It was at Glastonbury festival in 2016, said to be the muddiest in the event’s history, that the idea for Ponch came about. Sophie Mollison, 31, says the rain forced her to wear a “really dodgy poncho” that was both “ugly and impractical”. Then on the way home, Mollison and her partner, Alex Edwards, 33, discussed what they would have liked to wear instead, as well as how they could create it. “We thought, is there anything in the market that would have made us excited to buy it? What would the materials be? And how could the company be run?” says Mollison.
The new venture grew from there. Over long walks, the Australian couple developed a plan for a business that would sell functional rainproof outerwear made from recycled materials. Then they started saving and putting together a business plan. More than three years later, last November, Ponch was launched.
In 2019, there were 5.9m businesses in the UK – 200,000 more than in 2018, according to the House of Commons Library. But research by startups.co.uk, an independent resource for entrepreneurs, suggests that the biggest barrier to starting a business is worry about finances.
Mollison, who worked as a graphic designer in the fashion industry, and Edwards, who worked in the music industry, used their own money to finance the first stage of the business. “It’s a lot of money, but we consider it an investment in our future and in a mission we believe in,” Mollison says. They saved £10,000 in a year through extra work in addition to their full-time jobs. Then saved another £6,000 by tight budgeting.
“We looked at our spending,” Edwards says. “We’ve got this pretty nerdy multicoloured spreadsheet that tracks all our outgoings.” The pair then cut back on things such as eating out and made the belongings they had last as long as they could.
It’s all been worth it, they say. “I always wanted to have my own business,” says Mollison. Ponch embodies a number of the couple’s interests: fashion; sustainability (the garments are made from 100% recycled plastic bottles); and art, as they work with artists to design the collections. The fact Ponch chimes with their values helped with their saving goal, they say. “It’s nice to have a bigger picture to the reason why you’re saving,” Mollison says, and for it to be for something that you’re passionate about.
The couple help out with beach cleans in their hometown of Margate, picking up plastic that washes up on the beach. “We’re not really into throwaway culture. So when we buy something we’re buying it to last,” says Mollison. “That’s reflected in the business.” Being conscious about how she spends her money goes “hand in hand” with these wider values, she says.
Saving money has also made Mollison feel better. “It definitely made me feel more in control,” she says.
In recent years, more emphasis has been placed on the importance of financial wellness. A survey by the Centre for Economics and Business Research (CEBR) found that saving money makes people happier than simply earning more.
Mollison enjoyed saving with her partner, too. “We motivate each other,” she says. “It’s good to have someone to celebrate with.”
Even though the pair have now reached their original savings goal, they continue to be conscious with their spending. “It’s funny how the habits you form when you’re trying to save money stick with you,” says Mollison.
Edwards says the next step is to work on another collection of ponchos and to develop new products. They’re also looking forward to going to Glastonbury again this year. They’re hoping for less rain this time, but if it does get muddy they’ll be on the lookout for people wearing ponchos. “I’m hoping we’ll bump into someone in one of ours,” Edwards says. “That would be really amazing!”
Having something to save towards can make putting money aside easier. With the help of NS&I, you can reach your goal too. Visit nsandi.com for more information
