Saturday, 25 July 2015

Diary of a Startup - Crowdfunding [Part 1]



Introduction

The UK legal services market alone is valued at an estimated £29.3bn. With an IRN consumer survey (2015) showing 40% of respondents would be attracted by the convenience and low cost of online legal services, and 86% of the UK adult population now using the internet, we believe this is a compelling market for disruption.

Our test marketing in the UK generated over 125,000 website visitors per day, which exceeds those of top international law firms. The company also has a projected EBITDA of £2m in three years' time. A P/E of 4 gives a company valuation of £8m for this period.

In addition to this, we have already had considerable interest from major corporations and charities both at home and abroad, including Paramount Pictures and the Citizens Advice Bureau.


Who are we?

We are a small team of passionate, tech savvy social entrepreneurs looking to democratise access to legal help and advice in the wake of the legal aid cuts. Our founder is an online pioneer, whose credits include building the first legal services comparison website. Together, we have unrivalled expertise in both the online environment and the practice of law. Our project has also been fortunate enough to attract Draper Esprit as an adviser.


What will we be offering?

-       Advice in the 8 key areas of UK law (property, employment, contract, family (incl. probate), motoring, criminal, personal injury and business) … with more due in the future.
-       Via internet portal and mobile app - Apple/Android platforms.
-       Pay-as-you-go at £0.60ppm (with no tie-in).
-       Instant access with social media signup.
-       Free legal guides in each practice area.
-       Video link and Satellite service coming soon …


How will we achieve this?

Changes to UK legal services legislation means companies can now provide advice without all the constraints suffered by traditional law firms. This crucially includes the ability to accept third-party development funding. So for the first time, the legal industry is a level playing field ripe for client focused innovation.

-       We intend to develop and patent our own software, and expect a build time of approximately 7 months.
-       We have already undertaken significant market research and designed the templates for our website.
-       We intend to create a viral video campaign to advertise our services.
-       We already hold the Quegal trademark in the UK, together with the relevant company domain names.
-       We aim to raise a minimum of £150,000 in this round.


What makes this investment so special?

-       It is primarily a project for social good.
-       We intend to create deprived area jobs using local people.
-       And to train students from the university law school on our doorstep.
-       Not to mention being a UK based world first!


How is our company different?

A lack of diversification by established online retailers, together with a persistent unwillingness by the profession to regulate quality, reduce costs, simplify advice and offer greater accessibility, will allow us to secure a considerable niche market share.

-       The speed of response by our team (with free support).
-       A fraction of the cost of legal insurance schemes, telephone helplines or other web based services.
-       Quality provision across the board.
-       Accessibility options built into our website and apps.
-       Ease of use guaranteed.
-       It puts you in control.


Are we offering any perks?

-       Limited edition viral video branded t-shirts and animated screensavers will be available for specific levels of investment.


Where can you find us online?

-       Our campaign website (with links to social media channels) is now online at Quegal.com. We will be regularly updating this with new content as our crowdfunding launch approaches.



If you would like more information about our project please contact us.



Wednesday, 15 July 2015

Diary of a Startup - Crowdfunding


 


Hello everyone, over the next few months I will be regularly documenting the crowdfunding of our Quegal.com project here on my blog.

This will include an in-depth look at all the steps we take to build and market an offering from start to finish. From pitch deck text and financial projections to social media campaigns and viral videos.

It is also an opportunity for you to interact with us during the planning stages, to ensure our project closely meets all of your needs.

My hope is that this will then serve as a blueprint for those planning their own crowdfunding in the future.

With that in mind, we will begin with the anatomy of a crowdfunding campaign text. As it particularly suits our project focus, this will be in the form of a Q&A session.

This is not only a great way of analysing your business model, but also gathering valuable feedback from potential customers and those working with you on the project.

Whilst we put the finishing touches to this, please do also come and join us on Facebook and Twitter, where you will find regular legal updates for both the consumer and business.