y3sloans

Origins

The main motivation in starting the business was simply to create a better service than that offered in the market. The service issues at the time were dreadful and if simple problems that were evident in other providers could be eliminated, then with heavy marketing, the firm was sure to succeed. Getting the right amount of capital with no previous history was a major challenge but was overcome through the provision of private equity from a business angel.

Success Factor

Establishing a strong working relationship with a highly regarded marketing company, as well as developing an excellent rewards package to attract excellent staff, were both important factors in developing the business. The founders have also stuck to a structured five year business plan, and remained with it throughout that period no matter how tough it became. Although sometimes unrealistic, the company has been pleasantly surprised at the results after the five years were completed.

The Future

The main challenge for the future is to remain number one. Expansion will continue through aggressive marketing and recruitment, and will diversify into providing full services to smaller set-ups around the country. YES currently estimates that it deals with just 10% of its potential customer base and it will continue to obtain further market share by sticking to its original business principals. The company is also aiming to diversify into providing a comprehensive range of services that includes commercial, debt management, unsecured loans and a compliance service to the secured loan market.