Ticket Tailor - Bootstrapping to £6m after selling business to TimeOut and buying it back
Nov 21, 2023
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Jonny White, Founder of Ticket Tailor, built a white labelled ticketing service. He discusses transitioning from services to software, the decision-making process behind selling the business, and the concept of 'growth on purpose'. The podcast also covers potential failures, reflections on bootstrapping, and advice for success.
Building a purpose-driven business drives growth and positive impact in the tech industry.
Bootstrapping a business offers control and personal growth but requires discipline and difficult choices.
Entrepreneurs should continuously reflect and adapt to ensure personal motivations align with the goals of building a purpose-driven business.
Deep dives
Building a Purpose-Driven Business
The podcast episode discusses the importance of building a purpose-driven business in the tech industry. The speaker emphasizes that it is not just about how we do business, but why we do business. They highlight the opportunity to create a purpose-driven business that drives both growth and a positive impact. The episode features the story of Johnny White, the founder and CEO of Ticket Taylor, a successful bootstrap business in the events industry. He shares his journey of starting the business and how it evolved from a freelance web development project to a thriving ticketing platform. White also discusses the challenges and decisions he faced when considering funding and ultimately deciding to sell the company. The episode explores the motivations behind starting and growing a business and the importance of aligning values and purpose throughout the entrepreneurial journey.
Challenges and Rewards of Bootstrapping
The podcast delves into the challenges and rewards of bootstrapping a business. White shares his experience of starting Ticket Taylor with limited resources and gradually building it into a successful venture. He discusses the initial goal of making £2,000 a month to sustain the business and eventually transitioning to full-time entrepreneurship. White reflects on the upsides of bootstrapping, such as being able to maintain control over decision-making and experiencing personal growth. He also reveals the downsides and hidden costs that come with bootstrapping, including the need for discipline, working long hours, and making difficult choices. The episode highlights the importance of finding the right balance between taking risks and growing a business while considering personal motivations and priorities.
Evolving Motivations and Building a Purpose-Driven Culture
The podcast episode explores the evolution of motivations in entrepreneurship and the importance of building a purpose-driven culture. White discusses his experience of selling Ticket Taylor and reevaluating his goals and motivations as the company achieved success. He reflects on the challenges of transitioning from a solo entrepreneur to building a team and the need to articulate the values and principles that drive the business. White shares the process of codifying core values, creating a positive work environment, and aligning the company's growth with making a positive impact. The episode highlights the importance of continuous reflection and adaptation in entrepreneurship to ensure that personal and business motivations align with the goals of building a purpose-driven and successful business.
Building Ticket Taylor as a Bootstrapped Business
The podcast episode features an interview with Johnny, the CEO of Ticket Taylor, a ticketing company. Johnny talks about his experience of starting and running the business as a bootstrapper. He highlights the importance of focusing on customers in the early stages and delaying the decision to hire people. He describes how he found support and inspiration from other bootstrappers and the value of learning from their experiences. He emphasizes the need to trust your gut and align hires with the vision of the business. Johnny also discusses the significance of integrating purpose into the business model, how purpose-driven businesses can drive growth, and the need to be cautious about closing down options.
Transitioning to a Purpose-Driven Business
As Ticket Taylor grows, Johnny realizes the importance of transitioning to a purpose-driven business. He discusses how injecting purpose into the company has transformed his motivation and that of the team. He emphasizes the benefits of having purpose as a driving force, making hiring and retention easier. Johnny outlines his goal of showing that business and purpose can go hand in hand, and that a purpose-driven business can achieve both impact and growth. He also stresses the need for businesses to rethink why they exist and to be aware of the potential risks and blind spots that can impact their success.
Jonny White is the Founder of Ticket Tailor. He was a software engineer who spotted a gap in the market for ticketing systems before building a white labelled service to sell to companies. TimeOut got interested in the tech and that was the start of his wild ride in entrepreneurship.
