Posts Tagged ‘entrepreneurs’
Company: Corkage
Website: www.corkage.ie
Founders: Stephen Dillon
Age: 33
Based: Dublin
Staff Numbers: 4
Date started: June 2009
Tell us what your business does?
www.corkage.ie is a supplier of wines for weddings primarily but also for any special occasion or function. We also provide information about the whole topic of corkage, food and wine matching etc.
Where did the idea for your business come from?
The idea came about after several requests from friends and family for advice on wedding wine. I have been interested and involved in the wine industry for years. Many of the people who conatcted me were not happy with the price and quality of wines being offered to them by hotels, venues etc. They were looking for better quality and more choice and were smart enough to realise that by organising your own wine you can save a small fortune and give your guests better wine.
Have you always wanted to run your own business?
Yes. In addition to corkage I also own an off licence and previously an internet cafe.
What planning did you do before you started up?
I did a lot of research on what hotels were charging for corkage and requested copies of wine lists. As I am already in the trade I had a good idea of what they were paying for the wines on the list. The difference convinced me that there was an opportunity to give people an alternative choice.
How did you raise the money?
Luckily the website did not require much investment. I found a great web developper who got the site up and running very quickly (www.complex.ie). Much of the required infrastructure for the business was already in place from the off licence. Raising money for the off licence is another story!
What challenges have you faced how have you overcome them?
The economic downturn was obviously a major challenge. The whole wine industry in Ireland is under massive pressure at the moment. The government raising VAT last year just as the UK government dropped their rate sent lots of people shopping up north particularily for big purchases like 200 bottles of wine!. This also created an oppoprtunity as we were able to buy lots of liquidated and bin end stock from hard pressed suppliers in the south. This meant we could find great ‘clearence’ lots for our customers. On one occasion we sourced a wine that normally sold for €20 per bottle for well under €10.,
How have you promoted your business?
Most promotion has been done through google adwords, although this can be expensive you do get pretty instant results once you use the right keywords. I have also linked up with a number of wedding websites again this reaches the target market.
What has your growth been like?
Growth has been steady, we started by supplying wine to people we knew, slowly word started spreading and enquiries and visits to the site are growing every week. We also offer free delivery and a sale or return service this has definately helped sales.
What’s the impact on your home life been like?
There has been no major impact on home life as I have been doing long hours in the off licence already. I have enjoyed updating the blog and checking the number of hits on the site. Compared to retail web based business is a dream!
We rewiew the good, the bad and the ugly of business books. Do you have a favourite business book? why not review it on Startups.
Entrepreneurs –Autobiography/ Biography
Business Stripped Bare – Richard Branson (Virgin Books)
This is a sort of update on Sir Richard’s business empire taking a more philosophical view on what makes a business successful. This is not a patch on Losing My Virginity and in fact many of the same stories are repeated. Unless you are planning to take over a chain of banks, buy a railway monopoly from the state or build a spaceship you can live without this one. 2/5
Anyone Can Do It – Building Coffee Republic From Our Kitchen Table – Sahar and Bobby Hashemi (Capstone Publishing)
Sahar and Bobby Hashemi are the sister and brother team who built Coffe Republic the UK high street coffee chain. Giving up highly paid professional jobs, she as a lawyer in London and he an investment banker in New York, they staked everything on their dream. This is a great little book and well worth a read. It takes you step by step through the process of building Coffee Republic , from the original idea and brainstorming to Growth and customer service. 4/5
Making Bread – Brody Sweeney (Liberties Press)
A refreshingly honest, direct and jargon free book, Brody shares his experiences, good, bad and difficult of setting up O’Briens Sandwich Bars. This book is well worth a read as it offers good practical advice from an Irish perspective. The chapter on bank finance is particularly relevant i.e ‘Banks only like lending money to those who don’t need it’ and how to get around this. 4/5
Anyone Can Do It – My Story – Duncan Bannatyne (Orion Books)
Grumpy dragon Duncan tells his story from a tough upbringing in Clydebank, Scotland to multi millionaire entrepreneur. Duncan was a self confessed dosser until he finally set his mind to making money in his thirties. Starting with an ice cream van business he built business after business each more profitable than the last. This book also shows Duncan’s charitable side which is pretty inspiring stuff. 4/5 This book is also reviewed by FiscalStudent (See post below)
Enter the Dragon – Theo Paphitis (Orion Books)
Theo Paphitis has built one of the most successful retail empires in the UK. Theo founded his first company at 23 and his big skill is in seeing untapped potential in loss making business which he then makes profitable. Of particular interest to anyone in retail this is worth a read although there is a big middle padding section where he covers his period in charge of Millwall football club, this is just boring. 3/5
Tycoon – How to turn dreams into millions – Peter Jones (Hodder & Stoughton)
I hated this book and to be honest could not finish it. From the arrogant title ‘Tycoon’ to the incredibly annoying ‘Tycoon Tips’ throughout the book you get the impression of someone who is a bit too dizzy in the glare of fame. Tycoon Tip – Avoid. 0/5
Business Nightmares – When Entrepreneurs Hit Crisis Point – Rachael Elnaugh (Crimson)
A novel approach from the fallen dragon. After the high profile loss of her business ‘Red Letter Days’ and subsequent removal from Dragon’s Den, Rachael interviews other high profile contacts such as Jeffrey Archer and Doug Richard. The book has a pretty bitter and angry tone particularly towards some of the remaining Dragon’s. Despite this it is relevant to see the dark side of business when things go wrong as they do more often than not. There is also some good advice and tips that could save you lots of money and heart ache. 3/5
Dragons’ Den – Success from Pitch to Profit – Peter Jones, Deborah Meaden, Theo Paphitis, Duncan Bannatyne and James Caan (Collins)
This book is a bit of a con. Someone got an hour interview time with each of the Dragon’s and turned it into a lightweight mish mash in order to cash in on the show’s popularity. You will walk away none the wiser. 1/5
How They Started – How 30 good ideas became great businesses – David Lester (Crimson)
This is a great little book, each chapter is a perfect bite size, just long enough to tell each story while maintaining your interest. The book covers businesses such as Bebo, Moneysupermarket.com, Pizza Express and Cobra Beer and gives a brief outline of how they got going and the challenges that they faced along the way. 4/5
Marketing
Purple Cow – Transform your business by being remarkable – Seth Godin (Penguin)
A good ‘Loo’ read. Marketing Guru Seth Godin urges everyone involved in creating, designing or selling to think in new ways about their market. By adopting alternative approaches to your business, you and your company will survive to innovate another day. 3/5
Online Marketing Heroes – Michael Miller (Wiley)
Terrible and boring. Interviews with 25 ‘succesful online marketing guru’s’. If you are having trouble sleeping, this one is perfect for you. 0/5
