The *Teashed – Jules Quinn
1. What is the Teashed mission statement?
To take over the world, one teabag at a time.
2. What is your mission within that?
To be the UK’s leading speciality tea brand, bringing new ideas and concepts to the way we drink tea.
3. How would you define your product/service?
Quality, convenient and fun tea
4. How did the idea for the Teashed come about?
I was on a work placement making lots of cups of tea for a designer. I didn’t drink tea, but he used to send me out to purchase speciality tea. I realised that whilst there are lots of coffee options, there wasn’t fashionable, experimental tea.
5. How long did it take to realise?
It was about 1 year in development.
6. Did it organically come into being or was there a structured process to get from A to B?
I had a structured, researched business plan. I knew what I wanted to achieve from the beginning. My business plan has obviously changed as the business has progressed, many things I included within my business plan initially didn’t work out.
7. When was the moment you actually thought “hang on, there could be a business here!?” When John Lewis got in touch and they wanted to purchase an order. Before that moment, it had all been theoretical.
8. Why do you think the Teashed has been such a success so far?
Low overheads and minimal start-up costs. The business was able to growth as it needed to and wasn’t limited by needing large investment.
9. Do you do any market research before setting up the business to suss out your audience? Yes lots and lots. I needed to really consider who my target market was and prove that just because I thought it was a good idea, that it actually was a good idea.
10. Who is your audience?
25-35 year olds mainly
11. What are your expectations of the company within the next 18months?
Growth, international growth, new products, greater awareness of the brand; I want to rapidly growth the business and I have a plan to do so.
12. What would you do with unlimited resources?
Build a warehouse and pay for more advertising. At this stage of my business, I’m reliant on the advertising channels that I know and I can utilise.
13. What are the short term plans? What are the long term plans?
In the short term, I want to grow the business as large as possible. In the long term, I want to sell the business.
14. Do you have an exit strategy?
Not yet. I know I want to sell but I haven’t decided exactly when that will be. Nor have I developed the business enough to just hand it over, I’m putting structures in place now as I develop it, so it isn’t so owner dependent.
15. If you were starting again, would you do anything differently? If so, what?
I would not tie up so much money in products rather buy less at a more expensive price, rather than lots at a cheaper. I would have been able to sniff out what was selling, instead of ending up with too much of one and others selling out.
16. How much time do you spend working on the business in an average week?
48 hrs, often more.
17. Have you sacrificed anything for its success?
My social life/ being young. I spend every opportunity and moment I can working on the business. This means I don’t have the same free time as my friends as I’m busy building my business. But it is not just my business, my job, it is also my passion and hobby.
18. Have you acquired investment to expand or what is your funding strategy?
Not yet…I’m still considering my options and the best way to expand.
19. Your website is fantastic, were you ever dwarfed by the tech side?
No not really, you just tell the tech guys what they need to do. The key is knowing exactly what you want the website to do and how you’d like it to function. You need to know more than, “I just want a website”. Draw it out and remember once you have people on your site, what do you want them to do when they are there.
20. It is a busy market place with the likes of Charbew, etc…. What did you do to get noticed? Cool packaging, developing a brand, events, not worrying too much about other people and just doing your own thing. I really focused on getting the right branding and utilising the names, making sure that was right. It worked!
21. What is a typical day for you? Where does the Teashed fit in?
Wake up 7am. Check international emails straight away whilst having a cup of tea. Shower, get dressed. Then either spend the day working away at my desk, sorting orders or going to meetings.
22. What is an entrepreneur? How would you describe one?
Someone who isn’t afraid to sacrifice in the short term to gain in the long term. Someone who is not afraid of hard work and someone who is not afraid.
23. Would you define yourself as an entrepreneur? Or how would you define yourself?
No, I would just say I have my own business.
24. Which entrepreneurs/business people do you most admire?
Any woman in business. I love a bit of girl power!
25. Do you think anyone can start up a business?
Yes, if they have the right attributes. It takes a certain type of person with a certain type of skills and the ambition to do it.
26. Do you think some people are just born natural business people? Or do you think it can be learnt from experience/education?
No one is born knowing how to run a business; you learn those skills over time. But if you have inside you what it takes to run a business as that is your personality and that is quite hard to change. Some people are more enterprising than others and see opportunities.
27. You’re from a fashion marketing degree , what extent was your knowledge of business and entrepreneurship before the Teashed?
I have done little businesses since I was 14. Each one felt like a little practice for the Teashed.
28. What area of business do you struggle with the most?
Numbers, but they are a necessity, especially in the beginning, monitoring your business and growing it.
29. What inspires you? Motivates you?
To not have to work for anyone else and doing it on my own terms, my way.
30. Describe yourself in three words?
Business focused, happy and fun
31. What is success?
Being happy within your current position or seeing the path ahead of you as achievable.
32. Low point?
Loosing stockists and managing effective relationship with so many other demands on the business.
33. What excites you?
My vision of Tea
34. What are you most nervous about for the future?
Growing the business and losing control of it.
35. You work alone without a business partner…how do you find this? Do you have a network?
Yes, I pay for all the support I need as and when I need it. This works great for me. I think I would struggle to find anyone who has the same level of commitment and dedication who also shares my vision, so giving away shares wouldn’t work.
36. As a business person, what would you say your ideals are?
Work hard but be nice.
37. Do you think there is a successful pattern to becoming an entrepreneur?
Work hard, day and night. Never give up! Take knock backs as an inevitable learning exercise that is strengthening your business.
38. Before the Teashed, what were your career aspirations? In the long term, what are they now?
To have my own business, I just wasn’t sure what it would look like. In the long term, to carry this on and grow it, then start again.
39. What do you attribute all your personal successes to?
Hard work and family support.
40. What would you say are your strengths and weaknesses?
Weakness – numbers and Excel and strength – product development an design.
41. What set you apart from other students that made you take the entrepreneurial risk?
I only ever wanted to run my own business, so I knew I’d do it, just wasn’t sure when.