We exist simply to support business, and a huge part of that service is offering free, one-on-one business advice. These sessions are available in person or over the phone, and they’re there for anyone considering launching a business, already running one, or buying or selling one.
Throughout all these meetings, we often see similar themes and hear similar questions. There truly are no stupid questions, and we can help with just about any business topic there is.
With that in mind, we’re addressing four of the most common questions we hear in our advice sessions!
How do I know if my business idea is a good one?
There are a few steps we tend to suggest here.
To begin, we recommend some basic market research – talk to people, post in groups, and ask for feedback. Importantly, don’t just ask friends and family, who may be more receptive to the idea than the general public as they want to support you.
Next, spend time thinking about who your target customers would be. Determine what their pain points are, and ask yourself how your product or service is going to solve those problems for them.
Importantly, look around to see if there are already products or services in the market. While an existing company doesn’t mean you can’t launch your own, it does mean you’ll need to think about how you will differentiate your company, and what makes your product or service unique.
Finally, we often recommend starting with a minimum viable product (MVP). This is a version of your product that has just enough features for people to test it out. Then you can gather feedback and check its popularity or early issues.
Taking a phased approach to thinking about launching a business offers many benefits, so take your time, test the market, and start small before investing too much money.
What’s the best way to do marketing when I don't have a budget?
Marketing can cost next to nothing, or it can cost fortunes – and both options can produce results.
If you don’t have much of a budget, you can always start by marketing yourself and your own personal brand. Show your customers who you are and what you are about, as everyone likes to support a business they know is small and locally run.
You can also set up partnerships or collaborations with complementary businesses. This can help you split the work, share clients, and help to spread the word.
Social media is also a free tool any business can use. If you don’t already know the basics, spend some time researching and taking workshops so you can make the most of these platforms and grow your following organically online.
There are also local directories and community groups you can sign up for to spread the word, and networking events throughout the Sea to Sky where you can meet other entrepreneurs and tell everyone about your business.
Of course, be sure to make the most of free tools that can level up your marketing without damaging your bottom line.
How can I improve my cash flow?
Cash flow is always one of the biggest challenges for business. Here are some of the key ways you can improve yours:
Invoice promptly and set clear payment terms.
Ask for positive terms with your suppliers.
Get a good bookkeeper who can arrange your finances into an effective system.
Offer incentives for early payments.
Cut unnecessary expenses and review subscription services.
Plan ahead for seasonal fluctuations.
Do I really need a business plan?
Yes. Even a simple business plan will help to clarify your goals and give you a set direction. You will use it to lay out your ultimate goals, medium-term tactics for meeting those goals, and daily tasks that will help to drive you forward.
Without one, the day-to-day running of the business can quickly take all your attention and result in you feeling daunted and confused about the future of the business.
Additionally, a business plan can be vital for securing funding and partnerships, and it can help you track your progress.
Of course, a business plan should be flexible, so you can update it as your business evolves.
Got a question we haven’t answered here? These are just some of the common questions we hear, but if you have one of your own – big or small – don’t hesitate to set up a business advice session and we’ll chat through it.
コメント