Summary of Business:Liquid Finance, the only provider of the 'Business Cash Advance' product in Ireland, supplies businesses with funding, without having to overstretch existing financial commitments.
LF provides up to 100% of average monthly card turnover. Businesses must be trading for a minimum of 12 months, and have at least €3,500pm card turnover.
The advance is unsecured, with no repayment deadlines. Repayments are simply recouped through an agreed % of future card takings.
What led you to starting your business?Liquid Finance has been successfully trading in the UK market for a number of years and realised that there was a desperate need for an alternative source of finance in Ireland, given the inertia of traditional funders. Liquid Finance is an attractive, alternative and simple way of raising funds for a business that obtains some of its income through card transactions.
How did you raise the funds you need for your business?Liquid Finance is funded through private investment plus a line of credit from Shawbrook Bank.
What is the most significant lesson you have learnt in running your business?Everyone has to start somewhere and do not under estimate the power of inertia. You have to constantly market your company and your product. Do not assume that customers will just find you and avail of your product. Ask your colleagues and your peers how they have succeeded and get recommendations of routes to follow.
What has been the proudest moment in your business so far?The opening of the Irish branch of Liquid Finance in January 2016 and the launch of a new financial product to the Irish market, which provides customers with an alternative route to finance.
What have been the biggest challenges in your business to date?Reaching and educating potential customers about the benefits of our recently launched, innovative product and reassuring them that it is safe to look outside the Banks for finance.
What advice would you give aspiring entrepreneurs thinking of starting a business?Don’t be afraid to ask for help – ask your colleagues/friends peers for advice and recommendations. Look outside the traditional Bank box for alternative methods of financing your business, such as a ‘Merchant Cash Advance’!
Always plan ahead. Don’t wait until the last minute to arrange funding for your business.
What’s the best business book you’ve ever read?‘The 7 habits of highly effective people’ – Steven R Covey.
Who is the entrepreneur you admire the most?Elon Musk – for his ingenuity, creative genius and commercial grounding. He is pushing the boundaries in space travel and electric car design.
What’s your website?http://www.liquidfinance.ie
What Social Networking sites does your business use?http://linkedin.com
How has the SFA helped you in your business?As a new member, the SFA has opened up avenues of contact to other businesses and people that Liquid Finance would like to work with. A start-up business can be a lonely place and the SFA can assist with networking.
Contact details:Tadhg O'Connell
Address: Suite 209, Merrion Buildings, 20 Merrion Street, Dublin 2