smallbusiness.co.uk: Helping your business think big

Lisa Kendrick co-founded software accountancy firm Liquid Accounts five years ago and recently bagged £300,000 through a government fund aimed at female entrepreneurs.

Where did you get the idea?

I’d just had a baby and was deciding what to do next. Two friends were looking for a partner to market their online software and approached me. Because I was at a transitional stage in my career I thought I’d give it a go.

How did you get the business off the ground?

Initially we funded the company ourselves with around £100,000 in personal investment and a further £100,000 from friends and family. We used the media to promote our product and were able to establish ourselves on the market after we won a software award.

How did you get the recent funding?

We needed to get private investors on board before we could apply for the government’s Aspire fund, which is aimed at female-led businesses. We managed to raise £440,000 through local angels and £300,000 from Aspire. To secure the funding they needed to see that I played a key role in the day-to-day running of the business, which was very easy to demonstrate.

Do female entrepreneurs need a separate investment fund?

I think women have a tendency to limit their business ambitions. Business is still very male dominated, particularly when you get to the stage of seeking investment, so I think this fund is a great way to encourage female entrepreneurs to take their ventures further.

What will you use the money for?

Mainly to raise the company’s profile. The first thing we did was re-write the website and re-brand the business to create a more professional look. Most of the money is going to go on marketing and PR, both nationally and internationally in order to take the company to the next level. 

There are currently no comments on this article