Regardless of how much business experience you may have, starting one can be confusing and intimidating. For most people, choosing where to start is tough and we are all guilty of “analysis paralysis”. There’s risk to tolerate, decisions to make, and skills to learn. If you’re looking for a place to start, listen to this awesome Q&A!
What You'll Learn:
💵 Invest in Yourself First, Business Second
If you have money sitting around, it’s pretty likely to get spent, and not always on good investments. As a general rule of thumb, it’s a good practice to view your finances going back into the business; however, that doesn't mean you can’t pay yourself. Try to live below your means and pay yourself for the essentials within your life, then put the rest back into the business. Bootstrapping isn't easy, but it's the least risky way to begin your business journey.
📈 Consider a Different Sales Cadence
Starting a product based company? Try a sales cadence that increases a scarcity mindset in the consumer's eye. It could be Seasonal releases, Monthly drops, or weekly rounds, etc. Limiting supply (even if you don’t have to) will create urgency for the end user and a lot of successful clothing brands use at least one of these strategies.
👥 Utilize the Power of the Public
Unless your business is strictly B2B, the end user is probably the public. Consider performing primary research on your audience through polls on social media or even in person! They’re free and can easily be configured for A/B product testing. Don’t be afraid to A/B test your product against competitors too. Additionally, giving away free products (okay, ones that people actually want) is free advertising. Infamous brands like Supreme and other cultural phenomena have long since focused on people first, profit second. Or, sometimes not at all...
📃 In Conclusion
We know that starting a business is a risky and expensive decision, but can be totally worth it in the end. So, what can you do to reduce expenditure and risk? Investing in yourself first and the business second will ensure no personal capital goes to waste, while considering a different sales cadence is likely to pull in more revenue. Tie it all together with primary research and free promotion and you should be well on your way to millions!
📽️ Watch the Full Video on Youtube
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Tag us with your thoughts!
“As much time as you can spend practicing, you will get better. The same applies for capital in your business”
“Whichever way your business is going, money will accelerate it. If your business is growing and you get more capital, it will grow faster. If your business is tanking and you spend more, typically it will fail faster.”
“You would rather have 50% of a watermelon than 50% of a grape, right? That’s how to think about equity.”
“You’re not a T-shirt company. I want you to think of yourself in that you’re a design company that makes money by selling your designs on T-shirts. So, get good at designing before you get good at selling T-shirts”
About the Host
Serial Entrepreneur, Founder and CEO of Online Growth Systems
Dick Polipnick is the Founder of Online Growth Systems, a media company that helps big-name brands turn their e-commerce businesses to profit and advises high-growth, venture-backed startups.
The National Federation of Independent Business named him a top "Young Entrepreneur of the Year", AdFed listed him on "32 Under 32", and he's been featured on and collaborated with Business.com, Nickelodeon Studios, World Wide Fund for Nature, Clean Energy Resource, and more.
In addition to being a speaker and an entrepreneur, Dick is the host of The Dick Polipnick Show- where he interviews top 1% achievers and creates digital content including blogs, videos, podcasts, and a newsletter called "The #Growther's Digest."
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