14 April 2021|Latest Posts, Meet the Successful Founder
Wayne Spriggs founded of Lusso Stone in 2014 after being a property developer for many years. They manufacture and retail luxury hand-finished bathroom products but wanted to create a brand that allowed people to create luxury living at an affordable price, cutting absolutely no corners on the quality and design of the products. Manufacturing the products in-house means they can offer products that would ordinarily be approximately 60% more expensive to consumers, via our online shop. They remain a small business with just 18 staff members, but have seen extraordinary growth in recent years. Each week, 2,500 products are sold to customers around the globe including Sydney, the Middle East, New York City, LA and the UK and we have a projected turnover of £30million this year.
How did the idea come to you for the company?
It was during my time as a property developer that I continually struggled to find high-end, luxurious bathroom products that stood out and weren’t astronomically expensive. There just wasn’t a company out there that did it; so I decided to do it myself. I travelled the world visiting various trade shows, learning about products and building relationships, which all helped me build the vision for what I wanted the Lusso product ranges to look like
How did you achieve awareness?
We built what we call the ‘Lusso Journey’ – which is the journey the customer experiences which really helped us in establishing and growing the business. This includes the website, the branding, the packaging, the product and the high-end luxury lifestyle feel we give to our customers. The company soon gained momentum by using this process along with using the social media channels which obviously gives great coverage alongside traditional marketing methods.
How have you been able to gain funding and grow?
I’ve never had any funding – unless you count the £10k overdraft I got from my bank when I started the business. I’ve been lucky that I haven’t had to accept outside investment and it’s never stopped us growing.
What are the key successes?
In the past three years we’ve seen 400% growth in terms of revenue, have accrued a customer base of over 54,000 and attract 80 new customers a day on average. In February 2021 we had our best ever, record-breaking month with £3million in sales. The pandemic has resulted in lots of people investing more in their homes, or deciding to take advantage of the stamp duty relief and move house and look at investing in their interiors.
Lusso Stone has also featured in the Sunday Times Virgin Atlantic Fast Track 100 league table of private growing companies three years running, ranked 18th in 2018, 27th in 2019 and is currently ranked 56th on the 2020 table. Alongside this, Lusso Stone is ranked sixth in the Fast Track Exports League and I’m currently included in the Lloyds Banking Group Top 50 Most Ambitious Business Leaders.
What were/are the challenges and how have you overcome these?
In recent months, the pandemic has thrown up some new challenges – like it has for many businesses. The primary focus for us now moving forwards is on our team’s welfare – our employees, sub-contractors and third party agencies. This has always been a core part of the way we operate but as there are lots of new procedures and risk assessments now in place due to the pandemic, all persons involved in the business are kept safe, with absolute minimum risk.
Secondly, we have rolled out all of our systems digitally. We’re now a paperless business, and as a result it’s enabled us to not only become far more sustainable but also means if we need to go to 100% home working again in the future we can very easily. Along with this, and as part of or new IT investment and rollout, all employees now have apple mac books issued as standard, which will not only work with the aforementioned but also allows employees to do additional work and weekends, as we take on a more flexible approach to work.
What are your plans now/for the future?
We have our sights set on international expansion with a US launch likely for later this year. There is also the roll-out of two further brands, Lusso Pietra (marble only), which launched very recently and Lusso Deco (art decor/traditional) later this year. The roll-out of these two new businesses will also see us move into home furnishings, which will fall under Lusso Luxury Living.
We also plan to launch a Lusso showroom in London this year, where customers can come and see our products and immerse themselves in the brand.
This is in addition to new product development, team expansion and continued revenue growth.
What would you like to share with others to encourage them to start their own entrepreneurship journey?
My advice to anyone out there looking to set up their own business would be to start small but think big at all times. Be very thorough in what you do and take your time, it’s not a race. Invest now, to reap later. Be your own boss and dream big; anything is achievable but be mindful that the long difficult path, the route with most resistance, will give you your just rewards. Ignore the doubters – if you have a vision it doesn’t matter if others don’t share it. Build a brand and business that you are passionate about and that will give you the focus and determination you need to make it work.
Can you share your top 5-10 tips for entrepreneurial success?
· Be persistent and never give up – it’s rare that anyone enjoys overnight success so be prepared for some hard work and knock backs along the way. Never lose the faith that it will work.
· See every challenge as an opportunity – I can’t think of a time when overcoming a challenge hasn’t either rewarded me by teaching me something new or helped set me in a different (and better) route.
· Keep innovating in every possible way – don’t ever sit still thinking you have it nailed; keep thinking of how you can improve your offering or bring a new element to the market.
· The right people – surround yourself with the right professional people to help grow the business. Equally, surround yourself with positive like-minded people, and learn from them.
· You must be willing to change anything that is not working – which at times isn’t easy but you have to look at the bigger picture and what’s best for the business.
· Don’t overexpose yourself financially – don’t get over-excited when you start to make money and go on indulgent spending sprees – keep reinvesting in the business and keep it secure.
Who are the 5 people who inspire you the most?
· Elon Musk – @elonmusk – He’s a family man, a scientist, an engineer and he is building several multi-billion dollar companies at the same time, which is some achievement!
· Richard Branson – @Richardbranson – Richard suffers from dyslexia and didn’t excel at school, yet he has built a multi-billion pound empire and is listed as one of England’s most successful business men.
· Alan Sugar – @lord_sugar – He came from a poor background and started working at the age of 12 before he set up his own business at the age of 16. His empire is now worth over £1billion!
· David Goggins – @davidgoggins – An amazing mind coach and amazing motivational public speaker.
· Ben Francis – @Benfrancis – Ben is a lot younger than myself but this guy has gone from delivering pizzas to building a gym wear brand over an 8 year period which now has a valuation of $1.45billion
What are your favourite inspirational /motivational quotes:
· Your most unhappy customers are your greatest source of learning.
· Invest now, to reap later. You’re not going to have a harvest if you don’t plant the seed.
· Entrepreneurship is living a few years of your life like most people won’t, so that you can spend the rest of your life like most people can’t.
· Some people dream of success, while other people get up every morning and make it happen.
What are your social handles and website links so our readers can connect with you?
· Instagram – @ws74
· LinkedIn – Wayne Spriggs
· Website – www.ws-invest.co.uk