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Saving money with online teamwork

Entrepreneurs Lee Liu and Chris Nguyen have discovered a simple but ingenious way to save Torontonians money. Late last year the two friends launched TeamSave.com, on online community that brings strangers together to access group deals offered by local businesses. As reported by the Toronto Star the site already boasts thousands of members and continues to see daily growth.

"The discounts can be on anything from local restaurants to fitness classes. For instance, one deal for a rock climbing facility was $75 for a package worth $200, which included an instruction session for two, a two-week membership for two people and equipment for six visits. Each deal lasts on the website for only 24 hours. And a minimum number of people must buy the deal in order for it to be offered. The minimum ranges from five to upwards of 30 people, depending on the deal. To ensure the minimum is met, members are encouraged to share the deal with their social networks including Twitter, Facebook and LinkedIn. "Thirty-five per cent of our traffic comes from social media," Nguyen says."

"The minimum target is reached over 90 per cent of the time, and it's often exceeded, Nguyen says. Last Monday the daily deal was $18 for a $60 three-class pass at a Toronto kickboxing and martial arts school. The minimum requirement was 10 people. Fifty-four people bought the deal."

"While TeamSave.com offers local deals, the company has visions of expanding beyond Toronto. In the next six months, TeamSave.com hopes to open discount websites for other Canadian cities including Vancouver, Calgary and Montreal. The company currently has eight employees but expects to hire more staff as the sites for other cities open. Longer term goals include expanding into the United States and Europe."

"The company is also entering the smartphone arena. TeamSave.com is developing an iPhone application that will allow members to learn about, buy and redeem deals via iPhones. "From an environmental standpoint, it will reduce a lot of paper," Nguyen says. In the meantime, he's thrilled to watch TeamSave.com grow. So far, the website has thousands of members. "Everyone loves a deal so we're seeing our user base grow."

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original source Toronto Star
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