Going from technology startup to profitability in nine months
MyWorkSearch was an idea in February 2009. With seed
funding from me, the founder, the company had to build its
technology, launch and as quickly as possible generate sufficient
sales create profits and cash.
We had an idea for a Software as a Service (SaaS) offering to
provide assistance to job seekers. We felt the business would
be successful however would only know for certain once the
technology and content had been created and customers
obtained. The recession also provided a window of opportunity
to win customers and create a reputation and we were very much up
against the clock.
We decided to self-fund as this was possible and we did not want
to have the delays that raising venture capital would
We formed two small teams: one to create content and one to
write our software. The recession meant that it was easy to
find suppliers eager to work with us and available at attractive
It took us five frustrating months before we could launch.
We put in place as many routes to market as we could, such as
affiliates, resellers and direct sales. We identified three
separate markets: government, B2B and B2C. We pursued all
three at the beginning and focused on the best as soon as we could
see where the sales could most readily be achieved.
The moment we got a sniff of a genuine opportunity we scaled
resources to meet it and we rapidly abandoned areas where we felt
revenue would be limited, slow or expensive to obtain. As
soon as we were profitable (December 2009) we created a new
strategic plan to decide where we wanted to prioritise and go and
we made investment decisions based on this.
13 months after launch we have a dozen staff, 10 full time
consultants and are generating over £100,000 per month in
Create a plan, execute ferociously, frequently review and modify
and be lucky.
Put together a great team as this way you have the talent to
scale the business.
Find out more about MyWorkSearch
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