We’re catching up with people who used a Start Up Loan to get themselves started; SoGud did this back in 2015. Founder Terri Petrie explained how they are developing the company and the successes they have enjoyed so far…
What is the nature of your business and why did you choose a Start Up Loan over other types of finance?
We are artisan food producers of nutritious snacks that are high in nutrients but avoid empty calories.
“Our business is about people – people and food. It’s about creating food that’s good for people.”
We used a Start Up Loan because it was specifically suited to the new start phase of the business, when growth was still in its early stages..
What has your business achieved over the last year? What is your favourite success story to date?
The last couple of years have brought about many great developments for us – our turnover has grown by 385%, mainly as a result of export orders. These export sales result in 61.5% of the total sales. Our gross profit has increased by 1,015% with the gross margin up 26.9% to 47.6%. As a result of this our overheads have been reduced by 10.2%.
We were so fortunate to win an order for 50,000 units from a German company. Our first attempt, in July last year, to create some Christmas products resulted in us making 44,000 units across 2 flavours for German hamper and online retailer Foodist. We managed to fulfil the order in just 7 weeks! This is probably our favourite success story so far.
What have you learnt from the first year in business? Is there anything you would do differently?
I would keep tighter control over cash-flow and know my runway at any given time. This can catch you out if you are not prepared!
Would you recommend a Start Up Loan from Transmit Start-Ups to other businesses? How beneficial was the free business support?
Yes it’s ideal for new businesses and the business support adds extra safety. The loan from Transmit Start-Ups has really helped us to establish and grow our family business.
If you could give one tip to a new entrepreneur, what would it be?
Do your preparation and research carefully as well as make sure you have identified your USP and that its sustainable.
If you’re inspired by Terri’s start-up story and are looking to set up your own business, register with us now to get the ball rolling!