Fish3 Limited: Adnan Manzoor
Online free classified service
Tell us what your business does:
aditter.co.uk is an online classified service offering free ad posting. We also assist our users to trade/exchange with people to whom they can ethnically and culturally relate to and can easily communicate with.
Where did the idea for your business come from?
While following sites like gumtree.com I felt that increasingly such sites were becoming expensive and don't offer their users as many opportunities to post ads for free. In addition, they fail to cater to the needs of an ethnically diverse user base. Being an immigrant myself, I feel that I would be more comfortable dealing and negotiating with sellers/users who understand my culture and language.
How did you know there was a market for it?
The market for online classified services is increasing and my research suggested that ad spend by UK users is on the rise. With people spending more time online, a service which can help people to post their ads for free will further increase their user experience. Services like gumtree, oodle and craigslist are already catering to a market which is increasing.
What were you doing before starting up?
I have over seven years of banking experience.
Have you always wanted to run your own business?
Yes. Being an MBA and a free thinker, I always felt that it would be lot better to develop new products and businesses which can bring positive change to society.
How did you raise the money?
So far, I have been using my own savings to fund the business. I expect to receive funding from suitable venture capitalists and angel investors who can help me to get to the next stage.
What challenges have you faced and how have you overcome them?
Being a non-tech person, the most challenging thing for me was to deal with the developers to create the site according to our business model. I feel that developers lack the understanding of the business side of any project.
Another challenge and probably the biggest challenge to still overcome is to arrange further financing for this and our upcoming projects. Until now I have not been able to secure external funding and believe that it may be quite a significant challenge to overcome.
How much do you charge?
Our services are primarily free.
What was your first big breakthrough?
My first breakthrough was the launch of our website. I believe that our primary focus was to develop a website which fulfils our business requirements. Becoming successful in developing the site which corresponds to our model is our first big breakthrough.
What advice would you give to budding entrepreneurs?
Believe in yourself.
Where do you want to be in five years' time?
In five years’ time, I aim to extend our reach to over five million users. We are also in the process of developing a location based service.