‘There are a lot easier ways to make money than starting your own business’
Me & My Money: Glofox founder Conor O’Loughlin
Glofox founder Conor O’Loughlin: “Setting up my own business definitely meant tightening the belt a lot.”
Conor O’Loughlin, winner of Ireland’s Best Young Entrepreneur 2018 for his company Glofox, which developed a gym management software system, was previously a professional rugby player, as a scrum-half with Connacht Rugby.
Are you a saver or a spender?
Definitely a spender.
Do you shop around for better value?
No, not really. I am a pretty disinterested shopper.
What has been your most extravagant purchase and how much did it cost?
Probably something tech related like the newest MacBook, which cost in the region of €2,500.
What purchase have you made that you consider the best value for money?
The most recent best-value-for-money purchase was a jumperoo bouncer for our six-month-old daughter – it continues to keep her so entertained.
How do you prefer to shop – online or local?
Online, but to be honest I don’t really do much shopping.
Do you haggle over prices?
Not unless I am on holidays. In business purchases I would always haggle, so maybe I should really take that into normal life!
Has the recession changed your spending habits?
No, but my change in career has. Setting up my own business definitely meant tightening the belt a lot. It was a good exercise, as it managed to clear out a lot of wasted spend that, in retrospect, was needless.
Do you invest in shares?
Not lately. I used to be relatively active, and still have a few solid ‘buy’ and ‘hold’ shares. But these days I’m too busy to pay enough daily attention to it to be able to keep it up.
Cash or card?
Card, always. I actually never have cash.
What was the last thing you bought and was it good value for money?
The last thing I bought was my lunch, and no, the cost of eating out in Dublin is rarely good value for money. But I’m pretty lazy with preparing food, so I usually spend too much on eating out for lunch.
Have you ever successfully saved up for a relatively big purchase?
I bought a house last year and that was great, but I had most of the money saved up from my previous career. It was pretty difficult to get the mortgage – even with a good deposit – when you are self employed, but thankfully Bank of Ireland came through for me in the end.
Have you ever lost money?
Yes, I lost some on bank shares a few years back, but thankfully it nothing too significant.
Are you a gambler and if so have you ever had a big win?
No, I’m not really a gambler . A couple of days at the Galway Races is about as much gambling as I would do.
Is money important to you?
I think there was a time when I was a bit more motivated by money, but definitely not now. I work because I believe in the company we are building and the impact it can have. There are a lot easier ways to make money than starting your own business. Of course, financial security would be great, but I don’t think it would change anything if it came tomorrow.
How much money do you have on you now?
Nothing. Just a card!
In conversation with Tony Clayton-Lea