Inside Track Q&A

Chilly Moo frozen yogurt began in June 2012. The company employs four people and has outsourced production.

What is special about your business? I set up the company with my friend Joanna Lovegrove. One day our kids were pestering us for ice cream and we asked ourselves why there weren't healthier options available. We both feel strongly about healthy eating, especially for children, and when we couldn't find a suitable alternative to ice cream we decided to make our own.

What sets your products apart in your sector? Chilly Moo Frozen is the only product of its kind that is just sweetened with fruit juice concentrate. It is also gluten free, low in fat and delicious. We won a Great Taste Award in 2013. We have three flavours on the market now and are about to add a lemon variety.

What has been your biggest challenge? This has definitely stemmed from the fact that we had no experience of the food business prior to Chilly Moo. So just trying to get to grips with how the industry works has been difficult. Thankfully, we have had great mentors who have generously helped us along the way.

What has been your biggest success? We are pretty proud of the fact that within two years of launch, we are in two of the major multiples in Ireland and have just started to export Chilly Moo to Luxembourg. But maybe our biggest success is that we haven't had a single argument since we first came up with the idea in 2011!

What key piece of advice would you give to someone starting a business? Take the help that is out there, both financial and otherwise. We have availed of a number of supports, including innovation vouchers from Enterprise Ireland which are great because you do not have to match the funding which is important when you're a cash-strapped start-up.

We also got a mentor and a priming grant from Dublin City Enterprise Board and grant and other assistance from Bord Bia. I’d advise people to go for it but be prepared to fill in a lot of forms.

Who do you admire most in business and why? It's probably an obvious one, but the guys in Cully & Sully are pretty inspirational. What could the Government do to help SMEs in the current environment? Generally, I think there is a good structure in place to help SMEs, however, at Chilly Moo, we have an issue as our frozen yogurt is being charged at the standard Vat rate of 23 per cent rather than the zero rate applied to chilled yogurts.

We have spoken to Simon Coveney’s department about this and, while everyone seems to agree that it’s pretty unreasonable, there doesn’t seem to be much the Government can or will do as it seems to be linked to the EU. This puts us at a distinct disadvantage with what is a very healthy product.

In your experience are the banks lending to SMEs? Yes, we got off the ground with the help of a small loan from AIB.

What's the biggest mistake you've made in business? We make mistakes all the time but so far, nothing too crippling. We are pretty good at asking for advice from our mentors before making any big decisions.

What is the most frustrating part of running a small business? Larger organisations like the multiples can be slow to make any decisions but we are getting used to that now and slowly acquiring that valuable virtue – patience.

What's your business worth and would you sell it? The value of the business is definitely on an upward trajectory, which is good news. Would we sell it? Depends on what day you ask us. We have an exit strategy but it's for the medium to long term rather than any time soon.

In conversation with Olive Keogh