The key to surviving in a recession is being involved in a company that will grow and be in demand during a recession. Gone are the days when luxury items were flying off the shelves – now the successful companies are the ones that provide a service or product that saves the customer money and optimises a business’ performance.
The first episode of RTE’s Dragons Den has shown how much the economic climate has changed in the last 12 months. After a pitch from a company offering the supply and maintenance of reception room aquariums, the dragons commented that a couple of years ago the individual would have received funding but with all the current office cut backs – a luxury item such as an aquarium is not going to be on any budget this year. They opted out!
However, a company in such a huge growth industry as internet advertising is destined to receive interest. The dragons jumped at the chance to fund the venture, after hearing the pitch from two individuals who have set up an Irish website advertising pedigree cattle on sale, with plans to develop into the UK market. These plans should be realised as the company received the funding it applied for with a merger from two of the dragons who fought off the advance of the others!
Starting up your own company during such an economic downturn seems like a death wish – however with the downturn in the economy, traditional advertising is suffering a plunge in sales because it is simply too expensive. Companies still need to advertise however if they are going to stay afloat. This is a great opportunity for internet advertising to grow and will definitely allow the internet to grow as a huge contender in the media environment.
Ireland’s first series of the UK’s highly successful Dragons’ Den starts this evening on RTE One at 10.15pm. Dragons’ Den is a wonderful opportunity for budding entrepreneurs to pitch their business idea to established and successful entrepreneurs. Franchise Direct is particularly interested to see what kind of business opportunities Ireland’s entrepreneurs have to offer.
The series’ judges will be:
Gavin Duffy – formerly involved in the broadcast media industry, Gavin is now part owner of leading recruitment agency – HRM.
Bobby Kerr - CEO of Insomnia Coffee.
Sean Gallagher – Now Managing Director of Smarthomes, Sean is impressively mulit-talented. He has been involved in the agricultural, health and enterprise sectors, and was awarded the “Rising Star” award from Deloitte for Smarthomes and the SFA National Award for Innovation.
Niall O’Farrell who is at the helm of a wide range of business ventures including menswear, property and smoothies.
Sarah Newman who set up NeedaHotel.com, which she sold in 2006 and is now responsible for Newmac Equity.
In these recessionary times, it should be interesting to see what innovative ideas Ireland’s entrepreneurs can come up with. Visit RTE’s Dragons’ Den site for more information.
One of Franchise Direct’s top franchise opportunities - Domino’s Pizza has announced that it is planning an investment in Ireland encouraged by the growing demand for Domino’s Pizza in Ireland.
The Company announced a 18.4 per cent rise in sales last year and now plans to open 10 new outlets in Ireland in 2009, with each new store creating on average 30 new jobs.
Visit Domino’s Pizza’s Profile on Franchise Direct to find out more about this franchise’s great opportunities.
The entrepreneur section of The Sunday Times is featuring a series whereby the paper is tracking the start up and development of three new companies. The series has been tracking the companies since 2006 and has told the story so far of all the trials and tribulations that each company has gone through.
Julie Diem Le has set up her own company manufacturing sunglasses – Zoobugs. She left her job as an eye surgeon for the NHS and started up her own company manufacturing and selling sunglasses for children. She secured an initial loan of £35,000 and has since been approved for an additional loan of £60,000 for the expansion of the company. Julie’s range is now stocked in 13 countries and she is considering developing a range of optical glasses for children.
Marc Demarquette has set up his own artisan chocolatiers. After getting a £40,000 bank loan, he set up his own shop in London and has expanded the company from there. Demarquette Chocolates now supply bespoke ranges to other retailers such as Fortnum & Mason and offer an online ordering service. Easter 2008 recorded sales 20% higher than what they projected and the company has been growing. Marc advises anyone interested in starting up their own company “Take the plunge if you are more than 120% sure that you want to do it. It’s a rollercoaster ride and there are some huge ups and downs. For me it’s still seven days a week, waking up at 4am or 5am. My life has had to be put on hold and I am not getting the City salary I used to, but I’m loving it. It’s worth every minute.”
Rob Taub has set up Sportsbase – an online portal for individuals interested in sports and fitness. Originally Rob started up the company with another friend; however this partner dropped out after just four months. Rob managed to forge a partnership with two other bodies who pledged to invest £80,000 over two years; however despite this the company has struggled. One of the problems has been keeping a regular audience to the site so that they can keep advertisers interested. Rob remains optimistic however “I’m still really positive and enthusiastic about the project and I’m confident I can make something special out of it. The potential is massive.”
Reading through the updates on each company draws your attention to the various problems encountered during a business start up, such as funding, marketing, business relationships and workforce. If you are thinking about starting up your business or just starting out – this series is worth reading – if only just to know that you are not on your own!
With the IFA Annual Convention in full swing in San Diego, it’s worth pointing out the franchising world extends beyon
d America. Franchise Direct was present in London recently for The Franchise Show in London and it was another blockbuster event.
Taking place at the massive Excel centre in London on February 6th and 7th, the Franchise Show brought together franchisors and franchisees from all over the world. There were over 100 exhibitors on hand, with the cream of UK franchising, a few master franchises and some Americans franchises as well. The event was also open to the general public and provided a great opportunity for those curious about franchising industry to learn more about the industry
For Franchise Direct, the event was opportune time to get closer to the franchising
community, and in particular, showcase our fantastic interactive suite. Visitors to the Franchise Direct stall were given a chance to interact with the Franchise Direct website and see firsthand our range of video podcasts and franchise videos work. We got great feedback on our website and a number of visitors discovered an outstanding and innovative way to promote their business.
Franchise Direct also held a draw among franchisors for a free six-month platinum interactive pack. Dozens of franchises entered, with Antal ultimately winning. We 
hope this interactive pack will provide them a number of new franchisees.
Overall, the weekend was a great opportunity to network. Thousands of people were in attendance and there were a wide range of informative seminars to take in. All told, franchising conventions, as we’ve been learning first hand in San Diego and London lately, are inspiring places for getting closer to the world of franchising.
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