nottingham entrepreneurship forum 2011 - pouring pounds
DESCRIPTION
Slides from the workshop this week!TRANSCRIPT
NEF 2011 ‐ PRACTICAL TIPS ON STARTING YOUR OWN BUSINESS 0 C C S O S G OU O US SS(BY SWATI BHARGAVA)
HOW Pouring Pounds is a unique cashback and voucher website in the UK (www pouringpounds com)
What is Pouring Pounds?W
DOES
IT Pouring Pounds is a unique cashback and voucher website in the UK (www.pouringpounds.com)
The benefit of Pouring Pounds for individuals and businesses, alike, is to save money on all theirusual online shopping T
WORK?
We already have a retailer partner network of over 2,000 retailers, which is amongst the largestin the UK
Whenever users visit these retailers via our website, they get back some of the money they, y g y yspend online i.e. a cashback on their purchase. For example, if you booked hotels worth £500 onExpedia and Expedia is offering 6% cashback, you would get £30 back on your purchase!
Users shop at the retailer websites as they always have, but now earn a cashback
The cashback comes from the commission retailers offer us for bringing business and we share most of that with our users
Shops as per normal and lets say, books a hotel room for £500
Clicks on Expedia’slink on PP
User joins PP for free
Expedia pays PP referral commission for bringing
PP passes this to user as cashback. In this case if cashback offered was
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g gbusiness
s case cas bac o e ed as6%, user gets £30 back!
SHOThe Idea!ULD
I,OR
What is the basic function that your product serves? How does it make people’s life easier/what need does it meet?
RSH
OULD
What is your revenue model – how do you make money?
Who will be your suppliers and buyers? DIN
OT?
Current competition – how are you different?
Can your idea be very easily copied? If yes, then what steps can you take to establish o r competiti e ad antage ahead of others?establish your competitive advantage ahead of others?
Once you know for yourself that you have the answers to all these questions AND if you REALLY believe in the idea, you are good to get started!
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WHADomain Names – some thought and a lot of luck!AT
ISIN
A
Start thinking of domain names
MANY of the ones you think of ANAM
E?
ywill not be available
It will take you longer than you think to find the right name A
LOT!
think to find the right name
You can buy domain names from many websites, can see a list on Pouring Pounds:
Office> Domains & Hosting
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MYHow do I get [email protected] Email?
Using Google Apps is a simple and easy way to setup your business email OWNEM
Using Google Apps is a simple and easy way to setup your business emailaccounts
You will need to verify domain ownership by uploading a simple file and your AIL!web development team can help you easily
Simply sign‐up at http://www.google.com/apps/intl/en/business/gmail.html
Initially the Standard package should be adequate and you can create up to 50free accounts
G l ll t ll th t f ti lit f G il d G l Google allows you to use all the great functionality of Gmail and GoogleApplications for free on their standard package
However, if you are looking to send mass newsletters and emails to large number, y g gof people then using an email service from your hosting service providers is amore viable and scalable option
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LEGAWhat is the right legal structure for my company?ALLY
CORR
Detailed info on Business Link website: http://www.businesslink.gov.uk/
Four common legal structures: RECT!1. Sole trader (all profits go to you / unlimited personal liability)2. Partnership (team contribution / unlimited liability)3. Limited liability partnership (personal liability limited / more complex & costly
formation)4. Limited liability companies – most popular! (personal liability limited / extra y p p p (p y /
legal duties and filing of accounts)5. Franchises (good brand name / limited freedom & possible revenue share)Social enterprises (businesses that trade for a social purpose & often re‐investSocial enterprises (businesses that trade for a social purpose & often re invest profits e.g. community development trusts, housing associations, worker‐owned co‐operatives, leisure centres)
Usually this info is enough to decide what structure is most appropriate – you can call an accountant (for free) to double check.
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EASIHow to set up my company?ER
THAN
Company formation services like Companies Made Simple http://www.companiesmadesimple.com/
YOUTH
IN
e.g. Silver package for £50 – company formation within 3 hours , registered office address, fast track Barclays business bank account
List of recognised company formation agents: NK!
List of recognised company formation agents: http://www.companieshouse.gov.uk/toolsToHelp/formationAgents.shtml
Companies House: http://www.companieshouse.gov.uk/ ‐ Great resource to h h i i l d Th d fil h i b l hresearch a company that is privately owned. They need to file their balance sheet
there
Other things to think about: g
• VAT registration
• Copyright• Copyright
• Trademark
P i li / D P i A
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• Privacy policy / Data Protection Act
WEBYour website – the first point of contact for many users!BSITE
DES
Design options
• Check out websites where you can hold online competitions between 1000s IGN&
DE
of registered freelancers:
• www.99designs.com, www.elance.com, www.designcrowd.com
EVELOPM
Contract individual freelancers for various needs: www.peopleperhour.com
Video to explain your concept: www.elance.com, self‐made videos loaded on you tube!
MEN
T
you tube!
Voice‐overs: www.voices.com
Website development
• See examples of the exact thing that you need
• Try to get testimonials and reviews from past clients
• Negotiate staggered payment which is market standard: 50% upfront
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• Fully integrate social media
GOOWhile the business set up is going on, start getting out there!ODOLD
N
Get on Twitter!
Attend Tweet‐ups ETWORKI
Funding contacts and support e.g. Microsoft Bizspark, Seedcamp, Astia
Entrepreneur focused organisations like TiE. Especially important when you are ING
Entrepreneur focused organisations like TiE. Especially important when you are entering a new sector
Blogs about your industry: Mashable, Techmeme.. Even Cybermummy 2011 (largest blogging conference for m m bloggers)(largest blogging conference for mum bloggers)
Trade shows: http://www.exhibitions.co.uk/
Special emphasis on Linkedin for a professional connection with pretty much anyone
Find support networks and build new contacts
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Find support networks and build new contacts
WHEMarketing StrategyERE
AREU
If possible, start with targeting a niche
Social media strategy: first for broadcasting, and slowly for engagement USERS
GO
1. Twitter –not over load of tweets
2. Facebook – more engaged strategy, more difficult OINGTO
C
2. Facebook more engaged strategy, more difficult
3. Linkedin
4 Digg Stumble Upon Delicious for posting blogs and articles
COMEFRO
4. Digg, Stumble Upon, Delicious – for posting blogs and articles
5. Quora?
OM? Tools like Hootsuite, Tweetdeck
Social media metrics: as important as database today
Email marketing – design email templates and newsletters
Offline marketing per strategy
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CREA
Driving Traffic to your websiteATIN
GTH
Blogging: to engage people who have signed up and to get new users interested
Search engine optimisation: the right titles, meta tags, link building to increase EBU
ZZ…
your page rank
• Backlinks!
.
• SEO Consultants
• Hubspot: http://www.hubspot.com/
• Social Media Examiner: http://www.socialmediaexaminer.com/
• Facebook Success Summit, Social Media Success Summit
• Case studies, blogs about how to increase website traffic, specific strategies
• Sign up for free updatesSign up for free updates
Engage press/media: Look up journalists who write about your field. Write to them, follow up, chase
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Find journalists on Linkedin & Twitter
SELFRecommended books!
Marketing Warfare by Al Ries and Jack Trout TAUGHT
Marketing Warfare by Al Ries and Jack Trout
The Social Media Marketing Book by Dan Zarrella
l h h d b h d ( d d b h d l d d
,ANDTH
Unleashing the Ideavirus by Seth Godin (considered to be the most downloadede‐book of all time)
Online marketing inside out by Brandon Eley HEBEST!
Online marketing inside out by Brandon Eley
Good to Great by Jim Collins
Autobiographies of anyone you admire Autobiographies of anyone you admire
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LETSBackground & Contact Information STALK! Swati D Bhargava (CEO & Co‐founder) was working at Goldman Sachs for the last 5 years. Swati recently resigned from Goldman to start Pouring Pounds
I t i fi i l Interview on e‐financialnews.com http://www.efinancialnews.com/story/2011‐03‐01/swati‐bhargava‐life‐after‐the‐city
Pouring Pounds has also been featured as the Start up of the Day by Microsoft Bizspark: http://ht.ly/45NaO
Feedback, comments or suggestions!
Swati [email protected]: @Swats26, @pouringpoundsPlease mention NEF2011 when you join Pouring Pounds so you get a £5y j g y gjoining bonus!
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