Your Business With James Caan 2017 - 79

INCREASING TURNOVER

M

any small business owners put
an awful lot of effort into starting
up, developing a market for their
product or service and establishing
their company. But once you're up and
running, graduating from a start-up to
an SME - and perhaps to something
much larger - can be a demanding
process. Here are some of the key
ways you can grow your business.

SECURE EXTRA FUNDING

More capital is crucial to growth, and
while you can look to reinvest existing
profits, you'll still need extra funding to
make that next step. You can start by
looking at traditional banks. If your
business is in a healthy position and
you can show you're low risk, they will
be interested in lending to you.
Alternatively, you can look at private
investors or venture capital firms. They
will typically ask for some form of
equity in return for investment, but you
may have the option to buy back stakes

as your business becomes profitable.
Such companies can also provide
invaluable expertise.
If you're unable to secure finance
from other sources and have been
trading for less than 24 months, you
may be able to apply for a governmentbacked Start Up Loan. You can borrow
between £500 and £25,000 at a fixed
interest rate of 6% per annum. This
option also offers you mentoring and
support along the way.
 

MAXIMISE CURRENT REVENUE
Before looking at new customers, ask
yourself whether you're maximising
revenue from your existing base.
Your current customers know you
and your brand, so there's a good
opportunity to up-sell or cross-sell.
The saying 80% of your revenue comes
from 20% of your customers may be
a cliché, but it exists for a reason.
Effective customer relationship
management (CRM) software allows

HOW I GREW MY COMPANY
EDWARD RELF, CO-FOUNDER AND CEO OF LAUNDRAPP
Laundrapp launched

to increase brand exposure and volume

in 2015 with an aim to

of new customers. We've now seen our

revolutionise the laundry

app downloaded more than 250,000

and dry-cleaning industry.

times. Today, referrals are one of our

The company's USP is

primary channels to attract new

to give customers the power to do all

customers, which means our quality

their washing on-the-go simply by

of service is paramount.

outsourcing their laundry or dry
cleaning from their smartphone.

WORDS: NILESH PANDEY | PHOTOGRAPHY: SHUTTERSTOCK

Like all great ideas, we came up with

The success of the first version of
Laundrapp allowed us to scale by
raising more substantial capital via

the concept over cod and chips! We

private investment groups. Another

knew there was an opportunity to bring

way we have been able to scale

smart digital technology to the laundry

quickly and internationally is through

industry, similar to what Uber and Airbnb

our Powered by Laundrapp platform.

have done in their respective industries.

This allows entrepreneurs and laundry

However, we needed to do our research

franchises in other countries to use

and that's when we landed on the

our technology - the consumer,

on-demand model.

driver and admin apps - but white

We initially sought seed funding

label it and use with their brand.

and raised this via early-stage angel

Currently, we're live in Australia and

investment, getting £1.5m of private

New Zealand - and soon Brazil. Our aim

funding from high net worth investors.

is to be live in 15 international markets in

We focused entirely on digital marketing

the next 24 months and be the default

channels to acquire our first customers,

digital laundry technology in every major

but then expanded our marketing mix

market within the next few years.

79
78 YB2017 Increase Turnover jw.indd 79

03/10/2017 15:44



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