Read on Twitter
Short Thread on Starting a Business:
Ok. I've done it a few times. I've failed more than once.
My most recent attempt at business has been a small boutique gym.
Here are 5 lessons I've learned from my failures and finally finding success.
Ok. I've done it a few times. I've failed more than once.
My most recent attempt at business has been a small boutique gym.
Here are 5 lessons I've learned from my failures and finally finding success.
1) Research!
I created spreadsheets on spreadsheets with my estimates on revenue and expenses. Whatever you think your expenses will be, add 20% Trust me.
Find someone in the industry. Buy them a nice steak dinner and ask a lot of questions. This is priceless.
I created spreadsheets on spreadsheets with my estimates on revenue and expenses. Whatever you think your expenses will be, add 20% Trust me.
Find someone in the industry. Buy them a nice steak dinner and ask a lot of questions. This is priceless.
1b) Ask what things you should consider and what things you may not have thought of.
Ask them what they would do differently if they had it all to do over.
Ask them for their support. You'll be surprised how many people want to help.
Ask them what they would do differently if they had it all to do over.
Ask them for their support. You'll be surprised how many people want to help.
2) Create A 1 Page Business Plan
Force yourself to clarify what it is you are offering. How much are you charging. Where are you getting customers from. Think through the essential questions. What I used...
https://leanstack.com/leancanvas
Force yourself to clarify what it is you are offering. How much are you charging. Where are you getting customers from. Think through the essential questions. What I used...
https://leanstack.com/leancanvas
3) Test The Waters
For our business it meant getting clients for personal training and remote programming and lifestyle coaching. We did this before investing in a physical location.
Looking back, we should have built a base business that helped fund this investment.
For our business it meant getting clients for personal training and remote programming and lifestyle coaching. We did this before investing in a physical location.
Looking back, we should have built a base business that helped fund this investment.
3b) Whatever it is you will be doing, find out if people are buying prior to pouring money into it. Skipping this step can cause serious pain.
This could be a presale, this could be picking up clients from home, or this could be a small test run of a product.
Test it.
This could be a presale, this could be picking up clients from home, or this could be a small test run of a product.
Test it.
4) Advance With Confidence
Once you decide to open, go all out. Don't be shy. Tell everyone! The local paper, blogger, social media sites, and everyone you know. Go all out.
Don't save money on marketing. Fill the place up fast. It will pay for itself over and over.
Once you decide to open, go all out. Don't be shy. Tell everyone! The local paper, blogger, social media sites, and everyone you know. Go all out.
Don't save money on marketing. Fill the place up fast. It will pay for itself over and over.
5) Leverage Early Adopters
Your first clients are a goldmine. Doesn't matter what the business is. Those first customers need to feel like family. Make them feel special. Make them feel like a genius for giving you a chance, then ask them who else you can help.
Your first clients are a goldmine. Doesn't matter what the business is. Those first customers need to feel like family. Make them feel special. Make them feel like a genius for giving you a chance, then ask them who else you can help.
Whatever it is you choose to do, commit.
Focus on one thing at a time.
When you hit a wall and need help, ask for help.
You've got this. Business is hard, but the most important thing you can do is keep moving forward.
If you liked this RT the first tweet and share!
Focus on one thing at a time.
When you hit a wall and need help, ask for help.
You've got this. Business is hard, but the most important thing you can do is keep moving forward.
If you liked this RT the first tweet and share!
