This interview is with Monique Conheady, co-founder of Flexicar, which was sold to Hertz Australia on 1 December 2010. Monique is now General Manager of Flexicar.
Who has been your greatest mentor?
My most significant mentor has been the Chairman of our Board. We meet weekly for an hour and his strategic advice and input has been invaluable for the business.
How did you get together with your mentor?
We raised private equity capital via an investment bank. This bank introduced us to our Chairman and he invested in the business as a private equity partner.
What were some of the major obstacles to ensure the success of the mentor/mentoree partnership?
There’s an age difference; baby boomer to Gen X, so we’re coming from different perspectives and backgrounds. It took a bit of time to build a rapport and relationship that worked. You do need to get along with your mentor and being put together over an investment means you’re often starting from scratch.
How did you overcome these obstacles?
Really, time was the cure! Within a few months we had an excellent working relationship and I really started to get a lot from our sessions.
What would you say were the 3 major changes to your business as a direct result from a mentor?
- Pricing – I had been somewhat reluctant to change our pricing structure – nervous it would effect sales. My mentor challenged me to test this and it’s been a great step to take.
- Key Performance Indicators – Profit and Loss Statements and Balance Sheets never tell the full story. My mentor has helped me to develop and review the key performance indicators on which to measure our business performance.
- Controlling Costs – My mentor has honed my attention to control costs in the business so that they don’t trip me up.
What is one thing you would change/do differently?
Nothing I can think of – it’s worked and continues to work really well.
If there is one reason you would recommend that women find a mentor what would it be and why?
Experience is invaluable. When you don’t have it yourself, tap into someone that does – it is so valuable to you and your business.
Who are some other mentors you have gained inspiration from?
- Anita Roddick, Body Shop – who coupled business with a personal passion
- Robin Chase, Zipcar – founder of Zipcar whose business model inspired ours
- Janine Allis, Boost – a savvy operator, who has generously provided me with mentoring advice
Briefly tell us about your business and how you got started.
Flexicar is a membership-based service, where personal or business members rent cars by the hour or day. Cars are parked on inner city streets in Melbourne and Sydney and can be booked a minute or an hour ahead. The low hourly or daily rates include everything, from petrol to maintenance. Members really only pay for the service when they drive, without the massive fixed costs of buying a car. They also only use a car when they have to, using public transport and their own feet a lot more. So Flexicars are a cheap, green and easy alternative to car ownership.
What inspired you to start your business?
The possibilities and opportunities of the dot.com boom intrigued and excited me. The web offers the ability to communicate, interact and organise ourselves in the most efficient way ever seen, and this has enabled new business opportunities. And a trip to the US exposed me to a business called Zip Car, which we’ve essentially modelled our business on. Ultimately, Flexicar offered me what I was looking for in terms of an entrepreneurial, web-enabled, green business.
What have been your major achievements?
- Attracting investment from both private investors and state government
- Launching in Sydney in 2007
- Hitting a pool of over 55 cars in 2008
- Continuing to have existing members as our main source of business – which means we’re doing something right!
- Building relationships with six forward thinking councils, which provide us with car parks
What have been your major challenges?
- Dealing with a growing business and knowing when it’s the right time to add new staff and take on a new office
- Dealing with a name change and rebrand (Flexicar used to be Flo Carshare)
- Educating the market, as this is a whole new way of thinking about getting around and your personal impact and responsibility
- Convincing Stonington Council to go the way of other councils and provide us, and our keen members, with local cars. (I’m still working on this one!)
How do you stand out from your competitors?
Our biggest competitor is personal car ownership – so it’s convincing people in the inner city they don’t need the hassle and expense of a car (or a second car). Flexicar is proven to be cheaper for people who travel less than 10,000km per year as the RACV has reported it costs $8,000 a year to run a small car like a Toyota Corolla.
Where would you like to see your business in five years from now?
We’d like to be in all major cities in Australia and have anyone in the inner city really consider us a better alternative to car ownership.
What are your Top Five Strategies for Success?
- Talk to as many people as possible, all the time, about what you’re doing
- Always listen to other people’s perspective, but make up your own mind in the end
- Cycle to work – it ensures you get some exercise, no matter how busy you are (and then use Flexicar if you need to get to a meeting during the day!)
- Only work in or start a business you can be really passionate about.
- Don’t expect to have much of a social life in the first five years of starting a business!
