18-Year-Old Entrepreneur WOWS Dragons | Dragons' Den - BBC

Summary

Miles Dixon, the founder of Hayes Cards, presents his business idea to the Dragons, asking for £35,000 for a 35% stake in his company. Hayes Cards specializes in custom metal credit and debit cards, offering personalized designs via their website. Since launching in September, the company has generated over £124,000 in revenue. Miles emphasizes his entrepreneurial journey and the potential of his business. After a detailed discussion on mentorship and marketing strategies, two Dragons agree to invest, offering £35,000 for a 35% share, highlighting the importance of experience and support in business growth.

Takeaways

• 😀 Miles Dixon, founder of Hayes Cards, is seeking £35,000 in exchange for a 35% stake in his business.
• 😀 Hayes Cards is a luxury brand offering custom metal credit and debit cards that customers can design and personalize through an online portal.
• 😀 Since launching in September, Hayes Cards has generated over £124,000 in revenue, with a gross profit of £56,000 and a net profit of £30,000.
• 😀 The business operates by allowing customers to design their cards, which are then created by transferring data from an existing chip onto the custom card.
• 😀 The price for each custom card is £74.99, and sales are heavily influenced by social media presence on platforms like TikTok and Instagram.
• 😀 The business's daily sales vary greatly, with some days seeing 30 cards sold and others just two, depending on social media traction.
• 😀 Miles started with a £5,000 investment from his eBay selling ventures and has managed to grow the business from there.
• 😀 Miles has recently finished school and is focusing on Hayes Cards full-time, though he is open to what the future holds.
• 😀 The Dragons express admiration for Miles’ entrepreneurial spirit and his ability to navigate the business at such a young age.
• 😀 Two Dragons offer to invest £35,000 for a 35% stake, acknowledging that Miles needs mentorship and access to their expertise to scale further.
• 😀 The Dragons emphasize the importance of mentorship, offering Miles the support of their teams and networks to help him grow Hayes Cards into a major business.

Q & A

What is the main product offered by Hayes Cards?

Hayes Cards offers custom metal credit and debit cards, which customers can personalize by uploading images or choosing from over 70 pre-made designs.

How does the customization process for Hayes Cards work?

Customers select a design from the website, upload their desired image, and freeze their card order. Hayes Cards then engraves the image on a metal debit or credit card, replacing the chip and transferring data from the old card.

What is the cost of a custom metal card from Hayes Cards?

The cost of a custom metal card is £74.99.

How has Hayes Cards performed in terms of revenue and profit since launching?

Since launching in September, Hayes Cards has generated over £124,000 in revenue, with a gross profit of £56,000 and a net profit of £30,000.

What challenges does Hayes Cards face in terms of sales?

Sales for Hayes Cards vary significantly due to their reliance on social media platforms like TikTok and Instagram. Some days they may sell 30 cards, while other days they might sell just two.

What is the founder, Miles Dixon,'s background before starting Hayes Cards?

Before starting Hayes Cards, Miles Dixon had experience in buying and selling items on eBay, which helped him raise the initial £5,000 for his business.

How did Miles Dixon raise the initial capital for Hayes Cards?

Miles raised the initial £5,000 by buying and selling products on eBay during his younger years, before his mother encouraged him to pause and focus on his studies.

What does the panel think about the business and Miles Dixon's potential?

The panel is impressed with Miles Dixon's entrepreneurial spirit and believes he has significant potential. They acknowledge his ability to run the business successfully and see him as someone who will likely start other successful businesses in the future.

What offer does one of the dragons make to Miles Dixon?

One of the dragons offers to invest £35,000 for a 35% stake in Hayes Cards, recognizing Miles' potential and the business's future prospects.

What mentorship opportunities are being offered to Miles Dixon?

The dragons offer Miles mentorship, providing access to a network of experts and professionals, including social media specialists, to help him grow the business and avoid common pitfalls in entrepreneurship.