We have officially reached the 2-month mark after ToolMates Hire launched back in August!
In this video, Mirek–who has had much experience starting a business–gives an overview of the past 2 months. He includes what goals the team had in the beginning, what strategies were implemented to reach the goals, and whether the goals have been reached as of yet.
Mirek states about starting a business in the online marketplace: “I have had experience starting a business in the past, but never an online business. This has been a unique challenge because starting a business, a physical business that is, requires far less IT knowledge.”
In the past several months, Mirek grew the team at ToolMates Hire to make this startup a success, and made sure to advance his own IT knowledge along the way.
Initial goals for the 2-month benchmark:
- Gain 50 new registrations
- Have 10 active users
- Create brand awareness
The ToolMates Hire team focused on:
- Distributing leaflets (around South Sydney for optimum targeted audience impact);
- Sending media releases to newspapers and magazines to gain publicity;
- Attending the Better Homes & Gardens Exhibition, and planning to attend similar exhibitions in the future;
- Online marketing tactics including Google AdWords, Facebook, Instagram, display network ads;
- AND Building our social media presence including gaining popularity on Facebook, engaging with users on Instagram, and even using Snapchat. We focused on reaching people who were interested in starting a business and also those interested in DIY and home improvement.
Those efforts produced the following results based on our initial goals.
Goal: 50 new registrations
Result: 64 new registrations. 40 of these were gained during the Better Homes & Gardens Exhibition event, 2 were gained through the flyer distribution, and the rest we attribute to online ads and word-of-mouth.
Goal: 10 active members
Result: 5 active members. These 5 members are people that actively transact, add tools, or search the site for tools. This is the largest challenge ToolMates is facing currently: turning registrations into active users. It is possible, since we are targeting users interested in starting a business, or interested in existing startups, that the registrations are not the right people who will convert in the future. The other possible problem is that the “tool-add” feature is not yet user friendly. We are currently working on solving this by making the adding process quicker and also enabling bulk upload for multiple photos at once.
Goal: Brand Awareness
Result: 930+ followers on our Facebook, thousands of people reached by our posts and even more impressions, some correspondence with community organisations and newspapers, and active correspondence + planned partnerships with social influencers.
In summary, we are continuing to look for feedback from our community of Tool Mates. We are hoping that these articles and company updates will be of some help to others interested in starting a business. Please don’t hesitate to reach out to us to hear more about our journey as a start up in Sydney.