Growth Customer Experience Productivity Business IQ Trends Success Stories Tech Solutions Awards Business Tools Subscribe Tech Enquiry
Smarter Staff
Smarter Writer

This article has been written by the Smarter Business™ Staff Writers

Smarter Staff
Smarter Writer

This article has been written by the Smarter Business™ Staff Writers

So you’re starting a new business? Bootstrapping refers to a company founded with little or no investment capital.

boots

1. Understand how the money flows

Trying to reinventing the wheel when it comes to new business models is difficult in the Australian market. When looking at your new business, try and focus on understanding how the money flows in that market and do it better or more efficiently at launch.

2. Customer needs, not wants

With first-hand experience across several start-ups over the last 15 years, I’ve seen many new business owners focus on the wrong things. Building a product or service that no one really needs and is prepared to pay for wastes precious time which could make or break the business. Instead, focus on a potential customer's needs in their life and see how you can make that business idea grow.

3. Test and do manually

Don't bother with building back-end systems to make sure the processes are automated and ready to scale at launch. Focus on driving people to your business and taking action. Sign up for a trial, buy a product, refer friends and manually service the customer with email and phone. These basic fundamentals of a good business can go a long way at the launch stage of a business.

4. Revenues and customers

Focus on revenues and customers that value what you have to offer from day one. Building pretty web sites and an office that makes you feel good when you’re starting a new business is nice if you have the funds to do so, but without customers spending money to pay for your product or service you can kiss it all away!

5. Build a business, not a start-up

In my opinion, there’s a lots of hype around the term ‘start-up’, which drives an expectation of raising capital from early stage investors as the key milestone. Founders should be focused on building a business and solving a simple need with a product or service that is differentiated in the market. Don't kid yourself with capital raising articles.

Person typing on wireless keyboard
Trends
Explainer: Decode the latest business tech jargon

Here’s your go-to resource to understand tricky tech jargon. With new technology comes new terminology. So many acronyms and jargon words are created on the internet all the ti...

Data back-up animation
Business IQ
Business IQ
Quick 5: Data back-ups explained

For all businesses, failing to back-up data can have drastic consequences. Here are five back-up essentials you need to know about. Backing up your data may seem a mundane tas...

Woman working on laptop in dark room
Productivity
Productivity
A closer look: Technology solutions for working flexibly

Today’s tech makes working from home not just possible but also efficient and effective. Technology has radically transformed the way we work. We work from home or the office, ...

Top-down view of laptop and stationary
Growth
Growth
How-to: Get the most out of your content strategy

Build an effective content marketing strategy with these digital techniques. In the war for attention, the challenge for a small business is to create content that engages the ...