Lou's journey to success was not a solitary one. He received support from the Center for Inclusive Entrepreneurship (CIE) and the EDC Team Jefferson. Lou's collaboration with Rick, his business advisor, was important in helping him structure his business, develop a pitch deck, and secure funding.
"The LION Loan provided by CIE was a pivotal moment in Lou's journey, allowing him to secure a shop space and take his business to the next level," says Rick, emphasizing the impact of this support.
The LION Loan allowed Lou to secure a shop space and take his business to the next level.
Douglas from the EDC Team Jefferson says, “Maritime businesses that are project-based need an accurate method for bidding and determining hourly rates that include the full cost burden of labor, materials, overhead, and profit. Lou is an avid student of business and received advising from the EDC in project costing that positively impacted Horus Horizon and set the business up for continued success.”
Getting Into His Space
Lou's journey into his current workspace was marked by perseverance and a rollercoaster of emotions. As he recounted, "Getting into my current space took months. Once the pitch went well and folks were interested in my business, then they were like, 'Okay, Lou, well now you have to do more work, we need to see actual things on paper that you're doing and what you project to be doing.' My gosh, and then that took me a while to understand and send them all that."
Initially, the space he now occupies was offered at a significantly higher price. Lou had been searching for a place to move into, and it was Douglas Hammel of the EDC who informed him about its availability. While he was initially hesitant to commit, he had the financial backing and support from potential investors.
Lou recalled his uncertainty, saying, "I was told how much it was. And I said, 'Well, who can afford that? And this place had also been discussed as a potential small business incubator space, but those conversations fell through."
However, the turning point came when a reduced rate was offered a month and a half later. Surprisingly, there were individuals in the port who supported Lou's cause and advocated for the space to be given to a small business like his instead of a larger outfit.
Reflecting on the timeline, Lou admitted, "It happened really quickly, taking only a week, and I had the investors here. They looked around and said, 'Okay, Lou, we believe in you.' They handed me some checks, and I signed the necessary promissory notes. And then I was just like, 'Whoa,' and I was in here."
Advice for Aspiring Entrepreneurs
When asked for advice for aspiring entrepreneurs, Lou emphasized the importance of overcoming fear, embracing discomfort, and seeking support from others. He encourages newcomers to the trade to show up, ask questions, and be open to learning from those with more experience.
“New things are going to be pretty uncomfortable. Go show up in the yard and start asking questions and let people know that you're there. Maybe showing up for a couple hours at a time to help somebody, people do want you to express interest in what they're doing. It shows them you care."
Rick also highlighted the transformation he witnessed in Lou, emphasizing the importance of self-trust and the power of advocating for oneself.
Overall
Lou Geraghty's journey from uncertainty to settling into a new space for his business is a testament to resilience, determination, and the transformative impact of support from organizations like CIE and the EDC Team Jefferson. Lou's commitment to creating an inclusive space in the marine trades industry and mentoring the next generation of tradespeople is both inspiring and necessary for promoting diversity and equity in this field. Lou's story reminds us that, with determination and support, anyone can overcome challenges and achieve his entrepreneurial dreams while staying true to themselves.
Next, Lou exclaims, “I'm really looking forward to settling into this space, having it become a boat shop, and breathing some new air into this place!”
Location: Port Townsend, WA, on the Olympic Peninsula