Meet Dan of Tic Watches
Daniel Richmond is Founder and Managing Director of one of the UK’s leading watch retailers, Tic Watches, and the bed and mattress specialist Bed SOS (both part of Tic Trading Ltd) – companies he now runs, employing his mum and sister, among others.
After being made redundant and having to sign on the dole at the age of 25, Daniel set up Tic Trading Ltd from his bedroom in Darlington in 2007. He successfully applied for a loan from The Prince’s Trust to help him to launch the company website in 2007.
Tic Watches successfully completed its first year of trading with an £83k turnover. Since then the company has skyrocketed, with an expected 18/19 turnover (end of July) of over £6m through UK and international sales, as well as a brick and mortar shop in his hometown.
1. What were the biggest challenges you faced when bringing the idea to market?
At the beginning money and cash flow. I had always had the ideas but at the start cash flow was hard especially when looking to purchase stock.
2. Where do you think good ideas come from and what inspires you?
I think you gain a lot of knowledge just from everyday life which allows you to spot ideas/problems in current markets allowing to create your own business. What inspires me the most is other people who have worked from the bottom to the top and are successful. It’s not what they have in terms of money and assets but it’s more the respect I have for them for the tough journey they have experienced to get where they are today.
3. What are your company’s values and why are these things important to the business?
Both our customers and our staff are the most important part of the business. We treat all customers and staff with the best customer service and look to provide the best possible products, service knowledge and if problems do occur which they do in all businesses we look to solve them immediately.
4. What is next for your brand?
We are possibly looking to set our own watch brand up which we would love to bring to the market in the next few years.
5. What one piece of advice would you have for someone just starting out on their business journey or currently going through a setback?
Make sure you remain positive even in tough times. Also it is essentially to set goals and targets and once you hit them set a new goal. It is also very important to switch off and relax so you can fully recharge.
6. What resources and tools do you use to remain productive or up-to-date on industry trends etc?
Obviously these days the internet is so accessible for information and this is a great resource for us especially being predominantly an internet business.
More info on Dan
Website: https://www.bedsos.co.uk/ / https://www.ticwatches.co.
Facebook handle: bedsos / ticwatchesuk
Instagram handle: @bedsos / @Tic Watches