The journey of starting a small business – part 2

The first 18 months and customer journey

Welcome to part 2 of our ‘The journey of starting a small business’ series.  

In the last blog we looked at the mindset of being a business owner and the importance of the value you bring to your customer.  

In this blog we look at what you can expect in the first 18 months of running your business, and the customer journey from awareness to conversion.  

Let’s get into it.

The first 18 months

Understanding what to expect in the first 18 months of starting your business is crucial. This is where you start to find your feet as a new business owner, and where you’ll learn many lessons. Here are some tips that will help set you up for a less turbulent beginning.

Capital

Have a plan on how you’re going to spend your capital and stick to it. Resist impulsive purchases that will burn through your money.

Cash flow

Understand and keep an eye on your cashflow. Knowing what’s coming in and going out of your business will help you make better informed financial decisions.

Tax provisions

If you can, separate your tax and GST from the money coming in. This will ensure you have what you need at tax time and won’t get caught out.

Bookkeeping

Set up good bookkeeping and filing systems for your business. Not only will it help you review your budgets and actuals but ensure you can access your invoices easily when it’s tax time.

Goals and purpose

Keep coming back to these regularly so you stay focused and motivated on what made you start your business in the first place.

Critical thinking

Take a practical approach to the way you analyse your decisions. Your confidence will grow, helping you become a better leader within your business.

Problems as opportunities

Every problem is an opportunity to use your creativity to find an alternative solution. There’s also a good chance you’ll improve upon that problem and create further value for your customer.

Work ‘on’, not just ‘in’ your business

Take time out to reflect on your business. Look at what is and what isn’t working and assess your next move.

Use the above points to help guide you through your first 18 months in business.

Customer journey (sales funnel)

What is ‘customer journey’? It’s not the public transport they take to get to your business, that’s for sure. It’s all experiences they go through interacting with your company or brand. From the social media posts and ads to your website and their purchasing experience. Another name for ‘customer journey’ is ‘sales funnel’.

To get a better insight into the customer journey, here are some steps they’ll go through to purchase a product or service from your business:

Awareness

How will you attract potential customers? What will draw them in? Think about where your customers are going to find products/services like yours and meet them there.

Consideration

This is the learning stage. They’ll be trying to find as much information as possible on your business, product and service. Consider what you want them to know. 

Sale/purchase

They’ve made their choice and want to buy from you. How are you going to take payment? Have you given them a clear delivery time?

Loyalty/retention

Was their experience purchasing for you enough to bring them back? What do you offer to have them come back? Are you open to honest feedback to improve and earn their loyalty?

Advocacy

How do you turn customers into advocates of your product/service or brand? Do you have enough post-sales processes in place to convert them to a mouthpiece for your business?

The biggest takeaway from the customer journey is that it’s not about you, it’s about your customers. It’s about making their journey from awareness to purchase as easy and pleasant as possible. Then you need deliver an excellent post-sales service and experience, turning them from customers to loyal advocates.

So, if you’re ready to begin your journey to starting your own small business, you’ll need the right tools for the job. Visit the Vodafone Business site and review our large range of business mobile and internet plans to suit all budgets.