Three under-30 entrepreneurs from Canada discover they can overcome the preference clients have for older consultants through hard work and clearly demonstrating their skills. Much to their surprise, their company, Nexreg Compliance Inc., is on pace to record a profit in their first year.
London Ontario, CA (PRWEB) December 6, 2005 -- Mike Harvey, Nick Demko, and Mike Moffatt have a lot in common. They're each under the age of 30 and they each attended high school in London, Ontario, Canada. All three graduated from the University of Western Ontario - Moffatt and Harvey in 1999 and Demko in 2001. Most importantly, they are co-owners of Nexreg Compliance, a company founded in 2005.
Nexreg Compliance Inc. is a London based consulting firm which assists companies who manufacture or distribute chemical products to comply with health and safety regulations. They are not just knowledgeable of Canadian regulations; the majority of their work has been in helping companies comply with the laws of the United States and the European Union.
Nick Demko details the kinds of services Nexreg supplies to their clients:
"If you sell a chemical product, such as a can of spray paint or a household cleaner, there are government health and safety requirements that need to be met with respect to the safety text on the label. Manufacturers are required to provide information on safety and handling procedures and precautions for the industrial chemicals they sell. Many companies do not have the capabilities to create legally compliant product labels and safety information, so they outsource the work to experienced third-party consultants."
Mike Harvey, 29, and Nick Demko, 27, each had several years' worth of experience in the industry before founding Nexreg Compliance. Mike Moffatt, 28, however, knew very little about regulatory compliance prior to Nexreg but provides a great deal of business experience to the company. Moffatt is the owner of Neoclassical Economics Inc., an economic consulting firm, and he is completing his Ph.D. in Business Administration at the Richard Ivey School of Business.
Despite Demko and Harvey's experience in the industry, the trio was worried that their young age may work against them. Mike Harvey explains:
"Clients typically prefer consultants with a few grey hairs, as age is associated with wisdom and experience. There is a stigma against younger companies and entrepreneurs, but if you work hard and demonstrate your skills, knowledge, and experience, you can overcome it."
If potential clients are hesitant to do business with a company run by three young entrepreneurs, Nick Demko hasn't noticed it:
"The response has been phenomenal. We've worked with a number of large U.S. and Canadian companies who are household names. It's surreal to go to shopping in a store and see products on the shelf with labels that you had a hand in designing."
This positive response has been great for Nexreg's bottom line, as Moffatt details:
"Like many start-ups, we had hoped to break even in our second year and start showing a profit in our third. Instead we're on pace to make a small profit this year, and our prospects are outstanding for 2006. To say I'm thrilled with how well things have gone would be an understatement."
Is there a downside to becoming profitable so quickly? Mike Harvey laughs as he states:
"We've been a lot busier than I expected we'd be. But I guess it beats the alternative!"
About Nexreg Compliance Inc.:
Nexreg Compliance provides regulatory consulting, technical translation, and authorship services for Material Safety Data Sheets (MSDSs) and consumer, industrial, and cosmetic product labeling.
Mike Harvey, President of Nexreg Compliance, can be contacted at (519)488-5126. More information is also available on the web at http://www.nexreg.ca.
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