Peter Solway, 20, is from Sydney, Australia. He started his wholesale business, Solway’s, in 2014. Solway’s is the Australian distributor of Arkon products and runs arkon.com.au. Arkon is a premium provider of universal Tablet and SmartPhone Mounting solutions.
Starting the Business
Q: Where did the idea for your business come from? Where were you in your life and career?
A: I was 17-years-old and running a website selling TomTom branded GPS systems and accessories. Through my industry connection I came across Arkon branded GPS mounts and started selling them through my site. I found that my margins were much greater than selling genuine branded accessories, along with constant customer feedback about the great quality of these Arkon products.
At this stage of my life I’d started attending business seminars and decided I wanted to do more with the business I currently had, and make entrepreneurialism my full time career when I left school in a years time. This is when I approached Arkon and pitched for the Australian distribution rights. With my success, Solway’s was able to operate arkon.com.au and focus on bringing Arkon’s presence to the Australian market.
Q: What was the biggest challenge you faced when starting out?
A: Ironically, I believed my age and inherent lack of experience was my greatest challenge – however it has turned out to be my greatest gift. Being young I initially hid behind the Internet and phone calls to avoid meetings, and did make a long list of bad decisions due to my lack of general business and industry experience. However, once I began going to meetings in person and putting myself out there people were inspired by my go-getter attitude and helped me turn this hobby of selling some things online to becoming a proper entrepreneur.
Q: What is the one thing you know now that you wish you knew when you started the business?
A: The logistics involved in getting an online retail/distribution running. When I first got started I had no idea about the complexity of a running a warehouse, and how chaotic it can turn when your business grows.
Q: What would you consider your first big success in the business?
A: The first big success would be when Arkon selected us as the Australian distributor for them, and provided us rights for arkon.com.au, which has lead us out of being a small online retailer into the distribution business we are today.
Q: What is the toughest thing about getting to the top / staying on top in your industry specifically?
A: Consumers realising the quality of our products. Since the mounting and accessory market is highly saturated with cheap versions of what we offer, consumers usually go the cheap quick fix. It is only when they’ve experienced products not working properly, and constantly breaking, that they seek out better quality versions of these type of products.
Therefore it’s mixture of price and appropriate branding that is key to topping our industry.
The Future
Q: Where do you see your industry heading in the next 5 years?
A: I see 3D printing to have a major effect on the entire retail market. It is plausible that businesses like ours will not be around in 5 years, if people can print their own products.
Q: What do you plan on doing / changing in order to keep growing in this time period?
A: Over the next 5 years, building a customer database and branding is key for us. Although 3D printing may become the way of delivering products to consumers in the future, brand recognition will still play a part in consumers’ consumption decisions. Therefore, creating a database of customers who’ve had an interaction with our brand will be a powerful asset that will allow this business to have its value realised when the time comes that distribution and general retails companies are no longer required by the consumer.
Q: What does ultimate success look like to you? How will you know when you’ve achieved it?
A: Ultimate success is found in the journey, not the destination. I believe that you are the living definition of success if you are enjoying what you are currently working on, and it’s creating value for others. Therefore I believe that I really am already realising a great success, and plan to continue to living this success in this venture and the others I will be involved in throughout my career.
Q: What do you think will be the biggest challenge facing entrepreneurs in the near future?
A: The changing landscape of the global economy. For a very long time the US has dominated the business and commercial success of the world. However, more and more reliance and inherent dominance is being realised by Asian economies, and has only started having the ripple effects on businesses across the globe that it will be having over the coming years.
Q: What one piece of advice would you give to someone just starting out in your industry and wanting to make it to the top?
A: I’d say go straight to manufacturing, and don’t even bother with the retail or wholesale side of the supply chain. Get a complete strategy operational and a branding strategy in place for the products you’re looking to provide for the market, and raise investment through a crowdsourcing platform like Kickstarter.