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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 Member

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    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

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    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
     

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