Our Great British Entrepreneur Challenge is up and running. It offers start-up bosses a life-changing opportunity to win up to £50, 000 in seed mentoring and funding from a high angel buyer Andy Yates. But don’t simply take our word for it. Last year’s winner Lee Flavin scooped the entire £50,000 to accelerate his business RateSwitch, which helps mortgage owners find very good rates from their existing lenders – even if their family or financial circumstances have transformed.
While the cash reward provided an essential financial injection to the business, Flavin said the mentoring and networking opportunities provided by Yates were equally invaluable. Since winning your competition, the business has doubled in size, has made new hires, and revamped its website. Flavin caught up with That is Money to go over how his business changed almost a calendar year after winning the task. 1. Why did you enter the fantastic British Entrepreneur Challenge?
I knew my mortgage switching business RateSwitch got much promise. It had been already proven to save homeowners life changing amounts of money on the mortgages, often within hours and even if their personal circumstances experienced transformed. At the same time I realized I needed specialist help and support to get RateSwitch to another level and to help so much more homeowners. Like so many entrepreneurs, I have never run an ongoing business before and I needed help from somebody that experienced seen it, done it and realized what must be done to make it. Have you got an ongoing business idea?
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Who wants to be always a successful business owner? 2. How have the mentoring and the seed investment helped your business? The seed financing has been fantastic, helping me to totally revamp the RateSwitch website and proposition to help all types of homeowners cut costs efficiently. It was important to focus on RateSwitch can help homeowners if their income even, family or other circumstances got 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 have been completely invaluable and without him I wouldn’t have been able to achieve what I have achieved. WHILE I fulfilled Andy Yates as part of the short listing process for the challenge, we clicked.
I knew we could interact well – which is really the most crucial thing for any entrepreneur when they are looking for help and support. I used to be so thrilled to learn that I had gained. I knew that people could take RateSwitch to new levels collectively. The result of all this support – we’ve doubled how big is the business taken on new staff and provided a genuine platform for some exciting growth.
3. Did any concerns are had by you? My only concern was if Andy could have the time to really provide me with the proactive support and help. I needn’t have worried. Andy has always been there for me once I needed him – through the ups and downs of growing a successful business.
4. How ‘hands-on’ are Andy and his team? Andy has provided the right level of help when I have needed it – and it is fair to state he has also gone the excess mile for me personally. It has included useful day-to-day help and support predicated on all his connection with running and growing a successful business, through to key introductions and proper input to get me really motoring. I possibly could not have asked for more. 5. What business lessons have you learnt within the last is under Andy’s tutelage? To spend enough time focusing on the business not always available.
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