Five questions for: George Chalmers, CEO of Migrate

Migrate saves households money on energy bills without homeowners having to lift a finger. 

 

934-migrate

What does your company do?

Migrate saves households money on energy bills without homeowners havingto lift a finger.Our technology automatically switches energy providers for our users every year for free ensuring they are always on the cheapest deals. The average household could save over £300 by switching energy providers every year, but too few people get around to doing it and the process can be a bit of a hassle. That's where we come in.

What's been your greatest achievement?

Our greatest achievement so farhas been getting our business up and running and signing up our first genuine (non-friends and family) customers. The business suddenly started feeling real and getting great feedback from those early customers felt like sucha big deal for us. That's when Migrate stopped feeling like a project and started feeling like areal business.

Subscribe to MoneyWeek

Become a smarter, better informed investor with MoneyWeek.

What has been your biggest challenge?

Moving into a whole new industry, in this case energy, was a big challenge. We started off by being focused on what we were doing,our technology, our process and our product.We were then suddenly confronted with having to learn all the nuances of the energy industry, from tariffs to suppliers' practices and how a simple product on paper becomes much more complicated in reality. We're continuingto learn.

What are your plans for hitting your targets?

We've been diligently testing various channels for acquiring customers in our first few months, and we're having some really promising results. Specifically, we're keen to look at ways to educate a wider demographic about Migrate. The aim is to move beyond those who are already engaged and searching for energy-switching. We're looking at some partnerships to help us grow into areas that are harder to reach. In addition, We are launching our refer-a-friend programme, which will allow our users to earn cash rewards for getting friends and family signed up and saving money with us.

Advertisement
Advertisement - Article continues below

What's the one piece of advice you'd give fellow entrepreneurs?

Get yourself some good advisers and mentors. Starting and then growing a business is far more complicated thanI would have imagined, and having people around you who have been there and done itis invaluable.

Advertisement

Recommended

Visit/517964/dont-squeeze-our-entrepreneurs
Economy

Don’t squeeze our entrepreneurs with higher taxes

Britain’s entrepreneurs and business innovators get generous tax breaks. They should keep getting them.
17 Nov 2019
Visit/economy/entrepreneurs/600659/five-questions-for-frederic-de-ryckman-de-betz-ceo-and-founder-of
Entrepreneurs

Five questions for: Frederic de Ryckman de Betz, CEO and founder of Attic Self Storage

Frederic de Ryckman de Betz started Attic Self Storage back in 2008.
21 Jan 2020
Visit/economy/entrepreneurs/600656/kai-feller-barkcom-and-the-amazon-for-services
Entrepreneurs

Kai Feller: Bark.com and the "Amazon for services"

Kai Feller set up Bark.com to streamline the tedious process of looking for service providers such as cleaners, accountants or gardeners.
21 Jan 2020
Visit/economy/entrepreneurs/600654/alina-morse-the-teenager-who-made-a-million
Entrepreneurs

Alina Morse: the teenager who made a million

Fourteen-year-old Alina Morse created Zollipops, her sugar-free confectionery company, out of her desire for treats that wouldn't rot her teeth.
20 Jan 2020

Most Popular

Visit/currencies/600665/currency-corner-new-zealand-dollar-kiwi-vs-us-dollar
Currencies

Currency Corner: how is the New Zealand dollar doing against its US counterpart?

The New Zealand dollar has been doing well against the US dollar in recent months, but has started to wobble a little. Is it still a buy? Dominic Fris…
20 Jan 2020
Visit/investments/stocks-and-shares/share-tips/600653/indias-small-and-mid-cap-stocks-are-set-for-big
Share tips

India’s small and mid-cap stocks are set for big gains – here are three to buy now

Each week, a professional investor tells us where he’d put his money. This week: David Cornell of the India Capital Growth Fund highlights three favou…
20 Jan 2020
Visit/investments/stocks-and-shares/share-tips/600636/class-acts-going-cheap-buy-into-europes-best
Share tips

Class acts going cheap: buy into Europe’s best bargains

Value investing appears to be making a comeback, while shares on this side of the Atlantic are more appealing on metrics such as price/earnings ratios…
16 Jan 2020
Visit/investments/stocks-and-shares/share-tips/600641/share-tips-of-the-week
Share tips

Share tips of the week

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
17 Jan 2020