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SBLC 6001 Entrepreneurship

tag 0 Download 4 Pages / 809 Words tag 07-07-2021

Question:

Case Study -How we started a multi-million pound company with nothing but a fax machine
 
From re-mortgaging their houses to pitching on Dragons' Den, here's how Oly and Toby Richmond turned a love of cars into a national servicing enterprise..
 
Describe your start-up barrier:

The biggest challenge we faced early on was taking our business nationwide. Despite having started with just a fax machine in a spare bedroom, we now needed funding, and to contact garages all over the UK and convince them to join our network.

It wasn’t hard to get the garages on board once they were in arm’s reach, but we invested a lot of time and money into a small team of people who we had recruit the garages, speak to the mechanics, get to know them and undertake a comprehensive review of all of their financial data and insurances. This team is still going strong today as we are on a constant recruitment drive.

The second challenge for us was ensuring that all of our garages complied with our standards, quality assurances and company values so that our vision for the business would come true.

Unlike every dealership out there, we are not a franchise and do not own our garages. We hire the cream of the crop when it comes to government-approved garages and skilled mechanics; this means keeping checks and balances on them is essential.

The last challenge we were faced with was getting our pricing to align with what we wanted the business to be. They say when you buy cheap, you buy twice, but not with us. We wanted to make a premium product affordable, and we are still sticking to that promise today.

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