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Starting a Business the Smart Way


Starting a business comes with a lot of challenges, but business consultants in Brisbane agree they don’t have to be tackled up front and all at the same time. Instead, taking a bit of a bootstrap approach, an entrepreneur can get a business going and generating profit very quickly with very low investment and cost up front.

Use the Internet

The number one big cost for starting a business is often facilities and capital equipment. However, if a business can be started only and the equipment run in a home garage, for example, serious savings can be realized up front. This allows the business to get established, develop a customer base, and generate a revenue stream without paying big sunk expenses such as rent, permits, facilities maintenance and the likes. Eventually, as the business grows, it can consider a store front or facility or a street office. However, getting the business started up front without this big cost to meet every month allows a lot to be established without the money being immediately lost to rent.

Market

Awareness is the big game in getting a business going. When customers can find a business and its product within 15 to 30 seconds of an online search, that business often gets the order or, at least, valuable consideration. However, businesses that are hidden in phone books or only use a small network suffer needlessly. With free tools available in terms of email marketing, newsletter marketing, social media, and the Internet itself, there is no need for a business to be unknown or invisible to customers searching for particular products or services.

Retain Customers Intelligently

There’s nothing wrong with wanting to please a customer and do a good job. However, startups often find themselves spending 80 percent of their time on 20 percent of their customers. This is called the Pareto Rule. To be profitable, the 20 percent of customers getting the most attention need to be the ones that actually produce profits. If not, the business needs to be willing to move on and give up some to win the big revenue streams. Often, small businesses get stuck spending lots of hours on a customer who produces little in the way of orders or sales. These folks need to be quietly but firmly dropped. Every hour spent is an hour of making revenue. Don’t lose time on customers that produce nothing or worse, more expenses.

Consider Electronic Payment

Customers, big and small, prefer electronic payment and credit card processing services. It just makes things easier for everyone involved. The customer can make payment without having to rely on a cheque or sending cash in an unsecured manner. It avoids the hassle of money orders. And customers feel they have some type of purchase protection if unsatisfied with the purchase. For the business, electronic payment comes in fast and secure. There are no accounts receivable involved or extending credit to a customer; the payment made is ready cash that the business can use again in growth or profit. Further, electronic payment can now be handled both across the Internet with website processing as well as with mobile payment tools and apps on smartphones. Even better, startups can use credit card processing services that charge their service fees per transaction, so there’s no up-front cost to use e-commerce and electronic payment tools.

Get Professional Help

The Profit Doctor is Australia's answer to getting a small business on the right track. Their in-depth experience and skill are a step above, and the ideal way to start a business right. Call for more information. For international support you can reach out to NBC.



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