We Trade It: Nick Moore
Online marketplace, business directory and social networking site
Tell us what your business does:
Wetradeit.com is an online business community where SMEs and start-ups trade services and products to other companies, using points not cash. It brings businesses together to share insights and provides a network of new customers and suppliers, while offering advice resources and forums.
Where did the idea for your business come from?
It was born from frustration with the complex and expensive barter and trading sites currently available, which we felt were not adequately geared up to work with and support UK SME’s and start-ups. This combined with the huge increase in the use of social networking sites for business and communication gave us the inspiration to set up We Trade It.
How did you know there was a market for it?
A combination of personal experience and extensive research. Having run a start-up publishing business for 5 years, I understand the challenges of our target market. Also, within our publishing business we are regularly approached by advertisers to swap media exposure for product or services. Having researched the current online solutions available, We Trade It incorporates all the positives of these sites in a simple, affordable community with an effective support team available to all members.
What were you doing before starting up?
I began my career working in media, working for some of the UK’s biggest consumer magazine publishers in commercial and management-focused roles. In 2007, I set up One Media & Creative, a publishing agency specialising in targeted consumer and customer magazines. In order to facilitate its growth, I sold the company to the Markerstudy Group, who are behind We Trade It.
Have you always wanted to run your own business?
Yes, as after spending years working for large national brands and learning from some fantastic people, I wanted to use my knowledge, enthusiasm and determination with an idea I believe 100 per cent in.
How did you raise the money?
We are funded by our parent company, the Markerstudy Group.
What challenges have you faced and how have you overcome them?
I think for any start-up business, its success relies on its reputation. Trust, credibility and effectiveness are crucial and initially the challenge was to convince early adopters that we met these markers. This is becoming easier by the day as more and more businesses experience the benefits of being a member.
Describe your business model and how you make money:
Our members pay a registration fee to join the site and renew annually – that’s how we generate our revenue.
What was your first big breakthrough?
Getting an investor to believe in us and our idea, then finding the right development team who could launch the product.
What advice would you give to budding entrepreneurs?
That being a good entrepreneur isn’t just measured by your businesses successes – it’s about how you overcome the hurdles and manage the knock-backs, which enable you to move forward.
Where do you want to be in five years’ time?
Following the successful UK launch of WeTradeit.com we plan to actively market the site worldwide at the end of year two. This will allow our UK members to trade and interact effectively and securely with businesses across the globe.