Growth Customer Experience Productivity Business IQ Trends Success Stories Tech Solutions 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.

5-minute fixes for your cyber security
Business IQ
Business IQ
5-minute fixes for your cyber security

Safeguarding your business requires an approach that is tailored to your needs. This takes an investment of time and money, and assistance from people with the right knowledge ...

A man typing a credit card number into a laptop.
Business IQ
Business IQ
Cyber security: A failure to plan is a plan to fail

How prepared are you when it comes to your businesses’ cyber security? These days we aren’t just protecting against viruses, but against hackers, identity fraud, data theft and...

Two workers in a security call centre looking at a series of computers.
Tech Solutions
Tech Solutions
Protecting your business with tech

Running a business now means protecting yourself, your assets and your store. Telstra’s business grade solution is Business Protect, to help keep your business safe. More than ...

Cyber security firm, Penten, celebrates winning the 2018 Telstra Business of the Year Award.
Success Stories
Success Stories
Prevention through deception Penten’s recipe for success

Canberra-based cyber security company, Penten, is the 2018 Telstra Australian Business of the Year. The business uses cyber deception strategies to protect Australian governmen...