The following is an interview we recently had with Bob Bagga, Founder and CEO of BizX.
1. As Founder and CEO of BizX, what pain points does your organization solve on a day-to-day basis for small business owners?
BB: A new study by U.S. bank found that 82 percent of business fail due to poor cash management, and another survey found that 49 percent of small business owners can’t sleep because of cash flow concerns. Since small business owners struggle to increase their capital, our team at BizX resolves this issue by helping business owners unlock the power of trade to supercharge their cash, growth, success, and wellbeing.
In addition, small business owners struggle to network, which hinders their ability to get access to tips, products, services, or other resources that could help them grow. It’s no secret that networking is a powerful tool to success—but most small business owners don’t know how to get in front of the right people. That’s why BizX is not just a company but a community and network that’s fueling relationships among small business owners and helping them upgrade their business and lives through the power of trade and resources.
2. What are the benefits small business owners will notice from joining a community like BizX?
There are three main benefits small business owners will see from joining the BizX network:
- New, high-value customers: BizX is a sales and marketing channel that provides new customers to small businesses. These are customers that business owners wouldn’t have known about had they not joined the BizX community. Moreover, because these new customers are also small business owners within the network, they are more likely to be loyal than customers who are constantly looking for discounts and deals.
- Increase in cash flow: We’ve created a private currency called the BizX dollar, which encourages small business owners to trade products and services without spending the money in their pockets. Every BizX dollar a small business owner earns, for example, can be spent with another BizX member who can either be a supplier or customer. Overall, this means small businesses can buy and sell their goods using BizX dollars, resulting in an increase in cash flow.
- A strong, network of business owners: BizX provides a community for small business owners to build lasting relationships as peers, customers, suppliers, and more. We have communities in Oakland, San Diego, Seattle, and Dubai—and we hold regular networking and topical events in each city to help small business owners come together and grow their business.
3. Can you tell us about one client that identified and monetized their excess capacity and is now successful today?
BB: Our BizX member, Zadart Exoctic Club Cars, and Rentals, is the only place in Seattle where people can get behind the wheel of luxury cars like Ferraris and Lamborghinis at affordable prices. Since their fleet continues to grow, the business recently opened a brand new 2000 square foot lounge and uses the space to hosts events. Today, the company regularly hosts big events such as the David Lawrence Fashion show in November, a 150 person party for a software giant in December, and a Chinese New Year’s party in February.
To save money while hosting these events, Zadart use BizX dollars (instead of their own cash) for things like catering, party rentals, valet parking, and ice sculptures. Because there are vendors in the BizX community that can offer these services and products, Zadart was able to save their cash and still host great events.
4. What are the top 3 trends in the small business world that you see gaining traction by the end of 2018?
BB: There are a few key trends that I see unfolding for small businesses:
- Blockchain will help small business owners evaluate and monetize their excess capacity. With smart contracts, small business owners will be able to identify what their excess capacity is so they can monetize it.
- After small business owners evaluate and identify their excess capacity, they will take steps to monetize it. This will happen as more small business owners trade their excess capacity (i.e. unused goods or services) with other small business owners.
- Cryptocurrencies will become more prevalent. Small business owners are going to start looking to non-cash currencies to power their transactions—and this will definitely become a regular habit and business strategy in the upcoming year.