Business start-up loans, mentoring and support

David O'Neal refurbishes space in a prime location to launch his children's hair salon with finance and mentoring from Newable's Start Up team

Having experienced the challenges of keeping his two young boys entertained during haircuts, David O'Neal was inspired to launch a salon which specialises in hair services for children. Earlier this year he successfully applied for a loan and mentoring to cover the costs of launching Shortcuts Salon, which opened in Milton Keynes at the beginning of June.

The shortcuts experience for children

David's background in banking will ensure that the financial side of the business is largely in control. He has also recruited a talented team of stylists, who will be managed by the award-winning children's hair specialist, Marion Burns.

Fun seats with IPads, TVs and PlayStations entertain the salon's young clients whilst their hair is cut. Parent and child party packages are also offered to appeal to families. These extra services allow Shortcuts to charge slightly more than neighbouring hair salons, which also offer children's services, but specialise in adult hair care.

Setting up business in the right location

Locating the right premises online was not as straightforward as David had expected. He says, "I needed it to be large, airy and visible. Also stairs were out of the question with children." With help from his partner, Kylie Baker, who now manages the salon, he decided to drive around areas to search for prime properties in person.

This led him to find a space located near two schools. He says, "Milton Keynes is a thriving young city. Local businesses have been fantastic."

Personalised support during an uncertain time

However, he also needed finance to cover the costs of staff wages, rent, and the refurbishment of the salon space, fittings and equipment. After a disappointing experience with his first lender, David was referred to Newable by the Start Up Loans Company. He says, "My adviser was approachable and responsive. With the previous lender I'd felt like a number. At Newable the service was personalised which I needed during this uncertain time."

As part of David's preparation to apply, his adviser reviewed his business plan in detail, highlighting marginal details in his cash flow forecast, which strengthened his proposal. Having submitted his business plan, David was invited to meet Newable's Loan Fund panel. Panel meetings last up to an hour and are a chance for people to talk in detail about how they'll use their funding and how their background will help to make it work. David says, "I was expecting the meeting to be like Dragon's Den. They challenged me, but not to the point where I felt uncomfortable. None of the questions they asked were unexpected. I left feeling confident."

Mentoring during the business' early stages

David has also received mentoring to help him through the initial challenges his business is likely to face. He says, "My mentor has kept me on track and helped to focus on the bigger picture for Shortcuts. We covered marketing in my last meeting and I've been working with a designer since then, to create a flier." Short cut's launch has been promoted on Facebook and in the local news, which has already led to several bookings. He eventually hopes to launch the business as a franchise.

For more information about Shortcuts visit the salon's Face Book page at https://www.facebook.com/shortcutschildrenssalon.

APPLY FOR FUNDING NOW

Father of two, David O’Neal, opened his children’s hair salon, ShortCuts, with the help of a Start Up Loan.

David O?Neal refurbishes space in a prime location to launch his children?s hair salon with finance and mentoring from GLE?s Start Up team

I was expecting the meeting to be like Dragon's Den. They challenged me, but not to the point where I felt uncomfortable. None of the questions they asked were unexpected. I left feeling confident.

David O'Neal, Shortcuts Hair Salon

Newable Start-Up Loans

Newable Business Loans Ltd t/a Newable is authorised and regulated by the Financial Conduct Authority (FRN: 700160).
Newable Business Loans Ltd t/a Newable assess client applications and then refer these for the disbursement and collection of the Start-Up Loan to The Enterprise Fund Ltd t/a Business Finance Solutions (BFS) (FCA Interim Permission Number: 523077)
Registered office: 140 Aldersgate Street, London, England, EC1A 4HY | Registered in England No 08796862 | VAT No 237919823 | Privacy and cookies information | Terms and conditions | Code of Practice | Sitemap