Jayme Felgate – Oatcakes & Milkshakes
Jayme Felgate launched Oatcakes & Milkshakes Ltd – an oatcake shop, ice-cream parlour and milkshake bar all rolled into one – thanks to the funding secured through the UK Government backed Start Up Loans.
One of our youngest entrepreneurs at just 19 years old, Jayme had spent the last couple of years working alongside his family to create unique and tasty oatcake, milkshake and ice-cream recipes using local farm products.
In 2015, he decided to get serious and worked with Outset Finance to apply for a Start Up Loan to launch his business and take over a new premises.
Check out our interview with Jayme to find out more about his experience of starting up and applying for a Start Up Loan with Outset Finance.
Owner: Jayme Felgate
Business name: Oatcakes & Milkshakes Ltd
Based in: Stone, Stoke-on-Trent
Website: N/A – FB page: http://facebook.com/stoneoatcakes
1. What made you decide to become your own boss?
After doing Business Studies at school and in sixth form, I’d always dreamed of being my own boss but worried it would be too risky. But last year I decided I’d rather take the risk and be my own boss than always wonder!
2. What were the main challenges you faced in starting or growing your business?
One of the main challenges I faced when starting my business was balancing our desired timescales with the actual timescales of some of our suppliers. As an example, we were having an industrial gas supply put in to our kitchen and our suppliers gave us an initial time scale of four to eight weeks just to come and view the premises! This meant we were still going to have to wait another four weeks after this for the work to be done, which really set us back. It was the same with our custom made furniture. Everything takes time, so expect weeks rather than days.
3. Where would you be without your Start Up Loan?
After putting all my own money into the business, I needed the Start Up Loan to give me that final push to our opening. I can honestly say without it, and Outset Finance’s help, my business would not be opening any time soon.
4. How was your experience working with Outset Finance?
Outset Finance did an absolutely amazing job with helping me. Even though I had my business plan and cash flow forecast ready before applying, I was given great advice on how to improve it and I now have really strong business documents compared to what I had before. I would really recommend Outset Finance to anyone who is thinking about starting up a business.
5. What is your vision for the future?
In the future I want to be able to expand my business by opening more than one shop. With our business being so original, I can really see this being a possibility in the future.
6. What advice would you give to people thinking about starting their own business?
If you’re thinking about taking on your own premises, try and think broadly about all aspects before you sign the lease, in order to avoid any surprises down the track.
Does the premises have a telephone line connected? What about a gas supply (if needed)? Is the building itself in good condition or does it need a lot of work that will cost extra money?
You should also try and ensure you have enough money to cover up to six months of rent in advance. That way if something does delay your opening day, like it did with my business, you know you have the money there to pay your rent without having to worry about it.
To find out more about Oatcakes & Milkshakes Ltd visit their Facebook page.