Could you tell us why you and Luminary Bakery joined impact Central?
We had grown our business for four years and had reached a real crossroads. We had tested loads of things and different routes to market. And we had a growing charity program. We were ready to become independent from the umbrella charity that incubated us.
We needed to think through all the various ways that we could do that and how we would structure ourselves. Then, crucially, we wanted to secure investment to be able to do the things we wanted to do, to set us up for success.
Can you tell us how Impact Central helped you? What did Impact Central do for your business?
Provided Business Expertise
Three key things. The first one was business expertise. The facilitators and experts that Impact Central brought in were able to drill into our business model with fresh eyes and interrogate it using their knowledge of business.
They helped us to think outside the box about options and train us in various aspects that we needed to run our business well. Things like assessing our impact, financial modelling, and all the other topics that are covered on the program.
Access to their Network
Access to their network was the second one. They introduced us to countless advisors, like those doing IT pro bono or at a discounted rate. That access was so valuable. Gordon is the best networker ever. He’s a good champion of the businesses in the cohort.
Support with investment was helpful. Meeting loads of individuals primed for impact investing and putting Luminary in front of them was great.
We still had to wow and impress them, but getting in front of that audience was a unique experience at that point. It meant that that group of investors knew that our business model and our impact were credible. This took an element of risk out for them, knowing that this group of businesses were all prepared.
A support network of other founders on the Cohort
The final thing is the group of founders. Being a social entrepreneur comes with specific experiences and challenges. It’s a breath of fresh air to explore those with people who understand it, are in a similar position and have experiences that you can learn from.
We found it valuable to be able to hear the inner workings of the other ventures. That is a network that also in and of itself, that was useful.
What did your business look like before versus after the program?
Our business looked completely different after the programme. It was a real turning point for us. When we joined in 2018 we had one bakery in Hackney and growing charity programs. We were getting ready to launch out independently from the charity that incubated us.
Impact Central helped us to become independent and secure investment to open our second location. 2019 was a big year for us. We became independent. We set up our business entity and our charity entity, and we launched our Camden location.
Our training programmes looked very different before and after Impact Central. Because we became our own charity, we could secure charity and lottery funding. This was a significant amount of money as well.
How did Impact Central help you with funding?
We had a pitch event at the end of the programme where we met investors and told them what we would use the money for.
The investors stayed with us and waited until we were ready for the money. And so it was in 2019, that we actually drew down that investment, but only because of things on our back end.
What was the best thing that happened to the business while on Impact Central?
It is hard to pinpoint one specific thing. Something I always found valuable was the space to explore business opportunities. When you’re in the day-to-day, plugging away on operations, you don’t always have the time to consider strategy and growth.
We had opportunities coming at us left, right and centre. It was hard to take the time to drill into them all. Is that one worth your time? And is that a good use of money? The options can feel quite overwhelming. We were thinking, do we open more cafes? Do we focus on our online presence? How do we sell cakes online? Do we launch a cinnamon bun van? The program gave us space to explore different avenues with the right advisors. It helped us to make better decisions and honed our business model as a result.
Was it helpful having a community of other impact founders?
Yeah, definitely. We’re three years on now and still look to the other founders in our cohort for advice, or help when we’re trying to figure something out. You build strong relationships with your cohort.
We’ve built business relationships with some of them as well. New Ground Coffee was in our cohort. They’re now the coffee supplier for our cafes. So yeah, loads of various ways that we’re supporting each other.
What have the most exciting milestones in your business journey been?
There have been quite a few. 2019 felt like the year that things dramatically changed for us. Becoming independent was a huge milestone. And launching our Camden Bakery was quite exciting because we got loads of press around it. Meghan Markle came to officially open it.
We were able to scale up our charity training programs. The training room now is like night and day from before. We were in a tiny little basement room with one mixer. Now it looks like the Bake Off! Each woman has their own station.
If you could go back to the beginning and tell yourself one thing, what would it be?
I remember thinking when we started the program, I don’t know how we’re going to have time to attend the training. It was two days a week. It felt like such a time investment. For anyone starting it, I would say, take the time to make the most of that opportunity, because it is quite unique.
We put a few things on hold to take time out. Manage your expectations about what’s possible. We were still trying to drive the business. Rachel and I were on the programme the rest of the team felt a little bit abandoned. Like we weren’t around for them, because we were busy working on strategic stuff. It was tough trying to balance that. I don’t know if there’s a better way to do it. But going in eyes-open, there’s going to be a time investment which pays off in the long run.
What was the biggest inspiration for setting up your business?
I would say that was definitely the women that we work with. When we started Luminary, it was for meeting local women living in poverty and caught up in the sex industry. Meeting those women and seeing their potential was the initial inspiration for Luminary. We wanted to provide opportunities for them.
If you’re interested in joining our next cohort in April, pop your email address into THIS FORM and you’ll get an email each day for a week about our April Accelerator programme.
We also have some events coming up.
You can register for our LEGAL WEBINAR (Thurs 17th March)
How to define and measure your IMPACT (Thurs 24th March)
Meet the Cohort (Tues 29th March)
The Impact Central Spring SHOWCASE PARTY – in-real-life!!
Legal Webinar https://www.eventbrite.co.uk/e/impact-central-legal-webinar-tickets-294100862597?utm_medium=email&_hsmi=2&_hsenc=p2ANqtz-_yed1y6QiP6p4kq5ILa64RCKQ9nXZWJ6CEc1x4S1toS6fTl9QSSvyRuJNnjJtalwWI9fM3pi-BGgaQWbJN9ed8Yz96HGIj2eCoC6NdnUnlV4hWP3Q&utm_content=2&utm_source=hs_email
Meet the cohort
https://www.eventbrite.co.uk/e/meet-the-cohort-tickets-294896392047
Showcase
https://www.eventbrite.co.uk/e/impact-central-spring-showcase-tickets-219940155927