Start Up Rank: 28
Revenue: $1,204,800
Founder(s): Nigel Thomson
Industry: Finance and insurance
Head Office: Queensland
Employees: 2
Website: www.fifocapital.com
Many small businesses struggle with debt, so Nigel Thomson began Fifo Capital in order to help them out. The financing company purchases invoices from struggling businesses in order to help with cashflow.
"We don't have lengthy contracts with our customers and they are free to use us when they like - flexibility and simplicity is the key."
The franchise now has 11 operations across the country, and recorded $1.2 million in revenue last year. Educating the market was hard, Thomson says, but being recognised by accountancy and brokerage organisations has helped the company grow - and experience some humorous proposals.
"Some of the financing scenarios we get presented with are hilarious - the funniest being a brothel - they clearly didn't have any invoices to sell!"
TIP TO ENTREPRENEURS:
"Don't expect an overnight success. If you bring something new to the market, it will take time before people notice and you have to believe that you will get there in the end."
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