I’ve bought a big house at age 26 after winning The Apprentice
Alana’s proof that you really can have your cake – and eat it...
IT HAS been two years since cake entrepreneur Alana Spencer won The Apprentice – and she says going on the BBC show was the best decision of her life.
Spencer, 26, received a £250,000 investment from entrepreneur Alan Sugar. Her cake business, Ridiculously Rich by Alana, now has an annual sales turnover of half a million pounds and she has just bought herself a beautiful fivebedroom house in west Wales.
She made her first £1,000 selling chocolates at Christmas when aged 16. She says she has never struggled to make ends meet despite leaving school at 17. Her luxury handmade cakes are now sold by 50 ‘ambassadors’ countrywide at local events and festivals. Her business hasn’t been without its hiccups: last year, she had to recall cakes after labelling inaccuracies. Her website, ridiculouslyrichbyalana.co.uk, offers gift subscriptions of regular boxes of cakes delivered direct to your door.
Q What did you make of this year’s winner of the show – 26-year-old swimwear designer Sian Gabbidon?
AI THINK she definitely de served to win. She was focused and level-headed throughout – she didn’t shout over people, she was always calm and collected and professional. I think Lord Sugar chose to invest in her as a person as well as in her business. I met her at the party after the show and I thought she was just lovely. I am sure she will do well. She seems incredibly talented.
Q What did your parents teach you about money?
A TO be careful. My mum is an artist and my dad is a business consultant who advises on science investments. But when I was growing up, Dad was doing a PhD while Mum had three jobs in art galleries, so money was tight. They always made me work for my pocket money and that taught me to save. I’m really frugal and I think that is a result of my upbringing.
Q What was the first paid work you did?
A MAKING handmade cards and selling them to friends and family for £1 each when I was 15. I probably made about £200 over six months. That was the first entrepreneurial thing I ever did.
I learnt a lot and when I was 16, I made the move into making chocolates. I made £1,000 the first Christmas I did that. Unlike with my cards business, people I didn’t even know were placing orders because they had heard my chocolates were delicious. Eventually, when I was 17, I left school to focus on my business.
Q Have you ever struggled to make ends meet?
A NO, never. Even when I was setting up my business, I was still living at home and had few expenses.
Q Have you ever been paid silly money?
A YES. Since The Apprentice, there have been a few speaking gigs where I have been paid a few thousand pounds for half an hour’s work. I don’t do many of them, but when I do I find the fees really bizarre.
I did not get paid to go on The Apprentice or on the You’re Hired/ Fired show, but I did get given a budget for things I might need to take in there – like clothes.
Q What was the best year of your financial life?
A LAST year. The business has gone from me and my partner baking and selling our products to having 50 ambassadors that sell our cakes at food festivals across the country. These ambassadors buy the cakes from us and then sell them at events. We turned over half a million pounds last year.
Q What is your biggest money mistake?
A NOT investing as much as I should have in my business before The Apprentice. I was saving money instead so my bank balance was growing but my business wasn’t.
Q The best money decision you have made?
A GOING on The Apprentice. It wasn’t just my best financial decision, it was the best one I have ever made in my life. It has made a huge difference in every aspect of my life.
Financially, I have been able to take profits from my business and put down a hefty deposit to buy a house.
I also have a different work schedule. Instead of baking and selling at markets, I’m office-based and work i n the development kitchen.
Q Do you save into a pension or invest in the stock market?
A I HAVE a work pension as a result of auto-enrolment but nothing more. I do not really understand the stock market and I would rather invest in property.
Q Do you own any property?
A YES, a beautiful five-bedroom house in west Wales. I bought it earlier this year for just under £500,000.
Q What little luxury do you treat yourself to?
A ESTEE Lauder Double Wear foundation. I spend about £40 on it every three months. With make-up I have found that once you get on to the nicer stuff, it’s hard to go back.
Q If you were Chancellor of the Exchequer, what is the first thing you would do?
A I WOULD increase tax relief for small businesses. There should be as much support as possible for small businesses – to give them a chance to become big businesses. A small cut in tax can really help a small business grow.
Q What is your number one financial priority?
A TO have both financial security and stability.