Klaire & Travis Johnston – Mobibudget

Meet Klaire & Travis Johnston, creators of Mobibudget. Frank Team caught up with young entrepreneur 30 yr old Klaire from QLD to find out about the biz & where their unique idea is taking them! Read on…

How do you describe your business to people who ask what you do?

Mobibudget is not only the easiest way to create a budget, but the easiest way to STICK to it. It is the world’s first truly mobile budgeting program – accessible via both the internet and mobile phone. Mobi’s standout feature is that it can tell you how much you have left in your budget BEFORE you spend … no excuses for not reaching your financial goals!

How did you come up with the idea?

Living on the Gold Coast, my husband, Trav, and I wanted to spend more time hitting the beach than doing our finances. We were motivated to spend better and save more, but were unable to find a budgeting tool that was simple and effective enough… so we decided to create our own.

How long have you been working on it?

Mobibudget, in its infancy, was simply a spreadsheet where we tracked our spending and saving. The catch was we couldn’t generate reports or analyse the data effectively enough and at the click of a button (there’s nothing wrong with wanting to be a lazy budgeter!). We budgeted this way for nearly two years, then launched Mobi late in 2006. Mobibudget is now in its second iteration, with enhanced features but the same adherence to simplicity. It is designed for the everyday budgeter – student, parent of six, retiree….

What is the biggest challenge you’ve had to overcome?

There are a number of technical issues relating to phone and browser compatibility that Trav has had to work very hard on. That’s all come together neatly and we are continually developing the product and its features based on user feedback. Surprisingly, a great challenge has been to explain the difference between Mobibudget and some popular mainstream accounting packages. Mobi is not about reconciling bank accounts or the complex number-crunching that makes many of us run a mile! It is simply about saying, “How much do I earn? How much do I spend … and what on? And how much do I want to have left in between?”

What do you like most about being in business?

We thrive on being able to take to the market a product that helps everyday people, just like us, get better control of their finances and therefore positively impacts their lives. What a buzz!

What do you like least about being in business?

Being in business for ourselves, gives us so much more than working for someone else. Running a business doesn’t initially give you the stability you might expect from a regular salary, but the benefits more than make up for that. You could, on any given day, give us less hours to work and we wouldn’t complain!

How do you market your product?

Mobibudget is marketed through a variety of channels – ABC radio helped kick start our promotion in 2007 and word of mouth always plays a big part. We also have a sponsored link on Google, which has directed some business our way. We are looking to launch Mobibudget to the international market shortly and are always investigating low cost yet effective ways to get Mobi out to people who need it most.

What advice do you have for young people out there trying to start a business or community project?

• Think about what you really love doing – that sort of pursuit will always be less of a chore and to a great extent provide its own inspiration.

• Work with your strengths and, while you need to be a good ‘generalist’ in your area, try and build a team of experts (such as marketing, accounting, engineering specialists) to support you in your venture, whether its to be part of your team or simply as a ready resource for advice.

• Finally, research, listen, and be very willing to learn. Go for it!

Wanna do some budgeting of your own?? Check out Mobibudget