Top 5 Tips for Starting a Business in Any Industry

Last Updated:

May 19, 2023

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At some point you will have had a wobble and thought about Starting a Business. It's perfectly natural to be curious about the 3.9m people who are currently running their own business.

So, if you're close to jumping, read on.

Here are my top 5 tips for Starting a Business in any Industry.

Key Takeaways on Starting a Business:

Plan Your Products: Before launching a business, it's crucial to have a comprehensive understanding of the products or services you plan to offer, including their features, benefits, and value proposition to your customers. This knowledge helps set appropriate pricing and ensures a smoother launch.
Take the Plunge: Many people have business ideas, but they never actualise them due to fear of failure. Over-perfection of a product without customer feedback can lead to wasted time and resources. Instead, the author encourages launching a lean version of your product or service as soon as possible, getting immediate market feedback, and adjusting accordingly.
Build a Tribe: Collecting registrations of interest and email addresses or creating a community around your business idea before launch can help build a ready customer base. This group of interested customers will be eager to purchase your product or service when you launch.
Double Your Prices: Entrepreneurs often undervalue their offerings. Rather than basing prices on personal worth or industry standards, pricing should reflect the value added to the customers' lives or businesses.
Get a Business Coach: A business coach or mentor can provide guidance, help avoid common mistakes, and contribute to significant cost and time savings. While hiring a business coach is an expense, the long-term benefits often outweigh the initial cost.

Tip #1 – Plan Your Products

Even if you haven’t built and launched your products at least have a good idea about what it is that you are going to be selling. If you know what the features and benefits are, and the value proposition that your products are going to deliver to your customers you can set pricing accordingly. Launching without a proper plan in place can only lead to one thing…failure.

Tip #2 – Just F*cking Do It

I see so many wantrepreneurs walking around with a great idea, telling everyone about it but not getting off their backsides and launching. Why are they waiting? Simple, failure to launch mostly stems from fear of failure. People spend weeks, months or even years perfecting their product only to find that when they launch it they’ve either got no customers or their product lacks the features the customers really want. I know one guy who spent 3 years developing an ecommerce platform and hadn’t yet on-boarded a single paying customer. Waste of his life? Maybe!

The solution, launch your idea now in as lean a fashion as possible. Get immediate feedback from the market place (i.e. do some market research) and then deliver a product that people really want. It’s not always about looking to find venues for a big fancy launch, but just delivering and doing a great job. Which leads me onto:

Tip #3 – Build a Tribe

You can take registrations of interest from people before your product launches. What this means is simply pitching your idea to people. Collecting names and email addresses (and verifying them using a bulk email verifier) or building a facebook community around your idea ahead of launch means that when you do launch you’ve got a readymade customer base of people eager to buy your products.

Tip #4 – Double Your Prices

Now you’ve got some products designed and launched, and you’re starting to sell your produces; double your prices! Ok so, it’s not quite as simple as that. But most entrepreneurs undervalue themselves. We typically set prices based on what we think we are worth or on based on what everyone else in our industry charges. But the truth is you can charge what you want based on the value you deliver to your customers…the value you ADD onto your customers’ businesses.

Tip #5 – Get a Business Coach!

Naturally I’m going to say this. However having someone to help you along the way and ensure you don’t make the same mistakes they may have made during their formative years is a huge cost and time saving to your business. Yes, it is an expense, but find the right business coach, build a long lasting relationship with them and I can guarantee your business will be making more money and running more smoothly than it ever would do without a good coach or mentor.

Warm regards

Robin Waite

The Fearless Business Coach

Website: https://www.robinwaite.com
Email: robin@robinwaite.com
Facebook: https://www.facebook.com/RobinMWaite/