My Money Journey: Business Battler to self-employed!

Written by , August 15, 2011

Reece Lovett is 18 and unlike some friends has decided not to go to university...

Reece Lovett is 18 and unlike some friends has decided not to go to university this September. Instead he is working part time and running his own small business – this is his money journey.

Around four years ago Apple had brought out their new iPhone and my parents had told me they would not buy it for me.

That’s when I first realised the importance of money and the difficulties in keeping it in your wallet! But I was determined to get that phone myself, so, I negotiated a deal with them – if I could earn half the price (around £250) they would match the amount I earned.

It spurred me on; how could I earn £250? Suddenly, I thought of contacting friends of the family to ask if they had any small jobs I could take on. A friend of my father gave me a job in her office in Central London, where I worked with computers. After four weeks of working I eventually had enough for the phone and I’m really proud, knowing that I worked for it!

I wanted to start saving money – I wanted to go out with friends almost every night.

At Christmas I realised the difficulty in saving and spending whilst working as a Sales Assistant earning £100 a week at Clinton Cards.  I feel that once I get another job, I would attempt a technique such as saving £10 a week – I’m getting to a point in life where money is critical, I would have saved a fortune. Next time I can use this money for my business when an idea sparks.

Last summer I signed up to Futureversity’s Summer Uni programme, they had brought in MyBnk to run an enterprise challenge and that was my first taste of the business world – in five days we went from the drawing board to Enfield Market!

I learnt how to create a business and sell a product – we designed some shirts with a unique design on and had to maximise our profits in very limited time.

It’s all spun on from that, now I run a small but busy car wash business in Cheshunt,, that’s where you’ll find me.

All my friends are now asking me for work! And as I write this I made about £60 which may not seem much but I feel very proud. The methods I learnt at MyBnk have really helped my business and this feeling of success encourages me to progress and maximise everything I can do.

I decided before my A Levels, not to go to university but try to develop a business, I couldn’t gain that experience in a classroom, I think the best way to learn is to do.

By growing the car wash business I will learn more about the fundamentals of running an enterprise and how to manage and use money effectively to maximise profits. My dream business would be based around computers, however technology is expanding rapidly and originality is very difficult. So I want to get out there and see what people need!

I’m going straight to work and continuing my business not just for experience but the feeling of control and being my own boss, the entire business could go any direction based on my decisions. Hopefully in the future I can apply what I’ve learnt with to another idea and have a headstart understanding all angles of starting and running an enterprise.  

Now, I’ve applied for an interest free loan from MyBnk to buy new equipment, like a jet wash so I can clean more cars and make more cash. They have also helped out with marketing and costings, their staff have been so supportive and when I visit the office, they are so polite and kind, always making you feel welcome and encouraging young entrepreneurial minds!