Lofty ambitions
Apr 19 2010
Ben Hall, founder of Loft Interiors
Ben Hall founded furniture company Loft Interiors seven years ago and has since pushed sales to over £2.5 million
Where did you get the idea?
In 2003 I came back from university and didn’t have a job lined-up. Originally I had planned to do some travelling, but after going to a trade exhibition with my dad I decided to set up a furniture business aimed at landlords in the buy-to-let market.
How did you fund the business?
My dad had six months left on the lease of his second-hand furniture shop and let me use the premises for free. I had personal savings and student loans put aside of about £10,000, which I used to do the shop up and buy my first order worth £1,200.
What have you learnt?
The buying and selling aspect was quite easy, but I had some massive problems getting to grips with the accounts and admin. The biggest lesson was not to be too trusting of people. Just because someone drives a Bentley doesn’t mean they have the money to pay you. I lost a lot of money realising that.
How did you market yourself?
We started by using targeted mail shots. Because the buy-to-let property sector was growing, there was a high demand for our products so we won business pretty quickly. I also think the fact the location had always been a furniture shop helped draw customers to us.
Where next?
I want to split the company into different sections, aimed at new markets. Ultimately, I’d like it to become a self-sufficient business that could theoretically run without me.
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