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 showcased in John Lewis.
Finding funding with Myroo
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.
Phil got in touch with York & North Yorkshire 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. York & North Yorkshire 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. York & North Yorkshire Growth Hub have really helped by acting as a first point of contact and providing guidance that is accurate and relevant.”
Phil Dunseath, Myroo
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At the York & North Yorkshire Growth Hub, we’re supporting businesses to start, grow and scale – find out how our programmes, partnerships and teams have helped.