Our Great British Entrepreneur Challenge is up and running. It offers start-up bosses a life changing chance to win up to £50, 000 in seed mentoring and financing from a high angel trader Andy Yates. But don’t simply take our word for this. Last year’s winner, Lee Flavin scooped the full £50,000 to speed up his project RateSwitch, which helps mortgage owners find a very good rates off their existing lenders – even if their family or financial circumstances have changed.
While the money award provided a essential financial shot to the business, Flavin says the networking and mentoring opportunities provided by Yates were equally invaluable. Since winning the competition, the business has doubled in proportions, has made new hires and revamped its website. Flavin caught up with That is Money to discuss how his business changed almost a year after winning the challenge. 1. Why did you enter the Great British Entrepreneur Challenge?
I knew my home loan switching business RateSwitch experienced much promise. It had been already proven to save homeowners life changing levels of money on the mortgages, within hours and even if their personal circumstances experienced transformed often. At exactly the same time I realised I needed expert help and support to get RateSwitch to the next level and also to help so much more homeowners. Like so many entrepreneurs, I have never run a business before and I needed help from somebody that experienced seen it, done it and known what must be done to make it. Have you got a business idea?
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Who wants to be always a successful business owner? 2. How has the mentoring and the seed investment helped your business? The seed funding has been fantastic, assisting me to totally revamp the RateSwitch website and proposition to help all sorts of homeowners save money efficiently. It had been important to emphasize RateSwitch can help homeowners even if their income, family or other circumstances experienced changed or they had specialist home loans such as Help Buy or Buy-to-Let.
But this is about a lot more than the amount of money. Andy’s amazing advice, network, support and encouragement has been completely priceless and without him I wouldn’t have been able to accomplish what I’ve achieved. AFTER I met Andy Yates as part of the short list process for the challenge, we clicked.
I knew we’re able to work together well – which really is the most crucial thing for any entrepreneur when they want for help and support. I had been so thrilled to learn that I had earned. I understood that jointly we’re able to take RateSwitch to new levels. The total result of all this support – we have doubled how big is the business, taken on new staff and provided a genuine platform for a few exciting growth.
3. Did any concerns are experienced by you? My only concern was if Andy would have the right time to essentially provide me with proactive help and support. I needn’t have worried. Andy has always been there for me when I needed him – through the fluctuations of growing a successful business.
4. How ‘hands-on’ are Andy and his team? Andy has provided the right degree of help when I have needed it – and it is fair to state he has also gone the excess mile for me. It has included useful day-to-day help and support predicated on all his experience of running and growing a successful business, right through to key introductions and strategic insight to get me really motoring. I could not have requested more. 5. What business lessons perhaps you have learnt within the last season under Andy’s tutelage? To spend enough time working on the business enterprise not in the business always.
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