How my business evolved in its first year

Alastair Holme of Somerset-based branded children’s fashion sales agency Scoot London talks about the triumphs and tribulations of his first 12 months in business

“I registered my new business, Scoot London, in March 2009. I specialise in branded kids fashion and operate as the UK sales agency for Original Penguin, Mini Rodini and Worn By. I act as the wholesale arm of these brands and sell their collections into leading stores such as House of Fraser, ASOS.com and Fenwick, as well as key independent kids stores in the UK.

“After graduating from the London College of Fashion, I spent my career working in the industry in London. Before going it alone, I was a key account manager at Fred Perry, managing some of the brand’s biggest accounts. I moved into kids’ fashion after having two children of my own and spotting the opportunity to pursue my love of branded fashion within what seemed a buoyant kidswear market.

Starting up

“I set up my company in London, hence the name, but relocated to Somerset just before Christmas 2009. I’d lived in London for 17 years, but wanted to give my kids a rural upbringing like I had. Running my business from Somerset also enables me to play a more hands-on role in my kids’ upbringing.

“Although I travel up to London a lot to meetings, my business doesn’t have to be based there. I had a showroom in Shoreditch, East London, but closed it recently, which greatly reduced my overheads.

“Registering my business with Companies House was quick and easy. I found other start-up tasks simple enough, too, even though I’d never done it before. The thing I found most difficult and time-consuming was opening a business bank account, which I expected to be one of the easiest things. The process was unnecessarily drawn out.

Key challenges

“My biggest mistake in my first 12 months was growing too quickly. That might sound mad, but it’s not as nice a problem as it sounds. My business was remarkably successful, almost from the beginning, but I ended up taking on too many brands too quickly, which made my workload unmanageable.

“I was having to spread myself very thinly and couldn’t give each brand the focus it deserved. This was a very stressful time for me and there were times when I considered closing the business. Sometimes I felt like I was hanging onto the ‘reins’ for dear life.

“Finally, I decided to focus on just three brands, so I could stay in control and divide my time equally between them. As the business grows and I take on staff, I’ll be able to work with other brands. I was getting approaches from numerous brands and I didn’t want to turn away business, but for my own health and sanity, I had to learn to say no.

“Part of the reason I went into business was to enjoy the job and industry I love, get more time with my kids and not be pulling my hair out and working all hours of the day.

Rollercoaster ride

“My cashflow is healthy, so the financial side of the business is doing OK. I have a good accountant who’s been very helpful, plus, I invested my own money in starting the business, so I’ve not had to pay anyone back.

“Running a business is much more stressful than you might imagine. You’ve really got to want to do it – especially during a recession. It has been a rollercoaster ride of highs and lows. It takes commitment, dedication and hard work – it’s just as well I have a strong work ethic, I’m highly motivated and determined. When you’re having a really tough day, it helps to remind yourself just why you’re doing it, that way you don’t get bogged down by negative thoughts.

“You get through the tough times, as I have, and I’m just about to take on my first employee, which is exciting, but it’s also a big responsibility. Am I glad I started my own business? Most days, yes.” 

Alastair’s three key lessons

• Stay focused and don’t try to grow too quickly. If you want to stay in control, learn to say no and don’t spread yourself too thinly.

• Running your own business can be very tough – so be prepared. It takes a lot of hard work, commitment and determination.

• Seek advice – especially from other business owners who have ‘been there and done it’. You won’t find the real answers in a book.