Progress Report Step 17

Step 17 – (£320 to £640)

Starting with £321.04 I now have to put a few ideas in place to get to £640…..

One of the ideas I have had is to take old bits of oak and turn them into high end wine racks …. I don’t want to re-invent the wheel but have decided that if I see something that I like & I think I can reproduce it cheaper than it is being sold at then I am going to produce the item (or more importantly have it done for me!) and then sell it as a wholesaler. I know that selling it at a wholesale price will reduce my profit margin but it should let me have repeat business for the same item – so I will be able to repeat the process again and again …..

Oak Wine Rack

The finished product – So far I have taken this wine rack to an interior designers in Harrogate and they told me they would be happy to sell them on a sale or return basis. I then took it to another interior designers / antique home goods and left it with them on a sale or return basis…… Not great but I know I will find someone who will buy it ….

Whilst visiting London one weekend I went for a walk down the Kings Road and showed my idea to a couple of retailers ….. both of whom said they they liked the idea but wouldn’t buy from a photo – so a soon as I sell the prototype I’ll make another couple in order to see whether I can upscale the product……

6 & 7 hole upright wine racks

6 & 7 hole upright wine racks

6 hole wine rack for sale in shop in Bath

6 hole wine rack for sale in shop in Bath

16th May 2014
The wine racks are moving quite nicely – I modified the design slightly and have been able to keep material costs down by using off-cuts from building projects. After making a couple of the upright racks and taking them around to a number of retail outlets I found a great shop in Bath that was prepared to take them and sell them. Although I am never going to get rich on these they are a steady source of income and will help me along the way – so far I have sold 5 racks and made a profit of £366. Put this together along with my £321.04 and my total so far is
———-  £681.04  ———-

Step 17 DONE 🙂

To see how I achieved steps 18 click here