Future Database - Integration Business Fund

How to Create Your Future Customer
Database When You Buy a Business

How to Create Your Future Customer Database When You Buy a Business

After you purchase your new business, it is vital that you create a list of sources for future sales. Many small businesses fail due to the lack of understanding of how to develop their customers and prospects effectively. Creating the prospective sales list will:

• Generate your future profitability
• Guarantee the continuation of your business
• Assure your future personal financial viability

The following steps will help you establish a database of future business sales:

1. Identify and categorize your existing customers. Most businesses do not know who their existing customers are and they definitely do not know who they are by category (e.g. their best customers.)

2. Research who your past customers were. Past customers typically stop buying from you for a reason. You must contact them to determine the reason they stopped doing business with you and to start the buying process to ensure future business.

3. Locate all past inquiries. Contact them to identify why they contacted you previously and how you can be of service to them.

4. Include all your friends and acquaintances in your database. Keep them informed. They want to see you succeed.

5. Also include all your vendors in the database because you have a relationship with them and they can refer others to your services.

6. Add to the database all known users of your specific product.

Remember, when creating your database, it is far less expensive to do business with people who already know you or know your product than it is to develop new relationships from unknown sources. Time is of the essence. As soon as you take possession of your new business, it is critical to start developing your database for future profits.

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