Invest in Latvia: Whitepaper

B1.lt scale to Latvia (B1.lv): Whitepaper

 

Successful Scale to Another Country


Compared to Lithuania, Latvia has more desktop-based software's. The pricing model is out of date. Company teams work separately from the accountant.

B1.lt allows teams to work together in 1 system. It saves time, allows integration, simplifies marketing, and relates customers. Moreover, this model is more profitable in the long term (doesn't require 1:1 installation and it is easier to support 1 version instead of many).

Who We Are

Filip — CEO adviser

Site.pro, Incredible
B1.lt, Incredible
ClientsDay.com, Founder
25 years in IT industry
https://borcov.com/

Alex — CTO adviser

Site.pro, CTO
B1.lt, CTO
Startups Adviser
25 years in IT industry
 

Problems

  • 90% of software is desktop-based
  • Accounting Companies (AC) need to work in the system with their customers
  • Teams work separately (general manager and the accountant work in different systems)
  • Existing solutions are much more expensive

Whole Market Size:

70K SMBs, 2M population

Potential Market:

70K x 30% = ~20K potential SMBs

Potential Revenue:

20K x €10 = €200K/month

 

Channels:

  • Direct sales
  • AC network power
  • Free Invoicing
  • Google SEO

Audience:

  • Accounting software (1:many)
  • Enterprises

Coverage:

  • Potential Market Penetration

Know-How

  • AC network power
  • 1 system for all ergonomic companies
  • Low costs
  • Many integrations into other systems

Technologies:

  • PHP, PostgreSQL
  • Inhouse development

Risks:

  • Process can go slower because of the bad market situation

Investment Timeline:

  • 6 mon: €150K — launch MVP and start sales (lv, ru, en)
  • 6 mon: €150K — break-even
  • 6 mon: €100K — active marketing, backup
  • 6 mon: €100K — active marketing, backup

Revenue Projections:

  • 6 mon: €0
  • 6 mon: €15K/month
  • 6 mon: €20K/month
  • 6 mon: €30K/month