Katie Galvin's 15-year old architectural model-making company had a tough time during the recession but business is now picking up.
What is special about your business? We are all about the details. We are also the only female- owned model-making firm in Ireland. Of course this doesn't make any difference in business terms. However, I think the pernickety attention to detail that women typically have shows in our work.
What sets your business apart in your sector? We are a small but highly experienced team of three people with a very good understanding of what architects want and how to present their designs in their best light. Sometimes the model is needed ahead of the final designs and our experience can be an invaluable in interpreting what the design should be and in delivering the client's vision.
What has been your biggest challenge? Pricing can be difficult as the level of detail determines the cost. You have to be sure you are offering the same level of detail as your competitors. I have lost jobs on price only to see the finished model and discover that we were offering a far higher specification.
What has been your biggest success? Surviving the downturn. I had to do lots of other things to get through and I came very close to giving up model-making altogether, but when the work started trickling back, I found I couldn't resist it. When you work with your hands, it's very hard to replace that feeling of "I made that".
What key piece of advice would you give to someone starting a business? Expect to work harder for yourself than you ever did working for anyone else. The to-do list is never done, so find ways to automate, outsource and simplify the administration side of your business.
Whom do you admire most in business and why? I admire anyone who has built a handmade product into a big brand, such as Nicholas Moss or Stephen Pearce pottery.
What two things could the Government do to help SMEs in the current environment? Cut some of the red tape. Small businesses have to spend pretty much the same amount of time jumping through administrative hoops as larger businesses. Also, change the tendering process for State work. We have done a couple of Government tenders and the work involved is massive. I understand the need to be fair but the onerous requirements mean many small businesses get excluded.
In your experience, are the banks lending to SMEs currently? The last time I looked to borrow was a few years ago. Despite having a perfect loan history, I was asked for a personal guarantee and offered the loan on condition I gave up my overdraft.I was looking for €6,000, my overdraft was €5,000. Obviously I said no. Things may be different now, but I was annoyed that this could actually be put down as a loan approval in the bank's statistics.
What's the biggest mistake you've made in business? We launched a new consumer model-making product in 2007 and took a stand at a trade show in London that was too big, too expensive and not the right show for us. We couldn't fill the space and were never able to get a buzz going. We scaled down for the next show and people were queuing three deep. My grandfather was a shopkeeper and had a saying that "a yard of counter in the right place is better than a mile in the wrong place". I learned that the expensive way.
What is the most frustrating part of running a small business? Time and the almighty shortage of it.
What's your business worth and would you sell it? No idea what it's worth. If you asked me that the night before a big deadline, you could probably buy it for a fiver.
Come back when the job is done and you’re feeling pride and relief and it will be off the market!
In conversation with Olive Keogh
