5 crucial things to remember when starting a business

5 crucial things to remember when starting a business

It's kind of crazy how many start ups are launched without a specific business plan in mind or on paper.  I've worked with countless business owners who were just starting out and they couldn't answer simple questions like "Who is your target market and demographic?".  I mean, if you know you're going to be pushing a service or product, you should at least know who you want to sell it to lol.  Some business owners are oblivious to why they are failing, and it's because they launched too early without a proper game plan.

It's actually astonishing that some of these businesses last so long without a proper plan of action.  It's like they struck gold and didn't even realize it until things started to go south for them.  Unfortunately, being successful without a good game plan is not likely to happen.  Most businesses fail within the first 3 years because of poor planning and management.  Most companies that are new have an idea of what they want to do, but they don't know exactly how to do it.  I've even seen people have a great product but not know how to launch it at all, they didn't even have a website!  lol

If you're not getting traffic and customers, you will fail in a short amount of time.  Here are some of the top excuses I hear:

1. "Our product is so amazing that it will sell itself!"  Bullsh*t
2. "It can't be that difficult.  I'll figure out the marketing when we start selling!" Dumb
3. "We're focusing on the product first, then we'll focus on making sales" You're already failing

All of those types of attitudes are just going to fail.  In order to be successful with a product or service, you need to work in marketing to every aspect of your business.  This is much more than just putting up a website and being active on facebook lol.



Here are 5 things you need to remember when starting a business


1. Figure out demand
Many people have great ideas and products, but no demand.  If you want to go into business and sell a $10 item that has almost no demand, you better hope you get that item into a big chain store.  If you don't, you will just waste money on production and marketing because no one will want it.

Minimize your risk and start up a company that will or would be in demand in the near future.  If you already have some successful businesses, you don't have as much of a risk taking chances on a low demand item.  But if this is your first business, start off with a demand and take risks later on.


2. Bootstrap everything
Your business plan doesn't have to be very expensive, you just need to know what to do with the money you have.  You don't have to spend thousands on a web design when a WordPress theme will do.  You can drop ship similar items to what you want to sell in order to build up the funds for your main idea.  There are also plenty of forums and free resources that will allow you to learn what to do and what not to do when running your business.

As for the money, put every cent back into your marketing and sales generation in order to build up your business as fast as possible.


3. Get some help
In todays world, marketing can be extremely difficult if you don't know what you're doing.  For most entrepreneurs, they see dollar signs and don't think about the marketing they'll have to do in order to actually get those dollars.  If you can't do it yourself, you will need someone to come in and help you out.

If you don't understand SEO and Marketing, YOU WILL NEED HELP!  Don't let your ego deter you from bringing in outside help to boost your sales through increase search engine rankings and PPC sales.  You cannot ignore marketing, it's what brings in the clients who want to give you money.  Ignoring marketing is like going fishing without a fishing pole lol. 


4. Consider influencer marketing
People always borrow money to build up their business, but why not borrow the massive following that influencers have on social platforms?  You can pay influencers in your niche some cash in order to get them to post your promotional materials which will hopefully turn into some additional sales. 

Having influencers post for you is like getting an instant stamp of approval from them.  They will approve you and their followers will notice, and likely check out your website.


5. You need to adapt and adopt
A good marketing plan will set you on the right course for success, but that's not all that needs to be done.  You'll need to monitor what is going on and adjust your methods, ppc campaigns, social media campaigns, influencer campaigns, etc. in order to stay above your competition.  Think of your methods or systems as something you're in a relationship with, you will need to cut the bad performing ones and bring in something that works when something goes wrong.

There's not such thing as a straight line marketing campaign.  There will be plenty of twists and turns to every campaign and you will need to get use to that.  Adopt new strategies in order to bring in the sales, if you don't, you'll go under pretty quick.



In Conclusion:
Starting a new business is never easy, but you can do it!  Be diligent when starting up and make sure you have enverything in place prior to actually getting going.  You will need a marketing plan in place before the first line of code goes into your website.  You can do it, millions of others have and I know you can too



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Thanks!

Razzy