Tag: customer

Getting Referrals for your Small Business

Posted by Winflow – June 14, 2011

Referrals are one of the best ways to grow your business and increase your sales. It also happens to be one of the cheapest marketing methods. Referral marketing involves asking other businesses within your industry for referrals. If a company cannot provide a service to a customer, they will refer the customer to you. This is an excellent practice because customers have already established trust with the initial business so they are more likely to accept a referral to a new company. Some tips for receiving referrals include:

  • Connect with businesses that have similar clients to you or operate within the same field of business. They are the most likely to have clients that are interested in your services.
  • Ask current clients if they know anyone who may benefit from your services. Happy customers are the best form of marketing because they are unbiased and the advertising is free!
  • Come up with incentives for referrals. For example, for each referral a company makes to your business, cut them in on a little of the profits.

To learn more about expanding your business through referrals, read this Microsoft small business article.

For your small business needs contact the Winflow Financial Group. Our consultants can provide you with personalized advice for your business.

Starting a Wholesale Business

Posted by Winflow – June 9, 2011

Running a wholesale business can make you a substantial amount of profit compared to running a retail store. This is because you are not making sales a dollar at a time, instead you are supplying inventory to retailers who typically need orders that costs thousands. If you’re considering opening a wholesale business, keep the following in mind:

  • You don’t need a lot of capital to start a wholesale business.
  • You can stock inventory or drop ship it directly to the customers. Drop shipping is when you send the inventory from the vendor to the customer. You avoid paying overhead fees for storing merchandise.
  • Understanding consumer trends is an important aspect of running a wholesale business.

Once you have decided to open a wholesale business, there are a few things you need to get in order. Be sure to set up the following before opening your business:

  • Find manufacturers. Vendors can largely be found online.
  • Find retailers through ads and direct contact. Participate in social media and consider contacting E-Bay or other online stores.
  • Figure out payment terms. Take a look at the competition’s payment terms and see if you can provide stock for less.

If you need help launching your wholesale business contact the Winflow Financial Group today. We can assist you in financing, investment

Pitching Your Business to a Venture Capitalist

Posted by Winflow – June 6, 2011

Funding a start-up business on your own can be difficult. One funding option entails involving an investor in your business. By giving up a percentage of your company, you will gain the money and experience you need to see your business make it to the next level. When pitching to a venture capitalist, there are number of tips to keep in mind, including:

  • Keep it simple. Capture an investor‘s curiosity by delivering your idea in a short period of time.
  • Be aware of the competition. What makes your product unique? How are you going to compete with larger companies?
  • Go into detail about how your team has the experience required to make this business successful.
  • Include projections to show venture capitalists your business can make money down the road.
  • Give all the information about the product you are trying to market and include how a customer would use it and why they would use your product over another company’s version.
  • You must be able to convince an investor that the valuation of your product is sound and they are getting a fair percentage of the business.
  • Ultimately, the investor must decide if your product will get him a high return on his investment.

To learn more useful tips about pitching to a venture capitalist, read this Wall Street Journal article. If you need assistance making connections with an investor or planning your presentation, Winflow Financial Group can help. We offer free consultations and can be reached at 1.800.956.6897.