Leitrim Business Network Presentation - Bullet Online Accounting and Payroll Software

1. John Farrelly
john@bullethq.com / @johnnyleitrim
1st October 2013

2. Agenda
• Why/How we started the company
• Growing pains
• Lessons learned

3. Products

4. Why did we start Bullet?
• Do we really need more accounting software?
• Forgetful accountant!
• Alternatives require knowledge

5. How are we different?
No accounting knowledge required

6. How are we different?
Payroll Included

7. How are we different?
To-do Lists

8. How are we different?
Tracking Mileage & Expenses
• People want to reduce tax
• Mileage & Expenses
• E.g. Manorhamilton to Cork - €197
• People thought it’s hassle and forgetting

9. How are we different?
Tracking Expenses

10. How are we different?
Tracking Mileage

11. How are we different?
Expense Automatically Tracked

12. Growth
Niche Focus
• Cant out-market the incumbents
• Tech startups
• Media Spotlight – easier to get onboard
• Expect everything as easy as FB
• Dublin Beta
• Won the peoples choice award (PR)

13. Growth
“Started for €1,400”
• Risky – do we damage trust?
• Good news story – inspire people
• Irish times & SiliconRepublic – brand
awareness

14. Growth
Support and Empowerment
• Make support really easy
• People felt empowered when their ideas got
included.
• Increased referrals

15. Growth
The right people

16. Growth
€100K grant ebook
• We found it confusing, so did others
• Helpful timetable not available elsewhere
• Got contributions from big names
• Long time to write – collecting the information

17. Growth
Ebook – pay with a tweet

18. Growth
€100K grant ebook
• Reached lots of people – building brand
awareness and trust.
• Full page article in the Irish times
• Guest on Newstalk down to business with
Bobby Kerr

19. Lessons Learned
Market Research
• Pitching product vs. the right questions
• Hello Bullet, Goodbye Accountant
• Product/Market fit
• Ash Muarya – Blog & Running Lean

20. Lessons Learned
Targeting Pain Points
• Fear vs. Greed
• Make the user feel smart

21. Lessons Learned
Use examples
• Teaching people something they don’t
understand
• People didn’t understand expenses
• Mileage calculator – values didn’t mean
anything to them
• “Get a free sales guy” page

22. Lessons Learned
Personal Stuff
• “Sleep is for wimps”
• Emotional value of co-founders
• Dealing with boring tasks
• Pomodoro Technique

23. Questions & Answers