Meet the founder of Lockabox
Peter Morris is the founder and director of Lockabox, a UK lifestyle and storage brand committed to enabling its customers to ‘store differently’. Bringing safer and more protective storage innovations to homes and businesses worldwide. Their bestselling product the Lockabox One™ is helping to create friendly but firm boundaries within daily routines, and having sold over 200,000 units in 62 different countries for food, medicines, tech and harmful household items, its success is showing no signs of slowing down.
There is always a lightbulb moment before the beginning of a new venture. What was that moment for you?
Mine occurred when living with others in shared accommodation whilst at university. I really liked the people I lived with but was finding it difficult to not fall out with them over little things - the main cause being people nicking my food from the fridge! It seemed like something so avoidable, so I decided to look for solutions, and when I found there was nothing on the market that is when my lightbulb moment occurred!
Although the shared fridge frustration was a definitive moment, it’s the events that follow which reassure you that you made the right decision, and are equally (if not more) rewarding. For me, these were winning the Young Entrepreneur of the Year at my university, gaining recognition from an inventor who had been on Dragons Den and the big one…going to John Lewis HQ for feedback and advice and walking out with a deal to launch in their stores just 12 months later!
What is the biggest lesson you have learnt so far as an entrepreneur?
Just because you have created a product that works, doesn’t mean you have created a business. A product is not a business or a brand and I think I underestimated the challenges of building a business around the product. Being an entrepreneur with ideas has its value but ultimately creating and growing a business is where the challenge lies and this is something you have to continue to work on every day.
What are your thoughts on failure?
From my experience, if you don’t make mistakes, then you don’t learn, or at least not as fast, and you certainly don’t evolve as quickly. Sometimes it takes a lesson for you to be able to re-evaluate, focus and get back in the fast lane. For the business as a whole, I have never seen failure as an option, I believe there is always a solution if you search for it hard enough, and you only fail if you stop looking for answers and opportunities - which is out of the question for Lockabox.
Any moments where you thought you had bit off more than you could chew?
Definitely, however, I believe that if you are not stretching and adapting, you are not challenging yourself. For Lockabox our future innovation within storage is pushing boundaries and this comes with a lot of pressure to stay relevant and ahead of the curve. I wish some days we didn’t have to but that is what makes entrepreneurship and business so exciting - the challenge and purpose.
What keeps you motivated as an entrepreneur when you hit bumps in the road?
The thing that keeps me motivated is reminding myself that without commitment and sacrifice you don’t get the same level of personal satisfaction or reward. So every bump in the road has a flipside, and these are the things that make you stronger and more empowered. Think of it as a ramp rather than a bump!
How do you set yourself apart from other businesses in your industry?
Our product itself sets us apart from other businesses as we were the first to innovate in this new category, where we combine the convenience of domestic storage with a level of security appropriate for everyday use and household products. We bridge the gap between Tupperware and a traditional metal safe for food, medicines, and tech in the home, workplace and professional settings.
As a business, we set ourselves apart by premiering on being a storage product with purpose and a brand that cares the most about its market and customers. Over the past six years, we have made it our mission to immerse ourselves in fully understanding everything about this new way to store and how it can most benefit people. We want to be a brand that empowers our customers and raises awareness for the simplest and most appropriate solutions to the problems within global marketplaces. I think typically within the storage industry there seems to be a trend of churning out volume rather than targeted quality products. Our aim is to help people carry out their lives free of hassle, with ease, healthier, and with reassurance. This could be parents, professionals, colleagues, and housemates alike, all looking to improve safety and get the added peace of mind Lockabox offers to their everyday routines.
What plans do you have for Lockabox over the next two years?
We have lots of plans over the next two years, it is going to be a busy busy time at Lockabox. For a long time now we have been planning to turn our first-mover insights into market-leading innovations and transform our business from a single product offering into an exciting new international brand. This will remain our focus, as we start laying down the foundations of a pioneering business and brand in both domestic and high impact commercial markets. The overall goal is to become more specific, purposeful and integral to our customers' lives, on a personal level and to large organisations. Key focuses will include developing our product range based on unique intel and expanding our presence in the US, UK and EU, all key markets for us.
What was the journey like when you decided to raise funding for your startup? And what tips would you give to early-stage founders getting ready to take the same path?
My first time raising funding was a very nervous and scary time. Back then we only had a basic concept and conversations had to be carefully selected and under NDA. I was able to use my network to gain some great early investors, who I am proud to say are still there backing and supporting us to this day! Although it can feel uncomfortable talking to family and friends about money, as a first-time entrepreneur it is very difficult to raise capital any other way. It is also important to appreciate that all conversations can lead to new ideas, opportunities and learnings so have as many as possible, and don’t be afraid to get your name out there.
My tip would be to have the most comprehensive business plan possible, utilise your network and do your market research to ensure your proposition is aspirational but also realistic and credible. This will help you to gain the highest possible valuation which in turn will allow you space to grow, evolve and move fast right from the beginning of your journey! Another key consideration is to remember the playoff between growth investment and dilution - you still want to be in a position to guide and have control of your business, especially in those critical first few years.
What’s the most important question entrepreneurs should be asking themselves?
It’s simple but the most important question I believe is ‘What am I doing this for?’ Honestly, in the beginning, I didn’t realise how much this idea would completely take over my life, and for most entrepreneurs to invest the level of time that's necessary to make their business succeed and thrive, it is likely to change their life whatever the outcome. I would say that being a founder of a business is not an easy feat, it takes almost limitless time and energy, therefore your ‘why’ has to be greater than just monetary value.
You need a purpose and hopefully answering the question ‘What am I doing this for?’ will help you find this. The ’why’ however can change and evolve like everything else in business. For example, my personal ‘why’ was originally the opportunity to do something nobody else was at the time. I knew firsthand the impact the product could have on thousands, if not millions of people just like me. My ‘why’ then became a learning and development opportunity, as I was exposed to levels of business, finance, and decision-making that could take a lifetime of career moves and promotions to be part of. Now our ‘why’ is making a difference in the world, as we provide fast and immediate solutions that help reduce risk and create positive change in everyday life. And what's great, is that as a new global category is emerging, it was our hard work and dedication that facilitated this improvement in daily safety and protection of loved ones. Crazy to think all this has evolved from an idea one morning hungover in my underpants staring once again at an empty fridge!
What routines have you got in place to ensure that you don’t ignore your mental health?
For me, my go-to routine is making time for yoga every day, outdoor exercise and taking time off at the weekends. These simple but regular activities help me to find some calm space amongst the challenges and stress of growing our business and enable authentic thoughts and problem-solving. There seems to be a bit of a ‘no sleep’ and ‘always at desk’ culture among entrepreneurs, however, I find my floods of inspiration, clarity and decision making come at times when I am least expecting them and definitely not on demand! Taking a step back can actually have a positive impact on your business and is important for your own mental well-being, and those around you. Nobody needs a stressed and demoralised Pete in their lives I can tell you.
What would be your top three tips for fellow entrepreneurs to look after their mental health?
Find yourself a mentor, business coach or leadership guru - for me, this really helped me to rationalise and express things that I don’t yet fully understand.
Sometimes it’s okay to not give 110% - It can be difficult to always give your all and it’s okay to give less on some days - this will help you avoid burnout and fatigue in the long run and allow you to give the business the best version of yourself.
Create the right culture within your business from the beginning so you can also operate in a world with the kind of rules, expectations, and boundaries you want to live by. Treat people as you'd like to be treated yourself. As ultimately owning a company is one place you can hope to achieve this.
