Starting and growing any business is difficult because we don't always know what to do next. In this guide, we will discuss the following key areas of consideration to avoid "getting stuck":
If you are stuck or want advice from our team, Upbox offers bespoke consulting services. Please contact our sales team at here.
Identify your business idea
It is important to understand what you are trying to achieve, before you set out to build something. This is true of highly technical businesses, and simple ones:
Below are a few examples for you to think about:
These examples are all very different, and raise a number of challenges that someone could face when starting a company. It's essential to understand your strengths and weaknesses as you grow, so that you can fill any gaps while this plan develops in your head.
Create a business plan
Now that you have a rough idea of your business, let's put pen to paper and create a basic business plan.
There are many tools available that can help you build a business plan, or you can look for a one-page business plan, and see how much you can fill out without further research. Find and complete whichever best suits you, but it's important that you keep this as an ever-evolving document, rather than something that is forgotten in a filing cabinet once complete. If you would like to research different types of business plans in more detail, you can search for the following types:
Some key points in all business plans are:
Build a website
Websites are important for businesses of all sizes, across all industries because they serve as the digital storefront for your business and can attract new customers, showcase your products or services, and provide valuable information about your business.
As of 2023, there are many options available for businesses that are looking for a website. You can create one yourself with point and click website builders or hire a developer to create one for you. The biggest differences between these options are as follows:
While some people may not want to add technical aspects to their business, a well-designed website can dramatically increase customer engagement. According to a study by Clutch, businesses can expect to see an average of 30% growth in revenue within the first year of launching a website.
Branding
Creating a brand identity is important to distinguish yourself against potential competitors, but also to show your customers who you are and what you represent.
To begin, create a name for your company, often related to the product or service that you offer, and design a logo. Then, you can begin describing your products and services through clear messaging that resonates with your target audience. This messaging can be used in emails, letters, ads, etc. As you continue to explore ways to reach more customers, social media will become a necessity. It is important to develop a consistent brand-voice that you use across all of your channels and accurately reflects your business. Your messaging will often be complimented through the utilisation of colors, fonts, and images to reinforce a consistent visual identity.
As a subset of marketing, branding can be approached in many ways, but the points above are a good starting point. Regardless of platforms that you use to promote your business, it's important to build a strong brand that resonates with your target audience and sets you apart from your competitors. With a strong brand in place, you can attract more customers and increase your chances of success as a business owner.
Building marketing funnels
It is essential to build and develop multiple sources of inbound interest, often refered to as a 'marketing funnel'. This funnel often tests engagement rates across numerous different activities, and focuses it's time and attention on those that generate the most interest from potential customers. Examples of these funnels are:
In summary, establishing an online presence is essential for businesses looking to reach new customers and build awareness. Social media platforms offer businesses a way to connect with their audience and increase this awareness. Online visibility and growth can help you build a strong and engaged audience, while branding your business is important for reaching your target audience.
Payment methods and financials
Setting up payment processing is an essential step for any business looking to accept payments from customers. As technology has developed, new methods of payment have been established. Now customers have the option to use traditional payment methods such as cash, checks, and credit or debit cards, or they can adopt a digital payment provider that provides specialised services to help send and receive funds more easily and quickly.
There isn't a 'one size fits all' option here, since the best solution varies depending on the industry.It's important to have a system in place for handling these types of payments, such as a cash register or a process for depositing checks. Alternatively, you can use apps like Paypal, Venmo, or Stripe to transfer money digitally, or even swipe card payments through your phone using solutions offered by Square.
It's important to have someone review your fraud prevention measures regularly, to monitor transactions and minimize fraud and payment risk.
After establishing a method to send and receive money, it's important to trach your revenue, expenses, and cash flow to avoid cash flow problems. Tools such as QuickBooks can help you manage your finances by automating accounting tasks, tracking expenses, and generating financial reports. As your business grows, it's important to review your processes to accommodate the increased complexity of your finances. This may include hiring a bookkeeper or accountant, implementing more advanced financial management tools, or investing in financial planning and analysis (FP&A).
Managing your finances is essential for any business looking to grow and succeed. With the right financial management tools and processes in place, you can make informed financial decisions and grow your business with confidence.
Sales and customer success
Growing your business can be an exciting and challenging time. Having a plan in place is essential for staying focused and achieving your business goals.
Despite most sales advice, there really isn't a single trick to 'closing' sales. Rather, understand the following about your customer:
From this basic qualification, you can see if they are a suitable customer and if you can address their problems, or if they are looking for a product or service that you do not offer. Turning away a business that you cannot help, will save time for all parties involved, and may build future credibility for you and your brand.
Once you onboard new customers, its important to work with them to track their goals and help them reach these goals. As they grow in size, so to will their requirements for your products and services. The following process varies depending on industry, but a general process involves:
These points are very generalised, but it's important to have a process detailed for both parties. To help improve customer retention, or reduce points of friction in the sales process, many businesses choose to engage third-part consultants. Fort businesses looking to always optimize and improve, it's important to regulary check processes in your business and add another layer of accountability for you and your customers.
Upbox specialises in providing guidance and expertise to growing businesses. Our focus is on optmising processes to increase efficiency and advising in revenue generation and retention. Contact our sales team if you would like to discuss this further here.
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