So, you want to start your own business? In about five minutes you’ll realise there is no excuse for diving into your own venture.
Are you ready?
Riley Tanton became an entrepreneur in Grade 6 – selling drinks out of his locker at school. Today he’s Managing Founder of an online watch business…. and Riley is 17 years old.
‘I’ve always had a passion for business,’ says Riley. ‘Millennial Watches started after I looked for six months to buy a quality watch for myself. I wanted something that was a decent size but light, minimalist in design, and affordable. I couldn’t find what I was looking for and so decided to fill the gap by producing my own unisex watches and selling them online.’
Riley, who goes to Canberra Grammar, raised the initial funds for Millennial Watches by crowd funding.
Six styles are in the current collection, including the Alpine, with a leather strap and face that is as white as the snow. The Maple—the most popular style to date—has a tan strap and white face. Midnight a black strap and face. Sunrise a white strap and white face framed in rose gold, the colour of the sun as it peeks over the horizon.
Riley was thrilled to have one of his watches worn at FASHFEST by Managing Director Clint Hutchinson. Clint, himself a ‘Grammar Boy’, was invited to the school to talk to students about entrepreneurship, focusing on his own business endeavours.
‘Clint told us to stay focused and committed to your ideas,’ says Riley. ‘He also said that if an opportunity presents itself, grab it.’ Riley was quick to do just that. He asked Clint if he would wear one of his watches to FASHFEST, thinking it would be great marketing. Clint did.
Riley focused on quality when developing Millennial Watches. Movements are Japanese, batteries last around three years, and the leather is a high grade. Watches each come in a box, carefully wrapped around a pillow square to protect them and make them stand out.
Getting the business running took enormous energy. Riley had to learn to build a website, organise product photo shoots, set pricing, and find an overseas manufacturing company. He conducted extensive research, starting with Alibaba.com, a global trade website that connects buyers and suppliers, deciding on a manufacturer in Shenzhen, China.
‘I developed a basic design on the computer and sent it to China,’ says Riley. ‘After refining and testing many samples, we settled on an elegant design that looks stylish on fashion-conscious men and women.’
Selecting the manufacturer was intense. ‘I did my background and investigated each step of the process,’ says Riley. ‘I looked at photos of the plant and we Skyped so I could see if the workplace was clean, organised and safe.’
Riley finds it rewarding but also challenging to work with an overseas manufacturer. ‘I didn’t have a translator and learned to tackle one question at a time,’ he says. ‘As soon as I have the funds, I’ll visit the factory in China.’
The back-end of Millennial Watches is uber-organised. ‘I’ve got profit and loss sheets and balance sheets and am tracking sales so I can reorder in plenty of time,’ says Riley. ‘The first bulk delivery is due in Canberra this week. Selling direct to consumers means there’s no middle-man. That’s how I keep the prices low for consumers.’
Riley’s days are busy and long. He’s a member of a rowing club and is on the water most mornings at 5.45 am. Then it’s school. Then it’s working with Millennial Watches … and thinking more about his future.
‘I want to stay in business,’ says Riley. ‘I’m thinking of property development. I admire how property developers influence cities through the buildings they produce.’
Millennial Watches can be bought online. Each comes with a one-year warranty.
Are you crying, or excited? We’re a bit of both, to be honest. What an inspiration!
Photos of Riley Tanton by Leighton Hutchison
