This week we hit the front page of The Eastern Eye.
Showing posts with label small business. Show all posts
Showing posts with label small business. Show all posts
Friday, 27 August 2010
Entrepreneur Causes A Stir With 99p Site - Eastern Eye Feature 99p Shopper Founder Suleman Sacranie
This week we hit the front page of The Eastern Eye.
Tuesday, 24 August 2010
Excel Magazine - The 99p Entrepreneur
The 99p Entrepreneur
Suleman Sacranie dropped out of university to launch online discount operator 99p Shopper in July and, at the age 21, he already has dreams of floating the company.
How did you get started with 99pShopper?
The concept came to me while I was lying in the bath. At the time online shopping had taken off and I was thinking that if I opened one store I could only attract local customers, whereas with an online proposition I can aim at the whole European market.
What's the appeal for shoppers?
It is the first discount store selling goods online at 99p. This makes it convenient for such types as ex-pats who want to get hold of their favourite British brands.
How did you finance the idea?
I started with £500 in my bank account and was trying to get companies to support the project. I approached a variety of backers but was rejected. At first I thought I could get a £300 website that looked a million dollars but that wasn't the case. In the end I went to around 28 different web companies – I was initially quoted £35,000 but managed to get my site set up for £5,000.
What growth opportunities can you see for the firm?
Recently we have had more than 500 franchising enquiries from people interested in opening stores across the UK and Europe and we are looking at getting a franchising model in place. Once we have the retail outlets I am hoping to float the company.
What advice would you give to young entrepreneurs?
Do not outsource your web development outside the UK. I tried and it was a terrible experience. It has taken every ounce of determination and self belief to come back from that and make the site a success
Suleman Sacranie dropped out of university to launch online discount operator 99p Shopper in July and, at the age 21, he already has dreams of floating the company.
How did you get started with 99pShopper?
The concept came to me while I was lying in the bath. At the time online shopping had taken off and I was thinking that if I opened one store I could only attract local customers, whereas with an online proposition I can aim at the whole European market.
What's the appeal for shoppers?
It is the first discount store selling goods online at 99p. This makes it convenient for such types as ex-pats who want to get hold of their favourite British brands.
How did you finance the idea?
I started with £500 in my bank account and was trying to get companies to support the project. I approached a variety of backers but was rejected. At first I thought I could get a £300 website that looked a million dollars but that wasn't the case. In the end I went to around 28 different web companies – I was initially quoted £35,000 but managed to get my site set up for £5,000.
What growth opportunities can you see for the firm?
Recently we have had more than 500 franchising enquiries from people interested in opening stores across the UK and Europe and we are looking at getting a franchising model in place. Once we have the retail outlets I am hoping to float the company.
What advice would you give to young entrepreneurs?
Do not outsource your web development outside the UK. I tried and it was a terrible experience. It has taken every ounce of determination and self belief to come back from that and make the site a success
For Full Article Please Click Here
Mail On Sunday - Suleman Drops Out For 99p
Suleman drops out for 99p
WITH rising food prices, shopping around for a cheaper deal is high on the agenda for consumers, which is good news for entrepreneur Suleman Sacranie.
Suleman, 21, abandoned his chemistry degree at Leicester University, to launch discount food website 99pshopper.com earlier this month.
The site offers brand name products, with everything priced at 99p or less. Further reductions are available to bulk buyers.
Suleman, from Leicester, says the idea was inspired by his father and grandfather, who have run a string of shops. ‘Last summer I knew I didn’t want to return to university. I was thinking about the family’s shops and the rise of discount stores during the recession and came up with the idea of an online discount store.’
The site registered 12,000 hits in the first two days and Suleman says about 50 per cent of those visiting the site go on to spend money.
About 40 per cent of orders come from expats in Continental Europe and Suleman is considering expanding overseas.
‘Most online retailers work on a two per cent ratio of buyers to visitors. For us the ratio is closer to 50 per cent,’ says Suleman.
And although 99pshopper.com can’t match the huge profit margins of the major supermarkets, with a strategy of careful product selection and volume sales, the business is aiming for a margin of ten to 15 per cent.
Growing interest from expats – about 40 per cent of orders have come from Brits living in Europe – has prompted Suleman to consider franchising the concept and expanding overseas
WITH rising food prices, shopping around for a cheaper deal is high on the agenda for consumers, which is good news for entrepreneur Suleman Sacranie.
Suleman, 21, abandoned his chemistry degree at Leicester University, to launch discount food website 99pshopper.com earlier this month.
The site offers brand name products, with everything priced at 99p or less. Further reductions are available to bulk buyers.
Suleman, from Leicester, says the idea was inspired by his father and grandfather, who have run a string of shops. ‘Last summer I knew I didn’t want to return to university. I was thinking about the family’s shops and the rise of discount stores during the recession and came up with the idea of an online discount store.’
The site registered 12,000 hits in the first two days and Suleman says about 50 per cent of those visiting the site go on to spend money.
About 40 per cent of orders come from expats in Continental Europe and Suleman is considering expanding overseas.
‘Most online retailers work on a two per cent ratio of buyers to visitors. For us the ratio is closer to 50 per cent,’ says Suleman.
And although 99pshopper.com can’t match the huge profit margins of the major supermarkets, with a strategy of careful product selection and volume sales, the business is aiming for a margin of ten to 15 per cent.
Growing interest from expats – about 40 per cent of orders have come from Brits living in Europe – has prompted Suleman to consider franchising the concept and expanding overseas
For Full Article Please Click Here
Subscribe to:
Posts (Atom)