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What Not To Do When Starting a Business


What not to do when starting a business

My Reply in the Comments thread

Don’t do any of the things you’ve mentioned especially setting up a company omg I wouldn’t be wasting money on that yet.


The things you’ve mentioned are basic admin stuff that can be done in an hour and they are low stress tasks. Honestly they are. The branding you can leave that until last as tempting as it is to make a business card with your name and logo on it.


Just remember you don’t have a business until someone buys your product or shows intention to buy so … spend your precious time and money on market research and perfect your product so it is EXACTLY what the market wants. Or have you already done this and I’m just raving on about nothing 😂



The questions you should be asking yourself right now are:

  • What pricing strategy you will use to enter the market?

  • Have you calculated your cost of goods, your fixed costs, your variable cost and your break-even point?

  • Have you worked out your distribution channels?

  • What about brand awareness? How will you create that?

  • Will you need investors and what do you need to secure them?

  • How will you compete in the marketplace and have you done a competitor analysis?

  • How will you position your brand?

  • What’s your unique selling proposition and what will be your competitive advantage to start and how will you protect and nurture it?

  • Then there’s operations … systems and procedures and building positive relationships in your value chains.

  • Have you articulated your goals for your business and vision for your future?


Set yourself up for success sweetheart by laying a strong foundation in the very early stages of starting a business …. and if you seek advice, triple check it before committing to anything. It’s called due diligence.


Good luck 🤞 read a sh*t load of business books, go conquer the market. You’ll do great I’m sure xx


Oh … and start building your email list immediately and start blogging immediately too or YouTubing if that’s easier.


Don’t forget to have fun as you build your empire helping your market get what they want 😍


Karley

blog.

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