Hey Outliers āļø
Howās the 2024 planning going?
Iāve been in the thick of it, putting some plans in place for my personal work as well as thinking about how we step things up a notch for this community. Your contributions are welcome, just reply to this email and tell me what you want.
When we start thinking about the year ahead and making growth plans itās easy to try and go too big too soon.
We want to run before we can walk.
But Rome wasnāt built in a day.
If you want to be big, youāve got to learn to think small first.
Bulk got this right from the beginning and now theyāre a Ā£100m business.
Hereās their story š
Hereās what to expect today:
š° Story: Ā£6k -> Ā£80m without funding
š§ Insight: If you want to be big, learn to think small.
šŖš¼ DIY: How to identify your winning niche
šĀ Good links: Big ideas, bootstrapping and a product page masterclass
š°Ā Story: How Bulk turned Ā£6k into Ā£80m, without funding
In 2006, Adam Rossiter and Elliot Dawes each borrowed Ā£3k from their parents to fund their protein powder business.
It turned out to be a worthwhile investment.Ā
That Ā£6K loan has since transformed into an Ā£80 million sports nutrition empire.
A household name and brand that adorns the shorts of Anthony Joshua.
But how did they grow so effectively?
They homed in on a niche they knew they could solve a big problem for and gave them exactly what they wanted.
At the time you had to buy āfinishedā supplement products, you couldnāt pick and choose like you can now.
Also, supplements had hidden dosages of ingredients; it was impossible to tell what you were consuming and what you were really paying for.
Bulk Powders made single-ingredientĀ supplements so people could make their own formulations. They set out to create products that were transparent, of high quality and affordable in order to make the industry more accessible.
āBack in 2006 we were operating in a small niche. We started out targeting those frequenting the gym 5-6 times a week, the real hardcore. We were essentially selling raw materials. Weād receive a palette of whey protein in 40kg sacks, decant that into 5kg containers and stick a label on it. That was the product, nothing more glamorous than that. Those customers just wanted the most protein for their pound and that was the niche we filled.ā ā Elliot
This approach gained them a reputation for really good value and quality within the gym world.
From then on it was a case of retaining those customers whilst transitioning the brand to one which could play outside of that niche.
It worked, their reputation allowed them to start developing their range and offering their products to new audiences.
In 2020, they rebranded and changed the name to Bulk to reflect the expansion.
Their offering now ranges from protein powders to nutritional supplements, aimed at those anywhere on their fitness journey.
In 2023, Bulk hit its first Ā£100 million in annual revenue.
All without ever taking on further investment.Ā
Itās the largest, completely founder-owned company in the UK (possibly Europe)
š§ Ā Insight: If you want to be big, learn to think small
None of the huge brands you know and love today started out with hundreds of product offerings. Each of them (Nike & Apple included) honed one product for a specific audience, they created something those people absolutely loved and built their reputation in doing so.
As a new brand, trying to be everything to everyone is impossible, so be the perfect solution for a small group, then grow.
šŖš¼Ā DIY: How to identify your winning niche
Itās not always obvious how to choose the specific audience youāre going to focus onā there are sometimes multiple options. Here are a few questions to ask yourself to help you narrow down:
š Who did you have in mind when you came up with the idea?
š Who does your product solve the biggest problem for?
š Who do you think it would it be easiest to sell your product to?
Top tip: Think about psychographics rather than demographics in this exercise.
ā Ask: Whatās their lifestyle? What are they interested in? What do they value?
ā Donāt ask: How old are they? What job do they have?
šĀ Good links
š Product page masterclass for e-commerce business owners
šĀ Tell us what youād like help withā¦
We started this newsletter for entrepreneurs just like you, and we want it to be as helpful as it possibly can. So tell us what youād like help with and weāll dig into it.
Or if thereās a brand youād like to know more about, let us know and weāll reach out to them.
Until next weekā¦
Keep being an Outlier,
J + K