Stephen Wright


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Stephen Wright is an American entrepreneur. Stephen started Micro Bikes UK in 2017 and is based in Suffolk, United Kingdom.[1]

Stephen Wright, founder of Micro Bikes UKStephen Wright, founder of Micro Bikes UK

Company

Micro Bikes UK

Location

Suffolk, United Kingdom

Career

Early Career

No early career info added yet...

Micro Bikes UK

Stephen started Micro Bikes UK in 2017. They detail the beginnings of their company in their Starter Story interview: [1]

Q: How did you get started on Micro Bikes UK?

I discovered mini bikes by chance really. I didn’t know they existed until we began selling them in 2014. It was 2 years later that we founded Micro Bikes.

We were not ready for the product to be a success at the time. My initial product research brought me to Ride on Cars, so my focus was on them. However, our suppliers also sold mini bikes, so I added a couple to our eBay store (back then) and they flew off the shelves.

I sold them for one year before realizing that I hadn’t planned for their success. Instead of pivoting straight away, I took some time away and came up with a business plan centered around mini bikes, got some seed investment and Micro Bikes was born.

During the validation period, I discovered the main reason for the success of mini bikes is their high barrier to entry. These bikes need to be maintained and require some technical assistance. This means that the big supermarkets stay away and it opens the doors to smaller more niche businesses to dominate the market. The businesses that are successful in the space are those that offer a solid after-sales service. I now know our products inside out. This is a huge help.

The other thing I discovered is that the strength of the market is also its weakness. Many of the legacy companies in the market are run by handymen, not marketers. I immediately knew that this would be an advantage for me coming from a digital background.

I could easily learn the technical after-sales, but I knew it would be harder and more expensive for my competition to learn good Marketing. This has given us a leg up and allowed us to overtake legacy stores that are 10+ years old.

I am now full time self-employed after leaving my job in digital marketing and I am looking to use the time to create more content for the business.

Source [1]

References