All too often we hear new entrepreneurs say they aren’t excelling because they don’t have the capital to invest – so they can really dig in and build their business. And we get it—we were there, too, once. When we got started in online/ affiliate marketing, we invested $50,000+ savings—into getting it up and running.
It was a massive leap of faith and one that, for years, didn’t seem to be paying off. But then, thanks to the hard work and proverbial blood, sweat, and tears – that things started to happen. First a few thousand dollars. Then a few more. And, before we knew it, our Online business was in motion—big time.
The founder of lifestyle and apparel brand FUBU and a star of the smash TV hit Shark Tank, Daymond knows a thing or two (or 2,000…) about success and entrepreneurship.
And, like us—and, probably, like you—he started from nothing. He literally sold home-sewn t-shirts on the streets in Queens, with a $40 budget and no marketing experience. But Daymond excelled, clearly. He had to cook up out-of-the-box methods for marketing his shirts and building his customer base. As a marketer and business owner, he was desperate but passionate a powerhouse combination, from where we sit. Because Daymond was able to convert that desperation into innovation and build out a creative campaign that eventually turned into FUBU a $6 billion brand.
His advice is simple, straightforward and completely actionable, no matter where you are in your journey.
Daymond advocates that broke forces entrepreneurs to think differently and creatively, leveraging resources more efficiently and connecting with customers more authentically. And those powers combined, he explains, helps fledgling business owners make a meaningful mark.
By drawing on his own experiences and the experiences of entrepreneurs including DJ Steve Aoki, Gigi Butler, and Mo Bridges, Daymond shares the secrets to success that only the scrappiest, most passionate doers and dreamers can fully embrace scrappy entrepreneurs just like you (and us too).
https://easyonlinebizsolutions.com/wp-content/uploads/2018/10/Daymond-Johns-Book-The-Power-of-Broke.jpg200600Nicky and Davehttps://easyonlinebizsolutions.com/wp-content/uploads/2017/09/EzyOnlineBizSolutions-logo-shadow-500-156-300x94.pngNicky and Dave2018-10-17 10:31:422018-10-17 17:47:26The Power of Broke: Empty Pockets, Tight Budget, and Hunger for Success
“The journey of a thousand miles begins with one step.”
– Lao Tzu
If you haven’t already. It’s now your turn to take the necessary baby steps towards business success.
While you may have a large-scale idea for a new business, sometimes it’s better to take just a small part of your plan and focus on starting your business on a small level.
If this is your first business, you may want to target an endeavor that will help you build skills without wiping out your nest egg completely.
A business that can succeed on a small level gives you great training wheels for building the experience, knowledge, and competency you’ll need to take your company to the next level.
Taking Baby Steps is the Way to Go
Below are several reasons why it might be your best bet to start small for business success.
1. You’ll Save Money
Starting with a narrow scope of business means you can run it out of your extra bedroom or den. You won’t have to rent office space or furnish a suite.
There are even tax incentives or deductions you can take to save money as you build your business on the small side. If you do need specialized space for your endeavor, you can investigate subleasing space from other entrepreneurs, which reduces costs.
2. You’ll Need Less Capital to Get Started
Bootstrapping is an effective strategy that allows you to grow into your business and keep initial financial outlays on the low end.
Instead of stressing over technology requirements and phone systems, you can concentrate on creating your sales funnel or refining your product. The fancy phone system can come later (if at all). A lean business structure keeps you flexible and focused.
3. Learn as You Go
When you base your business on a hobby, you can start by making a handful of products, selling them, then growing when you’re ready.
As your business takes off, you can educate yourself in other areas of running a business, creating a formal business structure, managing employees, and meeting regulatory requirements.
4. You Can Start Today
If you set your sights on a small enterprise, the barriers are lower and you can get going more quickly. You don’t need a huge infrastructure, massive staff, or complete line of products to get started. You Have NO Excuse for not Starting Your Business Today!
5. Your Sweat Equity is Valuable
By doing everything yourself to start off with, you’ll learn all that’s needed to keep your company going. Of course, it’s great to hire out those things that you are not able to do, but if you have direct know-how those experiences inform your executive decisions down the road.
It will also help you make better decisions that impact your customers. While financial investment is necessary to building a business, your sweat equity is just as necessary to growing your endeavor.
6. It’s Simpler to Run
Smaller companies are lean machines and often have higher profit margins because they are simpler to run. There are fewer costs associated with overhead and administrative requirements with a small-scale business, and you can reassess market changes frequently and pivot when necessary.
When big jobs come through, you can team with other small companies or hire contractors to deal with the workflow if it’s more than you can handle.
Slow and steady wins the race.
Start small to test the market. Grow with intention. Sample the cheese before you bet the farm on your idea. When it comes to small business success, the truth is: scaled-down, slower growth companies do just as well as their big sisters.
Baby Steps to Business Success Requires Asking Yourself the Following Questions:
At the end of all of your blood, sweat and tears, what is it that you want to be said about how you used your life and your business to impact the lives of others?
Think about it this way.
What is the story that you want other’s to tell about your business?
What is the story that that you will tell others to help them “get” what it is that you do, and what it is that so special about your business that warrants their attention.
The Story is all that your customers will take away from you really in the end.
Sure, they may walk away with some kind of product or service offering.
But over time, that product or service offering will fade out of existence.
And then…all that they are left with is the story, the memories of what it is that your business did for them
Taking baby steps to business success requires that you take the time to figure out the story of your business, it’s impact, and how it operates to have a defined impact in the lives of your targeted customer audience.
Story is a powerful tool in helping you to figure out exactly what it is that you want your business to do, and how you want it to grow.
Whether it was good, bad, or ugly…your customers will use the power of story to tell others about the interactions with you.
When Starting Your Business…
Know your customer’s wants, needs, desires and frustrations inside and out.
Then fervently design your business to meet and exceed their expectations…and then allow them to walk away with a story and an experience that strengthens their life.
This strategy is useful in almost every area of life, and when trying to achieve nearly any goal.
Just work towards one mini-victory at a time and make sure you celebrate each achievement in some small way—a little success goes a long way in propelling us to the finish line.
Here’s to your success in designing a business that customers will absolutely crave!
We have found an all-in-one business platform. You’re given your own website and back office to help you run the business. Plus you get capture pages and training to get the business off and running. Every time we try to leap across multiple steps in building our business, we land on our butts. If we choose to take slow and steady baby steps and inch along, that way we’ve make good progress.
Usually, when we try to leap, not only do we fail in what we’ve trying to do. But also wasted weeks or months when we could have been taking the steady route.
Raising a child is like building a business (That’s what Dave tells me).
With my (Dave’s) kids, while they were in primary/ elementary school my wife and I (Dave) would have looked to have them got taught calculus, but it’s not realistic. Or while my (Dave’s) kids were in high school, we might wished they skipped TAFE/ college and went straight to a high paying job but it simply doesn’t work that way.
When Building Our Businesses, Why Does the Logic about Parenting get Thrown out the Window?
Imagine These Scenarios…
You can work on a partnership that might grow your sales a hundred times. OR
You could work on about a dozen small opportunities. That each could grow your business two or three times, and maybe more over time if they gain traction.
What Would You Do?
We know we’ve fallen for the temptation of the big opportunity several times. Most instances, when that happened we wasted months and didn’t get very far at all. Something went wrong.
With some grey hair (Dave), we’ve learnt that exploring many smaller things works better in the long run.
We think the temptation to pursue the “Big Thing” is a part of our business culture. That’s where we celebrate unicorns, and encourage entrepreneurs to create the next Apple or even Facebook.
Sadly, this obsession with quick growth and grandeur often can lead to disaster.
Remember, when a tortoise and a hare are racing, often the tortoise wins the race.
We are here to help. If you want any help in your Entrepreneurship endeavors, just Messenger us (Private Message Us) at our Facebook Messenger link – m.me/EasyOnlineBizSolutions
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