Home Business NewsBusinessBusiness Growth How to grow a multi-million-pound business in 2021

How to grow a multi-million-pound business in 2021

by LLB Reporter
27th May 21 8:57 am

Jack Griffiths founded his company Snuggy aged just 25 when he saw a gap in the UK luxury loungewear market. Since then he’s sold hundreds of thousands of his flagship product, the Snuggy, and created a loyal social media following.

Now his business, which is adored by celebrities such as Alex and Olivia Bowen and Chloe Ferry, is set to turnover more than £10 million in its first five years.

And while the pandemic and various lockdown restrictions have hit certain industries hard, 2020 and early 2021 has also seen the launch of a record number of start-ups so Jack has shared his top tips for budding entrepreneurs looking to make their mark.

Find a gap in the market

You need to have a unique product – something that’s new or different. Look at trends in America or Australia that aren’t here in the UK yet, and ask yourself could it work here? Once you’ve got your idea, do your research – whether that’s looking at competitors, comparing products to ensure quality or looking into the legal requirements. You need to be prepared.

Go for it

I love the saying that ‘Trying and failing is actually just learning’ and it’s so true – you’re only failing if you don’t try! Of course, it’s not possible to just quit your job, rent an office and get going but there’s no reason you can’t make a start in your spare time or on weekends. You never know where it could end up…

Take advantage of social media

This generation of business owners are so lucky – our target audience is right at our fingertips, literally. The main tool I used to grow my business in the early days was social media. 10 years ago we just wouldn’t have had the option to do it that way. Get up to speed on the channel that’s right for you – whether it’s Instagram and influencers, TikTok and piggybacking on trends or Facebook and creating a community group.

Ask for help where you need it

You need to know where your skills lie – I’m great at the marketing and social media aspect of the business but not so great at the finances and paperwork so my business partners look after that. Knowing your role is important, we all have our own roles, we know what works and it’s important to have that structure in place. Never be too proud to admit you need help with certain aspects of your business!

Be prepared to adapt

It’s safe to say things don’t always go to plan. Earlier this year £400,000 worth of our stock got stuck on the infamous Ever Given ship which got stuck in the Suez Canal – and we still haven’t received it. We had to think fast and look at alternate shipping methods. There was no time to dwell on our problem instead we had to look for the solutions and adapt. It’s never smooth sailing, you’ve got to be mentally prepared for things to not work out as you expected it too, then adapt and learn from it.

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