The business of partnerships
However, not only are new businesses popping up all over the country, they’re becoming successful and turning a profit.
Knowing that they cannot rely on banks for funding, more and more start-ups are dipping into personal savings or borrowing from friends.
As a result, an increasing number of people are creating business duos — going into partnership with another person to pool their resources and their finances.
We spoke to the founders of four new businesses who did just that.
Therese McEnery and Samantha Gould from Ballyvolane, Cork, started their online fashion store, MG Exclusive, in January. The business has been going from strength to strength, with the duo making big plans for Christmas.
Therese: “We had money saved up to finance ourselves and we spent a few months researching things like taxes, suppliers, seeing what would be best for us and how we’d deliver to people.
“We both have day jobs, but we live close to each other, so we meet up in the evening to do things. One week, I’ll package whatever needs to be sent out and the courier collects them and, the second week, Samantha will do it.”
Samantha: “It’s so beneficial. You wouldn’t realise how much work actually goes into it behind the scenes, there’s a lot of paperwork and stuff. You wouldn’t be able to do it on your own.”
Therese: “We usually have very similar tastes, but then sometimes she’ll like something and I’ll think it’s awful, or I’ll like something and she won’t.
“So, we tend to go with what we both like and then maybe have one or two things extra that we pick ourselves.”
Samantha: “For Christmas, we’re hoping to have pop-up shops in shopping centres around the city.
“At the moment, we think there’s more of a niche for shoes and bags and accessories, as opposed to clothing, but we would be looking to do some research into different products and expand that way.
“We’d prefer to keep it an online store, but if we had people selling our stuff from their shops, we would really think about that.”
Samantha: “Do a lot of research before you start. Literally, put away two or three months where you think about every pitfall and everything that will come up, because there’s a lot of things that come up in the first few months.”
* To find out more about MG Exclusive, visit www.mgexclusive.com
Victor Murphy and Stephen McGlynn run the House Café that operates in the foyer of Cork’s Opera House. They explain how they went about financing the business and their passion for looking after people.
Stephen: “We both worked in the food industry for a good many years. I would gravitate more toward the cooking and the food side of things, while Victor would be a phenomenal host, having worked in hospitality and various nightlife scenes.
“The space in the Opera House became available and we submitted a tender for it, and it’s a huge pleasure now to be doing it for ourselves for the first time. We both have a huge passion for what we do.”
Victor: “It’s really enjoyable doing something well — when you have confidence in what you’re doing.”
Stephen: “Getting financial assistance wasn’t something either of us was in a position to do, so it was about finding our own resources to bring what was needed to the table, financially.
“Understanding that we couldn’t rely on banks made it one of those things we really needed to sit down and think seriously about.
“At the start, it was very quiet and very new, and customers were taking a leap of faith coming into us, but I think all those people that came in at the start, we looked after them, and everybody is still coming in.”
Victor: “In a way, our relationship has changed, because we see so much of each other, but we think equally as highly of each other as before we started working together.”
Stephen: “Going from seeing each other a few times a week to all the time, it definitely adds another layer to your relationship. We’re as good friends as we always have been, the relationship does change, but not in a negative way.”
Stephen: “Just to grow and get better, really. Keep doing what we’re doing.”
Victor: “Dealing with people is a hard business, but if you can make it fun and enjoyable it takes the sting out of it.
“There’s a steady stream of people coming in every day, and even those not involved in shows are able to come and see what’s going on. It’s much more on the map now as a destination for people to come eat, drink and socialise.”
Paddy O’Connell is the founder of PaddyO’s Granola. He now runs the business with his partner Tamsyn Key. In the past year, their venture has grown exponentially, with PaddyO’s appearing on the shelves in Tesco, Superquinn, Dunnes Stores and more.
Paddy: “I developed a love of granola abroad, but, when I came back to Ireland, I couldn’t find one that was really nice… so I started producing it. Every weekend, I’d pick up oats and grains and produce it in Laois and sell it in Stillorgan farmers market. Every week I’d sell out.
“Then, I got involved with Bord Bia, who invited me to the Bloom Festival in the Phoenix Park. One of the Tesco buyers was at the show, so I just went over and asked if they would be interested in stocking my product. Eight months later, I was on the shelves in Tesco. Once Tesco were interested, Superquinn and Dunnes came along. It happened really fast, but I was ready.”
Tamsyn: “I was living in Australia when Paddy first started PaddyO’s. He would always run things by me and I would help him from afar with digital media and marketing.
“When I moved to Dublin over a year-and-a-half ago, I don’t think we even spoke about whether I was going to ‘work’ for PaddyO’s, I think we both assumed I would and we carried on as we always had.”
Paddy: “Tammy is just the most creative person. She comes up with the most incredible ideas on how to promote the brand. She’s almost better at selling my product than I am!”
Paddy: “A partnership has a lot of benefits, but I wouldn’t advise going into one if you’re not good at communicating. It’s very challenging, but it’s vital to have someone that you can be honest with.”
Tamsyn: “If you have someone who is passionate and able to balance work emotions with relationship emotions, then, go for it, because there is nothing nicer and more supportive than getting off a really tough phone call or sending out an email that’s taken ages to compose and getting a ‘well done my love’ from the person you love and respect most in the entire world.”
* To find out more about PaddyO’s, visit www.granola.ie
In 2011, Connie O’Kennedy and Jackie Cogan had an idea for a furniture upcycling store. They now co-run The Paint Pot on Anglesea Street, Cork, where you can buy redesigned furniture, or redesign it yourself in one of their workshops.
Connie: “We both read a newspaper article in 2011 about Annie Sloan and the upcycling concept. It sold the whole concept exceptionally well and we went to a workshop. We caught the bug and decided to visit a distributor in Nenagh. We knew then that we were interested in starting the same thing in Cork.”
Connie: “We needed a shop and didn’t have the funds for one. Then, one day, I popped into a flower shop that used to be here. Orla, who owned the shop, had a lot of space, so I told her my concept, and she said ‘Why don’t ye start off here in the back?’ and that’s literally how it happened.
“In July, Orla decided she wasn’t going to continue with the flower shop, so we moved out to the front. It was absolutely flukish.
“We’re financing the whole thing ourselves — by the skin of our teeth. But that’s the way it was done before the banks started throwing out money, so, maybe we’re better off.”
Jackie: “I’ve seen a side to Connie that I would never have seen before. I would have always considered us to be very similar, but now that were working together, I realise we’re quite different, our strengths are very different.
“I don’t think I could do this by myself. It’s such a huge support to have Connie. She was my friend before we started, she’s still my friend, it’s a huge support and we give each other confidence.”
Jackie: “When we started, the Annie Sloan name wasn’t really out there. Now, she’s gone worldwide, which has been huge for us. We would hope to get a lot bigger in the next year and we might, eventually, be able to employ someone for a few hours a week.”
* To find out more about The Paint Pot, visit www.thepaintpot.ie
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