What I Wish I Knew – Hannah and Annabel, founders of Pursuit The Label
Hannah Daykin and Annabel Humphrey launched Pursuit the Label, their sustainable swimwear brand, after graduating from university. They started their careers working full time but didn’t feel fulfilled or hugely challenged in their roles so they createdtheir own business.
Like many great ideas, it was a business borne out of frustration – they were shopping for swimwear and were frustrated by the lack of sustainable – but still fashionable – options. They found a gap in the market to launch a swimwear brand that injects sustainability into fashion. All their swimsuits are created from ECONYL® – a yarn made from regenerated discarded fishing nets and consumer waste from the land and sea.
They received a Virgin StartUp loan in 2018 and launched a few months later. Since then, they’ve been on a rollercoaster ride – including having their products featured on Love Island. Here they share what they wish they’d known sooner while running the business…
Try to take a step back
When times are tough, youhave totry to take the emotion out of your decision making and make decisions from a logical perspective. This can be really difficult when you view a business as your baby, but you must remember that a business is a profitable asset and must be treated as such.
Keep profit in mind
They say that cash flow is king when starting out, which is true to ensure that you don’t run out of money. What we have learned is that the profit on each product is equally as important as this money is what you will have spare to reinvest in your business and make it the best it can be. You can use this spare money to improve your product, improve the customer experience and so much more. Higher profit margins are also very attractive when speaking with investors.
Be flexible and be prepared
You must be highly adaptive to the market as it is in a constant state of change, even if you have to go into it blindly. We learned the hard way not to be over reliant on one effective method of marketing such as Facebook ads as the iOS update affected many e-commerce businesses and their digital advertising.
It’s also important to plan way ahead of time. This will allow you to factor in supply chain delays if something goes wrong and requires changing. And most importantly to ensure you always have stock to sell for a positive cash flow
Always be networking
Whatever the industry, this is one of the most effective ways of growing your business! You will meet people who have already been through what you are, people who know of others who can help get your brand get out there. It’s so imperative and has helped us exponentially since launching. Being funded by Virgin StartUp has opened so many doors for us which has led to more opportunities coming our way.
Inspired to start your own business? Visit Virgin StartUp for advice, guidance and Start Up Loans.