GNT #48: 6 Tips for Starting a Successful Business 🔥

read time: 2 minutes
 

6 Tips for Starting a Successful Business 🔥

Today we're getting right into it.

1. Learn about your ideal customer profile

The best possible customer for your business. Who would benefit the most from what you offer (and be most likely to buy)?

• Who are they?
• What's important to them?
• What pain are they experiencing?
• How can you help them be more successful?
• Are they actually willing to pay for your product/service?

Speak with your current customers and get their input now and ongoing.

Learn as much as possible from them (and work to reinforce your relationship at the same time). Doing this has been a true pivot point for businesses I've worked with.

Try to avoid blindly focusing on your idea vs. pivoting based on what you uncover.

Never stop talking to customers.

Read more: Can you answer these questions about your buyer? (Fuzzy answers don't count)

2. Aim for multiple income streams

It takes time to build your business.

There are different schools of thought, but for startups, consider building multiple income streams to diversify and shorten your runway.

Find ways to bring in revenue to support yourself in the beginning before things take off. That's a difficult phase.

Especially when you're building it yourself.

There are many ways you can do this: consulting, subcontracting, interim, advisory, product, projects, affiliate... another side hustle in your portfolio.

Don't give up too early.

3. Surround yourself with people who want you to succeed.

Network like your success depends on it. Because it really does.

And once you find your people, build up your inner circle. Who we surround ourselves with has a huge impact on us.

Have the courage to cut toxic people out of your life. We deal with our own imposter syndrome enough anyway.

4. Validate your business idea fast & rigorously

When Dropbox started, founder Drew Houston had trouble convincing investors.

So, he made a simple video showing how Dropbox worked. This quick prototype captured users' interest and showed investors its potential.

Test it, don't just dream it. Efficient market research is your friend. Talk to potential customers, check out competitors, and find the real gap your business will fill.

Prototype it, get feedback, iterate. Your idea’s worth is proven by the market, not just your belief in it.

Read more: How to validate your idea (and avoid wasted time & money)

5. Sell as soon as possible

Don't wait for the 'perfect moment' to start selling. The sooner you get your product or service to market, the quicker you'll learn and adapt.

Early sales efforts provide invaluable feedback and help refine your strategy. Focus on creating a minimum viable product (MVP) that meets the basic needs of your target audience, then iterate based on customer feedback.

How can you focus on the lowest hanging fruit?

6. Three Entrepreneurial Superpowers: patience, consistency, and adaptability

Success is often found in the balance of patience, consistency, and adaptability.

Be patient with your growth, consistent in your efforts, and adaptable to change.

Patience prevents hasty decisions, consistency builds credibility and trust, and adaptability ensures you stay relevant in a dynamic market.

Together, these qualities create a resilient, enduring business foundation. 🔥

Enjoy your upcoming adventure, my friend.

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