Inside Track: Q&A

Ciara Troy, managing director of Oishii Foods

What is the unique thing about your business?

When I founded the business six years ago, there was only one other person offering sushi to the retail sector. Our sushi is unique as we don’t just do raw fish. We do chicken teriyaki, vegetarian and hoisin duck varieties. We are also working on a range of Japanese noodle salads and soups which aren’t really available here at the moment, except in restaurants.

What’s the biggest mistake you’ve made in business?

It depends on how you look at mistakes. I’m of the mind everything happens for a reason, even the bad things and obstacles that crop up. You learn from them.

What has been your major success to date?

Staying in business for this long. We’ve been up and running for six years now. We’ve gone from strength to strength and have just moved into our third premises. We got listed with Dunnes Stores, Tesco and Musgraves, so they’re selling our products. I won Image magazine young businesswoman of the year last year, which was a great boost.

Who would you admire most in business and why?

Michael O’Leary. He revolutionised the Irish airline industry and opened up travel for the mass market. He is a TCD BESS graduate like me which is also inspiring. BESS is where it all began for me, as I studied in Tokyo for part of my course and there I developed a love for Japanese food. I really missed it when I came back to Ireland.

The second person I’d admire would be Natasha Czopor of Natasha’s Living Foods. I’ve met her several times and her business idea is so innovative and unusual. She believes in healthy, natural food and has made a successful business out of her beliefs. She is a female entrepreneur as well.

What piece of advice would you give to the Government to stimulate the economy?

Tax breaks for small businesses would be good! There are a lot of regulations out there, which I know are necessary, but at the same time they make it very difficult to start up a new business. The support I have availed of has helped me no end, but I do think more support could be offered to people trying to set-up businesses as there are so many hoops to jump through.

What would you say has been your biggest challenge?

Cash flow. Getting money in and getting paid is very hard. With retail outlets, you never know who is going to go into receivership next, so you have to be careful and really watch your debtors.

How do you see the short-term future of your business?

Focusing on new product development and getting our products out there. We would like to have our new range of salads and soups on the market within the next month. I would like to expand the business outside of Dublin.

What’s your business worth and would you sell it?

I would sell it but it would have to go to a very worthy buyer as it’s my baby. I will sell it eventually – that’s my exit strategy. I haven’t had it valued, but our turnover is €250,000 this year. I don’t know if that’s the value you’d put on it, but to me it’s worth a lot more.

Do you think the banks are open for business to SMEs at the moment?

I think they are, but you have to have your facts right. I got a support loan from Bank of Ireland and couldn’t have done without it. They’re conservative and they double and triple check everything. You need to have a good proposal and to have done your research.

In conversation with PAMELA NEWENHAM