Please feel free to email me and ask questions. I now have significant experience of how to take an idea, create a business and brand, and get it to market. I have also built up a significant contacts list. It is easy to talk about an idea but very few actually do it. I will encourage you to do it because you will simply find life more interesting and rewarding!
Fantastic interview with Nick Wall, an ex-property investment consultant who recently launched an exciting new cocktail product; first stocked in Selfridges and now going strong. A great example of how to see an idea all the way through to a reality. Best of luck and thanks for taking the time to share your story with Esc.
Please feel free to email me and ask questions. I now have significant experience of how to take an idea, create a business and brand, and get it to market. I have also built up a significant contacts list. It is easy to talk about an idea but very few actually do it. I will encourage you to do it because you will simply find life more interesting and rewarding!
I am the founder and MD of http://www.tailscocktails.com/" rel="nofollow">Tails Ltd. Tails are authentic bar-style cocktails packaged in real shakers; you simply add ice, shake and pour perfect cocktails! Tails come in three flavours: Cosmopolitan, Mai Tai and Espresso Martini. Each shaker is recyclable, 500 ml (produces 4 servings) and has an 18% ABV.
We have been trading in Selfridges for some time and have now secured other stores and online platforms (http://www.tailscocktails.com/where-to-buy.aspx" rel="nofollow">see website for where to buy). We work with and employ up to 25 agencies, consultants and suppliers so there is never a dull moment.
Before Tails I was working for global property consultants Cushman & Wakefield. I was part of a niche investment team focused on high-end residential and leisure developments around the world, personally working on projects in Mozambique, Morocco, India and the Caribbean. I worked there for 2 and a half years and prior to this I was a chartered surveyor working for King Sturge.
I conceived the idea of Tails in Summer 2007 but did not leave Cushman & Wakefield until September 2008. During this period I nurtured the idea of Tails and researched the market with government support from http://www.businesslink.gov.uk/bdotg/action/home" rel="nofollow">Business Link. There is never a perfect time to leave a good job, but I felt the real estate market was going to hit a bad patch and I had become more interested in cocktails than property!
I have always wanted to work for myself as the control of your own time and destiny is the best self motivation in my opinion. My dream for some time has been to create a brand in the food and drinks world that is relevant and in demand.
The moment of change came in September 2008 on a kite surfing trip in South Devon. The others all left on Sunday night to get ready for their corporate jobs the next day. I woke up on Monday morning and went surfing. I felt totally free and knew I had left the world of hard shoes and ties for good. I then started planning Tails and have never looked back!
The moment of truth was the day I walked out of Selfridges two years later knowing I had a secured an exclusive deal with the recently voted 'Best Department Store in the World'. It felt pretty special.
Planning has been key. As mentioned before, I had support from http://www.businesslink.gov.uk/bdotg/action/home" rel="nofollow">Business Link in the year I was still working in real estate. They helped me research the market and consider initial supply chain options. From the day I left I have been very successful in continuing this trend of government support.
In total I have received circa £100,000 of grants both debt and pure, through various agencies including Advantage West Midlands, http://www.mymas.org/" rel="nofollow">Manufacturing Advisory Services, and The Innovation Network. Furthermore, some of this support has provided mentoring and the introduction of suppliers and consultants. I owe a huge thanks to the Product Innovation Consortium provided by MAS.
Other funding has come from my own funds made in property, in addition to begging family members.
Taking an idea from mind to reality involves permanent ups and downs.
The worst thing about making Tails happen is the stress of co-ordinating a new supply chain. The key has been to deal with issues quickly, learn and move on.
The best thing about making Tails happen is positive feedback about the product and knowing you have done something different to the norm. We recently had our first Tails house party. To see so many people amazed and enjoying themselves because of a product and brand you dreamt up and created is very rewarding.
I still learn new lessons everyday so don't feel in a position to comment too much. My main contact from the Product Innovation Consortium told me once that they describe me as a 'blotting pad' because I am always listening to others and soaking up information. Do the same - it was a compliment! Surrounding yourself with experts and being able to co-ordinate their knowledge towards your own objectives is key to progression and innovation.
My experience has proved one needs three times as much time and four times as much money to take an idea to market. In general, my advice is be different, be diligent, be passionate, be persistent.
The best financial and technical resources I have found were through government initiatives mentioned above. Having said that, the new government is looking to abolish the Regional Development Agencies behind these schemes whilst encouraging entrepreneurs so I guess watch this space?!
I have found mentors a really key part to developing Tails. Ask questions to experienced individuals - far more interesting than reading a book or website.