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Need your advice/help

Discussion in 'General Business and Entrepreneurship' started by Jay2theB, Oct 11, 2017.

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  1. Jay2theB

    Jay2theB Member

    Hey Ladies and Guys,

    I’m working with some great people creating a new product to help small to mid size businesses grow. We are getting close to finishing it but I wanted to make sure that we aren’t forgetting anything.

    If you could answer one question for me I would be more than happy to give you the product for free when we complete it in the next few weeks.

    I wanted to know:

    What’s your #1 problem when it comes to growing your company?

    Thanks so much and hope you’re all killing it out there!
  2. Edvin

    Edvin MVP Member Top Contributor

    Well, I'm starting from ground zero; so, everything is a problem for me until I open-my-doors; and then I have to worry about cash-flow and turn-over rate just for my business :)

    Others may have more in-the-trenches feedback. In any case, I'll share with you my challenges and opinion.
    • Product/Services. I don't have a product yet; I'm looking into partnering with a franchise; however, contingent on my investigation - I may proceed without it and look for whitelabeling if possible.

    • Differentiation - I've heard this multiple times, how is my business (i.e. HVAC, cleaning, gardening, babysitting, property management, realestate, etc) different than the next. Everyone is offering the same. Saying that I will focus on customer service is silly since no one intentionally tries to alienate their customers. This is one reason why I'm looking for a reason not to partner with a franchises. I'm planning on starting a tutoring business, and want the flexibility to try new things. For example, build a robotic arm that plays chess with students; this will be part of marketing campaign as well as aligning with STEM materials - I could not explore an idea due to constraints set by the franchiser.

    • Location - Where should I open my store to maximize revenue

    • KPIs - Small business owners typically don't know how to measure their efforts and find it difficult to maximize efforts via A/B testing (they may not even know about it).

    • I'm somewhat familiar with online ad campaign and was successful in affiliate marketing; but, did not find google ad campaign as a viable option for a brick & mortar store. Though I will try this when I open my store, I suspect many small businesses have not tried online ad campaigns or found it is not worth the investment.

    • Many entrepreneurs that I know struggle with effective use of social media to promote their business; or they just don't do it.

    • A successful marketing endeavor usually exercises multiple channels; with a very limited budget how do business owners tackle this.

    • Business owners will spend the money if they know they will get their money back via customers; but, they seldom are able to see the ROI.

    • The cost of marketing is more than the cost of software, or campaign; but, it also takes human resources. Business owners don't usually have extra man power in addition to the marketing budget

    • Many business owners seem to think everyone is their customer, instead of focusing on 20% that yield 80% of their revenue

    • Those that are not familiar with internet, think SEO or other similar campaigns are the key to success
  3. Gin

    Gin Member

    Seems, so far, tax bracket rises too. Why can't govt just keep it stable vs raising and lowering it. They think it's a flag or what? jk, lol
    djbaxter likes this.
  4. Brittney

    Brittney Member


    Cash flow.
  5. Edvin

    Edvin MVP Member Top Contributor

    Hi Brittney, can you expand on this so we can learn from your experience.

    For example, those that don't manage their cash-flow (i.e. need funds to push them through off-season) are doomed to fail; but, I don't believe that is what you are referring to.

    • What is the minimum amount of cash do you need to expand your business (i.e. $10k, $20k, ...)?
    • Are you looking to hire one more person or duplicated your model? Have you depleted your available credit (i.e. loan against your home, 401k or business loan)
    • Once you get there; how do you expand to next level? Do you need same amount of cash again to duplicate the model or a new strategy?

    Last edited: Nov 29, 2017

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