With more and more attention being given to the food that we eat and a healthier lifestyle, New Business takes a look at the business the Barfoot's have created
Eureka moment
For Boxxfresh there was never really any ‘eureka' moment, but rather an awareness that local people were really into the pick-your-own fruit season and that there was an interest in them being connected with local producers year-round. For Vegbred, we had developed a gluten free bread replacement made from sweet potato for our Boxxfresh customers and were repeatedly being asked at trade shows and events from which retailers people could buy it. Necessity is the mother of invention and without the Boxxfresh platform, Vegbred would have stayed in our kitchen.
Finance
The unfortunate reality is that high-street banks are only interested in selling expensive credit products and are not geared up to support small business, beyond securing their expensive loan products with an entrepreneur's personal assets. The SEIS and EIS schemes from HMRC help to de-risk equity based finance, by offering the investor up to 50% in tax rebates for approved business schemes. This is how we funded Boxxfresh in addition to a SIP pension.
Regrets
I've had a few moments (!) and I don't think any entrepreneur would claim otherwise as it's all part and parcel of the start-up life, which can be an emotional rollercoaster through the early stages. Along with the stress and downside risk, there is also the upside of knowing that you are investing in yourself and that your efforts and achievements are your own, so you own the outcome.
What would you have changed?
While we are sticking to an overall plan, we are tweaking things and making changes all the time, that's the nature of start-ups!
For more information visit Boxxfresh and Vegbred
