Nails Inc founder Thea Green has urged fellow entrepreneurs to ensure they have raised sufficient funds to make a profit before a second funding round and to “think like a customer”.
Green told an audience of start-ups at the Evening Standard’s Business Connections event last night that she raised £250,000 from private investors on setting up the nail bar business in 1999 but had to seek further funds.
Nails Inc now has 59 stores, turnover of £22 million and sells items in 30 countries.
The entrepreneur said: “Think carefully about how much you will need and think like a customer at an early stage and understand what they want."
Green said her motto is 'the best is yet to come' to spur on Nails Inc to continue to innovate. The company will mark its 15th year with new product launches and branding as well as expansion in the US.
Daniel Isaac and Paul McGrath of law firm Withers also addressed the audience, stressing the importance of drawing up a shareholders agreement when launching a start-up business as well as clear employee contracts.
To become a Business Connections member and read advice for entrepreneurs visit standard.co.uk/businessconnections.
