Revenue: $2,774,565
Founder(s): Andrew Branson, Richard Branson
Industry: Telecommunications
Head Office: Victoria
Employees: 10
Website: www.iftelecom.com.au
Andrew and Richard Branson began IF Telecom after noticing a distinct lack in the market for telecommunications companies specifically designed to cater for SMEs.
"These SME's were being neglected and this often meant that they were paying over the odds for very poor (if any) service. We wanted to change this trend and give SMEs a solution that they could trust at competitive prices, which would allow them to spend time on what's important - growing their own business."
The pair started the business using personal savings, along with a small loan from their parents, while they were still in their early 20s. Now the company turns over nearly $3 million, a success the pair believes is partly due to its talented staff.
"The working environment within our office is one of the most motivating parts because everybody truly loves what they do."
MOST CHALLENGING PART OF STARTING YOUR BUSINESS:
"Cashflow. We probably underestimated the cost of sales and this delayed our growth especially in the first one to two years. At times this meant juggling personal money, credit cards and all sorts. We learnt that proper budgeting could not be ignored and that there was also a danger in trying to grow too fast."
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