Edinburgh entrepreneur launches Bali Tan in Roseburn following cryptocurrency success
An Edinburgh entrepreneur has given up a life of offshore work off the coast of Scotland thanks to success in trading cryptocurrencies and has set up his own Roseburn based business - Bali Tan.
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Lewis Cation, 27, began working on oil rigs shortly after turning 20 but admits that although the industry has seen him right, it doesn't appear to hold much of a future.
Around 18 months ago he began to successfully invest in cryptocurrency in an attempt to be able to add to his savings from his time on the rigs.
After turning a tidy profit from investing in ethereum and other alt-currencies, the former Craigmount student decided to cash out and focus on investing in a business that was brick and mortar and a career he would actually enjoy.
The self confessed bronzer first considered the opportunity of opening up a pancake store as the margins seemed workable but the idea of having to be in and out of cash and carries as well as the high turn around in stock made him reassess.
It was only when he looked inward and considered what it is that would make him happy that the idea for a tanning salon came to fruition.
He said: “I thought to myself what is something I could get invested in that is young, trendy, I’ll have fun doing and will run itself? Sun beds. I never really enjoyed the stress of crypto trading and I think it was time to move on from the rigs.
“Personally I’m never off the sun beds and it made sense to me as a business plan. I’ll be honest that it was sort of spontaneous with regards to how quickly we got moving. About four weeks ago I was driving past a vacant unit in Roseburn and I’d just cashed out my cryptocurrency wallet. I phoned up the agency and viewed the unit on the Tuesday but next thing you know, I’m putting down leases and signing everything off a few days later with the shop set to open in two weeks.”
Lewis had conducted market research into the business and tapped into the knowledge of friends who had worked in the industry to ensure his venture would be successful ahead of the launch last Thursday
He discovered through others that the business pretty much runs itself and that cost of staff is low because of the unskilled nature of the role.
But this did not sit well with Lewis - he decided that all of his staff regardless of age or ability would earn £10 an hour.
So far he has hired seven members of part-time staff to run the store and has said his focus is on being a fair employer that pays well to encourage staff to stay.
He added: “We take health and safety as well as regulation seriously. All of our beds are regulated to EU industry standards which means that they are no more dangerous than if you were exposed to UV rays in the Mediterranean.
“Covid measures are in place and between every customer a bed is wiped down twice as well as deep cleaned regularly throughout the day.”