Make something people want to buy instead of something you want to sell
Far too often people get really excited about a product that they design that they forget the big picture, which is to make money. It is better to have a small piece of a niche category that has been proven to buy than to go after a large, broad slice of no market.
When budget planning overestimate expenses and underestimate revenues
The numbers side of business is unfamiliar territory for many entrepreneurs. Don’t get caught up in your focus of making a sell and completely ignore the financial planning aspect. Plan for the worst, expect the worst but hope for the best. While you’re expenses won’t be 30 percent more than you planned you’ll thank yourself for giving your company the extra cushion.
Test things and study the results
The only way to know if something is working is to study it. Trying out different scenarios, plans or campaigns only helps if you pay attention to the results and then act on those results. This is especially true for marketing and advertising.
Always look for new ways to keep costs low
Once you get things going don’t get complacent. Things can always be improved at every level. Cut down on expenses by paying people up front and then leveraging that for lower costs. Never pay retail for anything. In addition to this, never offer discounts to your customers. Instead, give them more value so that money doesn’t come directly out of your pocket.
Have a mentor
Having someone around that has ‘been there, done that’ is an immeasurable asset. You can save so much time and money learning from other people’s mistakes instead of making them yourself. This person should be un-biased, objective and not related to the company in any way.
Starting a Business Successfully
DATE & TIME: March 28, 2018, 10:00am CDT
Westland Office Park, Building M (at the rear of t
5524 Bee Cave Road
Austin, TX, 78746
What are the myths and realities of entrepreneurship? How do you plan for success? This workshop will introduce you to the world of small business and guide you to prepare for being a business owner.