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Shaun Savage is the founder and CEO of GoShare, a company that considers itself “your friend with a truck.” GoShare connects truck and van owners with businesses and people who need help with moving or delivering on demand. Currently, the company offers services in 12 markets across the country. GoShare is growing fast and looks forward to helping more people with moving and delivery.
Why did you start your business?
My background was mostly in sales and marketing. I worked for several large publishing companies and tech startups. Those experiences helped out a lot when it came to starting GoShare. Before that, when I was in college, I ran a house painting business for a little while.
I always wanted to start the entrepreneurial journey, but it was more about finding the right idea. This one I knew was going to be successful, because it was something as a consumer that I knew I needed. Very basic research and some early experience showed us drivers and truck owners were very interested in this business, as well. It just made sense to go all in on this idea.
How did you finance the business at the start?
I had some personal savings. I sold a condo I owned and used the proceeds from that plus some savings to start the business. Also, my mom gave us a small investment to help us get off the ground.
Running the business
How do you manage cash flow?
Our system is very automated. More than 90 percent of the transactions that the system processes have an automated payment flow. We collect the payment on behalf of the driver from the customer and we split it with the driver. A lot of that happens automatically. On the output side, we have a bookkeeper and an accountant. We use QuickBooks and other finance tools to make sure that the cash flow adds up at the end of the month.
What’s the most challenging thing about running the business?
Dealing with fraud. As the platform grows and more people start using it, some people have started using it for fraudulent purposes. We’ve dealt with credit card fraud quite a bit. We’ve implemented many new security features in the last quarter to mitigate that, but it doesn’t eliminate it completely.
What’s the most rewarding thing about running the business?
Creating jobs and providing an experience that people enjoy. I like getting emails from customers and drivers who say, “Hey, I tried it today and it was great!”
What I’ve learned
What was the biggest mistake you made at the start?
I recently was in a position when I gave up more information than I should have in a media interview. That information was not used in the best way. I learned that sometimes it’s better to say less.
What was the smartest thing you did at the start?
One thing that our employees appreciate is that we pay (them) weekly, every Monday. Cash flow is important for businesses and also for people. People tend to look at Mondays as not the best day of the week. So, when you wake up on Monday morning and the first thing you see is a paycheck in your email box, that lightens the day up a little bit.
What advice would you give to a new entrepreneur?
Don’t give up easily. But, don’t be afraid to pivot if your idea isn’t working exactly as you planned.
What’s next for GoShare?
We’re planning to grow and offer the service in more markets across the U.S. and the world. We’re planning to release some new products, as well, that are more focused on fleet owners.
Article originally published on Nav.com by Ashley Sweren