Jeffery Linton, founder of Jeffery Linton Electricals talks about the challenges and successes of running an eBay shop.
Jeffery, it sounds like you have a great eBay business. Tell us more about it.
I started my eBay business back in 2004 and I initially started selling floor tiles. Then, I had a digital camera lying around and I thought I would put it on to see if it would sell.
To my amazement, it sold pretty quickly and I thought that selling electronics would be a good idea. And from there I started sourcing some suppliers in the UK. I still sell floor tiles by the way…
What were you doing before you started selling on eBay?
I was working full time at retail discount store and I was casually selling on eBay, but I wasn’t serious about it. As time went on and I gained more experience in retail, I saw eBay as an opportunity to start a business.
Have there been any challenges along the way?
Yes, definitely. One of the biggest challenges was the lack of funds for me to develop a new professional website. I went to the bank and I was turned down a number of times – they just didn’t understand what I did for a business.
I showed them my Experian report and bank statements, but my bank manager was not interested. In the end I had to go to family and friends to see if they could help me out.
It sounds like you have yet to have a positive experience with the bank, can you explain more?
From my experience banks have limited knowledge on e-businesses and they aren’t interested in doing any research in this sector. It’s very frustrating.
A key priority for me is to invest in new technology and I see iwoca helping me with this in the future. It’s good to know that there is a lender out there that understands e-businesses.
Did you make any additional profit from the loan?
Yes, I can estimate that it helped increase my sales by 15%. And any profit I make I always put it back into investing in new technology.
You are operating in a competitive space, how do you aim to differentiate yourself?
Our great customer service and our same day delivery service; sometimes we can deliver in a couple of hours. I also think it is important to maintain a local image, so we have a London based number with a support line available from 9am to 8pm.
The future is looking bright for you, what are your plans?
I hope to grow the business substantially and hire some employees to help manage that growth. We are currently shipping to 21 countries across the EU. Greece use to be a hot market for us, but the credit crisis has severely halted business. So we need to look to new markets for growth.
There are a number of major electrical distributers in the UK and I need to build up relationships with them so I can source the best products.
iwoca is the UK’s first finance company providing small business loans to online sellers trading on eBay and Amazon.
JR Linton thanks iwoca once more for their support in the growth of the business.