Do you own a business or plan to start 1?
Freelancer or some sort of entrepreneur?
Well today & in this thread, I'm going to share with you tested & trusted principles multimillion dollar businesses use.
An MBA won't teach you this. Sit back, get a pen & enjoy
Thread
Freelancer or some sort of entrepreneur?
Well today & in this thread, I'm going to share with you tested & trusted principles multimillion dollar businesses use.
An MBA won't teach you this. Sit back, get a pen & enjoy
Thread
Since the beginning of time, man has created businesses, some have grown & survived while many have withered away.
According to recent business statistics, only one in 5 startups make it till the 5th year.
That is out only 1 in 5 make it past the incubation period (5years)
According to recent business statistics, only one in 5 startups make it till the 5th year.
That is out only 1 in 5 make it past the incubation period (5years)
In the US, Everyday 1,000,000+ businesses get registered but only 200,000 make it till the 5th year
Why is this?
What causes businesses that are started with so much enthusiasm, hopes and zeal get crushed?
You'd be thrilled and learn a whole lot from this, so sit down & enjoy
Why is this?
What causes businesses that are started with so much enthusiasm, hopes and zeal get crushed?
You'd be thrilled and learn a whole lot from this, so sit down & enjoy
1. The number one reason most business end up dead on launch is INADEQUATE MARKET RESEARCH.
Surprised?
Don't be!
Most people start their business with no clear definition of who their actual target audience is.
What they look like, where they are, what they want & earnings
Surprised?
Don't be!
Most people start their business with no clear definition of who their actual target audience is.
What they look like, where they are, what they want & earnings
Sorry I had to attend to some issues.
Let's continue.
Most go into business because they feel, oh well I see this and that making money with a business model, so I can too!!
I'm sorry but you're doomed if you just go into business without proper planning
Let's continue.
Most go into business because they feel, oh well I see this and that making money with a business model, so I can too!!
I'm sorry but you're doomed if you just go into business without proper planning
Can a soldier go to war with no ammunition and win?
No!!
Can you start a farm without proper planning on how to acquire the land, weeding it & planting?
No, it all takes a process before you reap the yields.
So is business. That's an analogy.
Read on
No!!
Can you start a farm without proper planning on how to acquire the land, weeding it & planting?
No, it all takes a process before you reap the yields.
So is business. That's an analogy.
Read on
As a coach to various startups and a pro at E-commerce who has helped various brands make millions in revenue.
Here's my take on it.
Before you start a business, you need to have a specific audience you are actually targeting & understand what exactly you're providing for them
Here's my take on it.
Before you start a business, you need to have a specific audience you are actually targeting & understand what exactly you're providing for them
Without knowing who to serve you're bound to fail.
When you wanna start, I advise you have a mapped out strategy & plan on who you're targeting,
-understand their needs,
-how to solve it & what their disposable income is.
With this, you have an idea.
What's next?
When you wanna start, I advise you have a mapped out strategy & plan on who you're targeting,
-understand their needs,
-how to solve it & what their disposable income is.
With this, you have an idea.
What's next?
If you will know, the difference between a brand that makes a million & that which makes 100 million within the same time frame is proper planning & strategic thinking.
5 business can Start at the same time and only one will break even & make billions
5 business can Start at the same time and only one will break even & make billions
You need to plan years ahead and also have a backup plan against recession but I won't be talking about that today.
Most businesses attempt to start an entirely different business model.
Well only few succeed at this, I call them unicorns @larrykim
Most businesses attempt to start an entirely different business model.
Well only few succeed at this, I call them unicorns @larrykim
Playing the long term card vs the short term.
Businesses that succeed are those who are customer oriented.
Customer is king sounds cliche but it is true.
Brands that treat clients so well get to last long & get recurring sales over those focused on money money money
Businesses that succeed are those who are customer oriented.
Customer is king sounds cliche but it is true.
Brands that treat clients so well get to last long & get recurring sales over those focused on money money money
Do you know that if a customer is satisfied he can generate you 10 more sales but an angry client can make you lose 3x how many he can gain you = 30 clients
You don't want this at all, do you?
Another reason most fail is this, they aim to be totally different
You don't want this at all, do you?
Another reason most fail is this, they aim to be totally different
You gotta move with the trend as a business else you'd loose out in the long run
A business that adapts with time will always succeed while that which is rigid gets swept away
Be FLEXIBLE,ask for feedbacks from clients, understand your audience. Create a beta group to get data
A business that adapts with time will always succeed while that which is rigid gets swept away
Be FLEXIBLE,ask for feedbacks from clients, understand your audience. Create a beta group to get data
Thread's getting long, might have to continue later.
But before then,
As a business, you can have the right product, know the right audience but still won't make any headway.
Why does this happen?
How can you solve this?
You wanna profit right?
Turn on post notification
But before then,
As a business, you can have the right product, know the right audience but still won't make any headway.
Why does this happen?
How can you solve this?
You wanna profit right?
Turn on post notification
I will be sharing further insights on how to handle all these problems
+
A little secret I applied in my business to generate me $500k+ in sales spending less on ads.
SO FOLLOW ME, TURN ON NOTIFICATION, GO DOWN HERE TO LIKE, RETWEET & TAG YOUR FRIENDS
+
A little secret I applied in my business to generate me $500k+ in sales spending less on ads.
SO FOLLOW ME, TURN ON NOTIFICATION, GO DOWN HERE TO LIKE, RETWEET & TAG YOUR FRIENDS
