RegionalFeature
Dacorum aims to grow from within Backing the next generation of entrepreneurs is central to the support available to start up businesses in Dacorum. Organisations that receive a grant are encouraged to develop or test trade a new product or service or to expand into a new market. But the support available goes beyond financial assistance. Every applicant has an initial one-to-one meeting with a business advisor to examine their business plan. Those who don’t get through to the final shortlist are offered free business advice and many keep in touch as their business develops. One example is Dacorum’s Den. This is a platform for business owners from across the borough to pitch their ideas to a panel of experts to win grants of up to £1,000.
All applicants who get to the top 10 have ongoing one-to-one support as often as they need it, free of charge, whether or not they receive an award.
The scheme, now in its third year, is run in association with the Maylands Partnership.
Some applications that were initially turned down were successful when they reapplied thanks to the advice and support they received.
Since its launch, Dacorum’s Den has supported 21 local businesses with individual grants totaling more than £23,000. Winners last year included Wicks Ice Cream, who received £2,000 towards producing handmade quality ice cream, sorbets and frozen desserts. Other successes included Cake Stories by Lauren who received £1,000 for her business creating bespoke cakes and cupcakes and Sunnyside Rural Trust who received £1,700 for horticulture projects to support people with learning difficulties.
All applicants are invited to attend the Small Business Forum, offered regular one-to-one meetings and are given help with a range of issues including marketing, cash flow forecasting and business regulations. They also become part of the Maylands Business Centre network that connects them to like-minded new businesses and local support chains. Some have even taken up services at the MBC such as a virtual office which gives them a more corporate image, helps them to attract larger customers and cut costs such as on their postage.
All applicants are invited to attend the Small Business Forum, offered regular one-to-one meetings and are given help with a range of issues including marketing, cash flow forecasting and business regulations.
What the winners say Tom Williams was a winner in 2012 and used his grant from Dacorum’s Den to help support Hemel Stags’ move into the professional league. “The financial investment helped but it mainly opened my network up to a whole raft of new people and opportunities. I now run my own business and I am sure that the whole process around the Den contributed massively to enabling me to take this step.” Lauren Whiteman, who runs Cake Stories by Lauren, won a grant in 2013 to fund cupcake classes and increase business through diversification. She explained: “Being part of Dacorum’s Den really helped build my confidence. Meeting other like-minded people going through similar experiences and of course benefiting from the support and advice of the dragons has been super valuable.” Sophie Cox from Baby Moments said: “Winning a grant in 2012 from Dacorum’s Den really helped my confidence and my business. It gave me the initial funds to buy crucial equipment that has helped build my local business into a success. I’m very grateful for the help they gave me after my win and recommend everyone starting out to give it a shot!” Russell Williams from Grim Reaper used his grant to buy a Gazebo for craft fairs and events. He said: “Without this help I would not have been able to buy my gazebo, which in turn enabled me to generate enough income to employ my wife!” For further information on how to grow your business in Dacorum visit www.dacorumlooknofurther.co.uk.
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