LC038: Improving an Existing Business

launchpeer - July 18, 2018

Today’s question:

Today’s question comes from Jimmy. I just bought a company for a few thousand dollars from Flippa. The founder didn’t have time to work on it anymore, but it has potential. What are some things you would do to get it some traction?

Jake’s answer:

If you don’t have an idea but you want to start a company, you can look at places such as Flippa or TransferSlot where you can buy a side project for a fair cost. If you go this route, there are a few things you can do to make an immediate impact.

Find Out What Data They Have

Make sure all data tracking has been integrated (Google Analytics, etc). Now find out how many visitors are they getting a month. Do you know how many page views, bounce rates, etc? Where’s the traffic and revenue coming from?

Schedule Meetings with Customers

No matter how many customers they have

  • How are you liking the product?
  • What do you love about the product?
  • What do you hate about the product?
  • How did you find the product?
  • What would you tell someone who is considering our product?

These questions will help you level up the business quicker than anything else.

Review Website Performance

Is the site SEO friendly (SEO Optimizer)? What are the page load times? Check to see which keywords it’s ranking for and audit the copy of the homepage. Does the copy on the website match up with the customer feedback you got when you spoke with them? You can change the copy and design of the site by implementing the feedback from your existing customers.

Many of these businesses haven’t been doing any of this they end up being low-hanging fruit for the new business owner.

Many existing businesses haven't been tracking data or talking to customers, which makes those options low-hanging fruit for the new business owner. Click To Tweet

Acquire New Users

With the feedback and changes, I would start running ads for the homepage or setup a separate homepage for conversions. When we run PPC ads, we send them to a landing page that only talks about what the ad was talking about to improve conversions. Even if conversions are low, you’ll find out quickly how much it costs to acquire a new customers and then you can refine your process so it costs less over time. The faster you can bring the cost of acquisition below the lifetime value the faster you will be able to grow a sustainable business.

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