If you’ve been in the market for a new home recently, you’ve probably come across RateHub.ca in your financing research. Just Google any “mortgage” keyword and the site will likely pop up as one of the first answers to any of your queries. In just three short years, Alyssa Richard and her lean team of 15 have driven RateHub.ca to the top of search engines in Canada.
At 28, Alyssa has a passion for mortgages that few will ever understand, but her business acumen and experiences described below have universal appeal for entrepreneurs (and hopeful entrepreneurs) everywhere.
Elevator Pitch: Describe your business in a nutshell.
RateHub.ca is a mortgage rate comparison site. Our education centres and mortgage calculators empower our users to make better decisions, and our mortgage rate comparison charts help them access the best rates in the country. We monetize by selling leads to independent mortgage brokers, which helps them build up their own businesses and also capture a share of the growing online market.
Why did you start your business, what was the inspiration?
Honestly, I could just see that something was missing in Canada. Before I started RateHub.ca, I was doing some consulting in the U.S., where I was introduced to a three publically traded companies that were comparing rates and generating leads. At the time, there was only one private company in Canada that was doing the same thing. They were doing a good job but I could see that there was room for someone else to do better.
What is the best part of what you do on a day-to-day basis? The most challenging part?
From a business aspect, the best part of my day is working with the team. One of my favourite aspects of a small business is the fact that we have full control over who we work with. Since the beginning, we’ve been hiring great people and, as a result, we have an amazing team. Personally, however, I now love the flexibility of my schedule. In the beginning, I prioritized the business over everything else. Now, it’s nice to be able to take time off when I need it and trust that my team will be able to get things done when I’m gone.
The most challenging part of my job is figuring out how to continue to grow the company. The team used to be small and we were so focused on just mortgage rates, tools and education. Now, as the team continues to grow, so does our vision. So the most challenging part is creating a strategic plan, knowing where to start, figuring out how to double and triple our revenue, and overall just trying to decide where we should all be allocating our time.
Where do you see your business going in five years?
In five years, RateHub.ca will be more than a mortgage rate comparison site – we’ll be comparing all financial services verticals. We also want to build up our sister site, ClosingCosts.ca, and we’re starting to dabble in real estate lead generation.
What does success look like to you?
This is an amazing question because success is something that you can constantly redefine as an entrepreneur. It’s in our nature to think and say, “If I can just get this accomplished, that would be amazing.” But, as an example, hitting $1M in revenue can quickly become $1M in profits.
I used to think success was starting a business and being able to employ myself. Then I wanted to build up our team. Now, my idea of success is having a profitable, growing business with employees that are challenged and compensated well. And personally, I want to have flexibility and full control of my schedule. That doesn’t mean I want to disappear for two months or anything like that… I just want to have time to explore other personal passions.
What is the most memorable milestone in your career?
The partnership we did with Sympatico was the first major partnership that we closed and I remember feeling like that was our “made it” moment. That ended quickly when a new competitor launched the following week, leaving me crying at my desk. Getting to cash flow positive was a major milestone for us, as was hitting a large revenue target this year.
Do you have any advice for other young professionals?
You have to be passionate about the work you do and the life you want for yourself. To create that life, you need to come up with a goal and then figure out what steps you’ll need to take to make it happen. I’m always coming up with new ideas, new projects, new goals, etc. But I also always try to take a step back, see the bigger picture, and come up with actionable steps to move myself and/or the team in that direction.
Do you support any charities? If so, which one(s) and why is that important to you?
I’ve spent the last couple of years just focused on building up RateHub.ca and the team. Now that my workload is shifting, I’m able to take a step back and think about how I can start to give back. In my last year of university, I started a camp that taught kids about business and entrepreneurship. It was incredible to see how much the kids wanted to learn, as well as experience, the joy of teaching. I want to bring this idea back to Toronto in 2014.
What is Notable to you?
Excellence. I love talking to people who are passionate and who want to be the best at what they do.
Blackberry, iPhone, Android, or Other?
iPhone
How do you keep active, energetic, and vibrant?
My family, my friends, travelling, kitesurfing… and indulging in a season of television every now and then helps too!
Follow RateHub.ca on Twitter @ratehub and on Facebook /ratehub