The recent presentation “How to Scale Your Business and Create Bigger Opportunities” given by Christian Faulconer, CEO of Franchise Foundry, was of keen interest to the Brigham Young University students interested in creating a winning business.
While your business idea may not quite be ready for franchising, Christian gave invaluable recommendations that will work for any new start-up. Here are some of his tips that I jotted down for fine tuning your business idea so that you can “nail it, then scale it”:
- Find out where the “pain” is for your potential market. Hold informal focus groups to dig out that information.
- Analyze your competition so that you know where to position your brand. What product/service are they not providing that your target market needs?
- If your business idea requires that your target market make a switch in their buying patterns, you will need to focus your marketing efforts on educating them.
- Look for ways to automate. For example, use technology such as a website, a call center, or email for lead generation.
- If your business idea requires that most of your time is taken up in selling (going out and finding new clients) and then executing (teaching your life-skills course), you will want to find a more consistent revenue stream to augment (software package or an ebook).
- Document every step in the process from customer acquisition to shipping the product, to invoicing, to customer retention strategies. This “procedures manual” will prove invaluable should you decide to take on employees, a business partner, or franchise.