Software Leasing Limited
Software Leasing Limited was a brilliant company name. It does exactly what is says on the tin. With prices of IT hardware decreasing and a change in buying behavior from IT Managers, a few years ago the software leasing market was set to expand. There were only a few competitors in the market and with my specialist knowledge in software finance and banking contacts, all was set for a good business proposition.
The company was formed and domain name purchased at a cost of £1000. The name was a bit of a mouthful so I decided we would trade as Leasesoft.
There was one key ingredient I missed. In the leasing and finance business your sales rely on repeat orders from customers. We would finance our first software deal with a new customer then not benefit from any more business. We had been pigeon holed as a leasing company that only financed software so missed out on various other forms of equipment leasing.
A few months later we acquired Power Leasing Limited, a company that never did any software finance. How do you explain this all to the new customers we just acquired?
Summary, after six months of calling myself Software Leasing Limited t/a Leasesoft, I changed the trading name to WestWon Capital. The domain name was available and I could use the Who’s Who logo as well. WestWon, standing for “Wyse Established Second Time,” was to become my new baby.
Again, with hindsight, was that the best decision to make?
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