Powered Now aims to revolutionise an entire industry. This is the field trade industry (plumbers, gas engineers, builders, electricians, roofers, joiners and many more) and Powered Now is introducing mass computerisation of administration in this field.
Powered Now is a software application, aimed at making the working lives of this industry easier. Currently available for iPhone, iPad and Android (with Mac and Windows on the way) its users can:
- Manage their staff
- Create appointments
- Communitate with their customers
- Manage projects
- Create great looking and customisable quotes, job sheets and invoices
- Get paid quicker and win more work
- And much more…
This industry offers a potentially large B2B opportunity coming from the rise of smart mobile devices and Powered Now has strong evidence that this is the case. Powered Now’s estimated market sizing, based on top down and bottom up research methods, highlights the addressable market as between £2.2bn and £2.3bn per annum.
The product has already been built, embracing estimating, quotations, invoicing, payment and diary management. It is being used by over 500 paying, highly enthusiastic customers and around 2% of the entire UK trade industry have already been enticed to download an app and register their details with Powered Now in a handful of months.
Deloitte are forecasting that in 2015 a billion smartphones will be sold worldwide, in a market with an average 2 year retention period for phones.
Powered Now believes that the biggest single mobile B2B opportunity lies in the field trade world due to its inherently mobile nature.
What customers say
- “Simply brilliant and getting better” 5* – Mark Box, Electrician
- “This app has changed the way I do business” 5* – Chris Astley, Plumber
- “This app is perfect, the best tool in the toolbox” 5* – Robert Sanger, Electrician
Average app store rating, 4.5
Results to date
Over 25,000 Cumulative prospects have all downloaded the app and registered their details and started trials. The prospects are continuing to subscribe for months afterwards. There are currently over 500 paying subscribers, this is growing at C20% month on month. As at the end of April 2015, 9% of the subscribing, paying customers for Powered Now were in the USA, despite relatively few efforts to target or adapt the product for this market.
Assuming 50% of prospects are addressable (a low estimate) and taking the proportion of sole traders as 63%, Multi-User prospects as 37%, assuming only the lowest cost Multi-User product was sold and taking life time values (see appendices in the business plan for justification of all of these figures), the potential lifetime value of the 20,000 prospect database is (20k*50%)*(63%*£77+37%*£662) = £2.9m.
Awards and Press
– Winner TNW Microsoft Startup Rally – Best mobile app – 2013- Named ‘Startup of the Year’ by Crowdcube – 2014- Named one of the ‘Best Apps’ and being awarded front page listing by Apple – 2015- Over 7 national press articles including a half page feature in The Times. We have also featured in The Telegraph, Guardian and Sunday Times.- Over 60 mentions in the Trade Press.
Powered Now is being built around a subscription model, providing a predictable revenue stream.
Powered Now has been selling a single user system. Customers (subscribers) are being charged £4.99 per month (including tax where applicable) for use of the service.
A new multi-user system was released at the end of May 2015 and is being charged at £30 + tax per month for up to 3 users and £58 + tax for up to 6 users with discounts for pre-payment quarterly and annually. There has already been uptake of these new pricing tiers.
Due to all of the foregoing, Powered Now believe that the following ex. tax average prices are achievable over time:
- Sole traders, £5 – £10 per month including VAT (£4.17 – £8.33 ex VAT)
- 2 – 3 employees, £35.99 per month including VAT (£29.99 ex VAT)
- 4 – 6 employees, £69.99 per month including VAT (£58.33 ex VAT)
- 10 – 250 employees, £360 per month including VAT (£300 ex VAT)
These numbers are in line with incumbent competition.
Reasons for raising money
Powered Now is positioned with a competitive product alongside market demand. To our knowledge this demand is not yet met by any competitor that is good enough and sufficiently well known to capture the market.
Powered Now has deep understanding of the market and requires funding to accelerate sales, marketing and product development, implementing the next stage of the growth strategy.
Powered Now are raising money for three core areas of growth (full details are available in the business plan):
- Sales and Marketing
- Product Development
- Providing Service and Other