Features: How to make it as an entrepreneur

Written by Graham Allchurch, Editor, Graduate Prospects, January 2013

Becoming an entrepreneur and starting your own business is a popular move for many graduates. But how can you make it on your own? Let one of the UK's most successful entrepreneurs lend a helping hand...

Colin with his National Business Award

Entrepreneurship appeals to graduates for different reasons. Some identify a niche in the market and hope to provide a much-needed service. Others simply want to be their own boss.

Colin Stevens is the founder and managing director of the UK's largest independent bathroom retailer, Better Bathrooms , and was named Entrepreneur of the Year at the prestigious 2012 National Business Awards.

The successful businessman tells us his story and shares his top tips for budding entrepreneurs.

Starting out

'I was following my dream to become a top professional golfer, having made the decision at 13 that I was going to be the next Nick Faldo.

Between 17 and 21 I was dealing in golf equipment and clothing on eBay, using the profits to fund my golfing career.

But at 21 I realised I wasn't going to beat Tiger Woods, and I then turned my attention to making money.

By this time I was selling so much golf equipment that everyone was starting to take real notice - family, friends and the local Post Office that used to complain every time I turned up.

Building a brand

Everyone was talking about the type of products that could be sold online, and one day after a conversation with my mum I decided to try and sell taps online. Within 24 hours I sold my first set, making £60 profit… Eureka!

Within a week I was selling approximately three sets per day. Considering all I had was a telephone, an eBay shop and internet connection, my overheads were very, very low.

Within five months I started talking to and dealing with every distribution company and importer imaginable. I led the internet revolution in the bathroom industry.

The thousands of pounds I was pulling in led me to look at various types of business ideas and I tested a few. Then www.betterbathrooms.com was born, a domain name that was purchased at 1am. And that domain name was to become the brand.

From the web to bricks and mortar

Colin at Better Bathrooms

On a drunken mid-week evening in Wigan, I stumbled across a 'to let' sign and woke up the next day thinking, 'What a great place for a bathroom shop.'

So I turned up, met the estate agent and within a week it was a done deal.

The initial set up at Better Bathrooms Wigan was open floor space with products in boxes - imagine a tiny version of IKEA.

Customers came from all over the UK due to the wide visitor-base spawned by eBay. Over the next two years we built the shop section by section.

The initial store in Wigan was 1,500 sq ft, then came the Warrington store at 14,000 sq ft, followed by a Manchester store at 12,000 sq ft. Now, ten years later, we're about to open a new 20,000 sq ft showroom in Wigan, with 162 staff and £15million retail value stock holding.'

Colin's top entrepreneurship tips

Ask yourself the following questions:

• Are you committed? Willing to work seven days a week and late into the evening?
• Do you see business as a hobby or a job?
• What's the gamble? How big is the reward?
• Who are the competition likely to be?
• How big is the market and who are the controllers?

What's your financial model? Is it a lifestyle business or a business with huge market opportunities? I often speak to lifestyle business that do not make enough margin to employ any staff, therefore they cannot get beyond initial start up.

Skills to succeed as an entrepreneur

You will need to have:

• A vision;
• A willingness to be adaptable and flexible;
• Determination. Never take 'no' for an answer, there is always a way;
• Good communication skills;
• Knowledge and understanding of cash flow and margins;
• Lots of energy;
• The ability to identify your own personal weaknesses.