Mfuko means bag in Swahili, an unusual name but one that is perhaps ideal for a unique business that sells exclusive products online. Founder Dawn Huntrod tells startups.co.uk how her company has got it in the Mfuko.
Name: Dawn Huntrod
Age: 37
Business: www.mfuko.com
Type of business: Internet Retailer
Start date: March 2005
When did you first decide you wanting start your own business?
It happened one year ago after meeting Elizabeth Valgolio who imports designer handbags from Italy, Spain and France.
Tell us about your business.
I sell luxurious Designer Handbags and accessories such as umbrellas, belts and shoes. I sell products that are not being sold by other companies on the net, giving us exclusivity.
Once you’d decided to start a business, what did you do first?
I choose a name and came up with Mfuko, which is Swahili for Bag!
What research did you do?
I looked at what brands were not available on the net.
What advice did you seek?
I work for Walker Hall Associates and we are contracted to Business Link so I had a good idea that help was available. I also spoke with North East Life and they allowed me to have an online shop on their Mall which was funded by the region.
Does the government need to provide more help to people trying to start a business?
Retailers get very little help, but I think that more people should be given the opportunity to trade on line as this keeps the costs down.
Talk us through the process of writing your business plan.
I spent time with my Business advisor from Lloyds TSB who were very supportive and gave me a small business guide book. I then knew I had to save a small amount of capital to put into the business.
How useful has your business plan been and do you think you’ll stick to it as your business begins to grow?
My business plan reminds me to keep doing what I am doing and helps me see if I have achieved what I anticipated I would, so that I can plough my profits back into the business to keep it going.
