Through meeting with and talking to several of our payment processing / fintech merchants, we learned that one of their biggest challenges is not knowing how to grow their business year after year.
In the restaurant space, some businesses will take off right away between press and hype on social media and then in the second and third years fall off the map or be forced to shut their doors.
Entrepreneurs in the B2B space say they find themselves with a steady stream of clients but then fail to plan their financials accordingly and end up struggling with cash flow scrambling to make payroll all too often.
Unless they can sell original products, retail stores lose money due to pricing their margins too low to keep up with the competitive prices on Amazon.
These are just some of the challenges we’ve seen businesses from NJ to CA face.
To help you learn how you can grow your business year after year, we spoke to several business owners who continue to boost their revenue, even despite the challenges that have come with COVID-19. These business owners provided us with their business tips for what it takes to be successful.
Businesses: Dr. Rissy’s Writing and GenZ Publishing
Location: Morganville, Monmouth County, NJ
Industry: Marketing and Publishing
Company Rep: Morissa Schwartz, Owner
Years in Business: 5 years in business (4 years freelancing prior)
Prior to sharing her business tips, this young entrepreneur shared the story of how when she was just starting out, like many entrepreneurs, she did everyone on her own.
Her first company website was made on a WordPress blog. (Editor’s note/business tip: We are big fans of WordPress but if you’ve never made a website before, hire a professional).
“That meant it was completely free, and I made it all myself with photos I took on my phone and edited with Canva (free) and text I wrote. A couple years later, when I had the funds, I had the blog transformed into an actual website (a pretty painless process),” she added.
Dr. Rissy started her business straight out of college when she couldn’t get any loans so everything she did was completely bootstrapped, she said.
Dr. Rissy promoted her first company completely through Twitter.
“I would find authors via hashtags and tell the ones I resonated with that I was starting a company that would support them. They appreciated the personalized reach out, and that is how I got my first dozen or so clients.”
In her first year, she did everything herself, but soon realized if she wanted to grow she needed more support so that others could take care of the tasks that were not her strengths and also save her time. So she hired a virtual assistant.
“She saved me so much time, which allowed me to work more on the business and grow it. I now have a team of 40, five years later. Each person helps my company to grow, so grow slowly and consistently.”
Location: Alachua, FL, Alachua County
Industries: E-commerce and Photo Decor
Company Rep: Abhi Lokesh, Chief Executive Officer and Co-Founder
Years in Business: 11
Over the past decade, Lokesh has come to appreciate that growth rarely happens steadily and is usually really uneven and more of a roller coaster ride, which led him to sharing his business tip on building a team.
“There are many moving parts ‘under the hood’ that contribute to growth, and none of them ever work exactly as planned. At Fracture, we’re coming off a three year stretch where we went from $5.8M in sales in 2016 to $23M in 2019. The growth has been great, but moving forward we really need to invest in the infrastructure and team that can allow us to handle that type of growth spurt again,” he said.
Fracture has to focus on building the right team for the future, Lokesh added.
“Currently, our team is incredibly lean, which is something we’re proud of, but it’s limiting our ability to grow in the future. On the topic of team, we also have to ensure that we’ve got the right culture in place that can handle growth and embrace the ambitions, stresses, and pressures of being a bigger company.”
Lokesh also explained that he feels like his company has to equally focus on both optimization and new solutions. Its work and efforts on our current product and platform are never finished. However, they won’t be seen as a one-trick pony and have to future-proof themselves by proactively thinking of and building out new products and services.
Business: Jacquie Smiles
Locations: NYC, New Jersey, and Hudson Valley, NY
Company Rep, Dr. Jacqueline Fulop-Goodling, D.M.D., P.C, Dr., Owner
Years in Business: 24
“I grew my orthodontics practice by word of mouth, being in the news, and going above and beyond for my patients. I went from having one office to now having three. The key to word of mouth is something that gets others talking about you. Something that will get you noticed,” said Dr. Jacqueline Fulop-Goodling, D.M.D., P.C.
For example, in 2009, she became a spokesperson for a small start-up company that no one knew [at the time] called Invisalign. As a result, she was featured on the Tyra Bank’s show to help launch the company. “Do something to be considered different,” she said.
“If you are a new orthodontist that is just starting out, get your name out there. Being average is boring, and being boring will not get you more patients in the chairs.”
Location: Concord, CA, Contra Costa County
Company Rep: Ryan Pamplin, Chief Operating Officer
Industries: Retail and E-commerce
Years in Business: 3
BlendJet is known for its original portable blenders that provide convenience and promote a healthy lifestyle to customers. It became a popular item on QVC and eventually rolled out across 50 major retail stores with more than 1,000 locations nationwide. Since the pandemic, most retailers have been negatively affected but with the increased number of families staying indoors and making their own meals, BlendJet has been in high demand.
During COVID-19, BlendJet shifted its strategy online, selling its blenders directly through its website and taking to Facebook to keep a steady stream of customer communication through Messenger and the Messenger Chat Plugin on its website to ensure customers are still receiving the same service they would in a brick-and-mortar store through virtual browsing to online checkout, even if they aren’t logged into Facebook.
BlendJet CEO Ryan Pamplin has been part of the team that’s grown this retail business.
“We’ve found that most customers are looking for a consultative retail-like experience where an associate answers all of their questions and makes informed suggestions to aid in the purchase process. We see a higher-than-average conversion rate from those customers, which I think comes from the personal attention they receive from our team via Facebook Messenger,” he said.
Company Rep: David Waring, Chief Operating Officer and Co-Founder
Time in Business: 7
Fit Small Business is a website that provides how-to guides as well as product reviews and service reviews for small businesses. Over the last seven years, the company has grown its business from scratch to over $6 million in revenues. The three things that chief operating officer and co-founder David Waring said he’s learned over that time frame include the following business tips.
The fintech and payment processing company you work with can play a direct impact on your bottom line. Your high credit card processing fees could end up equating to the salary of an employee. Slow payment technology could be slowing down your customers’ check out process, frustrating them to the point where they leave your store or abandon their shopping carts. With our Net Zero Fee Payment Processing program, you pay $0 on credit card processing fees. Contact us for a complimentary rate and fintech analysis.
Priority Payments Local is a top pay processing company / fintech company located in Central, NJ. We help merchants streamline the way they deliver and accept credit card payments, debit card payments, etc. What our merchants are saying – testimonials.