Aquarium Case Study

 
 

Aaron, a qualified electrician was made redundant and with few opportunities of work on the Isle of Wight he decided to turn his lifelong hobby into a business. “After many years of fish-keeping as a hobby I noticed that there are no good quality aquatics stores that tick all the boxes for good quality livestock . . . I also noticed that no one on the island sells jellyfish, with customers having to travel to the mainland.” Aaron knew there was a gap in the market and he had the necessary skills to develop his business idea, “I have been propagating corals for many years and decided that it is something I could do as a full-time job, along with supplying livestock, dry goods and maintaining tanks for clients.” 

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Having researched the market, Aaron wrote a business plan and approached the bank for a loan but was unsuccessful in securing a business loan, “I have a bad credit history after being made redundant and I was financially struggling with credit cards. The banks turned down my business loan application due to this.” Aaron’s business advisor suggested that he applied to Fredericks Foundation, “I found the application process to be very straightforward. I thought meeting the panel to make my case in person was going to be very daunting and in depth like something from ‘dragons den’ but in reality it was a very pleasant experience with some down to earth people who genuinely want to help me out.” Aaron was awarded a loan that enabled him to purchase the equipment needed to launch his business, LA Aquatics, “I used the loan to purchase display tanks and filtration along with dry goods and stock for my shop.”