smallbusiness.co.uk: Helping your business think big

Email a Friend

Hot property

Nitzan Yudan began work on property rental website Flat-Club two years ago and is set for a turnover of £1.2 million in his first year of trading.

Nitzan Yudan began work on property rental website Flat-Club two years ago and is set for a turnover of £1.2 million in his first year of trading.

What is the big idea?

There has been a boom in new ventures that create a market for social travel and places to stay – a spare room, a house when the owners are on holiday or even a tent in the desert. Flat-Club allows private hosts to post their properties to selected members of their social networks in a win-win situation for all – guests are saving up to 80 per cent on hotel prices and hosts are generating extra income from lodgers they can trust. And I take a commission.

How does the site interact with social media?

We recently launched an application whereby, if permissions are in place, the site can tap into a user’s Facebook account and identify information such as which networks the user belongs to, eg London Business School, professional networks, etc. This is beneficial for both hosts and guests – for hosts because they can research potential guests before agreeing to let their place; for guests this application allows them to increase access to the flats they can view, as when hosts post flats they can specify which users can view the posting ie members of the London Business School network or of the Harvard Business Network, etc.

How was Flat-Club financed?

We raised seed financing 18 months ago, and again a few weeks ago. The latest seed funds will be used to support the company’s growth in the next six months. We also plan to do a VC round of £1.5 million in the next few months. We are already in talks with a few funds, and as the company is successfully hitting its targets, we hope to complete this VC round soon.

How was it marketed?

We have relied on social media and word of mouth. In terms of offline activities, Flat-Club has campus managers in each business school where the website has been launched. These are people who help the company spread the word through emails, leaflets, sponsorships to events, etc. The company also offers special promotions to loyal customers such as free tickets to events, such as the Champions League semi-final.

What next?

Next up is to roll out the concept to other cities. Currently London is our main hub, but we want to expand to Europe, as well as the US.

See also: Making the right property decisions

Related topics: Flat-Club, Nitzan Yudan

Previous article

Playing the game

Next article

A snack on track

Post a comment

Related

News | Management

Property guide opens doors for small businesses

News | Management

Guide to renting property

News | Law

Protect your intellectual property

News | Law

Intellectual property aid for Welsh SMEs

Small Business Offers

  • Compare business insurance quotes

    Tailor your policy, compare quotes and buy in minutes! Up to 50% No Claims Discount. Compare quotes or call 0845-0723340 today.

  • Making a connection

    A free small business guide to communication technology, brought to you by Vonage and SmallBusiness.co.uk.

  • Want to process payments on your website?

    Accept credit cards online via our secure, stable and easy gateway. Sign up now for summer savings – no setup fee, no monthly fees until September.

  • The smarter way to get cash flowing

    Running a business can be challenging so it’s important to ensure that you choose a funding solution that keeps you firmly in control while providing the flexibility to grow.

  • Content Choices from SmallBusiness

    Receive regular guides, whitepapers and advice to help you start and run a successful business.

More from Small Business

Financing a Business
Why HMRC checks are manageable for your small business

Why HMRC checks are manageable for your small business

Neil Tipping explains the process of HMRC Business Records Checks and what demands are made...  

Running a Business
Advice for those considering buying a B&B

Advice for those considering buying a B&B

Here, Gareth Smyth looks at the key things to weigh up before purchasing a bed...  

News
Call to bring entrepreneurship into the classroom

Call to bring entrepreneurship into the classroom

Britain lacks the kind of education that facilitates entrepreneurship and innovation, a research report finds. ...  

Blog
Public source data and Scottish independence

Public source data and Scottish independence

The uncertainty surrounding Scottish independence leaves a question mark hanging over the future of public...