For an entrepreneur, launching a startup begins with the creation of something from nothing. This creation should take into account what an individual is passionate about and this can beRead More
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]]>For an entrepreneur, launching a startup begins with the creation of something from nothing. This creation should take into account what an individual is passionate about and this can be done by listing the items and prioritizing them to help an individual remain focused on their idea.
When launching a startup, an entrepreneur must make sure that he or she stands out from the crowd especially because of the large number of new businesses that are launched every year. This is the reason that a successful launch is necessary to help an individual have a strong social proof, build a user base rapidly and improve the chances of long-term growth.
The following are five popular ways entrepreneurs can launch a startup:
The target market chosen should be an industry that is growing fast, big and profitable. The selected market can then be won by differentiation where a business gives customers more of what they want and this boosts their willingness to pay or a business that serves as a low-cost producer and charges the lowest price in the industry. When customers buy the products, the entrepreneur should monitor the changing customer needs as well as new technologies and figure out other additional products to build as well as fresh markets to conquer.
The competition should be studied through the performance of the strengths, weaknesses, opportunities and threats analysis. A list of businesses that offer services and products similar to the one being launched should be done, a review of the marketing materials which includes brochures and ads should also be done.
The marketing tactics and strategy should also be chosen. This involves the sales as well as the marketing channels that can be used which include online, catalog or using dealers. Multichannel marketers usually achieve great success because customers like it when they can shop when and however they like.
Knowing the product’s life cycle is important because the campaign used during the introduction as well as education phase of the service or product needs to be updated as the service or product matures. An entrepreneur should monitor the marketing results carefully so as to notice any diminishing returns that indicate when to revise the service or product, alter the media message or phase out the particular offering.
This is important so that people can start signing up to receiving emails from an email list. This should be done before the official launch. Email is important because it can get people engaged as well as convert them into customers. For the email list to work an entrepreneur must get their contact list together, this can be done by downloading contacts from those on the email or from people spoken to. This data can be put in a customer relationship management system. Emailing people directly with the launch announcement is more effective than posting it on social media.
Having a large list of motivated and qualified email subscribers is important if the business is to grow. This list can be built by using list building strategies as follows:
> The list can be built with article marketing where the content is taken from the entrepreneur’s blog or website and is then submitted to article directories.
> Videos can be used to build the list because videos help to authentically connect with the people who visit the entrepreneur’s site and allows engagement in a compelling manner. Videos also allow an individual to interact with prospects better.
> Pay-Per-Click advertising can be used in list building and is one technique that can attract many ideal as well as highly qualified leads consistently.
This list dictates the number of clients and customers that sign on and this affects the income of the business.
For an individual to optimize their website, it is important that they give the right kind of information that will grab people’s attention as well as leave an element of mystery that will generate curiosity. The content on the website should be useful, link-worthy and entertaining as this increases the chance of the start-up being discovered. Assess the type of content the competition is creating and use gaps in the content as an opportunity to deliver something the competitors have missed or are lazy to perfect. Keywords should be worked into the posts and the blog optimized for the search engines.
Having a page that is a basic “Coming Soon” page, can be used to entice people to sign up. Offering a special bonus can be an effective way to get early subscribers. Make social sharing an important part of your website and lead generation plan as well.
The sign-ups should be monitored on a daily basis and this should be set up in a way that an email is received every time someone signs up. This can be used to send the person a follow-up thank-you note.
Attracting clients consistently requires that the entrepreneur’s marketing message be clear and stand out. When this message is clear, the marketing plan will be so much easier as well as less costly. To communicate regularly it is important to engage the audience immediately. This can be done by sending out emails regularly, as well as offering people something that will be useful to them with each message. This is one way to keep them signed up, and respond positively to the launch. Have email programs that will allow the set up of “autoresponder” sequences that enable the automatic sending to people a particular set of messages once they sign up.
The emails can offer sneak peeks concerning the progress of the business, industry news, fun quips and also how-to.
To launch a startup successfully, align it with relevant companies that have significant reach. With that being said, it is very important that an entrepreneur looks for opportunities in brands that will complement their product offering and provide unique value for the customers. Build relationships with people regarded as influential in the industry. This will open the business to powerful resources, endorsements as well as introductions to other key influencers in the industry.
The Startup Survival System by Kurt Won
New Business Next Steps by Ann Hawkins
Become Your Own Boss in 12 Months by Melinda Emerson
Startupland by Mikkel Svane
100 Days of Growth by Sujan Patel
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]]>4 Common Reasons Why Startup Companies Fail You have a superb business idea. The question is – how do you know it will be a success? The answer is simpleRead More
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]]>You have a superb business idea. The question is – how do you know it will be a success?
The answer is simple – you don’t. And unless you try it out, you will never know it for sure. You need to take the step to find out whether your brilliant idea will transform into a successful business.
But before you take the step, be cautious.
The facts can be dampening – 8 out of 10 startups fail. But if you are aware of the common pitfalls, you can try to steer clear of them. Why exactly do startups fail? Often a combination of reasons works together and ultimately leads to failure.
“Only those who dare to fail greatly can ever achieve greatly.” – Robert F. Kennedy
Let’s take a look at the most common reasons why startup companies fail:
The idea may be too small, and attract only a small niche market, in which case you won’t be able to attract investors. Or, it may be the solution to only a really frivolous problem, in which case you won’t get customers.
Another possibility is that the product or service you offer really isn’t necessary, but only an addition to whatever is already available. In each of these circumstances, the possibility of building a successful new business will remain a distant dream.
Tip: The best way to assess the potential of your idea is to present it to investors.
Perhaps you miscalculated how much you may need, or you spent more than you can afford, or you misjudged the time you will need to break even, or maybe it was some other reason. Whatever it is, it can spell doom for a startup.
Also, if you want to run it as a lifestyle business, you may not want to involve investors. But this strategy won’t work if you want to build a big business. Running out of cash can forestall any chance of success, and eventually lead to shutdown.
Tip: Plan your budget; and double it. Also, keep aside an emergency fund.
Put together a directionless leader, an unmotivated team, and no advisors – and you have the perfect recipe for disaster! A startup needs a team with all the components right; and one that knows how to manage a startup.
You need to come up with a management that understands how to build up a new business, a team that works together with the same vision, mission and ethics, and advisors who can help overcome the hurdles on the way.
Tip: Don’t take it all on yourself; it will go haywire if you have to stay away for a week.
Unless your startup involves an original invention, you have to worry about competition, even in the first phase. Be it selling pencils or managing yacht charters, many new businesses are outcompeted by the established ones.
Again, sometimes your product may be too complicated to use, or your service may really be unnecessary. And customers prefer the time-tested solutions to innovations. If there’s a gap in your strategy, your idea may never become a successful business.
Tip: Do thorough market research, especially about your competitors, in advance.
A startup may fail for any of these, or some other reason. And even if yours does, it’s no cause to think of it as a failure and regret your step. Even Edison failed 1000 times before he came up with the light bulb.
Instead, analyze why you failed, and learn from your mistake. It’s the only way to success.
How to Ruin A Business Without Really Trying by MJ Gottlieb
The Pumpkin Plan by Mike Michalowicz
Zero To One by Peter Thiel and Blake Masters
Fail Fast or Win Big by Bernhard Schroeder
The Startup Survival System by Kurt Won
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]]>A summary of things you should know about Become Your Own Boss in 12 Months according to Melinda Emerson: Introduction In this episode Melinda Emerson reveals all her insights onRead More
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]]>In this episode Melinda Emerson reveals all her insights on Become Your Own Boss in 12 Months, where she shares her monthly guide for building small businesses.
In her book Emerson provides you with step-by-step instructions, effective business strategies, simple techniques that will help build your business within a 12 month period. The goal of the book is to teach you fresh, new ways to create any startup through an effective marketing plan, a small business budget that works, financing sources that are worth your time, and a long-lasting business maintenance plan.
This book is perfect for entrepreneurs who are new to the business world and need a guide to help get their first business funded, launched, and maintained within a small amount of time.
The first thing that makes my book different is my Emerson planning system in my book. I actually developed a six step system for people to transition from having a job to starting a business. You first need to develop a life plan before you ever develop a business plan because you need to figure out what you want and why you want it and then you need to build a business that aligns with that. I talk first about life planning which is very nontraditional in the business world and then I talk about financial planning. I also talk about evaluating your business based upon what skills you have and then what skills you need to run your particular kind of business.
I actually designed it to be read twice. I found that when people read it a second time they start doing the action items at the end of each chapter.
Niche to get rich! I think that the biggest problem that I see small business owners have is they chase anybody that they think has money as opposed to having specific niche target customers. Niche marketing is everything that you need to have to be successful in business these days.
The first thing I walk people through is really thinking through if you really want to be an entrepreneur. And then I explain why it takes 12 months because the most common question I’m asked is why it takes 12 months to start a business.
And then I walk people through how to develop a life plan, how to construct their financial plan, and how to start thinking like a business owner. Then we start looking at creating your business model and then lining up your lawyer and accountant who are going to be probably the two most important business advisors you’re going to have.
From there we start talking about marketing and I get into your niche and really understanding what a niche is and how you figure out what your niche should be. And then we look at marketing 101; how to figure out who is going to buy your product or services.
Then I walk people through developing a business plan. Once we get through business planning I look at where you are going to get this money from and getting your finances together.
I also have a chapter that covers how to develop a successful crowd funding campaign. I give you the step by step and profile two businesses that did it well.
I walk you through how to brand your business and in that I talk about how to develop your number one sales tool which is your website.
Then I walk you through how to develop a content strategy because when you start thinking about building your brand you have got to think about how to do it online and offline. When it comes to building your brand online it’s really about what I call a Three Legged Stool approach. You’ve got to have a great website, you’ve got to figure out what you’re doing with social media, and then you’ve got to use e-mail to follow up on all of that.
And of course I have a chapter on how to become a social media ninja. If you want to know how I build over 300,000 followers on Twitter and a brand that is international, I break it down for you in this chapter.
Then we talk about getting you ready six months before you start. I switch gears and talk about how to cultivate the market; how to start telling people you are getting ready to open up your business. Then we go through setting up shop and I’ve got some great checklists on all the things you have to have in place.
From there we talk about employees and how to build your team. And then we look at how to set up your customer service systems because your processes and systems need to be setup before you open your doors.
The third section of this book is called Go and that’s when in chapter 22 we walk you through launching your business and how you do that.
Then I walk people through 10 Things You Must Never Forget in Business. And then I leave you with my final thoughts where I walk people through the things that I think they need to be doing and measuring in their business.
NOTE: That was just a summary. To get the full deep dive, play the audio clip at 08:44
“You never lose in business, either you win or you learn.” – Melinda Emerson
My name is Melinda but my nickname is Small Biz Lady and I am very excited to talk to you about my brand new book which is the update of my very first book. Become Your Own Boss in 12 Months is a month by month guide to a business that works. I wrote it because I wanted people to benefit from all the hard learned lessons I had learned in my years in business. I’ve been in business now 16 years so I have been through the fire, wind, and rain and I am still here!
In 2005 my former husband and I became pregnant with my son and I went from being the worlds worst workaholic you ever met in your life to being put on bed rest for six months. And in that time of six months I started thinking about all the expensive lessons I have had the opportunity to learn. I started taking notes and writing down stuff that I wish somebody had given me better advice about. I got to a point where I realized that I needed to pull all this together in a document that would help other people. I wrote the book that I wished someone had written back when I first started my business in 1999.
The E-Myth Revisited by Michael Gerber
Buy Become Your Own Boss in 12 Months by Melinda Emerson on Amazon today
Visit SucceedAsYourOwnBoss.com to get the first two chapters and some more resources
Follow Melinda Emerson on Twitter and Facebook
Download the full transcript here (coming soon)
Listen on iTunes, Stitcher , and SoundCloud
Related books:
The Startup Survival System by Kurt Won
New Business: Next Steps by Ann Hawkins
The Pop Up Paradigm by Melissa Gonzales
Relevant advice and tips:
Top Financial Mistakes Entrepreneurs Make When Creating a New Business
5 Important Things That Every Entrepreneur Needs To Know About Starting a New Business
What did you like and not like about this episode? Fill out this one minute survey here.
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]]>5 Effective Ways To Raise Money For A New Business You may have a winning business idea, but unless you can arrange for the right amount of funds it mostRead More
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]]>You may have a winning business idea, but unless you can arrange for the right amount of funds it most likely will not transform into a successfully scalable venture in the 5 plus years to come. The question is – where do you get the money from? Well, there is always the bank loan; but it’s the hardest to get for a new entrepreneur.
How do you manage to raise money for a new business? Here are 5 of the most effective ways to do it. Remember though, you may have to mix and match all or a few of them to make it work to your advantage.
Self-funding is often the only option for a new entrepreneur, as financial institutions make it difficult for them to get a loan. Liquid assets aren’t the only option though. You can leverage your other assets to raise the necessary money.
It can be anything – downsizing to a smaller home, selling off your luxury car, selling off jewels, and so on. You can also take out a loan against your home, your savings account or even your whole life insurance policy.
While banks will ask for business plans, financial projections, and collateral before they give any loan, you may not have to face any such hurdles when you decide to borrow from your close ones. But it’s easier in theory than in practice.
You may not have to pay any interest (or even if you have to, it’s usually quite low). But make sure you get every detail in writing. And also make sure it is a loan, and you don’t give away a legal stake in your business to everyone.
If you can convince your suppliers to work with you in such a manner that you have a fixed period of time before you need to pay for the supplies, things can work out. It works in the same way for established businesses.
But it isn’t easy. You have to provide suppliers with a good business plan, financial projections, collateral, and any other documents they ask for to make it work. Once you have the agreement in place, you will have a fixed time before you need to pay them.
These are successful entrepreneurs who can help you get your business on track. But remember, it’s not a loan; it’s an equity investment. So, you have to hand over a slice of ownership to them when you get their money.
The advantage is that you don’t need to fret over regular payments or interest rates. But on the downside, you may have to share the authority over your business. And it may be a little difficult at times to ask for approval from every investor.
Certain companies specialize in finding lenders for small businesses. All small business loans can help you find the funds for your new venture. But you need a business plan, financial projections and some money for the startup.
Online lending sites are good places to get loans for your small business too. But they are unsecured loans. And it’s essential that you scrutinize every detail, especially the fine print, of the loan agreement before you sign on the dotted line.
You can also check out the loan programs available from the government to identify possible opportunities to get adequate financing. If you are eligible, it can take out one of the biggest hurdles in creating a successful business – startup costs.
Venture Capital by Elaine and Kaiwen Leong
StartupLand by Mikkel Svane
Everyday Entrepreneurs by Ken Horn
Do Cool Sh*t by Miki Agrawal
The Startup Survival System by Kurt Won
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]]>A summary of things you should know about The Startup Survival System according to Kurt Won: Introduction In this episode Kurt Won reveals all the insights on his book, TheRead More
The post A Preview of The Startup Survival System with Kurt Won appeared first on The Entrepreneurs Library.
]]>In this episode Kurt Won reveals all the insights on his book, The Startup Survival System, where he shares how a startup can thrive in the first 2 years of business.
In his book Won gives you a simple systematic approach to prioritizing your business, narrowing your focus, and increasing your results to ultimately keep your business from failing too early. The goal of the book is to help you prepare for the consequences of entrepreneurship, build a foundation for your startup, improve operations, drive more sales, and maximize profitability.
This book is perfect for entrepreneurs who are ready to launch a new startup company and need an easy, actionable guide to help them get started.
The Startup Survival System is a very easy read and I’ve made it fun with very simple language for the reader to understand. I think the biggest difference that sets it apart is that I use survival in the wilderness as a metaphor for surviving as a startup which I think helps engage the reader throughout the book.
Because this book is a very simple read I suggest the reader read through the entire thing. I found that the more you read this book and answers the questions I give you the more you’ll get out of the book.
I would really want the reader to take action on the 5 C’s to complete confidence which I introduce in the book. This is a framework that having worked with so many people I have found really works. Learning this framework will allow you to help others on your team but also in your life to build their confidence which helps them to increase their productivity and also helps your business.
Just imagine that you are stuck in the wilderness all by yourself and without any tools. If this were really the case more than likely the first thing you would do is look for shelter or build shelter for yourself. I think this is also one of the things you need to do as a startup at the beginning. And chapter one is all about exploring ways for you to protect your business.
When you are starting up a business at some point you are going to experience some testing times and any entrepreneur can attest to that. And those times will test your spirit and also push you to the brink of nearly quitting your business. And so chapter two is really about getting clarity on where you are in your business and your bigger purpose other than making money. Because when the times are tough the thing that’s going to keep you in your business and doing what you are supposed to do is having a personal mission. And so in chapter two I will ask you questions to help you gain clarity on your purpose, your mission, and what’s really driving your desire to start a business or stay in business.
If I take you back into the wilderness, once you set up your shelter you need to find fresh water and fresh food to give you the energy to survive and find your way out. In business you need sales and cash flow to sustain all of the operations that happen on a day to day basis. In chapter three I share with you tips and also a proven process to help you to increase your sales more quickly and also make more money.
In chapter four we explore what to do in order to keep predators away from stealing your ideas, sales, and intellectual property. You will see that protecting your ideas can really help you create long-term wealth. If you are in a position right now where you have a very unique product or service that you don’t want people to steal than this chapter is really for you.
Once you protect your ideas you move on to chapter five which is called Surviving the Storm. I titled it that because no matter how things are going you are going to get the good times and also the bad times. In this chapter I share with you tips and strategies on how to deal with those rough times.
Chapter six is about what I call Tribal Survival. This chapter is about look at who is on your team, who you need to get on your team, and how to become and better leader.
Chapter seven is about taking the time to really look at the big picture and what all you have achieved.
In chapter eight I explore how to leave tracks for new customers to find you. I help the reader to get clear on how to establish the branding and also your marketing strategy.
Chapter nine will really help you to gain insights on how to put systems around your processes so it’s easy for you and your team to replicate the success that you’re having.
In chapter ten we look at the finance side. What happens to your money when it comes in to your business? Do you put some of that money away or does all of it get spent? In this chapter I help you to get clarity to better engage with your money flow on a weekly basis and ensure that you don’t get caught in what I call a cash trap.
In the final chapter I talk about the need to build a business in such a way that allows you to extract yourself from the business if you choose to do so.
NOTE: That was just a summary. To get the full deep dive, play the audio clip at 5:14
“Build a business that people can rely on, not a business that relies on you.” – Kurt Won
I was born and raised in South African and have been living over in the UK for the past 15 years. I am a multi award winning consultant for startups and small business owners. I am a speaker and now I’m an author. I’ve worked with over 1,000 entrepreneurs and business owners across 15 different countries to help increase sales and drive results in their business in a much quicker time.
My mission is to be able to help empower and support as many startups and existing small business owners as possible. Over the past five years I have worked with over 1,000 entrepreneurs and small business owners and I found that there are really so many people I can help with the amount of time that I have. I knew that writing this book would be a great way to help serve more people and make a bigger impact and help more startups survive and thrive in their first years of business.
Rich Dad Poor Dad by Robert Kiyosaki
Buy The Startup Survival System by Kurt Won on Amazon today
Visit TheStartupSurvivalSystem.com to learn more about Kurt and his book
Follow Kurt Won on Facebook and Twitter
Download the full transcript here (coming soon)
Listen on iTunes, Stitcher , and SoundCloud
Related books:
Business in Blue Jeans by Susan Baroncini-Moe
Fail Fast or Win Big by Bernhard Schroeder
Profit Hacking by Steven Daar
Relevant advice and tips:
5 Financial Mistakes That Devastate Startups
5 Mistakes Entrepreneurs Make With Marketing and Branding
What did you like and not like about this episode? Fill out this one minute survey here.
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