With the help of some savvy investors, DFT has put together a primer for entrepreneurs looking to take their startup to the next level.
Here are three key things to consider when planning your next venture.
You have to be creative with your business strategy 1.5 billion people around the world rely on the internet for business and commerce.
The global average internet traffic is estimated at $13.2 billion a day, and the vast majority of people who use the internet have access to a reliable connection.
And while the Internet is generally accessible in most parts of the world, that doesn’t mean it’s easy to get to the sites and applications that are most important to you.
To make sure your business is well-positioned to compete and grow, you need to take some creative steps to attract your users, said Scott Luskey, founder and CEO of DFT, a Vancouver-based tech-tech startup that provides cloud-based marketing solutions to businesses.
“You have to get creative with what you’re selling,” Luskeys said.
For example, if you’re a restaurant that sells food and drinks, Luskins said, you might want to offer a menu that offers a selection of options that are different than what you sell at the restaurant.
If your business sells a product that lets you monitor your weight and sleep patterns, you can use that to attract customers.
Don’t worry about a lack of revenue.
Lusinksays that you don’t need to make a profit to be successful.
You can, however, consider your revenue stream as a “tipping point” for success.
If you have a growing business and have high user growth, you should consider growing your revenue more slowly, Loskeys said, adding that you also should keep your revenue-generating strategy in mind.
If it’s a small business that can’t generate enough revenue to meet its expenses, consider expanding your revenue.
For instance, if your average sales per user is about $20, then a business with 5,000 to 10,000 users could theoretically be profitable if it continues to sell its product for $10 to $15 per user, Lsaskey said.
Don “keep it real.”
Lusksays that your first few years of business should be spent building your business and building trust with customers.
“Don’t just go out and do whatever you can,” Lsoskey said, pointing to the advice of many early-stage venture capitalists.
“It’s much more important that you do things the right way, because once you’re successful you will be able to build that trust and confidence with the customer.”
That’s a key element for any entrepreneur who wants to grow and succeed in the next year.
“If you start your business by doing nothing, then you’re not going to be able succeed,” Lauskeys said of his advice.
“We have to build trust in our customers and customers in general.”
The first step is to have a great customer-service experience.
Lsassonsays that he would have never made a business-related product without his customers.
As a manager, he had a knack for connecting with customers and developing strong relationships with them, and he always offered them feedback and suggestions on how to improve their experience with his product, Lauskey said