Peter Waggott, MD of Broughty Ferry-based Powercases (Scotland) Ltd, explains how he got started in business
Why did you start in business?
Powercases (Scotland) Ltd is a Dundee-based company which delivers portable power solutions to a range of markets including automotive, marine and winter sports. We were established last year to deliver quality products and support to selected partners and organisations. We want to be recognised for our high-quality products and high level of customer support and engagement.
How did you get to where you are?
I was approached in 2016 by one of the Canadian co-owners of Powercases to help them build a distribution network in the UK. Over the last three years I’ve leveraged my contacts and network to understand the portable power market and where it would be best to operate.
Who has helped you along the way?
I’ve been helped by ex-colleagues and people who dealt with Powercases when it was originally established back in 2012. I’ve also had the benefit of working with our accountants Ashton McGill, specifically Ali and Andy, to help understand our business model and better design our offer. I’ve also used my connections with the University of Aberdeen Business School to promote the brand and work with the students in Qatar on a Powercases case study.
Your biggest mistake?
Completely under-estimating the opportunity with Powercases products. There is a huge demand and need for quality portable power products. With your biggest mistake comes some of your greatest learning – my learning allowed me to take stock, reflect and focus. This took me to focusing on securing a UK-wide distribution network where our customers would be B2B. Working with Staples Solutions has allowed us to be in a position to offer UK-wide coverage and support of our products to large organisations.
Your greatest achievement?
Securing our supplier agreement with Staples Solutions and following it up by becoming approved suppliers to the Royal Yachting Association, which has more than 110,000 members worldwide.
Hopes for the future?
Powercases wants to expand into Europe and the Middle East through leveraging our network of contacts. Increasing our brand awareness will help us to become the go-to organisation for portable power – our goal.
Do you want to recruit in the future?
We have plans to recruit over the next two years or so, depending on our growth. Our main recruitment areas will be in sales, customer support and management. This has its own challenges as we’ll then move to remote working, with potentially a Middle Eastern hub.
What is the hardest thing about running your own business?
Allowing people to help you develop and shape the business. Having the right people around you is critical. However knowing who these people should be is a real challenge. I’ve been extremely fortunate to have Ashton McGill support us over the last three years.
Advice to wannabe entrepreneurs?
Take time to understand your market, listen to the market and be patient when finding an ‘Ashton McGill’ advisor. You need to feel comfortable being challenged by them all – you don’t know everything.