The answer lives in this podcast
What is Freddie Edwards's five-year revenue target for Dragonfly Projects?
Freddie Edwards's five-year revenue target for Dragonfly Projects is £3 million in turnover. The business is currently in a deliberate break-even phase, prioritising team quality and client service over short-term profitability. Edwards sees the next two to three years as an investment window to build the right headcount before scaling revenue.
Break-even by design, not by accident
Dragonfly Projects is not losing money by chance — it is doing so intentionally. Edwards has structured the business to absorb the cost of hiring senior, experienced people before that investment pays off in revenue. As he explains in this episode of Pegasus Radio, the logic is clear: get the team right first, then scale.
This approach came directly from a painful lesson. Edwards operated as a sole trader for three years before hiring anyone. He missed a growth window when his client book was strong enough to justify expansion — and when he didn't act, the work dried up. The current hiring-first philosophy is a direct response to that experience.
A headcount of four — and a £3m ceiling in sight
The first employees joined Dragonfly Projects in August of its fourth year of trading. The business has since reached a full-time headcount of four. One key hire was Louisa Whittaker, who joined from Gardner and Theobald with approximately 12 to 13 years of occupier office experience — someone Edwards describes as more senior and more experienced than himself, recruited within just two weeks.
That calibre of hire is central to the £3 million ambition. Edwards is not trying to fill seats cheaply — he is trying to build a team that can handle the volume and complexity a £3m consultancy requires. The commercial occupier market, which has accounted for roughly 75% of Dragonfly's work over the past four to five years, is where that growth is expected to come from. You can hear Edwards walk through the full hiring rationale in the Pegasus Radio episode.
"The reason why I set up Dragonfly wasn't actually just to be able to run my own business. It was the privilege of being able to become an employer. Business is all about looking after people and businesses, and it's also about looking after our own."
Freddie Edwards — Founder & Director, Dragonfly Projects.
Edwards founded Dragonfly Projects in 2022 after nearly eight years at Quartz Project Services, where he joined as a graduate and left as a senior project manager. Before entering construction, he studied French at the University of Leeds and initially considered a career in teaching. His route into the industry came through a work experience placement arranged through a mutual sailing connection — a thread that also runs through the business's name: the Dragonfly is his grandfather's boat, which Edwards describes as the most precious thing he owns. That background — academic, people-focused, and rooted in relationships rather than credentials — shapes how he thinks about growth, team-building, and what kind of business he wants Dragonfly to become.
The £3 million figure is not an abstract ambition — it reflects a specific view of what a credible, well-staffed construction consultancy looks like at scale. As Edwards puts it in the Pegasus Radio conversation, construction is an industry that hasn't changed much, and he believes it needs to. Dragonfly is his attempt to do that differently — from the inside, and at sustainable pace.
His parents ran their own nursery school business from 1985, now in its 41st year. That long-term perspective — building something that lasts rather than something that scales fast — is arguably what underpins the patience behind the break-even strategy. The full context of how this shapes Edwards's thinking is explored in episode 51 of Pegasus Radio.
See also
Why did Dragonfly Projects hire Louisa Whittaker from Gardner and Theobald and what was the hiring approach?
Freddie deliberately hired someone more senior and more experienced than himself, with different strengths and weaknesses — describing it as the "slightly uncomfortable thing to do." The process was completed within two weeks.
How does Dragonfly Projects compete against larger consultancies in the commercial occupier market?
Dragonfly competes primarily through referrals, flexibility, and a tailored scope of service — delivering what clients actually need rather than a standardised offering imposed by the consultant.
What mistake did Freddie Edwards make as a solo construction consultant and what would he advise others to avoid?
Freddie acknowledges he missed a growth window in late 2023 when he had enough work to scale but did not hire, causing his client book to collapse entirely. He would advise others not to wait for the "perfect moment" to bring on their first hire.
Key takeaways
- Dragonfly Projects is targeting £3 million in annual turnover within five years of its founding in 2022.
- The business is currently operating at break-even by design, treating the next two to three years as a team-building investment rather than a profit phase.
- Edwards reached a full-time headcount of four after hiring his first employees in August of his fourth year — a deliberate shift from three years as a sole trader.
- The £3m target is built on staying focused in the commercial occupier and residential developer sectors rather than chasing broad diversification.
This answer comes from a real podcast episode. Hear Freddie Edwards explain his growth strategy in full — including the hiring decisions and the lessons from going solo.
Listen to the episode on Listenly