Rebuilding a software business

Why am I writing this?

Because we (mainly me) have made a lot of mistakes in our journey so far and I hope by sharing this it might help other startups and existing businesses avoid making them. Plus it’s good for me to write it down and be honest about where we’ve gone wrong and how we are putting it right.

The journey begins here

It was February 2014 that we stopped talking and started doing.

We had the idea of creating an events platform for business events a few months before that and had been chewing the fat on how we’d do it and more importantly why we were doing it. Research and experience told us that this was a crowded marketplace, but we knew we could fill a gap that we’d spotted.

Our minimum viable product was launched in January 2015 and we started with some fantastic new business wins. We’d always bootstrapped so we didn’t have the vast sales, marketing and development budgets some of our competitors enjoyed.

Although we’d started off well, by mid 2015 we had to make a difficult decision. We all had young families to feed so we had to go and earn some money elsewhere and work on Mitingu in our spare time.

Then in December 2015 we had an enquiry from a global business that wanted a white label events platform to run their events across all locations. In a nutshell, it would be a game changer.

The first week of 2016 we got the fantastic news that we had won the business!!

We were on our way to riches! This was much easier than we thought!

A few months later we won another large account. Wow! We were truly on our way as we’d been regularly picking up and retaining new clients along the way.

WRONG!

We spent all of our time devoted to looking after a small number of large customers. Sure, they spent well but we ended up developing a platform specifically for them and lost sight of the bigger picture. We effectively became a software development business for a few large businesses.

That wasn’t their fault, it was ours.

2018

Fast forward to 2018 and with growth stagnating over the previous 12 months, we got the unsurprising news that our two largest clients were regrettably going elsewhere. We’d lost our way after such a great start and my motivation was at an all time low.

In autumn 2018 we had a decision to make. Do we carry on or do we call it a day?

We and I had recognised the mistakes we’d made, we knew we had the makings of a great business and decided we’d carry on, effectively from a clean slate and build the business.

2019

We started 2019 knowing it would be a year of planning and getting back on track. Personally, I was under no illusions how tough it would be, but as a team we were up for the challenge.

It started well with some quick wins and some longer term contracts signed. Cashflow was always going to be tight and because of it, I (not we) took on a one off project that I shouldn’t have. It took up 4 months of my time and at least 2 months of development time. It ended up being a very costly project both in terms of time, resource and money.

By late autumn (that time of year again) we had a decision to make again. We had an offer in to buy the business. I liked the company and people who had made the offer and it would have meant Mitingu becoming part of their business. The answer was yes all the way until the last minute when we (Mitingu is a team) decided we could build a great business and we wanted to do it alone.

We spoke together as a team and went through everything we wanted to achieve and whether we could achieve all of that as part of another business. We used the Christmas break to think long and hard about what we wanted to do.

2020

Happy New Year! Let’s do this

To cut a long story short, we decided that with a renewed focus, plan and help from friends and family that Mitingu would control its own destiny and we were going to make it happen.

We had a plan, a new structure that we were sticking to and a huge focus on the business’s key metrics to keep up on track and highly motivated.

January - we were over target, both revenue and new business wins

February - we were over target, again both revenue and new business wins

March - was all going great, new business won and then the reality of a virus called COVID 19 hit home.

I’m writing this is the middle of the worst global pandemic for 100 years. No one had prepared for it and the destruction, misery and loss it would cause to people’s lives. Business has been affected across many sectors including the live events industry which has been decimated. It will bounce back but right now the most important thing is staying healthy with your loved ones. Thank you NHS and all our key workers, you are amazing.

We have some amazing things planned for 2020 and when we come out of the current crisis, the business will be ready. Mitingu 2.0 is due for release in the summer. We can’t wait for that as it will be a game changer for us and our clients. I’ll share more details on that in the coming weeks.

What we did wrong

We made lots of mistakes, but I think that these were the biggest and main contributors to our struggles.

1. We lost sight of our goals and plan - we chased the money.

2. I got distracted - other opportunities and things going on outside work took my attention away from Mitingu.

3. We introduced far too many features to the platform without adequate planning and testing after agreeing unrealistic deadlines to keep the client happy (this was a huge mistake).

4. We overpromised and underdelivered. Despite our mantra of amazing customer service, we’d bitten off more than we could chew and we’d let if affect the one thing we were very good at.

5. Most of our revenue was coming from a small number of clients which left us incredibly vulnerable.

What we’re doing about it

I recognised that I am not superman or anything remotely close. It doesn’t matter how many hours I work if there is no clear plan and goals.

I decided to get help… to bring people in from the outside who could see the wood for the trees and help the team and I create good plans with clear goals that we could measure against. They keep me focused and more importantly, they bring accountability.

1. We have an updated business plan that the team has all had input into and agreed

2. We have organised our tasks in a clearer and structured way

3. We’ve building documented processes for the whole business

4. We’re adding to the team to strengthen

5. We view and review our key performance indicators daily to make sure we are on track

6. We don’t take on any custom development that will veer us off course - we have a plan and roadmap and we’re sticking to it

7. We’ve got a great team, that are all on the same page and all share the same goals for the business - this is key to success

A positive outlook

Despite what’s currently going on in the world, we remain positive that once the live events industry resumes we will have an even stronger proposition. Staying positive is absolutely key to building a successful business and life.

I’m going to add regular posts to this blog, giving updates on our particular rebuilding journey. It’s definitely good for me and I hope it can help others to avoid some of the mistakes we’ve made along the way.

Start small, think big

A child’s first steps, just a few at first then within no time they are running; a business winning its first customer and then gaining more in the first few months, they’ve started small, but thought big.

When you're starting out in business, whether your aspirations are for a lifestyle business or to become the next Apple, there will nearly always be a staged approach to growth.

There is a real need for a plan! It’s critical to know where you are going and how you’re going to get there. You also have to have a firm grip on finances. Know how much money you’ve got, need to spend now and in the future, it helps to know that when you are shaping your objectives and goals.

It's worth saying at this point that I'm not a business coach (get one if you can, they can help you fly), but I have learnt some important lessons with Mitingu and previous businesses that I've been involved with. It's also a bit of self therapy writing this as it reminds me of what I have to focus on to get Mitingu where we want it to be and to keep my feet on the ground when it comes to realistic expectations.

It's been over 18 months since we launched out of private BETA into the big wide world. We’ve made great strides and are working with some fantastic businesses. It's been a roller coaster of a ride, but the team and our families have great belief that we will achieve our goals.

Dream big, but make sure you do it in baby steps!

Zero to hero #2

Last month we promised you a bare all monthly post about our journey as a start up and how we've targeted £20k a month by March 2016. I'll be honest, right now that seems a big number, but we've always aimed big.

October 2015 saw us invoice circa £1500 so you can see that we have some real hard work ahead of us! The good news is that we picked up a new white label account and had six new pay as you go accounts. I know Eventbrite won't be quaking in their boots just yet, but give us a chance!

As I previously mentioned, all three partners of Mitingu have day jobs to pay for everyday life and to invest in Mitingu so our talented development team are well looked after and get rewarded for their amazing work. That does present a bit of a challenge because it means the hours we put into our business comes after a full days graft at someone else's. The only thing I have to say about that is that it's a whole lot easier when you're as passionate about Mitingu as we are and have great belief in it as a product. Also having an understanding family and friends helps enormously. They put up with seeing less of us during this time, their support,  encouragement and faith in Mitingu is invaluable. 

 

What we tried last month and what the results were like

Networking

Last month, we went to our first ever networking event. I have to say that it was surprisingly good! We made some really useful contacts and it was an education listening to how different people adopt different angles on promoting their business. The upshot of it was that we are now talking to an event management agency who are interested in the white label platform for a number of their corporate clients. We'll definitely be doing that again! 

Emails

We haven't got out as many as we'd like. The results we get from emails are generally really good, so we know it's a channel that's worth pursuing. To make us stick to it I will set a minimum target of 100 (we prefer to research and target rather than buy lists) personalised emails sent out by the middle of December 2015.

We have a number of active prospects from previous email sends, so we know it is worth doing.

Face to face meetings

These are my personal favourite, but right now we are limited to early morning/evenings. The good news nowadays, with dynamic and flexible working becoming more and more accepted as business are seeing the benefits of allowing staff flexibility in structuring their working week, is that we are still managing to get out and meet people.

Face to face meetings give us the chance to properly engage and build rapport with prospective or existing clients. I've always enjoyed business development so that's probably why it's my favourite method of engaging with clients. It's always much easier to gauge the level of interest and when a decision will be made from meeting them in person.

Online demos

We've had some interest from the US and Canada this month, so the only tenable way of demoing Mitingu is via the web. It's a great way of showcasing our product, but does have limitations as it's a bit tricky sometimes to gauge interest if you're not sitting in the same room.

That said, we'll persevere with them as we have won business from online demos in the past and I'm sure if we fine tune our approach, we'll win lots more.

Social media and blog posts

We go for the quality and not quantity approach mainly as we've not had as much time as we'd like to devote to Twitter and LinkedIn in particular.  The posts and tweets we have put out there have been well received and it's definitely something we will continue as it obviously helps to get our name out there and shows we have real passion for the events industry, marketing and start ups.

The most important thing is for us to stay passionate, enthusiastic and together as a team. We meet and talk regularly which helps us stay connected and keep on track. We are ready to take Mitingu to the events industry and know that we can make a positive impact.

Our message to any other start ups or in fact anyone at all reading this is to keep the faith and never give up!

Zero to hero #1

Growing a startup...the hard, but fun way

When we launched Mitingu, our online event registration and communications platform in January 2015, we were all super enthusiastic (we still are) about what we had created and how it could bring something new to the business events market.

There could even have been an element of "if you build it they will come" in the way we were thinking. Lesson 1 - that just doesn't happen if nobody knows about it!

We quickly realised that without money to support ongoing marketing communication programmes that you've got to do it the hard way and utilise the resources that you've already got.

There's a balancing act too. It's important to develop your product or service to a state where it's usable and sellable, but you need to tell people about it too. At Mitingu, the only investment we've had has come out of our own pockets, so we've had to manage funds really carefully. At this point, it's worth saying that we have gone out and found other income streams whilst we build Mitingu so that we can pay our mortgages and feed our families...there's no shame in that.

I'll get to the point!

I have decided to share our experiences in growing our start up, including all the high and low points from today. Here goes...

Our first target - £20k per month revenue by march 2016

How we get there and what we've learnt so far

We have a great product, we know that from user feedback. We just need to get it in front of more people.

We've tried a number of different marketing channels and I am convinced that a combination of them all is the way forward. I've read lots of stories about people no longer doing any outbound activities and getting plenty of business coming in via the social media channels. I take my hat off to them. In our case, it's definitely a combination of getting a consistent message out there and staying active to keep the pipeline growing. The best bit of advice I was ever given in my early sales days was to keep activity levels high and success will come.

Here's what we've used so far...

Emails - do your research and send out personalised emails which show the recipient you have taken the time to look at their business and tailor your message to show how your product or service can help them and their business. Talk about them, not you.

Blog - Blogging is new to me, but it definitely works. Don't expect a huge following or response overnight, but keep posting relevant and interesting stuff in tune with your market and you'll start to see some growth.

Ads - We've used Google Ads and Twitter Ads and we're going to give LinkedIn and Facebook a try. Google Ads are great, but if you're in a competitive market like us, they can get pricey. Make sure you've got your strategy right and keep a close eye on what's working and refine where necessary. Twitter Ads are more affordable and have shown some really encouraging results so far.

Networking - It can be pretty daunting walking into a room full of people you've never met before. This is something we're just about to start, so I'll feedback soon. It's one of the best ways to get your story out there, so bite the bullet and go for it. The few events I have attended so far have resulted in leads and actual business, so I am sold on it.

Demos - Selling the demo and not the product or service has also been a good route for us. There is no hard sell and if you've done your homework, then your prospect has a real need for your product or service and if you tailor the demo to that requirement then you'll win more than you lose.

Social media - We've focussed on Twitter and have seen some promising results. It has taken time to build the right following, but it's something we will be sticking with. LinkedIn is also something we plan to ramp up as it's one of the first places people in business refer to.

Those are just some methods we've used so far. We've also have some great referrals, face to face meetings, but the point here is to use what's available to you without spending money you don't necessarily have.

We'll keep this transparent, so at the end of the month I'll put up where we are against our target and what has worked for us and what hasn't.

Have a great month.