Young Business Owner Difficulties

antoinolachtnai

Yep. Main thing for you is to be able to find and manage customers.

The existing industry in all its many forms has more machines than it needs and can do almost everything for you at whatever level of quality you are in a position to pay for.

wyf437gn6btzue

tacofries wrote: »

I have delt with LEO quite a bit and to be honest, if you can portray your business well enough then your age should not be a problem. Likewise with the banks, and even more so Microfinance. Are you sure that your business plan is up to scratch? There are key criteria that you need to meet in order get finance from any party so make sure that your business plan has been specifically created to suit the criteria of the person that it is been given to. You said the loan assessor was pointing out obvious things to you. Were these obvious things in your business plan? You are young so people will rightly think that you don't know it all. This means that you have to give time to your business plan so that when someone reads it they see past your age and say 'yeah, this guy has a really strong understanding of how to get his business from A to B'.

You said that you aren't aware of any form of social welfare that is available to you. Did you actually go up to the dole office and ask? Take one hour out of your day, go up to the dole office and ask to meet with an Intreo officer. Once you meet with them then plead your case and let them know that you are only asking for money until the business finds its feet. You will be surprised how helpful they are. One thing that I have learnt in business is never to assume anything as very often assumptions are completely wrong and result in big mistakes or missed opportunities.

I can tell you from first hand experience that being a young entrepreneur in Ireland is only a benefit. People appreciate young lads/girls giving things a go and since young people have a bit of naivety about them, it really makes people want to help us out! Best of luck, hope things work out for you and fair play for giving it a good go

Well I must just be constantly having bad experiences then, I rang the LEO last Tuesday to talk to an adviser, receptionist took my name and number and said they`d ring me tomorrow. Kept my phone on my all day so I wouldn't miss the call, slipped over to the sorting office to post some parcels and they ring me but I simply couldn't take the call. Called back within 2 minutes and couldn't get anyone, tried them ten times within a few minutes and couldn't get anyone. Rang back yesterday and they`re isn't anyone for me to speak to till next Tuesday afternoon. Its not great when you think about it.

On the business plan, It was quite air tight if I`m honest. I left nothing out at all, gave them absolutely everything I could to swing it, talked to the adviser and had an extensive answer for all her questions, she didn`t one catch me out on anything, no figures, nothing I`ve written, she asked I answered. The things she kept questioning was my experience etc.

I have an uncle then works in the offices for social welfare in Dublin, He said It`ll probably be unlikely but I`m going to go and see anyway.

Thanks for your reply

wyf437gn6btzue

thecommander wrote: »

I've run a printing company for the last 10 years, and then another 7 years of print brokering. Beware of chasing equipment and hoping that the next bit of kit will be the one to land you a certain client. Best to work with what you have, outsource the bits you can't do. Once the outsourced jobs start to add up to an amount that it makes sense to buy your own equipment then look around. Nothing as bad as a bit of kit sitting there without work going onto it, costing you money every day.

As mentioned above, other printers are a great source of knowledge and are usually happy to share once you're not stepping on their toes.

Thanks for the reply, the equipment that I`d be buying is more standard stuff, laser printer, print finishing, a laminator etc, nothing out of the ordinary, its just I didn`t buy the stuff to start because they weren't really needed for what I planned on doing. I`d only buy it if its 200% necessary.

Like I said in a previous reply, I`d outsource a good bit to other companies, like flyers etc. wouldn't do anything like that myself.

Thanks for the reply

tacofries

Mercy Dry Voyager wrote: »

Rang back yesterday and they`re isn't anyone for me to speak to till next Tuesday afternoon. Its not great when you think about it.

They were the same with me but if you want the money you have to be persistent. At the same time you have to think about whether it is worth the effort. In my case it was because I was looking for quite a bit but for €1000 (they will only give a max of 50%) it might not be worth the stress/hours involved.

wyf437gn6btzue

tacofries wrote: »

They were the same with me but if you want the money you have to be persistent. At the same time you have to think about whether it is worth the effort. In my case it was because I was looking for quite a bit but for €1000 (they will only give a max of 50%) it might not be worth the stress/hours involved.

Was looking €2000 which is the minimum they`d give me, I`ll keep on them anyway

Thanks for the reply

wyf437gn6btzue

antoinolachtnai wrote: »

From your planning, approximately how Quickly could you pay off this loan?

I proposed 3 years as the original person I was talking to in the LEO said if its only €2k then over 3 years its €62.22 its easily manageable but in actuality I could have it paid back much quicker.

antoinolachtnai

How fast is that?

The problem with a loan of 2k over three years is that it seems like more hassle than it's really worth for the lender. The lender is only making 239 euros on the loan and is is probably paying 70 euros himself for the funds. So the whole thing is a lot of protracted grief for the sake of the lender making about a fiver a month in gross profit on your loan (which for various reasons sounds like somewhat risky business).

Do you know a seller who would let you pay over three or four months? Maybe another printer has some older gear that he'd let you have cheap enough and wouldn't need to get paid for it right away?

I know there are problems with this, but it might get you through until you have a little more cash flow. At the scale you're at, you sort of need to box clever like this.

Silverbling

Have you tried crowdfunding?

Join the business network groups on facebook, write a clear explanation of how much you are looking for and why, entrepreneurs will always support each other if they can. Post on twitter, if you need help with that send me a pm, contact the press and put a positive spin on young business owner looking to raise funds for machinery.

In return for the money you need to offer some incentives which make donating the money worthwhile so think carefully about the costings on your offers, making little or no profit could get you more money than you are looking for plus build up a network of repeat business.

I know nothing about print costs so guessing at the prices

250 business cards for €20
A5 lealets (which we are always looking for at a cheap price as we give them away) 1000 for €40
free digital business card if you donate €10
10% future discount if you donate €5

You should be very proud of yourself for getting this far, being an entrepreneur you get used to juggling several balls, most of them unexpected or curve balls. Keep going if you can get over problems you will be a success.

Best of luck with it

wyf437gn6btzue

Just to update, I`ve been back in contact with the LEO, explained my situation and to direct quote "theres nothing we can do". The best advice he could give me is ask my parents for a loan. Its a disgrace of a system and a country, I`m ashamed of myself for even approaching them in the first place :mad:

Buttercake

Mercy Dry Voyager wrote: »

Just to update, I`ve been back in contact with the LEO, explained my situation and to direct quote "theres nothing we can do". The best advice he could give me is ask my parents for a loan. Its a disgrace of a system and a country, I`m ashamed of myself for even approaching them in the first place :mad:

Did you check the eligibility criteria on their website? maybe thats why you got short shrift.. the only support you could get from them would be their business courses, mentoring maybe..referral to microfinance which you got from them.

While some of us complain about how backwards they are, they do still have rules for what they can and cannot support.

From their website...

Projects in the following sectors cannot be supported financially:

Professional services
Construction & Allied Trades
Retailing & Distribution
Transportation
Printing & Publishing
Alternative Therapies & Complimentary Medicine

Did you sort out a credit union account?

mrawkward

did you chase up the STEA?

wyf437gn6btzue

Buttercake wrote: »

Did you check the eligibility criteria on their website? maybe thats why you got short shrift.. the only support you could get from them would be their business courses, mentoring maybe..referral to microfinance which you got from them.

While some of us complain about how backwards they are, they do still have rules for what they can and cannot support.

From their website...

Projects in the following sectors cannot be supported financially:

Professional services
Construction & Allied Trades
Retailing & Distribution
Transportation
Printing & Publishing
Alternative Therapies & Complimentary Medicine

Did you sort out a credit union account?

What sectors do they support?

I`m being given the short shift because the whole system is a farce, Not one single person or organisation that has been set up to help people like me has been able to help? what do they actually do?

mrawkward

PRINTING specifically excluded!!

wyf437gn6btzue

mrawkward wrote: »

PRINTING specifically excluded!!

Its print & publishing, which is not the industry I`m in. I`m assuming since I`m not categorized in that with revenue and the cro I am not included in that? I ran through exactly what my business does with the LEO and it was never mentioned.

Buttercake

Mercy Dry Voyager wrote: »

What sectors do they support?

usually its export or manufacturing related, likes of food startups would do well, apps for parking or something like that. You would have to be creative with your business plan.

Mercy Dry Voyager wrote: »

I`m being given the short shift because the whole system is a farce

What would the LEO say to a hairdresser looking for 2k for a salon fitout? the floodgates would open in the morning with every joe and mary would become a hairdresser. Its service based businesses, same if you were a solicitor.

Mercy Dry Voyager wrote: »

Not one single person or organisation that has been set up to help people like me has been able to help?

The supports the likes of the LEO can give you are information and mentor based, finance as you have discovered is a different story altogether so you can use the LEO for their non-financial supports as you wish.. you might get something out of them, join a networking group or the start your own business courses, managing your accounts.

You are getting great help here, some printers have told you about facebook groups and connecting with others in the industry.

what do they actually do?

God knows.

mrawkward

Mercy Dry Voyager wrote: »

Its print & publishing, which is not the industry I`m in. I`m assuming since I`m not categorized in that with revenue and the cro I am not included in that? I ran through exactly what my business does with the LEO and it was never mentioned.

It is a designated industry sector and includes both publishers and printers, some are both many are not!!

wyf437gn6btzue

mrawkward wrote: »

It is a desiganted industtry sector and includes both publishers and printers, some are both many are not!!

I just assumed since it was different with the CRO that it was different with the LEO, my mistake.

mrawkward

if you got on STEA you can get some grants plus 9 months Jobseekers payment and keep anything you earn!! I will just post the link again http://www.citizensinformation.ie/en/social_welfare/social_welfare_payments/social_welfare_payments_and_work/short_term_enterprise_allowance.html

sysprogrammer

have you had any movement on getting your printer fixed ?

wyf437gn6btzue

mrawkward wrote: »

if you got on STEA you can get some grants plus 9 months Jobseekers payment and keep anything you earn!! I will just post the link again http://www.citizensinformation.ie/en/social_welfare/social_welfare_payments/social_welfare_payments_and_work/short_term_enterprise_allowance.html

Filling out the STEA1 at the minute

wyf437gn6btzue

sysprogrammer wrote: »

have you had any movement on getting your printer fixed ?

Parts are on order, 14 day wait from yesterday.