THE UK’s youngest self-made billionaire created an app that would change his life forever.
Johnny Boufarhat started online events platform Hopin at just 26 and the business quickly grew to be worth billions of pounds.
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Who is Johnny Boufarhat?
Johnny Boufarhat is the founder of virtual eventing platform, Hopin.
His Lebanese father was a mechanical engineer, and his Syrian-born Armenian mother an accountant.
Johnny was born on June 1, 1994, in Australia after his parents moved from Lebanon to flee the Civil War.
At 18 he then moved to the UK to study mechanical engineering at The University of Manchester.
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What is Hopin?
Hopin is used for live streaming events a events and conferences and is similar to Zoom, connecting people virtually when they can’t be together in person.
It has raised millions of pounds from investors, but Johnny still owns 35% of the business.
Hopin is now worth £4.1billion according to The Sunday Times Rich List, which ranks the wealth of the country’s richest people.
The app is also used by American Express and Hewlett Packard.
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What is Johnny Boufarhat’s net worth?
Johnny has a fortune of £1.7billion according to The Sunday Times Rich List.
He is now third in the “young” rich list, which ranks the wealthiest young people in Britain who are under 30.
I got so sick I was unable to leave my bed. I was starting to get weird reactions, like rashes from the sun.
Johnny Boufarhat
Johnny is behind the Duke of Westminster and Lady Wellesley, who both inherited their wealth, making him the youngest billionaire who made his own money.
What age did Johnny Boufarhat become a billionaire?
Johnny was just 26 when he became a billionaire.
He created the Hopin app from his bed after an illness confined him to his bed.
Johnny continued to suffer a range of symptoms after getting food poisoning.
He told The Sunday Times: “Then I got so sick I was unable to leave my bed. I was starting to get weird reactions, like rashes from the sun.
“My brain fog was so severe I couldn’t remember things. I felt like I had some sort of dementia. And I had lost trust with doctors.”
To connect with the outside world he started creating the code for a video conferencing app.
Johnny told the newspaper: “I tested it in a few communities and people loved it.”
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He was diagnosed with an autoimmune condition and recovered after making changes to his diet but continued developing the video event app idea.
He then launched it with great success during Covid.
Top tips for starting your own business
THERE’S a lot to consider if you’re thinking about starting your own business.
From coming up with the perfect money-making idea, to the legalities that come with getting set up, you’ll want to make sure you’ve covered your bases before taking the plunge.
Alan Thomas, UK CEO at Simply Business, shared his top tips for starting a business with The Sun.
Know your customer inside-out: Knowing your audience is crucial. Start by asking yourself if your idea could help make their life simpler, or fill a gap that competitors currently aren’t. Testing your product or service and iterating based on feedback is a great way to ensure you’re building what’s right for your customer. Doing this early, before investing too heavily, can help to validate your business idea and save a lot of money in the process.
Sort your legalities: Make sure you’re on the right side of any rules, regulations, and legalities. Registering your business with HMRC should be a priority and it will inform how much tax you need to
pay. You can do this online at gov.uk. You’ll also need to decide on the structure of your company (sole trader, limited company or a partnership). Legally you may also require business insurance, such as public or employers’ liability insurance. A public liability policy protects against damage to third party property or individuals, whereas employers’ liability is a necessity if you have staff.
Create the perfect marketing plan: This is where websites and social media come into play. Consider what platforms work for your business and go from there. You don’t need a presence on all of them. Also, don’t ignore the power of flyers, local PR, and good old word of mouth.
Give yourself a period of transition and reflection: It’s easy to get caught up in the pace of starting up, but it’s important to dedicate time
for reflection and analysis. Look at what’s worked well and what could have gone better. Once you’re through month one, block out some time to look through your sales.
