In conversation with Levi Roots

Tell us about your journey as an entrepreneur

I’ve always said that I didn’t turn into who I am overnight just because I appeared on a reality TV show. The ability to start up a business is a skill I was born with. All I needed was to get beyond certain doors that were closed to me.

Ever since the day I entered the Dragons Den and joined forces with Peter Jones, the doors which had seemed closed to Caribbean food and drink businesses in the UK, are now open. The experience gave me the opportunity to prove that I could be successful.

Now I’m extending an open invitation for other entrepreneurs to join me and others inside those doors of opportunity. The keys and rules are simple: have a likeable personality, a great product and a willingness to change and adapt. Whether you are marketing a Caribbean Jerk sauce or selling tourism these same rules will always apply!

What moment, or achievement, from your business career are you most proud of?

Caribbean food and drink is more popular than it has ever been. Caribbean Restaurants are springing up all over the country and imported products are now extensively distributed in the mainstream markets. It’s widely believed that my appearance on Dragons Den and the success of Reggae Reggae Sauce had played a huge part in that. That makes me feel immensely proud.

However, in terms of building my own business, it’s not a sprint, it’s a marathon! You need to stay focused on how far you have travelled and how far you still have to go, while monitoring and managing your resources. If you only think about your short-term goals, you may make the mistake of thinking you have arrived, when in fact you have hardly started.

So, even though I am celebrating 18 years since my appearance on Dragons Den, I know I have a long way to go to complete the distance.

What were the biggest challenges you faced when launching your business?

One of my biggest challenges was facing up to the realisation that building my business into a successful one was going to be much, much harder than I originally thought.

I had spent a long time pitching to banks and looking for the big surplus of cash I need to grow my company. So, when I was offered my deal on Dragons Den I felt I had won the lottery.

But I quickly learnt that £50,000 worth of venture capital investment was a drop in the ocean compared to the investment that was needed to get the business off the ground.

Just like me back then, many people believe that money is a short cut to success. That it means less sweat, but that's not strictly true!

Hard work is what makes the cash. The investment only opens the first important door. The start-up phase is very much about planning the long-term view and seeing the bigger financial picture.

Why is it important for start-ups to get the right kind of support?

Develop the habit of planning, asking questions and preparing before you take action. This is vital to success at every stage.

But be true to yourself. If you secretly feel that you don’t have the right skills, or that you could brush up on some things that will help you to function better, then take action and get support.

I had always thought that getting the start-up money for my Reggae Reggae Sauce business was the most important thing I had to do.

But it wasn't. What I needed to learn was how to handle cash. To be able to manage it when it started to come through. I soon realised that money can flow fast into a business, but it can flow out just as quickly! I couldn’t have grown my business without the benefits of expert financial advice from both my investors and my accountant.

What do you think are the key attributes for high-growth businesses?

Become the living embodiment of your brand. Work closely with everyone who interacts with your brand at every level. You are not selling just to the end consumer – you are also selling to the retailer’s buyers who sell the product and to the people who make the product.

Understand your retailers: build a fantastic relationship with that company, so that you always understand their needs and motivations. Try not to get carried away with spending money freely.

Prioritize, and make sure that any investment has a positive return and try never to lose sight of your finances. Always ask yourself: what is the true cost in terms of time, investment, and development? And: will this opportunity take me closer to, or further away from my long-term objectives? These questions are crucial.

What advice would you give start-ups wanting to turn their business ideas into reality?

Getting someone on board who knows and understands your business territory will make all the difference to your progress. Which is something I think the NatWest Accelerator can really help with. Mentoring can cover such a wide field. The right mentor will know exactly which direction to point you in.

One of the other important lessons in business is that there is more than one path to follow to get to your destination. There are many routes to achieving your ends. Sometimes we need someone else to say: ‘This isn’t working. Try it another way. Do something else’. A mentor or business advisor is a good person to take such advice from.

Also, not everyone needs a long-term investment. You might be applying for a grant or have your own equity to get your business off the ground. But whatever your financial arrangements, always choose your business partners wisely. And be careful who you borrow from!