Photo - Business-in-a-box
45658

Business-in-a-box

United Kingdom
Market: Insurance, Financial services, Another, Mobile applications
Stage of the project: Prototype or product is ready

Date of last change: 16.03.2020
Min investment
$  25.000
Show contacts
Total required
$ 200.000
Rating
equalizer из 1000
help
Calculated and estimated occupancy of the project (more about ratings)
My rating
1
2
3
4
5
6
7
8
9
10
Average rating:

Idea

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.

Current Status

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

Demo:
Google play market: https://play.google.com/store/apps/details?id=com.gosolo.demo
Apple: https://apps.apple.com/app/id1482421415

Market

UK:
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

Competitors

UK:
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

Product advantages:
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

Team advantage:
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

Tech:
Substantial part of technology is complete

Finance

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.

Business model

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)

4. Channels
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

6. Cost structure
£250,000 –MVP product development.
£60,000 –Access to SaaS banking providers (KYC, Bank accounts, card processing).
£90,000 –Back Office (Legal, Office rent, HR/Recruitment)

Money will be spent on

£400,000 -Target amount of investments:

£250,000 –MVP product development.
£60,000 –Access to SaaS banking providers (KYC, Bank accounts, card processing).
£90,000 –Back Office (Legal, Office rent, HR/Recruitment)

Offer for investor

Investment based on the pre-money valuation of £3 Million

Team or Management

Risks

Evolution of current banking providers into wider service providers
Effects of corona-virus / economic downturn will limit the possibility of raising next round of financing

Incubation/Acceleration programs accomplishment

Members of Level39 - the worlds most connected Fintech startup accelerator community

Offered membership at WeWork Fintech Labs London

Past experience of accelerator programs with Eurobank Greece and SIBS Portugal
5,00
1
2
3
4
5
1 voice
Sign in/Sign up
arrow_back
EN
more_horiz
close
visibility54
star0
Add to favorites
Delete from favorites
share
close
thumb_up0
Like
Unlike
Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video