Michael Walsh and Andy Chapman are a shining example of how to start a business. In December 2015, whilst holding down responsible full-time jobs, the pair decided that there was no time like the present to start their dream business – Adonis Fitness Limavady – “Home of Crossfit Limavady”.
Whilst having the security of full-time jobs, Michael and Andy decided to learn as much as they could about starting a business by taking part in the Regional Start Initiative at Roe Valley Enterprise Ltd in Limavady.
‘We knew that throwing ourselves into a full-time fitness business and leaving our jobs would be foolish, so we decided to plan the business so that we could retain our full time positions whilst ensuring that the business would thrive. That’s where the Regional Start Initiative came in.’ Explains Andy. ‘Ryan McLaughlin (Business Advisor) at Roe Valley Enterprises helped us to devise our business plan and develop the business in such a way that we could both work full-time.’
Cara Dallat, Regional Start Programme Manager explains why starting a business whilst retaining your job can be a good idea. ‘Sometimes the more you do, the more you can do. Holding down a job and starting a business isn’t easy, but it can give you that added security before you finally take the plunge and go full time into business. Especially when applying for a loan, lenders like to see repayment capacity and if you still retain employment in the early stages, this will go in your favour.’
Setting up in business hasn’t all been plain sailing for the partnership. ‘Because both Michael and I are new to business, things like book keeping have been a challenge, but we have a great support team around us, including family and friends and the Regional Start Initiative really provided us with a useful ‘business toolkit’ allowing us to make certain decisions with confidence. Finding enough hours in the day is another problem, but a welcome one.’
Now just in the second month of trading, already Adonis Fitness Limavady has turned over 3 times the projected sales and is really ‘working out.’
If you are interested in starting a new business in 2016, contact the Regional Start Initiative through your local Enterprise Agency at 028 777 62323 (Roe Valley Enterprises Ltd) or visit goforitni.com.