A Small Business Story
Starting a small business used to be easier 40 years ago. Starting out involved a business plan, an innovative product or service, start-up capital and a good location. Advertising campaigns usually only meant some sort of print media and a good location.
A small business was restricted to a local area, which also made it difficult to grow.
These days, business owners compete on a global scale. They have to understand how digital marketing works ie. social media and google ranking, the changing market places and generating business from all over the world. We interviewed the founder of Wise Real Estate Advice and Property Managers Melb, Mark Ribarsky, to discuss some of the challenges he encountered with his small business venture.
My first boss in real estate told me ‘it will take 10 years before you can build up your local network to start you own a real estate business.’ The business will be restricted to a local area and growth would be slow because overhead costs are high.
In 2013, I decided to start a real estate buyer’s agency. No office or big franchise brand, just a digital marketing strategy that was built around a content-rich website that ranked well.
Fast-forward 5 years and my digital strategy have leveraged my company into ranking with the top 10 buyer’s agents in Australia. The website generates business from over all over Australasia. WREA now offers different services like property management, real estate advice and residential property development.
Below are the top five tips I’ve learnt on starting a digital-based business.
Top 5 Tips
- Invest in a good website with fantastic content. Google can generate clients with no advertising spend. All Google is looking for is good quality content that people like reading. So, be a professional commentator on your topic, you would be amazed how many doors this will open for a business owner that’s passionate about their trade.
- Understand digital advertising. Every digital marketing company will promise the world but deliver very little. Know what you want and how it’s going to work for you before you purchase anything. Make sure every dollar you spend brings a return on investment.
- Learn how your competition uses digital advertising. Trying to reinvent the wheel can be difficult and increase your chance of a poor return on your marketing dollar. Study your best competitors and how they win business and then do a better job than them.
- Team up. Make friends with a business that can add value to yours. You can leverage each other’s contacts and refer business to each other.
- It won’t happen overnight. It will never happen if you don’t keep trying. Monitor and track everything you do, learn from your mistakes and try your best to avoid making unnecessary ones.