Time ETC is a UK based company which works solely on the internet. The entrepreneur, Barnaby Lashbrooke launched Time ETC in the year 2012. Previously he used to work in the company SupaNames, which was a web hosting company with 24,000 customers. Time ETC, on the other hand, offers highly talented assistance and remote help to busy and time-strapped business owners.
The company is based on the concept of virtual working force, i.e. it provides services to freelancers and client across the globe by working online. The business launched in the USA and observed that the American market had gracefully accepted the concept of “virtual workforce. The company felt demand of the type of work they were doing depending solely on the internet. After reaching success in the US and the UK, it is keen to expand its boundaries in Canada and Australia.
Technology Did It All
The founder thinks that all that led to the success of his company was the world exposure through the internet. Reliable and affordable internet access globally made them find more and more qualified freelancers.
The company enjoys a revenue of £1.5m and hopes to hit £3m in the coming three years with expansion in the international market. The Company is also motivated and looking forward to expanding their services.
Challenges Through the Journey
The founders and workers of Time ETC observed that they soon need to change their business model. The model they created in the starting is not working well for the business scenario and is killing the growth. Although changing the entire business model is a lot more challenging as it seems it is worth make it happen.
The founder sold his first business in web hosting to a UK plc for a multimillion-pound and invested that amount into Time ETC. The founder realizes that the startup didn’t need this much of investment at the beginning. He realized that this investment was a big mistake for him. He also realized that he didn’t initiate the business cost- effectively and cleverly.
Market for Time ETC in the Coming Three Years
The industry is worth $1bn today and is expected to grow to about $5bn in the next three to five years with rapid growth. The founder believes that small and medium business owners who like bootstrap their enterprise will opt for freelancers making virtual employees more prolific. Many small and medium businesses are already outsourcing freelancers for many IT management profiles, HR and also for web designers.
Advice for the Young Entrepreneurs
Barnaby’s advice to the young entrepreneurs is, many of the business starters focus on the finance a lot then it is required for business. According to him borrowing a lot of money from the banks or looking for investors will not make it out entirely. He says that starting your own business without breaking the bank is entirely possible. Entrepreneurs should not be obsessed with the fact about from where the next round of money come. He also would like to advise that a business should only be established if there is the demand in the market.