Having owned several businesses, I have found that the following fundamentals are absolutely necessary for a profitable experience.
- Pick a product or service that you know is desirable to others. I have owned a gluten-free food business, moving company, and natural skin care business.
- Price the product or service competitively. Do your research and find out what others are charging. Don’t short change yourself by charging too little, and don’t overprice yourself by charging too much. Make sure it is a good value for people.
- Set up “shop” just enough to get your first customer. Your goal is to become profitable as soon as possible. Avoid accepting loans unless absolutely necessary.
- Start looking for your “fishing boats”. Fishing boats are people and places that will continuously feed you “fish” or customers. To grow quickly and get over the entrepreneurial hump, it helps to quickly develop strong relationships with your target market.
- Hyperfocus on the first “sale”. Getting to the other side of the sales cycle is invaluable. After celebrating your first dollar, keep your head down and keep working on finding new customers and running your business.
- Don’t forget about your financials. It is important to develop an early habit of keeping up with bookkeeping daily or weekly.
- Continue to grow your business with the possibility of selling it someday. Thinking this way will help you clearly define and organize all aspects of your business.
While you are creating and growing your business, don’t forget to maintain the other areas in your life, like your health, relationships, and sense of well-being. Your business should be a welcome addition to your life, not a destructive force.
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