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.

Dave Macdonald and Annette Kaitinis of Scoot Boot
Growth
Growth
Annette Kaitinis: growing a business means knowing when to trot, canter, and gallop

Annette Kaitinis and Dave Macdonald have taken their small business with a big idea from Tasmania to the world. After just four short years, they're reaching international mark...

Charmaine Saunders of Mainie in store holding a traditional Indigenous-inspired garment.
Growth
Growth
Culture meets commerce: These Indigenous businesses are embracing both

These four Indigenous businesses – NAISDA, Purple House, Bush Medijina, and Mainie – combine commerce and culture. Find out how business works for people by Telstra Smarter Bus...

A photo of a woman from behind working at an office desk
Business IQ
Business IQ
How to empower staff and protect data security

Your cyber security is only as strong as its weakest link and that weak link is often the human element. Cyber security is a human problem. That’s why it is critical to invest...

A large amount of multi-coloured post-it notes lying in a large pile on a white floor.
Productivity
Productivity
How to multi-task and do what matters

As a busy business owner, it’s tempting to try juggling all the balls at once in order to get things done. But using the right technologies and processes – not constantly multi...