No matter how good your business is, a helping hand can still go a long way and the Harrogate-based, organic skincare business Myroo is a prime example of this. Launched by husband and wife duo Phil and Rachael Dunseath, Myroo has come a long way in the last year, with its vegan and allergy-friendly products. Despite only one year of trading, Myroo products are being sold online, in numerous independent stores and national retailers such as Anthropologie as well as being show-cased in John Lewis.
Myroo soon faced the common issue of needing to find money to accelerate their growth. Phil and his wife had plans to research and develop a wider product range and improve the company’s brand and marketing. They would need approximately £25k to achieve their goals. So Phil got in touch with us at Y&NY Growth Hub. Before accessing our support, Phil had this to say about the lack of clarity for funding: “As a small business owner the route to funding can seem like a maze. There’s so many different organisations and it can be unclear where to go to first. Y&NY Growth Hub have really helped by acting as a first point of contact and providing guidance that is accurate and relevant.”
We introduced Phil to the team at Business Enterprise Fund (BEF), who offer a range of loans from £500 up to £150k. They are also responsible for the Start-up Loan Company, which proved the best vehicle to make Myroo’s growth plans possible. Although the application was detailed and required a business plan and cashflow forecasts, the BEF team made sure the process was as swift as possible. Phil described the BEF team as “helpful and supportive – I was very pleased with the outcome”.
Building the brand
Marketing is everything for a business. If people aren’t aware your product exists, it doesn’t matter how great it actually is. Phil has devoted some of the start-up funding to develop Myroo’s social media activity by hiring an expert to work on a freelance basis. They’re also in talks with some brand development agencies and have a lot more planned for the future to expand their line with 5 new products over the next 12 months.
This isn’t the end of the support either. As a manufacturer, Myroo is in a strong position to access further funding. Phil is now in talks with the Manufacturing Growth Programme, which offers a 35% grant to cover the cost of consultancy fees. Before the support of the Start-up Loan, Phil may not have been able to afford this programme, as it needs to be match-funded and the grant payment will be claimed back at the end of the project. The Start-up Loan Company has enabled Myroo to leverage further support.
“As a small business owner the route to funding can seem like a maze. There’s so many different organisations and it can be unclear where to go to first. Y&NY Growth Hub have really helped by acting as a first point of contact and providing guidance that is accurate and relevant.”
Phil Dunseath, Myroo