PAPERWORK SIMPLIFIED Digitizing the small business invoice space is an obvious solution, but it hasn’t been done yet. We asked why. It turns out all the stakeholders are using different software, different programming languages, and different formats, and no one is interested in adopting a central standard. So we did it for them. Nickler is a digital translator for small business invoices, allowing us to take any invoice, in any format, and seamlessly sync it with their bookkeeping software. Cloud based approval, flagging, and payment on the your mobile phone. Deep SKU level analytics in real time, with no data entry. Sean Sherwood Don Burks February, 2013 www.nickler.biz
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PAPERWORK SIMPLIFIED
Digitizing the small business invoice space is an obvious solution, but it hasn’t been done yet. We asked why.
It turns out all the stakeholders are using different software, different programming languages, and different formats, and no one is interested in adopting a central standard.
So we did it for them.
Nickler is a digital translator for small business invoices, allowing us to take any invoice, in any format, and seamlessly sync it with their bookkeeping software. Cloud based approval, flagging, and payment on the your mobile phone. Deep SKU level analytics in real time, with no data entry.
Sean Sherwood Don BurksFebruary, 2013www.nickler.biz
Sean SherwoodFounder/[email protected]
SINergy Hospitality Group – Founder/CEO“top 50 tables in the world” – CondeNast TravellerGrew from 0 to $6m+ annual sales Mojo4Business SMB Consulting – Founder/CEOAdvising startups, executives, franchises, founders
Don BurksCo-Founder/[email protected]
Metrolyrics.com – Senior DeveloperSentry Payments - DeveloperjQuery A to Z - Author (due Aug 2013)Microsoft Training & Quality Manager
Hard work without talent is a shame, but talent without hard work is a tragedy.- Robert Half
Jeff Magnusson Playerize - Co-Founder/CEORiverStyx (Sentry Payments) - Founder/CEO
David Carley Microsoft - Senior Business Solutions
Garth Shoemaker Intel, Google – Software EngineerPHD - Human Computer Interaction, UBC
Chung Wong Jump2Spot.com - Founder/CEO
Advisors
Stephen Johnstone Boston Pizza Intl - CIO
Data Entry Rules the small business workflow
Small businesses spend upwards of $3500/month on bookkeeping, which is only the manual data entry and reconciliation of invoices and payments. Take away the data entry, and it takes under an hour per month to complete.
The Problem
How are the smart small businesses currently entering their invoices?
The Problem
We decided to
Digitally integrate the small business invoice chain
Supplier Small Business
$$$
Business Model
Nickler has three revenue streams:
Supplier Merchant Account$99 setup fee
$35 monthly fee
Invoice payment transaction feesACH/Direct Deposit transaction fee
Credit Card % fee and transaction fee
Monthly subscription$10/month to integrate Quickbooks with Nickler
$10/month for automated inventory module
Market Size
Over 30 million prospective Nickler usersOver 500k new small businesses start up every year
30 millionNorth American
Small Businesses
Revenue
Monthly Fees
Transaction fee ACH/DD
Transaction fee CC
Average Rev/User
Conversion
20 transactions
$5000 @ 0.2%
Monthly
$10
$5
$10
$25
Annual
$120
$60
$120
$300
Network effects growth model
User
Supplier
Buyer
Individual
Connections
200 SMBs
30 Suppliers
5 SMBs/Suppliers
Conversions
10%
10%
1
Net referrals
20 SMBs
3 Suppliers
1
Focused supplier sales powers the referral loop
User Acquisition
Launch Growth Maturity
Word of mouth, active social media community, evangelist users
Direct Email•Opt in list•Industry associations•Existing network•Direct Sales
SEO•Organic search•Optimized page markup
Channel Partners•Bookkeeping software•Evangelist Users•POS software•Affiliates
PR•Inbound Marketing•Trade shows•Media lists
Advertising•Adwords•Channel Partners•Industry Publications•Webinars
Engineered referral loop with Supplier customer lists
User feedback
“I’ll happily pay for this, are you sure you don’t want to charge for it?” – Jarrod Purnell (Wok Box)
“I need all my suppliers to use this, let me give you a list” – Neil Wyles (Hamilton Street Grill)
“So my investor can log in and see my purchases and cash flow in real time? Awesome” – Torben Sherwood (Valley Games)
“This looks amazing, why hasn’t anyone done this yet?” – (multiple)
“This will revolutionize my business, I’m in” – Neil Anderson (Madrone Custom Millwork)
“Stop talking to me, I need this now, go build it” – Mark Brand (5 venues)
Key CompetitorsExisting and potential
Key Competitor:
• No SKU level tracking• No Analytics• Manual entry required• Documents focus
Potential Entrants:
• Existing user base• Acquire Tradeshift• Evolve GoPayment• History of acquisitions
Advantages
• Deep User Value• SKU / analytics focus• Simple interface• Costs focus
Defensibility
• Integration with all platforms
• SKU integration• Vertical focus
Goals
Development
Expand bookkeepingintegrations
Expand mobile Feature set
Explore Windows/Blackberry
mobile
Operations
Front end Developer
Hot shot Designer
VP Sales
VP Marketing
Promotion
Conventions and tradeshows
Inbound marketing/blogging
PR/Media campaign
Outbound sales campaign
Scaling
North American rollout
Top 200 small business suppliers targeted
Channel partnerships engaged
PAPERWORK SIMPLIFIED
Sean Sherwood Don BurksFebruary, 2013www.nickler.biz
Sean Sherwoodwww.startupathlete.com
Don Burkswww.donburks.com
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