Since 2006, Heather Finn has been mixing crochet, hand knitting and felting with machine knitting to create her own distinctive style of designer knitwear.
What is special about your business? My sense of colour is my trademark. Customers come to me looking for beautiful knitwear in striking colours and patterns. I source the finest Italian and Scottish cashmere in shades not easily found on the high street.
What sets your business apart in your sector? I produce light, soft knits that are flattering on all shapes with cashmere to give added warmth and luxury. Every piece is carefully considered and put together with the intention of giving joy to the person wearing it.
What has been your biggest challenge? The downturn in the economy. When I opened my business in 2006, business was booming. I was selected to sell my designs in the flagship Topshop in St Stephen's Green when it first opened and we honestly couldn't keep stock on the floor. Fast forward to 2008, many shops closed their doors and customers cut their spending.
I think I have been lucky as my products are made in Ireland and there has been a growing demand for quality and provenance.
Also, my scarves and wraps work wonderfully as gifts and, while fashion suffered a lot as many women felt guilty spending on themselves, they remained very generous when buying for others.
What has been your biggest success? I think being selected by Topshop was a great boost. It gave me great exposure and very fast entry to a big sales channel.
Secondly, I’ve managed to keep going for the last eight years. I have met the challenges and am still here and still selling. I’m very proud of that. Thirdly, it’s being able to make a living doing what I love while creating work for other people and having customers coming back to buy other pieces. It makes all the hard work worthwhile.
What key piece of advice would you give to someone starting a business? Read the E Myth (Why Most Small Businesses Fail and What to do About it) by Michael E. Gerber.
I think if I had read it when I was starting out, I would have done things differently. For example, write a job description for yourself.
Then when the time comes to employ someone to do what you have been doing, it’s written down and it’s clear what the job involves. It’s a bit like training yourself to be your own employee.
Whom do you admire most in business and why? Ruth Ní Loinsigh who owns Om Diva on Drury Street in Dublin. She runs the most creative and fun shop in Dublin, champions Irish design and has the most incredible energy.
What two things could the Government do to help SMEs in the current environment? Employers' PRSI is very high and is an impediment to job creation.
They could also lower the current VAT rate of 23 per cent to encourage spending. They did it in the hotel and restaurant industry and the results have been really positive. I think it would give retail the boost it needs.
In your experience, are the banks lending to SMEs currently? I set up the business on a shoestring and my outgoings were very small at the beginning. I borrowed €2,000 from my granddad and was lucky with Topshop as we were paid weekly and I escaped the cash-flow problems many start-ups suffer from at the beginning.
I have never applied for a loan but AIB has been helpful with my overdraft over the years, which allowed me flexibility.
What is the biggest mistake you've made in business? Not having a business plan from the start. It all happened so fast I just went with it.
Two years ago, I finally got around to writing my plan and it has helped me so much.
I now know where I want to go and what I need to do to get there.
What is the most frustrating part of running a small business? Being a jack-of-all-trades. I'm director, designer, manager, accountant, debt collector and retailer . . . sometimes all in the same day.
What is your business worth and would you sell it? I can't imagine selling my business. I have so much more to do before I would think about selling it. Ask me in 10 years!
Olive Keogh
