Oliver Bridge — Bigger Feet
by Jenifer Smith
Sixteen-year-old Oliver Bridge has had more than
his fair share of leg-pulling (or should we say feet-pulling?)
since taking his first steps into business. But with
a company name like Bigger Feet, perhaps he invited
the punsters to have their heyday…
Clearly amused by the media's portrayal of his "clever-clogs"
skill in identifying a "shoe-fire winner" and the
creation of a "bootiful" website, Oliver takes the
banter in stride and is certainly not complaining.
"For me, media interest is a great advantage," says
the Cambridgeshire student.
Getting His Foot in the Door
The idea for the online shoe business — biggerfeet.co.uk
— arose from Oliver's personal experience of
trying to find shoes for his size 13s. Exasperated
by the lack of choice, he did some "sole-searching"
at his mum's suggestion of starting his own business
to solve the problem. His research confirmed that
even though approximately one million people in the
UK have extra-large feet, most shops only cater to
average sizes.
Finding the money to squeeze into the shoe market
without taking too much risk was important to Oliver.
He estimated the start-up costs and refused to be
fazed. Instead, he found creative ways of keeping
costs low. "Advertising is expensive, so I paid friends
with ice-cream and cold drinks to deliver leaflets,"
Oliver explains.
If the Shoe Fits…
Nevertheless, Oliver's projections showed an injection
of cash was needed. He considered his options and
approached the bank to discuss a loan. Despite being
disappointed by a slightly patronising response, he
found the research helpful. "I'd already decided to
form a limited company to protect myself if things
didn't work out," says Oliver. "But the bank wanted
a personal guarantor, and I felt borrowing would've
pushed the stakes too high."
Next, Oliver considered finding a private investor,
but soon realised he would have to give up a portion
of the company in exchange for the funding. Although
the media exposure has attracted potential investors,
Oliver was wary of sharing control of the business.
Using His Own Bootstraps
In the end, Oliver's upraising - coming "from a family
with a culture of saving" — bought him back to
his original plan to make the best use of his own
assets. Working in his spare time as a DJ at local
discos, Oliver had saved up a significant amount of
money. So he put his savings into growing Bigger Feet,
and his family backed him with the rest.
Being aware of the pitfalls of cash-flow problems
when starting a business, Oliver has this advice for
other teenage entrepreneurs. "As far as possible,
if you've got the resources, keep your financing within
the family," Oliver explains. "Say you take a loan
out from your mum. If you have a bad month, the bank
won't be compromising — mum will."
Oliver Bridge was first-place winner
in the teen category of the 2005 Enterprising Young
Brits competition. Click
here to read Oliver's bio.
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