Tell us a little about your company? - Why did you start it? What makes it unique?
SquidLondon was founded by Viviane Jaeger and I, we met at university while working on a joint project. We thought it would be really cool to walk down the street and when it starts raining your clothes change colour. So, we collaborated and put together a business plan.
How has the reality of running your own business differed from the dream?
I don't think running your own business is as glamorous as it certainly sounds. Friends always say, you're so lucky. But essentially it never stops, even at the weekend or if you decide to go on holiday. You can't just turn off.
There is a positive side. At the end of the day, we are realising our concept and seeing our product on the market, which was our dream. We get to do that every day which is great.
As a business you have a London base with a global outlook, what were your first steps into taking your business beyond the UK? What challenges did you face? Who did you approach to help do this?
The first challenge was currency. You've got international payment and invoicing to overcome. And the exchange rate is always changing. Other challenges have been time difference, and language barriers.
As a startup, over the first couple of years we had a couple of mentors. We used to go to events at the UKTI and we often go to the British Library Business & IP centre. We started emailing and contacting people, and with a little common sense it fell into place.
How important are industry partnerships in building your brand? How do you go about cultivating these?
Industry partnerships are extremely important. We had some knowledge of this when we came from university and as we launched ourselves into this project. We surrounded ourselves with people who knew more than we did and absorbed everything we could. That is what we did then and what we still do. Being part of the 2012 Lloyds TSB Enterprise Awards programme, and winning the creative enterprise award at the NACUE National Varsity Pitch Competition in 2010 was fantastic. We were introduced to a lot of people through Lloyds and the relationships we have built so far have got us to where we are today.
What support have you needed as the company has grown? How did you go about finding this support?
We're still not a huge company so the cashflow aspect has been difficult, especially as people who want to place an order expect not to pay until 30 days after they receive. Fortunately we have quite a cool bank manager who informed us of invoice finance, that's been fantastic. With some of our orders, like the one for the British Museum that are reorders for 1,000 units, you start to think, "oh my gosh, cashflow is not looking hot". So, if we didn't have our business manager around with the knowledge to help us, we would have found it more challenging to make our business a success.
What made you decide to bank with Lloyds TSB?
The bank manager was easy to communicate with, and didn't make us feel stupid when asking questions that are possibly quite simple.
As creatives we do understand and have a concept of money, VAT and profit and loss, however we might use different terminologies, or totally the wrong ones, so it is really important that we have someone who is not stuffy and looks down at you. That makes us feel more comfortable in terms of our finance.
Do you think there is enough support for startup businesses?
There is plenty of support for startups out there. There are lots of different programmes that you can get involved in through universities, one in particular is NACUE, The National Association of College and University Entreprenuers, which Lloyds TSB also supports. They are national across the UK and they are really out there trying to help young entrepreneurs and startups.
What next for SquidLondon?
We are trying to develop our product range so we have just designed and produced ten rain capes for women. One-size-fits-all with a belt to cinch the waist and a hood. It has a very fun white flower pattern which obviously when it gets wet turns into nice vibrant blues and greens and pinks. Last year we collaborated with other designers and created a couture coat collection, which really inspired us.
We are in 12 countries but we haven't infiltrated each country as strongly as we would like. So this year our focus will be on brand awareness and on expanding our stockists. Our vision is to become more known and make more sales.
For more information on the diverse range of expertise Lloyds TSB has to offer to support businesses, visit lloydstsb.com/expertise.
If you would like to read more articles like this, why not sign up to be a member of the small business network. Filled with the latest small business news and features, plus updates of up and coming events around the country, the small business network provides fresh thinking for small businesses.
This content has been provided by Lloyds TSB, part of the Lloyds Banking Group.
The Lloyds Banking Group includes Bank of Scotland plc and a number of other companies using brands including Lloyds TSB, Halifax and Bank of Scotland, and their associated companies.
This content is brought to you by Guardian Professional. To receive more like this you can become a member of the Small Business Network here.
We'd love to hear your views and thoughts in the comments but please remember not to disclose personal identifiable details.
