They say if you do what you love and you will never work a day in your life. For some of us, that’s easier said than done but for Prezzee founders, Matt Hoggett and Claire Morris, it has been a phrase that has rung true. The Sydney based duo work in the gifting industry and they love what they do.
Q. Starting a new business can be hard, what have been the highs and lows?
Claire: One of the highs was definitely securing Myer and JB Hi-Fi – this signified a big leap and assurance that we were onto a unique offering in the market. But the entire process since launching in 2015 has been pretty spectacular. We are constantly learning and every day, our mission is continuously making the e-gifting process the best it possibly can be.
Matt: Any entrepreneur will tell you that starting a new business is like riding a rollercoaster without a seat belt. Just when you think you have reached a conclusion on a process, another exciting opportunity comes along which means constantly navigating, problem solving and evolving. Time continues to be a challenge, there are so many things we want to achieve however time seems to be one of our biggest challenges.
Q. How has taking risks paid off for Prezzee’s growth?
Matt: Taking risks has become second nature, but it does still keep me awake at night at times. Since Prezzee launched we have been constantly evolving our product offering and grown from a consumer market to the B2B market. We are constantly servicing two products in two different markets which is a constant challenge and reward.
Launching Prezzee Business within our first year of business may have been risky, but we underwent much research and had proof of concept. As projected this has resulted in a strong sales and partnerships. Stepping out of our comfort zone has put us in the right position to leverage partnerships that have helped us grow.
Claire: There is an art to welcoming risk but with hard work the fear is replaced with excitement and this is part of the nature of innovation. Saying that we understand our exposure and place in the market which helps minimise risk by making the right decision. Being the first to market Australia’s first Gift Card app, comes with its own set of risks.
Will the idea work? Is there demand? In our case, disrupting the traditional plastic Gift Card model has paid off for us and what we are doing is simply making the gifting process digital, convenient and personalised.
Q. Why do you think digital is better for Gift Cards?
Claire: Just about everyone has missed an expiry date, lost a voucher, or left a Gift Card at home when they’re at the shops. Customers never miss an opportunity to redeem their gift because it’s safely stored on their phone, travelling everywhere they go.
Matt: Digital also allows us so much flexibility and for cards to be sent instantly – If a customer chooses to send the Prezzee swap Gift Card, the recipient then has the ability to choose which retailer’s Gift Card to swap their Prezzee Card for.
Essentially the sender will always be sure their gift is a wanted one. We have also built in scheduled delivery for those who want to buy ahead, so our customers have the ability to buy and send immediately or schedule for weeks or months ahead, both options give you the ability to know exactly what day they will receive their gift.
Val shares why happy staff are better for business!
Q. How do you manage your work life balance?
Claire: A big part of balance for me is making sure we are adventurous, learning and loving what we do. We always experiment and are open to new ways of doing things. It would be fair to say that we believe in the “it’s better to start something than to never try it at all” philosophy, even if that means there are any number of projects on our roadmap. We both practice yoga daily. It’s an important way for us to unwind.
Matt: I practice yoga daily and also run three or four times a week which I find set’s my day up with a calm and focused mind. Using this time each morning gives me a mental clarity and often this is when new ideas come to mind. Given we spend so much time at work, it’s crazy not to enjoy it.
Want more? Get our newsletter delivered straight to your inbox! Follow Kochie’s Business Builders on Facebook, Twitter, Instagram, and LinkedIn.