Asian school boy Akshay Ruparelia, 19, has become the youngest self-made millionaire in the United Kingdom. He started his online estate agency business www.doorsteps.co.uk , while studying for his A levels.
He managed to balance his school work and business venture perfectly, ending up with three A*s and 2 As Level passes.
Akshay was busy selling houses on his school lunch breaks, making huge property deals on his mobile phone.
All his incoming phone calls were dealt with by a call centre service he hired. Once he got back from school, he rang up his clients.
The business venture had a winning formula, and within a shot-time investors were buying share in his company like crazy. Akshay’s company www.doorsteps.co.uk has sold over £100 million worth of propery and has been valued at £12 million.
Akshay’s company takes care of the whole house selling process for a flat fee of only £99, as opposed to thousands of pounds charged by conventional estate agents. His online business has become the 18th largest estate agent within 16 months of launch it.
Currently 12 people are employed to run the company, which he started with a load of £7,000 from relatives. He has already sold over £500,000 in company shares. The company is set to expand rapidly and on target to raise £5 million with a share issue.
Akshay has been offered a place at Oxford University to study economics, but has decided to put it on hold as he concentrates on his multi-million pound online business.
After reading Ryanair founder Michael O’Leary’s biography, Akshay was inspired to take action and apply the principles to the estate agency business model.
The average fee charged by online estate agencies were between £800 and £1,000. He figured out that he could cut this to only £99 and still make a profit.
Akshay still lives with his parents in Harrow Weald, London. Dad Kaushik, 57,works in a Royal Mail sorting office. Mum Renuka, 51, works as a teaching assistant supporting deaf children with Camden Council.
As both his parents are deaf and cannot speak the first language, Akshay had to master sign language at an early age take care of daily communications and finances.
Akshay faced many challenges setting up the business as he was still at school and did not drive. He had to rely on his older sister’s boyfriend to drive him to meet his first clients to take pictures for the site.
He started off paying himself £500 monthly from his business, he has now increased this to £1,000 monthly as the business has increased.
He has just passed his driving test and is looking to buy an Audi to drive himself around.
His first property on his site sold for £670,000 and the seller called him a “legend, an absolute star”. This really boosted his confidence and his belief in his business model. He managed to celebrate his first sale with a Domino’s pizza at home, as he was studying for his exams.
Akshay’s site currently has over 1,000 homes listed for sale, he is currently selling around 30 houses a week.
This works out to be 30 x £99 = £2,970 weekly, nearly £12,000 monthly. I’m sure this will increase as the site become more popular. The most expensive property sold for £1.4 million in Notting Hill, London.