Taking the PlungeMonday, 19 September 2011 16:54
The race to revenue
The capital raising journey for Shooii has been an interesting one – and while it's been deflating at times when we felt close to a breakthrough and then missed out, we've also met some great people who have taken a keen interest in our company and they will add value beyond just dollars.
One of the hurdles we have come across a few times is the length of time it will take us to get up and running.
Potential investors want to see you trading for long enough to provide enough proof that the concept will work, and of course this makes plenty of sense.
The catch 22 for Shooii is that we have made a commitment to a certain level of quality before we launch the business.
We could have easily taken an off-the-shelf shopping cart, slapped a logo on it and picked up leftover stock from some suppliers.
Instead we have invested in a significant website build and taking our time with vendors to secure the best range of product for launch.
This commitment has potentially cost us some significant funding in the short-term, but we're focused on the long-term success of the business.
We know we only have one chance to make a first impression with customers, and we want to make it count.
That's not to say that this approach is right for every new business; there are plenty of success stories around the globe of online retailers who started out small and built from there.
For me it just comes down to what it is you're setting out to achieve, and remaining committed to the ideals you started out with.
Mark Campbell is the director for web strategy at Shooii, a retail start-up that is launching very soon. Mark is passionate about branding, innovation and creating a positive company culture. He shares the highs and lows of planning a new business for StartupSmart.
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