Nick Oswald of Legends Promotional Products talks to Courier Business.
Q How and why did you start in business?
A I always wanted to work for myself. I set up my first business after finishing a three-year contract with Edinburgh Rugby.
My passion has always been sport.
I was lucky enough to work in sport and events before starting Legends of Sports, creating my own brand of sports memorabilia, which broadened to buying and selling a range of other sports memorabilia and merchandise.
Q How did you get to where you are today?
A Hard work, perseverance, a lot of mistakes and a bit of luck.
Q Who has helped you along the way?
A My family, especially my wife Linda and my dad Jimmy.
Q What was your biggest mistake?
A There have been many, but the biggest was thinking I could do everything myself.
Nobody can do that, and it puts you under huge pressure.
Q What is your greatest achievement to date?
A Still being in business. Business started to slow in late 2007, and little did I know that the banking sector was to collapse in 2008.
I looked at other opportunities, and Legends of Sports eventually morphed into Legends Promotional Products.
Q What do you hope to achieve?
A There are many promotional product businesses, so to differentiate Legends, my focus is on the sport and events market.
I am on official supplier to Triathlon Scotland, supplying them with branded clothing, event banners and other merchandise.
I also supply a number of events companies, governing bodies of sport and clubs and want to increase this side of the business; 75% of my turnover is in this sector, and there are big opportunities to develop Legends further.
For example, recently I was asked to quote for branded mini American Footballs.
Who knew there was a market for such products this side of the pond?
Q Do you want to recruit in the future?
A I am a sole trader and have no plans to recruit.
However, I do have a bookkeeper and an administrator to help and support me, and I buy in products and services as required and locally wherever possible.
Q What is the hardest thing about running your own business?
A It’s difficult to switch off. I worked from home for a number of years, and it was always tempting to pop up to the office.
I have an office in Perth these days, and that has made a big difference in separating my business and home lives.
Q Any advice to wannabe entrepreneurs?
A Do your homework before taking the plunge, but don’t overthink it. There is never the perfect time to set up your business. You will never be 100% ready.
On starting my business I joined the Federation of Small Businesses. They have a huge range of services and support for small businesses which includes the opportunity for free banking.
As a new business you must do plenty business networking. You can never have enough contacts, and never know where business will come from. A significant part of my business comes through networking.
I co-founded and ran Let’s Network Perth (Let’s Network Dundee and Let’s Network Stirling were added later) from 2010-2013. Today, Let’s Network has seven venues, including two in Europe.
In 2012 I started Sport Network, which operates in Edinburgh, Stirling and Glasgow and has helped broaden my range of sports business contacts in Scotland and beyond.