10 proven tips for building million dollar tracking company

Starting a business is different from starting a successful business. According to Investopedia, approximately 45% of new businesses fail during the first five years. Successful businesses are built on a foundation of good strategy, practical experimentation and creativity, and a certain level of instinct related to timing and real customer wants.

The other type of business – the unsuccessful or stagnant business – comes when people just go into something without being sure of what they’re doing, what area they’re in, or what their business goals are.

And that’s why we’re here today – to help you on your quest to start a successful GPS tracking business. In fact, we're not just stopping there. We want to give you everything you need to start a very successful, multi-million dollar GPS tracking company.

Sound too good to be true? Don't worry, it isn't. Nothing good comes without a good amount of work – and that's up to you. But what we're giving you today is the framework, tips, and know-how to make sure your GPS tracking business grows beyond your wildest dreams.

The first and most important thing we should mention is the importance of niching down. Niching down means that you try to supercharge your products and services – and thereby, supertarget your audience.

One big flaw in most new businesses – and why more than half close down every year – is because they're not really sure what they're offering to whom.

Niche down: don't just sell GPS trackers. Sell GPS trackers specifically for families – that can include their cars, bikes, mobile phones, children, and even pets.

You can find a lot of options: buy them from Chinese suppliers (and even get your own branding on the trackers). You can find a lot of great GPS tracker brands, such as Coban, Meitrack, Bofon, Concox, and the famous European brand Teltonika (which is more expensive, but also more reliable).

This type of business can incorporate a variety of products to give your audience options. With that, you can set yourself apart from your competition and build up your brand.

This is so important that we could write an entire book about it. You need to know who your ideal audience is. If you do, you'll know what their behaviors are. You'll know what they like and dislike. You can know what they're scared of and what they tend to love and enjoy the most.

That can help you set your messaging. That can help you sell your products efficiently.

So, let's extend our example above. Let's say you've chosen your family GPS tracking niche. With that, you now know who that audience is: families with children who, in this modern world, need a bit more assurance of safety for themselves and their valuables.

With your site, your blog, your email newsletter, and your social media ads, you will be able to determine what messaging works best for them. A recent rise in crime, where GPS came as a solution (like the one in Washington https://mpdc.dc.gov/trackmystuff). Some case studies (every business loves statistics) or news reports where GPS trackers helped solve any issue get back a lost animal or stolen property. With a defined audience, you can choose your angle and make sure you're speaking directly to them.

More than half of everything we do for our businesses are redundant tasks. Redundant tasks can be automated – and if you want a very successful task, you need to give yourself a lot of time by automating boring tasks.

This can be email marketing automation, social media automation, automating your invoices or accounting, and so much more. There really isn't a limit to what you can automate – as long as it is a repeatable process, there's probably an app or program that can take that work off your hands.

Then, you can spend your time wisely, strategizing and planning the next stages of your business.

If you're not doing ads in today's business world, you're just begging for your competition to overtake you. Digital ads serve two purposes: they get you more business (from new or the same customers), and they keep your business on people's minds.

Don’t worry: it doesn't have to cost you an arm and a leg.

And that's where your niching-down and audience selection comes into play. You can simply reach them on Facebook and Instagram – given that you know who they are and what they want.

Meta ads can be very effective – since nearly everyone is on the platform (Facebook or Instagram) – and cost-effective. You can spend as much as you want: $5 a day, $20 a day, or even $2,000 a day. The more you spend, the more you'll reach – but if your targeting is brilliant, you can spend less and get direct traffic that will eventually turn into conversations.

Another method to reach the right people is to use what's known as influencer marketing.

In this method, you find someone who is an influencer – say, for our family GPS tracking example, a popular mommy blogger or techy geek-dad – with plenty of followers and great engagement. You pay that person a certain amount to promote your products and services.

That way, you can piggyback on their influence to reach your potential audience that might have yet to consider using your tracking solutions.

Big corporations do it with famous athletes and actors. Small businesses now do it with targeted influencers. However, in order for this to work, you need to make sure these three conditions are met:

• you have a very good idea of who your targeted audience is
• the influencer's fans and followers are members of that audience
• the influencer's audience is genuinely, actively, and consistently engaged

Influencer marketing could help push you into the multi-million dollar GPS tracking business faster than any other marketing solution.

The famous saying goes: "the journey of a thousand miles begins with a single step." However, many businesses that fail to plan accurately imagine that that journey consists of only a single leap: one campaign, one project, one try, and immediate success.

Unfortunately, that's not the way it works. Everything comes in stages, and so should your business. You need to plan those phases strategically and ensure you hit each milestone.

Using our family GPS business as an example:

Let’s say Phase 1 of your business is setting up all your digital assets: your website and blog, your social media accounts, your tracking and metrics, and so on. It's a largely invisible phase since you're not doing any business yet; you're just preparing for it.

Phase 2 can be promoting your products on social media and setting up your email marketing.

Phase 3 will be your first number goal: 100 customers or 100 units within the next 30 days.

In phase 4, you can work on doubling that number.

In phase 5, given that everything's gone well so far, you can start looking at extending your product offering.

Phase 6 will require you to hire staff and work on an ambitious number: 400 new units per month, and so on.

You see, when you break it down into logical phases, you're giving yourself and your business the motivation and opportunity to succeed.

In our example, Phase 6, we mentioned something new business people are reluctant to do: hire staff. By staff, we mean full-time or reliable part-time staff, and they're generally needed later on in your business stage.

But they're not what we mean when we talk about a VA, or Virtual Assistant. You should consider VAs more as task-based helpers who will do as you need them rather than full-time employees.

And, more than just glorified secretaries, VAs can help you do anything, from answering emails to taking care of your social media, from making your travel arrangements to designing your logos. In fact, you should think of VAs as a type of automation. Once you find one you can depend on, you can set him/her to take care of your everyday, smaller tasks that can't really be automated but also don't really need your full attention.

You should also use them as a way to see if you have enough need for full-time or part-time staff. VAs are also relatively cheap – you can pay a monthly subscription with a set amount of task hours or do it project by project.

One thing many successful business owners say is this: they often spend too much time perfecting something than just testing a minimal version of it. Taking something from zero to 80% quality may not be very hard. From 80% to 90% quality, it gets difficult, and from 90% to 100% is practically impossible.

And yet, putting out a product or service, or process or system, at 80% would probably have given them similar rewards and lessons as the 90% thing.

This is what the Lean principles are based on: delivering as much value as possible to your customers with as few resources as possible.

Practically, what that means is:

• don't wait until your website is absolutely perfect before launching it
• don't wait until your product branding is absolutely amazing before selling it
• don't wait until your words are absolutely amazing before approaching your customers
• don't wait until your analytics and metrics are super-detailed before building your strategy off of it

What you should be doing, based on Lean principles, is simply to iterate: get your website version 1 launched, then, after some time, go for version 2, etc. The same applies to your products, advertising, and everything else.

That way, you'll be getting things off the ground sooner and go that much faster towards your multi-million dollar GPS tracking business.

Most business people waste time with developing their own software before they've even confirmed their product is working. However, that's not recommended. You can easily use white label solutions for your GPS tracking business.

Effectively, what this means is that you can have all the features, design, interface, and backend support, even a mobile app – all with your own branding, company name, and whatever else you desire. Check our white label software and request a 30-day free trial.

White labeling means you pay a small monthly or yearly subscription, and you can get your very own software for your customers' usage. You'll also get the necessary tech support to make sure the product works, meaning – again – you can spend more time growing your business.

Lastly, in order to really take your business to the next level, you need to be totally aware of your business. Take all that time you've saved – by automating your business, hiring a VA, using a white label platform – and invest in your business knowledge. This includes understanding the GPS tracking market in and out.

To be able to get your multi-million dollar tracking business, you need to stay up to date so that you can be at the forefront of your industry. You need to know what your customers will want; you need to know what the new products are and what they will be in a few years. In summary, you need to know everything to plan and adapt your business strategy.

In closing

Getting your business off the ground shouldn't be hard. But making it a multi-million dollar business is something else. Luckily for you, you chose a pretty good market. The GPS tracking market still has low enough competition, a wide range of niches, and a high level of demand that you can find your own profitable space.

By using the 10 proven tips we listed above, you'll be more than prepared to take your startup business to the next level.