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Background

Thankyou Payroll is a cloud based payroll intermediary service that provides high quality payroll for businesses and charities. They donate 25c per person, per pay, to their charitable trust which provides hyperlocal grants.

In 2006, the IRD introduced a subsidy for businesses to switch to online filing of payments via registered payroll intermediaries. The subsidy was generous enough to support a social enterprise which could donate regularly to communities and still be free for clients, and so Thankyou Payroll was born. Regulation changes in 2019, which would make filing payroll data to Inland Revenue more cumbersome, meant more businesses would turn to intermediaries like Thankyou Payroll. It presented an opportunity for tremendous growth. As their business model supported the wider community, they realised this was also a chance for their crowd to return the support and own a piece of their business through equity crowdfunding, a means which set them up to also take advantage of the new market opportunity.

Timeline

What worked well

They had fun
Throughout their campaign, they kept the tone fun and light. One of the ways they did this was by having a dog theme throughout. Furthermore, ‘The apocalypse’ was included as a possible risk for investors (it’s true, we suppose!).

They got some media coverage
Ten days into their campaign, they got media coverage in the form of podcasts and even an Op-ed.

They kept their pledgers updated
They posted regular updates on their campaign page and social channels. This kept up the momentum and encouraged other people to pledge.

They held pre-launch Meet and Greets
They hosted events around the country to spark interest, answer questions and prepare investors for the launch.

The whole leadership team got involved with comms

The founder wrote a ‘Founding story’, the director wrote the ‘Foundation story’, and the CEO wrote the ‘Future story’.

To keep in mind (recommendations for future campaigners)

They needed more time
The Thankyou Payroll team decided to extend their campaign deadline, because there were some events the team members were attending beyond the deadline which would have been good for the campaign. This took away a little from the ‘deadline magic’ of the campaign. Make sure to figure out all important dates and speaking events before launching a campaign.

Realising too late that they needed a dedicated PR person
Although they sought a PR person out in the end, it would have been better if they had done this sooner to make the most of the media coverage potential.

Not enough dogs
Once you give us dogs, we simply can’t get enough of them. Really. More dog gifs please.

Conclusion

Thankyou Payroll raised $460k through 167 Shareholders.

Thankyou Payroll saw an opportunity open up in the market and wanted to monopolise on it. By growing their business, they could also grow their community impact, as their revenue model was directly connected with making donations to community organisations and charities. As a community-focussed business, they wanted to invite their customers, friends, and family along for the journey and share in the ownership of Thankyou Payroll.

Your action plan

Putting it into practice

Have a clear and positive growth plan
Have a clear view on how and why you will grow after your raise, and communicate this clearly to your crowd.

Communicate with your crowd throughout the process
Be prepared with a clear calendar for all campaign dates and deadlines: social media campaigns, media releases, team check-ins and related events. Write and publish content on your personal channels too.

Speak the same language as your crowd
Remember that the audience you are speaking to is your crowd who loves what you do. Keep it light and informative, and don’t take yourself too seriously.

Get in touch

If you’re considering an equity crowdfunding campaign, we’re ready to help. Contact us for a chat.

You can also learn more about crowdfunding in Australia or in New Zealand.

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