Cork-based Nova Broadband’s mission is to bring a reliable wireless service to the most remote parts of Ireland.
What is special about your business? Nova Broadband was set up to offer customers, especially those in remote rural areas, a reliable, cost-effective wireless broadband service. We offer the service to business and residential customers and, geographically, we cover Cork, Tipperary, Kilkenny, Limerick, Laois and Waterford. We are continually adding capacity and are about to double our coverage area.
What sets your business apart in your sector? In an industry not known for good customer service we stand out as different. We are number one on RateMyISP.ie by real customers who like our product and service.
We also focus on locations where others don’t want go. We can do this because we’re a small, nimble company that can do things faster and cheaper than the big operators mainly because we don’t have their traditional mindset or overheads. How people consume content, such as TV progammes, is changing. Younger people in particular no longer want to single source. They want to pick and choose content from different places and our system allows them do this easily and effectively.
What has been your biggest challenge? Bringing the company from nothing to the point where it employs 12 people. I started with a small bank loan in 2004 and worked incredibly hard to get my first 10 customers, not least because I was a software developer, not a businessman, so I had to learn about how to run a business from scratch. Achieving a critical mass of subscribers to make the business self-sustaining was a big challenge and it took time. The first seven years were a slow burn but by continually tweaking what we were doing we hit our sweet spot about four years ago and have had record growth every month since then.
What has been your biggest success? Getting the company to a point where we have a sufficiently big team that I can now focus more on strategic planning and developing the business than running it day to day. However, I still write and maintain all of our software and have personally built all of the systems we've needed.
What key piece of advice would you give to someone starting a business? If it is something that you are passionate about, do it. You must have serious, even obsessive commitment. If you are not willing to spend a few years of long hours, evenings, and weekends either doing it or thinking about it, forget it. Have a business plan and a basic understanding of the numbers before you start. Make it pessimistic rather than optimistic so you can cover your cash flow through your ramp-up period.
Who do you admire most in business and why? My father was always self-employed and I think this meant business was in my blood. He kept things going for many years through thick and thin and always put in the 100 per cent effort a small business continually requires. I also really admire Jerry Sweeney of the Cork Internet Exchange for his determination, drive and vision. He has gone against the grain and achieved so much and is a true blue-sky thinker.
What two things could the Government do to help SMEs in the current environment? I firmly believe a business should stand on its own two feet but a little more practical support for service companies would make a huge difference. For example, a company like ours would really benefit from being given access to State infrastructure and assets such as ducting, utility poles and Coillte land to build base stations. Also communications licences are very expensive compared with other countries. Better accessibility to state contracts including local government, education, etc would also be nice.
In your experience, are the banks lending to SMEs currently? Yes they are but the terms are much stricter when validating applications. They need to know that you are well prepared for your venture and that you have the repayment capacity.
What's the biggest mistake you've made in business? Eagerly going into an expansion in the early days that was beyond our means. I learned a lot from it and am still willing to push things but I'm much more into business planning now.
What is the most frustrating part of running a small business? Finding good people can be tough and also having your progress slowed down by bureaucracy and third parties that don't operate at the same pace as you do. You're ready to go with something and have to sit on your hands waiting for someone else to make a decision.
What's your business worth and would you sell it? Our business is subscriber- based, which means income is very predictable, therefore our business value would be based on a multiple of that. In a few years' time we may sell equity in it but right now no, it is not on the market!
In conversation with Olive Keogh
