Thank you so much to all of you who contributed to making our first fundraise a great success!
We are using those funds to greatly automate our client on-boarding process. Not only will this technology save a great deal of what is now very manual labor, but we expect, without adding marketing costs, it will greatly increase our rate of new client acquisition. I am hoping that by the end of March this technology is in place, and we will begin to see the benefits by end of April
Without spending a dime on marketing, we are adding 40 - 60 new clients each month. But we actually get over 500 signups per month! While I know we aren't ever going to get a 100% signup-to-client conversion-rate, I do believe that automating our on-boarding could double or even triple our rate of client acquisition, and lower our acquisition costs.
If we are successful in both reducing labor costs and increasing new client acquisition, then we will be able to consider a new fundraise - this time for equity (stock) in Payroll4Free.com. If and when we do sell stock, there will be some special advantages offered to those who were so helpful in our first campaign.
We have also just begun to market a cooperative relationship with banks, both large and small, which would benefit our clients by removing our security deposit requirements and our fees for the direct deposit service, benefit the banks by our referrals of clients to those cooperating banks, and benefit Payroll4Free.com by the advertising revenue we would receive from those banks.
In addition, we have started to Beta Test our accounting package for small businesses, and we have a Federal Trademark on the name BizBooks4Free.com. When released, this will not only be a big plus for the small businesses we serve, but it will also increase the number of ad impressions to the clients, making us that much more valuable to our advertisers.
Stay tuned for more updates on all our progress, as well as the details of the perks for those who qualified!
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