Case studies - business support
Company: Ooh La Laa
Owner: Elena Souto
Website: www.oohlalaa.com
26-year old Elena Souto started Ooh La Laa in September 2002 on a £5000 loan from GLE oneLondon, producing lingerie for the voluptuous woman. Less than a year later, Elena won the Entrepreneur of the Year Award, was featured at the Start and Grow Exhibition 2003 (Wembley Arena) and was featured on a BBC programme in May 2003 about starting a business. Products are available via the website and a mail order catalogue.
The idea for Ooh La Laa came during a holiday abroad. “I know how hard it can be to get pretty lingerie in big sizes... I realised this was a huge problem, both at home and abroad, so I thought, why not?”
Elena did some research through magazines and websites and then contacted her local Business Link office and enrolled for several courses (including an sales, advertising, and writing business plans).
“The courses were really helpful, and at just £10 each, were great value. I found the people I met just as useful as the courses themselves; everybody is in the same boat and you can share advice and use each other for inspiration.”
Elena met with a Business Link adviser to enlist advice in writing her business plan and secured an initial loan from GLE oneLondon’s managed Business Link fund. To raise the remaining finance, Elena used savings and borrowed money from family. “I got rejected for a business loan by one major bank. They didn’t seem interested in me and didn’t believe in the business. But there was no way that was going to deter me, as I’d already done my research by then and had the backing of Business Link who’d took the time to listen to my idea properly.”
Not being able to afford an independent business consultant, Elena registered Ooh La Laa as a limited company herself and gave up her job once the loan was approved. Elena started her business from home, out of a spare bedroom, and worked 14.5 hours six days a week.
The company staff started with Elena, her 17-year-old sister and mother. Elena’s initial marketing consisted of 250 press releases to various sources and handing out catalogues and flyers at stations - however she aspires to hire a marketing adviser in the future. Today she has a turnover of nearly £100,000, and Elena would like to expand into swimwear and move into a warehouse space. However, she has taken some precautions by putting a quarter of her start up funds into a high interest account.
Winning the Enterprise of the Year award was a great achievement for Elena. “Its still really early days but its great to achieve recognition after all the blood, tears and sweat, you feel as though you are starting to see a light at the end of the tunnel”
Her advice to potential entrepreneurs is, “Research your idea and do plenty of planning. If you’re still absolutely sure it’s what you want to do, then go for it and don’t let anything or anyone get in your way.”