NEF  2011   ‐ PRACTICAL  TIPS  ON  STARTING  YOUR  OWN  BUSINESS  0 C C S O S G OU O US SS(BY  SWATI  BHARGAVA)

HOW Pouring Pounds is a unique cashback and voucher website in the UK (www pouringpounds com)

What is Pouring Pounds?W

DOES

IT Pouring Pounds is a unique cashback and voucher website in the UK (www.pouringpounds.com)

The benefit of Pouring Pounds for individuals and businesses, alike, is to save money on all theirusual online shopping T

WORK?

We already have a retailer partner network of over 2,000 retailers, which is amongst the largestin the UK

Whenever users visit these retailers via our website, they get back some of the money they, y g y yspend online i.e. a cashback on their purchase. For example, if you booked hotels worth £500 onExpedia and Expedia is offering 6% cashback, you would get £30 back on your purchase!

Users shop at the retailer websites as they always have, but now earn a cashback

The cashback comes from the commission retailers offer us for bringing business and we share most of that with our users

Shops as per normal and lets say, books a hotel room for £500

Clicks on Expedia’slink on PP

User joins PP for free

Expedia pays PP referral commission for bringing 

PP passes this to user as cashback. In this case if cashback offered was 

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g gbusiness

s case cas bac o e ed as6%, user gets £30 back!

SHOThe Idea!ULD

I,OR

What is the basic function that your product serves? How does it make people’s life easier/what need does it meet?

RSH

OULD

What is your revenue model – how do you make money?

Who will be your suppliers and buyers? DIN

OT?

Current competition – how are you different?

Can your idea be very easily copied? If yes, then what steps can you take to  establish o r competiti e ad antage ahead of others?establish your competitive advantage ahead of others?

Once you know for yourself that you have the answers to all these questions AND if you REALLY believe in the idea, you are good to get started!

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WHADomain Names – some thought and a lot of luck!AT

ISIN

A

Start thinking of domain names

MANY of the ones you think of  ANAM

E?

ywill not be available

It will take you longer than you think to find the right name A

LOT!

think to find the right name

You can buy domain names from many websites, can see a list on Pouring Pounds:

Office> Domains & Hosting

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MYHow do I get yourname@Mycompany.com Email?

Using Google Apps is a simple and easy way to setup your business email OWNEM

Using Google Apps is a simple and easy way to setup your business emailaccounts

You will need to verify domain ownership by uploading a simple file and your AIL!web development team can help you easily

Simply sign‐up at http://www.google.com/apps/intl/en/business/gmail.html

Initially the Standard package should be adequate and you can create up to 50free accounts

G l ll t ll th t f ti lit f G il d G l Google allows you to use all the great functionality of Gmail and GoogleApplications for free on their standard package

However, if you are looking to send mass newsletters and emails to large number, y g gof people then using an email service from your hosting service providers is amore viable and scalable option

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LEGAWhat is the right legal structure for my company?ALLY

CORR

Detailed info on Business Link  website: http://www.businesslink.gov.uk/

Four common legal structures: RECT!1. Sole trader (all profits go to you / unlimited personal liability)2. Partnership (team contribution / unlimited liability)3. Limited liability partnership (personal liability limited / more complex & costly 

formation)4. Limited liability companies – most popular! (personal liability limited / extra y p p p (p y /

legal duties and filing of accounts)5. Franchises (good brand name / limited freedom & possible revenue share)Social enterprises (businesses that trade for a social purpose & often re‐investSocial  enterprises (businesses that trade for a social purpose & often re invest profits e.g. community development trusts, housing associations, worker‐owned co‐operatives, leisure centres)

Usually this info is enough to decide  what structure is most appropriate – you can call an accountant (for free) to double check.

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EASIHow to set up my company?ER

THAN

Company formation services like Companies Made Simple http://www.companiesmadesimple.com/

YOUTH

IN

e.g. Silver package for £50 – company formation within 3 hours , registered office address, fast track Barclays business bank account 

List of recognised company formation agents: NK!

List of recognised company formation agents: http://www.companieshouse.gov.uk/toolsToHelp/formationAgents.shtml

Companies House: http://www.companieshouse.gov.uk/ ‐ Great resource to h h i i l d Th d fil h i b l hresearch a company that is privately owned. They need to file their balance sheet 

there

Other things to think about: g

• VAT registration

• Copyright• Copyright

• Trademark

P i li / D P i A

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• Privacy policy / Data Protection Act

WEBYour website – the first point of contact for many users!BSITE

DES

Design options 

• Check out websites where you can hold online competitions between 1000s  IGN&

DE

of registered freelancers:

• www.99designs.com, www.elance.com, www.designcrowd.com

EVELOPM

Contract individual freelancers for various needs: www.peopleperhour.com

Video to explain your concept: www.elance.com, self‐made  videos loaded on you tube!

MEN

T

you tube!

Voice‐overs: www.voices.com

Website development

• See examples of the exact thing that you need

• Try to get testimonials and reviews from past clients

• Negotiate staggered payment which is market standard: 50% upfront

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• Fully integrate social media

GOOWhile the business set up is going on, start getting out there!ODOLD

N

Get on Twitter!

Attend Tweet‐ups ETWORKI

Funding contacts and support e.g. Microsoft Bizspark, Seedcamp, Astia

Entrepreneur focused organisations like TiE. Especially important when you are ING

Entrepreneur focused organisations like TiE. Especially important when you are entering a new sector

Blogs about your industry: Mashable, Techmeme.. Even Cybermummy 2011 (largest blogging conference for m m bloggers)(largest blogging conference for mum bloggers)

Trade shows: http://www.exhibitions.co.uk/

Special emphasis on Linkedin for a professional connection with pretty much anyone

Find support networks and build new contacts

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Find support networks and build new contacts

WHEMarketing StrategyERE

AREU

If possible, start with targeting a niche

Social media  strategy: first for broadcasting, and slowly for engagement USERS

GO

1. Twitter –not over load  of tweets

2. Facebook – more engaged strategy, more difficult OINGTO

C

2. Facebook more engaged strategy, more difficult

3. Linkedin

4 Digg Stumble Upon Delicious for posting blogs and articles

COMEFRO

4. Digg, Stumble Upon, Delicious – for posting blogs and articles

5. Quora? 

OM? Tools like  Hootsuite, Tweetdeck

Social media metrics: as important as database today

Email marketing – design email templates and newsletters

Offline marketing per strategy

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CREA

Driving Traffic to your websiteATIN

GTH

Blogging: to engage people who have signed up and to get new users interested

Search engine optimisation: the right titles, meta tags, link building to increase  EBU

ZZ…

your page rank

• Backlinks!

.

• SEO Consultants

• Hubspot: http://www.hubspot.com/

• Social Media Examiner: http://www.socialmediaexaminer.com/

• Facebook Success Summit, Social Media Success Summit

• Case studies, blogs about how to increase website traffic, specific strategies

• Sign up for free updatesSign up for free updates

Engage press/media: Look up journalists who write about your field. Write to them, follow up, chase

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Find journalists on Linkedin & Twitter

SELFRecommended books!

Marketing Warfare by Al Ries and Jack Trout TAUGHT

Marketing Warfare by Al Ries and Jack Trout

The Social Media Marketing Book by Dan Zarrella

l h h d b h d ( d d b h d l d d

,ANDTH

Unleashing the Ideavirus by Seth Godin (considered to be the most downloadede‐book of all time)

Online marketing inside out by Brandon Eley HEBEST!

Online marketing inside out by Brandon Eley

Good to Great by Jim Collins

Autobiographies of anyone you admire Autobiographies of anyone you admire

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LETSBackground & Contact Information STALK! Swati D Bhargava (CEO & Co‐founder) was working at Goldman Sachs for the last 5 years. Swati recently resigned from Goldman to start Pouring Pounds

I t i fi i l Interview on e‐financialnews.com http://www.efinancialnews.com/story/2011‐03‐01/swati‐bhargava‐life‐after‐the‐city

Pouring Pounds has also been featured as the Start up of the Day by Microsoft Bizspark: http://ht.ly/45NaO

Feedback, comments or suggestions!

Swati  Bhargavaswati@pouringpounds.comTwitter: @Swats26, @pouringpoundsPlease mention NEF2011 when you join Pouring Pounds so you get a £5y j g y gjoining bonus!

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