Dario Lopez borrowed £10 from his mum and started a business. His online store now employs 29 people.
At 14 years old Dario Lopez realised he could make a profit by buying SIM cards and selling them online at a higher cost. He launched his business with just £10, borrowed from his mum.
Dario had come to the UK from Nepal just two years before, so he had a lot to learn about British business. But that didn’t slow him down. He soon realised he could expand into other mobile phone-related products, such as cases, by applying the same basic principle he started with.
Dario has continued to grow his business on profits alone, without any external investment. Today the London Magic Store has an annual turnover of £6 million and employs 29 people. The company recently moved to a larger office to accommodate its still-growing staff.
Dario believes that a big financial investment is not always necessary for a successful company. He also thinks that Start-Up Loans are a brilliant idea for young people looking to start their own companies.
“You don’t actually need a lot of money to get your business started,” he says. “You can get going with £2,500. Knowing your competition and having strong customer communications are as important as money.”