David Lawrence Jones – Yellow Spot Productions Ltd
Yellow Spot Productions Limited create educational concepts, characters and 3D animations to inspire and enthuse children around the world. Their mission is to inspire and engage young children by producing entertaining and educational content that helps them to learn and develop during their early years.
In order to switch from 2D animation to 3D they required additional investment and David successfully applied for a Start Up Loan with Outset Finance.
Check out our interview with David to find out more about his business journey and working with Outset Finance.
Business name: Yellow Spot Productions Ltd
Founders’ name: David Lawrence Jones
Based in: Torquay, Devon
1. Why did you decide to become your own boss?
I am a published children’s author and my mission has always been to (and continues to) inspire and enthuse young children through my written work. Founding Yellow Spot Productions Limited and creating the Super Geek Heroes has afforded me an opportunity to reach out to millennial parents and their children to engage them in early learning… and to promote the brand, whilst they benefit from the edutainment aspect.
2. What were the main challenges you faced in starting or growing your business?
The main challenge was raising the initial start up finance to fund the character animation rigs and assets. 3D animation is a very costly exercise and I needed to get all seven characters rigged so we could start creating the animated episodes.
3. If you had not been able to access a Start Up Loan, what would have happened to your business idea?
There’s a pretty good chance that the project would not have got off the ground had we not secured the Start Up Loan. We decided to switch from 2D animation to 3D, which required a lot more initial investment to create the character rigs. Without the funding through Outset Finance we not have been able to commit to such a large investment.
If a Start Up Loan had not been available, we would have looked for alternative investment opportunities, such as crowdfunding or attracting business angel(s). However, because we secured the Start Up Loan we are now able to consider CF and BA as options to further support the business as we enter phase two of the animated series.
4. Tell us about your experience working with Outset Finance – would you recommend us to other business owners?
The experience was excellent. A very professional service right from the initial contact through to the issue of the loan. I have already recommended Outset to a number of business acquaintances.
5. Have you or your business benefitted from post-loan mentoring support? If so, tell us a bit about it.
Yes. GetSet for Growth (Outset Finance’s partner service) ensured my mentor was qualified in the sector that I needed help; digital marketing. As well as helping to build a presence on social media platforms, the mentoring service enabled us to optimise our YouTube channel with the most effective key phrases and tagging right from the start.
6. What is your vision for your business in the future?
Because of Outset’s start Up funding we were also able to finance a stand at London’s Brand Licensing Europe 2016. From the matchmaking services at the exhibition we secured a number of online partners to support and monetise our YouTube and Smart TV/App platforms. This will help to build the consumer awareness we need much faster. And we are well placed to launch phase 2 of the brand into the US marketplace during the LicenseExpo in Las Vegas in May 2017. This will raise more consumer awareness and help to attract the necessary brand license partners to support business growth.
7. And finally, what advice would you give to others who are thinking about starting a business?
Research your market thoroughly, brand test your product, carry out feedback forums and check out the competition. Make sure you write a good business plan and cash flow forecast your business for at least the first three years. I have a fantastic relationship with my business bankers and they were able to support my business plans by recommending Outset Finance to access the government backed enterprise funding, as part of my businesses initial start up.
To find out more about Yellow Spot Productions Ltd visit their website.