Funding Your Business with Alex Depledge & Serena Guen

So I did a family and friends round to printthe first edition.

I priced it at five pounds just to get upthe readership numbers and and then enough to do a launch party as well to get some press.

I did it at Shoreditch House because that’swhere all the journalists and press would be hanging out.

We got a lot of press out of that.

I would only fundraise if I wanted to do something very big.

So say a massive revamp of our website.

Right now it’s great to be able to have controlof my business, and to say I want to go and do this now.

When Jules and I started out we were A olderthan you and B way more naive.

So we kind of started not having any techbackground, not being able to code or had any money.

We thought we would put a pitch deck togetherin true Accenture fashion and we’d go out and find the money a la Dragons Den.

Then find an outsourcing team in India orthe Philippines to build it.

We quickly realised that wasn’t going to workand Jules bought a book and taught herself how to code and built the first iterationof the website that we needed.

We went through an accelerator and they gave us fifteen grand.

It was amazing.

That fifteen grand lasted us like a wholeyear we were that frugal with it.

It’s not just about having business acumenand can you create a business model that you can get to work.

Could you raise finance? But it’s all the really boring stuff.

Can you balance the books and you have tobe a bit of a Jack of all trades? Yeah, I think you sound a lot like me in thatI was very creative and I had a big idea.

You need to have some of these basics in placeto make sure that actually works out.

If you’re pre-revenue what lots of peopledo is think that they need money in order to prove a business works.

And I just think some people don’t break itdown to a granular enough level to realise that actually to start a business, you don’tnecessarily need capital immediately.

A lot of people who are working in jobs nowand want to start businesses, they don’t necessarily have to leave their job beforestarting their business.

They could try and test it whilst they arethere to see if it has a market, if it actually works.

Especially a lot of the ideas you’re rightcan absolutely be done in an evening or at a weekend.

We’re trying to change the orthodoxy.

There’s more people like you and I now goingwell actually business 101, know your ebitda, all growth is not necessarily good.

It’s more about the best way of building your business.

Sometimes VC money can be very helpful, butit doesn’t work for everyone.

You have to really know who’s investingin your business.

They almost need to be like a business partner.

Source: Youtube