EXCLUSIVE: Lilia shared her enterprise suggestions with the Categorical after reaching multi-millionaire standing in 11 years.
Lilia began her multi-million enterprise simply 11 years in the past (Picture: Lilia Stoyanov)
In 2015, Lilia Stoyanov launched Transformify (TFY) to resolve an issue most weren’t being attentive to. She realised that tens of millions of impartial employees have been being handled like companies — anticipated to bill, handle funds, and perceive tax — with out the instruments or background to take action.
“The vast majority of them aren’t accountants. They do not have a finance background. They’re builders, vogue fashions, janitors. However as an impartial contractor, you might want to concern an bill,” she mentioned.
What began as an concept has since grown exponentially right into a multi-million-pound platform used worldwide to simplify hiring, managing, and paying distant groups, freelancers, and contingent employees. “So, that is how I related the dots. My concept was to make it simple for the contractors, make it simple for the companies.”
The size of progress is tough to disregard. Final 12 months, TFY was thought-about one of many UK’s 10 ‘subsequent unicorns’ by TechFundingNews — that means it’s one of many solely startups on monitor for a £1billion valuation — and it ranked 284 within the Monetary Occasions FT1000: Europe’s Quickest Rising Firms record for 2026.
Final 12 months it was valued at $502million (£377million), and in 2024, income climbed to €25.9million (£22.5million), up from €5.9million (£5.1million) in 2021, all with lower than 20 workers.
Reflecting on her journey, Lilia shared 5 issues each first-time founder ought to contemplate as they get began, together with the timelines that matter most.
“Hold your eyes on the cashflow. If you happen to run out of money, you’re achieved. Particularly while you’re constructing a enterprise, and it’s your first time, just be sure you have enough money to help your self and your loved ones for no less than a 12 months.”
Hold pots separate
She mentioned by no means be tempted to combine your private money with your online business money, to keep away from spiralling. “From the start, separate your bucket for funding and your bucket that is going to help you and your loved ones for the subsequent 12 months.
“Chances are you’ll suppose, okay, my private checking account is full, and right here this enterprise has one month to go, let’s inject a bit of extra. No, by no means do this. By no means add. It is a huge mistake if you happen to do it.”
When do you have to count on to be worthwhile?
Since nothing ever goes absolutely to plan, she suggested founders to make all their calculations for when the enterprise will grow to be worthwhile, after which permit for one additional 12 months.
“You may by no means predict all the things that may occur. It does not matter how skilled you’re and no matter comes, issues take time, and it eats your price range. That is why you want this additional 12 months on the highway earlier than you attain profitability.”
Her enterprise helps freelancers, contractors and distant employees (Picture: Getty)
When do you have to pull the plug, or elevate extra funding?
In case you are operating out of money, you will need to completely scrutinise whether or not your online business is market-fit. “Not market match means the market doesn’t really want what you are providing. They could prefer it, however no one else is able to purchase it, or those that are prepared to purchase it are only a few.”
In case you are ‘market match’ and also you see that you’ve got lower than six months left in your checking account, she mentioned to begin elevating funding instantly.
“Does not matter how, does not matter if you happen to’re elevating via financial institution loans, via Authorities grants, via Enterprise Capital (VC) funding, begin instantly. As a result of these six months will go in a short time.
“Often, to get a Authorities grant, it’ll take you three plus months. For VCs, the market could be very tight now. It could take you anyplace from six to 9 months.
“It takes time to shut the deal. So I’d say on this market, even 9 months is one thing that must be already a crimson flag.”
How one can create a pitch for traders
As an angel investor, Lilia has acquired many pitches. Her important recommendation is to construct your story round progress when searching for funding, quite than sympathy.
“As a result of if you happen to knock on somebody’s door and say, I’ve solely 9 months left and I would like cash now, the chances are they will say no, as a result of it seems to be determined. It does not seem like somebody who is definite that is value it.
“So the story must be totally different. It must be unbelievable,” she mentioned. “That is what I see as an angel investor. A lot of them are round desperation.”
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However constructing a enterprise was by no means nearly hitting numbers for Lilia, who feels strongly about her Rebuild Lives programme, which facilitates distant jobs for individuals residing in battle and post-war zones.
“A enterprise must be greater than cash,” she mentioned, explaining that you might want to have a social function that retains you going all through.
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