Looking to open a business or have done so recently, here are three proven recommendations to success:
THE PLAN - They say, “If you fail to plan, you plan to fail” and this is very true with starting a new business. Coming up with a business plan should be your first step. This allows the business to be different and take advantage of opportunities that others are not. InVision would have been OK without a plan but having one really helped us grow a lot faster. And creating a plan is easier than you think. I prepared a 15-minute video on how to do a simple yet powerful plan. It’s in Spanish but if anyone requests it in English, be glad to create a translated version.
TALK TO THE RIGHT PEOPLE - One of the biggest mistakes that people make is not learning from other mistakes. That is, talking to other business owners that have gone through the process of starting and managing a business. Talking to them can help you get ahead and avoid costly mistakes.
IT’S ABOUT PRICE & VALUE - One of my favorite business-school professors told me that the #1 reason businesses fail is because their prices are too low. Now that does not mean that businesses should just increase their prices. Rather, they should focus on giving customers better value that can justify a higher price. For example, let’s say a mechanic decides to offer a 2 year guarantee for their work. Many customers would appreciate the extra peace of mind and would be willing to pay a higher price.
Opening a business was one of the scariest things that I have done but I am glad that I did. If you are thinking about starting your own business, feel free to reach out to me for advice. My contact information is below.
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