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Maxine Thompson, founder of PolkaPants, explains her journey to starting the women’s chefwear brand.
‘When I moved to London from Australia, I didn’t have the savings I needed to launch a business, nor was I fully sure about what the business environment was like in the UK.
‘Taking a job as a chef – with a good salary and set working hours – allowed me some stability. It meant that I could start saving up to keep that research and development process ticking in the background, and it also meant that I had the time to find a loan that worked for me.
‘Once we had finished product development, I applied for a small business loan to start building the company. The loan scheme that I was accepted on to connected me with specific mentors who could help me build skills where I had weaknesses, like a financial accounting mentor.
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‘Getting a loan felt much more low risk than using personal savings or family money. I was less likely to judge myself harder, and there was a lot less pressure riding on the business, because it didn’t feel like I was blowing through money that I had saved up. My loan is also easy to pay back in direct instalments.
‘There’s still risk involved in getting a small business loan, so make sure that you read the applications carefully, either with an accountant or a personal connection who understands the ins and outs of interest rates and payment terms. You need to understand exactly what you’re getting into.’
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This article was first published in How to Start a Business 2021. To become a subscriber or purchase our newest guide, head to our webshop.