My brother and I started out as a sideline when we were 16. We now have an £8 million business
TWO brothers have revealed they were just teenagers when they started a side job that has now grown into an £8million business.
Michael and Jake Lebhar started Lebbro Industries from scratch when they were 16 and 14 years old.
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The couple were still in school at the time and started selling fitness equipment online.
“I just wanted to skip school to start my e-commerce business,” Joseph told CNBC.
They subsequently expanded their business and now sell a wide range of products including pet toys and kitchen accessories.
The brothers’ products are now sold on Amazon and Wallmart and their company is worth £8 million.
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The brothers shared their best tips for running a successful business.
Ask successful business owners for advice
Michael said that when he started his business, he relied on the advice of others in the industry.
He said, “A lot of people want to help each other, so gather all the information you can find.”
Be confident no matter your age
Michael said it’s important to instill confidence in yourself so that retailers don’t see your age as a problem when you talk to them.
He said, “As long as you’re really confident and sound like you’re well-educated, it’s not really a barrier.”
Focus on growth
The young entrepreneur said it is important to focus your business on an area that has a lot of growth potential, rather than something that will make you money right away.
Joseph added: “In the beginning I thought, let’s make a quick buck, but it doesn’t work like that.
“The more work you put into it in the beginning, the more you will get out later.”
Have clear goals
Michael said the two brothers had a clear vision of their end goal from the beginning and did everything they could to achieve it.
How to start your own business?
Dragon’s Den star Theo Paphitis revealed his tips for budding entrepreneurs:
- One of the biggest barriers that aspiring entrepreneurs and business owners face is a lack of self-confidence. You have to believe in your idea — and more than that, be the one to bore your friends to death with it.
- Never be afraid to make decisions. Once you have an idea, the confidence to make decisions is crucial to starting and maintaining a business.
- If you don’t take calculated risks, you’re standing still. If a decision turns out to be wrong, identify it quickly and act on it if you can. If you can’t, find someone else who can.
- It’s okay not to get it right the first time. My experience of making bad decisions has helped build my confidence and made me who I am today.
- Never underestimate the power of social media and remember that the internet is an equal opportunity for small businesses.
- Don’t forget to dream. A machine can’t do that!
He added: “Everything we did had to contribute to our goal.”
Diversify your business platforms
Michael said it’s incredibly important to put all your energy into building your brand.
Once the brand was on the map, he advised finding other platforms to sell your products on.
He said: “There are so many opportunities on other platforms.
“You don’t want to wait until it becomes too expensive and too difficult.”
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