Hastings Tops South East List for Business Start-ups
Start Up Loans, part of the British Business Bank, has just named the top local authorities for start-ups across the UK – and Hastings tops the list in the South East, excluding London. The list marks the number of start-up loans successfully drawn down by borrowers since the scheme began in 2012. In Hastings there have been 211 loans successfully drawn down since 2012, representing 3.8 in every thousand local adults.
Louise McCoy, Commercial Director of Start Up Loans, says: “It’s wonderful to see Hastings recognised in the South East for its contribution to entrepreneurship. I’m always inspired by the stories of small business owners who have used our programme to take the leap into business ownership.”
The news on start-ups in Hastings coincided with Business Finance Week 2022 (7-11 November 2022), hosted by the British Business Bank and business support partners from across the UK, as well as the launch of a Cost of Business Guide. This is an online resource for smaller businesses providing information and guidance on topics ranging from finance planning to mental health and wellbeing.
• For more information and to download the Cost of Business Guide, visit: www.startuploans.co.uk/free-start-up-guides. Help for prospective start-ups is also available via the local social enterprise company Lets Do Business which has an office at Ocean House, 87-89 London Road, St Leonards. Tel 0844 415 2272.
CREDIT: Rod Webb
RD1: A start-up case study
RD1 is the new menswear store in the town centre, something that Hastings has been waiting for. The owner Mickey Whiteman has family roots in the town but until recently worked as a store manager in Eastbourne. He says he had the idea of opening his own shop in Hastings for a while: “We visited in 2021 to get a feel for the place and I was stopped in the street at least three times asking if I was opening a shop, that gave me a buzz.” He went on to say how he could see the area flourishing with new independents and recent investments into the town: “This made me think it was a great opportunity to enter the area now especially when there was a gap in the market.”
But then he reveals: “It has always been a dream of mine since I started working in independents at 16! I have always been a people’s person and never get on with academic type work due to my dyslexia.”
And in terms of market, Mickey wanted to appeal to a wide audience, from 17 to 55: “Hastings is a diverse area and I want to provide a store that appeals to everyone in terms of price and style,” he says. “We have a mix of customers from mums, wives, people who identify as LGBTQ+ and females who like some of our clothing and brands. Anyone is welcome.” RD1 stocks contemporary brands from Brixton to Uskees, from DML Jeans to Sergio Tacchini.
Asked about the process of applying for the loan, Mickey comments: “I wouldn’t say it was easy; it was a long process and took a lot of influencing and negotiating, but it also allowed us to really understand if our business was viable before we made the commitment.” This included evidencing his own investment in the project, creating a 5,000-word business plan, and developing cash flow forecast based on a sales assumptions forecast.
Although he feels he would have opened anyway, he says it would have taken more time – but then he did have a wedding planned for the same year! He also praises the mentoring support from Let’s Do Business Group which he says has been invaluable.
Reactions so far have been good: “I have shared many of chats and cups of tea with members of the community and customers over the past few months.” Typical feedback from someone called Rick: “Popped in today, loved the selection of clothes! You can’t get this kind of stuff anywhere locally… I’m sure a lot of people would agree, Hastings needs something fresh and new, and something no one else is offering and I think you’ve cracked it.”
Mickey thinks the local council could do a lot more to attract start-ups, support local businesses and make it easier for the community to access the town if they want the area to thrive. He points out: “Not everyone is in a fortunate position like me and may find it harder to get where I am today if they want to open their own business.”
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