Interview with Michael Rossman, Co-Founder at Free Company Formation App MachFast

MachFast.com is the UK’s first free company registration and current account app. With a few clicks and answers to a few questions, the app registers a company and opens a current account. MachFast is a perfect tool for anyone who wants to set up a UK limited company in no time and start operations as soon as the company is born.

MachFast.com is part of the MachFast Group that is building a business-to-business marketplace where businesses can easily buy products and services with a click of a button.
 

How did you come up with the idea for the company?

 
I am building MachFast group to make life easier for small businesses.

There is no Marks & Spencer’s for business services. Small business owners and managers are short on time and money. Many administrative and operational tasks take time away from growing the business and its revenue base. We solve this challenge.

Our first two services, MachFast.com and EnergyBillKill.com are first-of-a-kind in the UK.

Normally, starting a company takes quite a bit of time and currently, most high street banks are not opening business current accounts for newly formed companies. MachFast is one of the few options for most small businesses to get going as a limited company with an instant business current account. The app uses APIs & Open Banking technologies to materially simplify life for a typical small business owner.

In the same spirit, EnergyBillKill.com is the UK’s first business energy switching app that gets instant business gas and electricity quotes. Unlike home energy switching, business energy switching is an exceptionally time consuming, paper-driven process. Our reduces the entire business energy switching process to a few minutes (it still takes energy companies a few weeks+ to perform the switch). We have removed the switching pain from the business using our tech.

The 2020 Covid-19 pandemic has caused a lot of business disruptions, yet a record number of companies are being started.  We are showing that the power of innovation can solve many small and big challenges in the economy.
 

What advice would you give to other aspiring entrepreneurs?

 
Great question. At MachFast we are publishing a lot of guide on helping new businesses or those about to be born. Starting a company is a fantastic idea, but make sure you do your homework. Understand the marketplace, who the competition is and what are your unique selling points.

Always try to write down on 1 page what your business is about, how much money you may need to get the first, second, third and then repeat customers. Try to use technology to the greatest degree possible. For example, you can set up a Google AdWords account to see who is advertising for your services and how expensive advertising is.

There is a big difference between paying 1 cent per word and GBP/USD 100 per keyword. The first may mean that there are no big players (or even demand) in your chosen area. The second may mean that there are very large (or well-funded) businesses who are attacking/serving the market. In either case, you may have a great opportunity, but it will give you a solid start to understanding your competitive landscape.

Overall, enjoy the experience, be open to learning, be flexibly and meet any business challenge with flexibility and an open mind.

One note of caution. During the pandemic many large companies may be laying off employees. If you are used to the corporate world and you prefer a 9-5 schedule and prefer to narrowly focus on your skills, make sure that the business you are starting fits those requirements.

Most start-ups are a 24-hour enterprise that require energy, agility and interest in stepping outside of one’s comfort zone.
 

 What can we hope to see from MachFast in the future?

 
This is just the beginning for MachFast we plan to launch more tools and software to make the lives of small business owners and entrepreneurs as easy as possible!