The Coronavirus has already had a huge impact, and no doubt is affecting the way that you go about your day to day life.
At the Angel Investment Network, as of Tuesday, we have all started working remotely. One of the things that has been on all our minds is how we can best look after our entrepreneurs who have put so much on the line to make their business happen, and are now finding their businesses under real pressure.
Next week, we plan to introduce our Coronavirus Start up Survival Hub, full of practical tips – from accessing emergency funding to minimising business expenditure and applying for grants. In the mean time, we thought that these resources could be of use:
* Times are about to become tough. How can you manage your costs and get ready for a fall in sales? This guide from Seqouia Capital will help founders plan for the Coronavirus.
* Remember that there will be winners and losers. Look at the predictions here, but also keep in mind that there will be opportunities when things pass.
* Look after your mental health: the meditation app, Calm, is offering free mediation videos.
Our Head of Growth and entrepreneur Ching-Yun Huang was invited onto a Female Founders’ panel at the Curtain Hotel last week in advance of International Women’s Day. Here she shares some key learnings.
It was a pleasure to be invited on to a panel with other female entrepreneurs at the Curtain Hotel recently to share our experiences of starting a business. It was a lively debate and discussion as we all had different experiences that we could bring to light. There were four key questions that came up from the audience, that I wanted to address.
1. Are you taken as seriously being a woman? Does being a woman impact what you want to be able to achieve as an entrepreneur? The view that some expressed was that you are at a disadvantage because you might not be taken as seriously, with a lack of investors willing to back you. Although it is true there are less female founders, my personal view is that we could be in danger of creating a barrier that might be more psychological. I think if you have a good business case your gender shouldn’t matter and you should have the confidence to articulate your vision. However everybody’s experiences are different.
2. What sort of support networks should you create? What sort of support network should you put together to ensure you get the backing you need? One view is that in order to get a better support network, you should only have a women focused network. It is true that any entrepreneur needs to build a good support network. I would argue as a budding entrepreneur you should look to the groups and people that are going to best support you as your key priority. This shouldn’t be just down to gender, but who will take you to that next level. Be ruthless in this.
3. When do you need investment? When it comes to funding and investment, the audience was split between two groups. People who felt ready to scale their business, and a bigger group who want stability to start their business. I think any entrepreneur should think long and hard about what they need the finance for. For me personally I am looking at bootstrapping my business as far as I can without trying to get outside influence. However there is an extent to which women are perhaps more risk-averse, which is a barrier to having more women entrepreneurs. It’s hard to make the transition into a more uncertain world.
4. Do you need a background in tech to launch a tech business? Lots of people in the room expressed an interest in starting a tech business. A popular question was whether you needed to have studied tech. I studied literature and had nothing to do with tech. However I do think having a working knowledge is important, so i picked up computer languages and some other skills. For my business, I found a co-founder who is a developer. A complementary skill set is a winning combination in starting a business.
This week’s #SixtySecondStartup is with Giuliano, the Co-founder of Get Groomed. He started Get Groomed with his Co-founder Sabrina after moving to London and realising how inconvenient it was to get an appointment at a barber shop. Spotting a gap in the market, he started Get Groomed which allows people to book a barber to their home or office. Since starting 2 years ago, Get Groomed has now rolled out across London.
Our interview with Giuliano:
What does your company do?
We connect mobile barbers with customer. Customers can book barbers to come to their home, office, a hotel or where ever they may be. We also provide male beauty services for weddings and events.
Why did you set up this company?
When I arrived in London, I tried out different barber shops and salons and noticed some issues with them. Most shops are only open between 10am-5pm, making it difficult for customers to find the time to go. If they go at the weekend, there is often a long waiting time. I also found it difficult to know if a barber would be any good and able to do the hairstyle I was after. My Co-founder Sabrina mentioned that there are apps for women to book hair appointments, however we realised that there was a gap in the market for men. We built a prototype, hired a few barbers and found customers very quickly.
We knew we were on to something when:
A few months after we started, we got approached by a famous Fintech startup to provide male beauty services at one of their events. This was despite us having no marketing budget, and not sending a single email or doing any cold calls. It showed us that there was demand at a corporate level.
Our business model:
Our business model is commission-based. It helps us to keep working hard to connect barbers with customers: the more money they make, the more money we make.
The biggest mistake I’ve made is:
Establishing a strategy to increase revenue at all costs. It might be attractive for people who can burn a lot of money each month, but it is not sustainable over the long term. We believe in lean ways to improve the business: we are now profitable every month and we are growing every month.
We think there’s growth in this sector because:
One word: convenience. We have a lot of customers contacting us because they can’t find the time to go to a salon or it’s inconvenient for them to go as they have caring duties or are ill. In the same way that there was a boom in food delivery services in the last decade, customers are looking for on-demand, high quality male beauty and grooming services from the comfort of their own home.
We worked with AIN because:
We have been running our platform for 2 years and we are operating across London. So we are confident that this is the right time to scale-up and expand to more cities in the UK. We are looking to partner with forward-thinking investors who share our vision and AIN is one of the best tools to connect with those kind of partners.
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