1 Ensure there is a demand for your product or service.
Companies that succeed are focused on being continuously successful so that they can survive adverse situations such as economic crises...
Before you start a company, do your homework, know your numbers, and make sure that there are a market and demand for your product or service. Every sale is expected to be profitable, ideally by 50%. Then you're going to have money to hire great workers, so you can focus on the work you want to do. Record everything and create the systems as you go, so that anyone can do your job tomorrow. But first, learn how to sell!
2. Know you won’t get it right the first time.
Don't live in an information-gathering mode. The only way forward is...
simply to do it — immediately take action. Then, you need to be fast on your feet, analyze the findings, and make adjustments if necessary. You certainly won't get it right the first time— or even the second or third. Yet if you're speedy, you can bounce back.
3 Be patient and make sure that you have sufficient funding.
Anyone starting a new company will fully understand the plan and funding needed to survive the start-up process. I wish I had known how long it would take to get to the stage of revenue that would allow my company to prosper and grow.
So, try to be more patient...
About half of all small companies that failed, did not have sufficient funding.
So, before you have a plan that takes a long time to generate income, make sure you have a source of backup funding. Every startup’s plan for profits is different and failure is always a possibility. But if you have sufficient resources, the chances of failure are drastically reduced.
4 Forget about what you want to sell.
Many businessmen focus so much on marketing and sales, that they fail to fully understand exactly what their customers want to achieve or do. Profitable businesses know their customers better than they do themselves. They sell the value, impact, and results that their customers want to buy.
Become a student of the game. Don't assume that you already know the answers. Plan a listening campaign to understand the problems and dreams of your target audience.
It's never too late to change, expand, or adjust what you're offering to exactly what your consumers want and need. When you do so, you become the unique business whose goods don't have to be sold—they're only bought.
5 Listen to your customers.
Traditional thinking will tell you to start with a business plan and a product. But when you start your company, you will find that the important thing is to define the minimum viable product (MVP), implement, and get immediate feedback from the customer.
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