Picture Ltd is a young and ambitious company that is active in the field of printing, framing and mirror manufacturing. Their main problems were like all start-up companies.
They can be defined as follows:
How to get funding for their ideas?
What is the company's growth strategy?
How to choose the right marketing strategy?
How to enter foreign markets?
How to create an effective export plan?
How to budget everything in advance?
These were the reasons why Pilt Ltd team approached Haap. Haap helped to create a business plan for Pilt Ltd that suited their needs and potential. While drafting the business plan we reached to a conclusion that for increasing production capacity and specializing, Pilt Ltd will have to invest in the development of magnetic printing service and laminating services. To achieve this, the company needed to invest in new technology such as laminators and connectors. Moreover, the financial showed that for increasing revenue it is needed to enter at least one foreign market. After market analysis, Finland was chosen for this market.
Haap helped Pilt Ltd to develop a marketing strategy to enter the Finnish market. After analysing the funding options, it was clear that, considering the size of the initial investment (approximately 20 000 euros) and the company’s age (it was less than two years old), the start-up support of the Enterprise Estonia was one of the best opportunities for the implementation of the ambitious plans of Ltd.
You can read more about start-up support here.
In general, all companies that meet the following criteria can apply for start-up support:
The company has been operating for up to 24 months.
There is no connection with other companies of the same field.
The share of a legal person in the company may not exceed 25%.
The company has not previously received start-up and/or growth support from Enterprise Estonia.
The company’s shareholders have not previously received support from Töötukassa (Unemployment Insurance Fund of Estonia) for activities in the same field.
De minimis aid of the company does not exceed 200,000 euros.
The sales revenue of the company must reach 80,000 euros by the end of its third operating year.
The company is required to create two new jobs, where employees will receive a gross monthly wage that makes up at least 70% of the national average year gross wages (currently 802,20 euros according to Statistics Estonia).
The capacity of at least 20% of annual growth.
With the help of Haap, Pilt Ltd started preparing the application. Project plan is the most important of the application to apply for the start-up grant. The project plan in its essence is an ordinary business plan cthat consists of the following elements: a description of the business idea, strengths and weaknesses of the company, competition analysis, marketing plan, risk analysis, financial forecasts and action plan.
With the help of Haap, Pilt Ltd managed to receive a positive financing decision from the Enterprise Estonia in the amount of EUR 15 000, which is also the possible maximum grant size awarded. Thus, Pilt Ltd was able to start implementing its new business strategy.
Many people frequently ask from the Haap team that why anyone should pay a consulting firm for assistance to compose their funding application, if the maximum start-up grant is only EUR 15,000. This is a very legitimate question if the company has a clear vision and sufficient resources to put together a financing application for the Enterprise Estonia by themselves. On the other hand, we have often seen how start-up companies contribute hundreds of hours of work to build a business plan, but external help is still needed. Why? On the one hand, the requirements of the Enterprise Estonia are relatively complicated and understanding all the requirements and takes time. On the other hand, consultation service offered by Haap is an opportunity for the company itself. With Haap experienced business consultants will become involved to draft a successful business plan. Haap has a long experience in developing business plans, marketing strategies, export plans and business strategies.
As CEO Pilt Ltd CEO Carl Robert Pedjasaar pointed out, then even if the decision on their funding request had been negative from the Enterprise Estonia, then for them the most important was the consultation process itself - thanks to Haap, the goals of the company were clearly defined, the key performance indicators were determined, and they started moving to fulfil the set goals.
If the above-mentioned problems are familiar to you and you would like that we would assist you in preparing a grant application or a business plan, please contact us at email@example.com.