Growth Capital: How Judy found room in the market for her great idea

“I found that the Monday to Friday thing worked for me as I was staying with friends but wanted to put my house to good use”, she says. As it was the low-tech early Nineties, Niner had to rely on adverts in newsagents’ windows to advertise her home but she never forgot how useful it was to have a Monday to Friday arrangement. “I thought if only we could bring together professional renters and homeowners more efficiently then in London we could have a real business in acting as the go- between.”

A decade later though and the internet had changed the world and Judy was able to build and launch her MondaytoFriday site, which found professional people places to stay in the week and gave homeowners extra income while allowing them to have their home back at weekends. The website, which in the nine years since launch has grown into a business with a £10 million turnover, arranges booking nationwide but around two-thirds of the 5500 rooms available are in the capital.

“MondaytoFriday lends itself perfectly to London. We all know how tiring and expensive it can be to commute so if you can find a clean, safe place to stay in the week — which is a home rather than a hotel — then why not go for it,” Niner says.

MondaytoFriday has been a slow burner and this is partly because she only works part-time. But in the spirit of the likes of Sir Richard Branson and Stelios Haji-Ioannou of easyJet fame, she sees the MondaytoFriday brand can have wider appeal. “There is no reason why it can’t work in any major city around the world — in New York, Paris or Tokyo. And we have already launched a meeting room business similar in tone to MondaytoFriday. It’s about small businesses renting desk space to freelancers and other business people. The beauty of business online is you can start up with few overheads and minimal risk and grow at a pace you can deal with.”

MondaytoFriday as a concept seems recession-proof. In fact it could be said to thrive when times are hard: “As the economy went down the tubes we actually saw our site traffic and listings rise. Homeowners want the extra cash so they advertise their place and on the other hand more people are having to move around for work and need somewhere to stay.”

Niner does see some clouds on the horizon though, with a threat to the rent a room scheme. Homeowners can rent out a room in their property for up to £4250 a year before any tax is due, but there are rumours this could be under threat in future Budgets. “This tax break helps mobility in the economy and homeowners keep the wolf from the door. I really hope the Chancellor is not short-sighted enough to axe or reduce it”, she says.

Niner also doesn’t have much time for the banks and says: “If I can avoid them I do. Unqualified people try to give you advice on how to run your own business and sell you ever more expensive insurance and accounts. If I want capital it generally comes from friends and business people who see the site is revenue-generating.” The MondaytoFriday business has come a long way from those newsagents’ cards...

MondaytoFriday

Founded: 2004

Staff: Five (including freelancers)

Turnover: £10 million

Business idol: “All social entrepreneurs making a real difference to people’s lives through their business.”