GoSolo enables young entrepreneurs to register and manage their new business by forming the company, opening a bank account, helping with finances and accounting, all in a unified and convenient way.
1. Demo app ready, connected via PSD2/Open Banking to a number of European Banks
2. Demo app attracted several hundred sign-ups & registrations with no marketing activity
3. The underlying back-end technology is ready
4. The advisory team assembled: compliance, SME banking, banking operations, entrepreneurship & startup community, marketing
Google play market: https://play.google.com/store/apps/details?id=com.gosolo.demo
5.7 Million Sole to small SMEs in the UK
Growing at >500,000 annually
Generating £1.7 trillion turnover yearly
£14 Billion yearly banking revenue
Our initial target market will be young entrepreneurs and stay-at-home parents.
The first ones are to be found via university campus partnerships (e.g. MSc in Entrepreneurship programs) and Startup networks & communities (Technation, WeWork, etc.)
Stay-at-home parents can be identified via forums (mumsnet) or school communities
After the initial launch in the UK, we plan to expand to Europe and later globally, targeting the countries with strong SME/sole businesses presence (e.g. Portugal)
Problem or Opportunity
Over 60% of adults in the UK want to start their own business, with the number close to 90% for the younger generation. The problem is that while in theory, it is easy, the administrative part is quite challenging and hard to figure out. A yoga instructor, interior designer, barista, software engineer - might all have excellent professional skills, but low awareness of company formation process, accounting and administration, cash forecasting, etc.
There are a lot of individual services available (company formation, accounting, cash forecasting, bank account, etc.) each requiring separate registration, separate maintenance fee and reconciliation.
Solution (product or service)
GoSolo is on a mission to make starting and running a business easy. GoSolo app & web portal will be all you need to start trading, including:
1. Company formation
2. Business bank account + business payment card
3. Cash forecasting tool
4. Sales portal, including invoicing, analytics, connectivity with HubSpot
5. Accounting & reporting
6. Relevant lending and insurance
Banking - traditional & new banks: Starling, Tide, Mettle, Revolut for Business, Lloyds, HSBC, Anna, Coconut etc.
Accounting: Xero, QuickBooks
Company formation: accountants and services like yourcompanyformations.com.
Advantages or differentiators
Convenience and transparency of service
Peace of mind for the business owner
Ease of use and minimum applications
Cheaper than a similar set of individual products
Tech team fully available
Strong advisory board
Experience: we have been building and implementing applications for banks for the past 15 years, completed some of the most complex projects both in EE and globally
Substantial part of technology is complete
The minimum pack of services from the competition is:
1. Company formation: £20 + £10 monthly subscription
2. Bank account: free (but often with restrictions)
3. Accounting, e.g. XERO: £35 monthly subscription
GoSolo model is to have a monthly subscription for same level of servicing starting at £20-25 per month.
1. Customer segments
a. Young first-time entrepreneurs, graduates of MSc programs seeking to start own business.
b. Stay-at-home parents seeking to start own business
c. Professionals seeking to start own business in parallel to the main job
2. Value proposition
GoSolo will provide a convenient set of services to seamlessly register and administer a new company, making it fully ready for trading, with the owner not required to look anywhere else. Our service will be cheaper and easier to use than anything else available on the market.
3. Revenue streams
Monthly subscription from users
Commission from value add/extra services (Loan, Insurance, WeWork Membership)
Establishing partnerships with communities (UNIs, Mumsnet, Technation, etc/)
Creation of content on business and entrepreneurship
5. Key partners & suppliers
Banking as a service - Railsbank or Similar
KYC/AML - Trunarrative or similar
MLRO - outsource initially
WeWork, Technation, L39, SetSquared - startup communities