Oisin Hanrahan is going to go down in the ranks of startup business history as a legendary figure. Hanrahan noticed the great success ride sharing services were having. Upon realizing people in need of home cleaning and other services had a tough time booking good help, Hanrahan put the concept of “app booking” together with the home cleaning model. The end result was Handy, a massively successful company that has carved a huge niche out of the gig economy.
Hanrahan did not do things alone. He had a lot of great help that included his major partner and Handy co-founder Umang Dua. The two operate as Handy.com CEO and COO respectively. Handy was not an overnight arrival. The idea developed slowly over time and went through a series of revisions. As Inc. Magazine points out, certain problems with the company created severe stumbling blocks for growth and profits.
Both Hanrahan and Dua learned the complexities of running a business are more complicated than realized. Realizing the company needed venture capital in order to maintain operations, the two sought funding. Funding was received in several different series rounds. While receiving the funding absolutely was a positive, other concerns arose.
Raising funds takes a lot of time and effort. Directing time and resources towards venture capital acquisition may cut into time necessary for managing or expanding the business. Without a properly run business, investors may not see the perfect return on their investment. So a lot of work has to be done by management to achieve the most desirable results.
The results for Handy positively did turn out to be desirable. The company has become a major force in the home cleaning/gig economy. As competitors rose and fell, Handy remained dominant. The company’s revenues today are nothing short of staggering.