5 Things You Must Do Before Starting Any Business ✋🏼 – Josh King Madrid
After tons of successful and even failed start-ups, these are the 5 things I wish someone told me before I launched any of my start-up business. Implement these today and the success you see will come a lot easier, sooner, and be a lot BIGGER.
1. Motives and intentions
Look at the true motives and intentions of other individuals when working with potential business partners. Often times people want to chose a business partner based off of their credentials or their work ethic. As important as those traits are, I believe it’s 10x more important to learn how to read people and know their true motives and what their end goal in mind is. I’ve worked with people before who are selfish or egotistical and when looking to team up they really only care what’s in it for them instead of what they can do to make the consumers happy. This is playing the micro scale, you may be able to make some quick money short term but it will always come back to hurt you in the long run if you don’t respect the people who put money in your pockets. Find business partners with humility, people who care about leaving a legacy and impact rather than monetary currency and boasting their self image.
2. Clear Business Plan
Create a clear business plan using logic to pitch investors. When creating a business plan to pitch investors on raising money for your start-up, it needs to catch their attention and make perfect sense logically for them to be interested in funding your business idea with their hard earned money. Break down all the numbers of where the money is coming in and out and explain why your product makes sense for them to invest in by using logical reasons. The best way to do this is by knowing the entire target market wants, needs, and dislikes and using the cognitive biases to back why your target customers would be willing to buy your products and services. Too many people fault to using emotional pitches instead of logical justification. I like to say, when it makes “sense”, it makes dollars. So show your investors that you are confident in your abilities to produce revenue in your business and you will have no problem finding the capital you need rather quickly.
3. Keep It Simple Stupid
Don’t over complicate your project. Too many people get way to fancy on their start-up by wanting to have everything and do everything and end-up spreading themselves to thin and actually not being able to execute on anything. I’ve done this before. However, thanks to the help of mentors, I realized it’s better to start with one simple concept, master it, and then diverse in to new concepts and products inside your company after you start to see success. Nobody will buy your companies’ products if they can’t comprehend what you actually can provide them expert value with. One of the fundamentals laws of branding is to grab attention and notoriety for one niche and until you dominate that industry, don’t try to run both. This also gives you the luxury of creating novelty, which creates more awareness, relevancy and desire for your companies’ products.
4. Speed is key
Launch your product as soon as possible. Get prototypes or beta versions out and running to a select amount of individuals. If you wait and procrastinate till the right time to curate and distribute the perfect product, your subconscious mind will tell yourself it’s not that important and you will start to prioritize the wrong things which will slow down the time of your launch. It doesn’t matter if you product is not completely perfect and the best of the best when you push it out to the market. By getting it out there fast, it gives you more time to adjust to what exactly the market wants. Most of my businesses are a completely different business model then when I originally planned it because I had to adjust to the market and adjust to my target customers values, wants and needs allowing me to quickly tweak my projects time after time until they reached ideal perfection, that’s when I’m able to go all in and push my product out to the market on a mass scale.
5. Test, Test, Test
Test everything. If you want to drive the maximum amount of traffic and conversion to your business you need to “always be testing”. Don’t get complacent with your current methods of operations when it comes to advertising, customer acquisition , customer satisfaction, or customer retention. Always test and track results to see what works best & what doesn’t work as well. This will give your start-up a higher likelihood of longevity and increased revenue. It allows you to cut out the processes that do not work and double down on the ones that do. With a fast paced growing economy and trendy market like we have today it’s important to stay on top of your game so you can catch and ride the next trend to revolutionize your business.