skip to main content
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.

Tech
Tech
How 5G could help grow and transform your business

In Telstra’s recent Business Intelligence survey, small and medium business owners were asked about the technologies they think will impact them in the future. ‘Cloud’ (28%) an...

Productivity
Productivity
Five ways to create a great remote working team

Driving the performance of remote teams requires much more than simply handing out computers and collaboration tools. The key is to empower your remote staff to work effectivel...

Tech
Tech
Why and how to use the 3-2-1 strategy for data back-ups

Have you ever lost a digital file worth hours of work because of a program crashing or something going wrong with your computer? Or been a victim of ransomware, where hackers b...

Business IQ
Business IQ
Freelance Virtual Conference: 5 key cyber security takeaways

Freelance Australia recently held the 2021 virtual Freelance Essentials Conference to help freelancers and small businesses learn the ins and outs of running a freelancing ente...