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CASE STUDY: MUSIC & MORE
Music & More
4 Melton Road,
Oakham,
Rutland,
LE15 6AY
01664 454044
Introduction
Eighteen months ago, Anne Mortimer (proprietor) nurtured an idea; to open a music shop in the heart of Rutland. Today, thanks to a great deal of support from the Welland Enterprise Agency (WEA), Anne is at the helm of a successful and steadily growing business, which still has many opportunities for growth.
Description of Business
Music & More commenced trading as a sole trader business on 21st January 2006. The business trades from a high street position in the rural market town of Oakham, Rutland.
Its key activities are the retail of musical instruments, accessories and printed music whilst offering instrument rental schemes, a repair service and, due to popular local demand, classical CDs.
Anticipated turnover for the initial 16 month trading period was £80,000. As the end of this trading period approaches, the actual figure is expected to be in the region of £117,000.
Its key markets are local musicians, parents and schools.
How the business came into contact with the WEA and issues discussed
During a visit to Lloyds TSB Bank to discuss business finance, marketing material from the WEA was offered and discussed. As a result, the proprietor attended a WEA information evening to investigate further the ESF funded Earn Your Own Living (EYOL) programme, the New Entrepreneur Scholarship (NES) and opportunities for generic course attendance. The evening was professionally executed, with a presentation from the WEA and also a previous participant of the New Entrepreneur Scholarship.
During the evening, expert advice was readily available and forthcoming as to the advantages of the programmes for each individual. It was clear that the EYOL would help to fill gaps in existing business knowledge and enable the production of a comprehensive business plan.
What happened as a result of this contact between the business and the WEA?
The proprietor completed the EYOL programme, produced a comprehensive business plan and received £500 personal training grant and £500 capital equipment grant.
What benefits has the business found in having assistance from the WEA?
The EYOL programme gave the proprietor an opportunity to refresh existing business skills and fill the gaps in business knowledge. This provided the confidence needed to launch the business without worrying about risks, because these had all been thoroughly thought through and addressed whilst preparing the business plan.
The personal training grant was used for instrument repair courses, which enhanced product knowledge and sales skills. The capital equipment grant contributed towards computer equipment and enabled purchase of the latest technology, which has been invaluable in terms of stock management, business information and the imminent launch of e-commerce.
The WEA also provided, and still provides, opportunities for ‘networking’. At the first meeting, the value of networking soon became very apparent to the proprietor and that networking with confidence was a skill that had to be acquired very quickly if the business were to survive. The very first meeting was a huge wake up call and a reality step into the world of business. It taught the proprietor to believe in the business, look people in the eye and to be confident at all times. This was probably the most valuable business tool ever acquired. Networking has allowed the business to establish a sound reputation in its locality and it is genuinely believed that the business has grown as a result of this.
In September 2006, businesses within the Welland region were invited to apply for various awards supported by the WEA and sponsored by local businesses. As a result, the proprietor was awarded the Personal Growth Award which was an invaluable boost to the business in terms of press coverage, which raised awareness of the personal achievement. This also helped to raise the profile of the WEA.
Since completing the EYOL, the WEA have provided constant support. Regular emails inform businesses of courses, events and opportunities. Music & More have recently taken advantage of an opportunity of reduced rates for trade stands at the Leicestershire County Show. The show is expected to attract 60,000 visitors and this is an opportunity to raise the profile of the business, which may otherwise have been missed.
The Future
The WEA have executed every aspect of their agenda with total professionalism. As Music & More moves forward with its imminent launch of e-commerce and its search for low-rental-cost tuition rooms, it is sound in the knowledge that the help and support of the WEA is only an email away.
Anne Mortimer has just recently won Personal Growth Award at Welland Enterprise Awards
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