him selling my old clothes/toys when I was a kid, once making over £100 selling Pokemon cards!As I grew older I got into graphic design and building websites and began making sites for businesses from the age of 15. At the age of 21, I started a small business importing goods from China and selling them online. I ran the business for less than a year but made a healthy profit and cleared all stocks online and to local stores.
I then began working in marketing, with digital magazines and worked with some big fashion brands doing writing, this is where my interest in the fashion market developed.
I currently work part time and freelance and will be reducing my 'day job' down to only three days a week to allow me to focus on the business.
I am also able to flexible with hours and I am paid by the day so if there were particularly busy times in the business I can juggle both nicely until it becomes a full time operation.
How did you come up with your idea?
The idea is to launch a unisex watch and fashion accessories brand initially starting out with three different styles of watch face, along with various strap options and a range of men's bracelets to begin with.The brand is similar in style to All Saints, Religion Clothing but with a modern twist seen on brands such as Chained and Able.
We are looking to target the 18-30 market and are pricing the products at a price we feel is easily accessible and fits in with the sort of disposable income people between this age range are used to spending. I have had feedback on the products, the branding and pricing and it has all been very positive.
The ideal customers will be any gender, into current trends, likes to take care of themselves and is interested in popular culture such as tattoos, clothing and social media.
When did you come up with the idea?
The idea is a fairly recent one in that I've been working on it for a couple of months. I have looked into various industries and ideas and I'm always usually pretty quick to research and learn as much as I can about the potential opportunity and then pressing ahead or dismissing just as quickly depending on my gut feeling as to whether I can make it work or not.Why do you feel your idea's strong?
I believe my idea could be a strong business due to the times that we are in. Never before has fashion been so prominent with the rise of social media and it has become much more accessible and fast thanks to brands such as Boohoo and Missguided etc.I have a good team of people helping me out, although not directly associated with the company. My partner works in social media, I have contacts in PR and I am friends with several bloggers and influencers so I feel I can get a good start online through the channels I will be relying on to target business.
Also, the margins are strong which means that all being well, we would have a good pot of money to invest further into new lines and other marketing tools to help continually push the brand and build on it.
The business is going to be funded through some of my own money and also some borrowing from a family friend that runs a business.
How useful do you find UKBF's feedback?
I have used UKBF on and off for a while now having been involved in several different businesses and other business ideas. I find the site to be quite useful, though usually it can be safer to search before asking.I'm not sure of the general age range on the forum but some answers can seem to come from older members, whether this is a bad thing or not, I don't know. I also find that you usually have to coerce help out members as initial feedback or comments can sometimes feel negative even if they weren't meant to.
So, what next?
I'm currently working on building my marketing plan, compiling my list of influencers and looking at the various ways to engage with my target market. I'm in talks to secure the extra funding required and I am currently waiting for my suppliers to return from their holiday so that I can have samples delivered to the UK for further research and testing.What do you think of lukesvarc's idea? Make sure you're logged in or signed up to comment!
