5 Lessons I Wish I Learned In Business Sooner!
My Website:
https://www.spencercomps.com
My Company:
https://www.marketharder.com
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We all make mistakes, especially in business. However, those lessons allow us to make better decisions in the future. I've always been a believer in learning from others mistakes to expedite your success. Hopefully, you can learn from my experiences...
Number 1: Good Model
The biggest issue I see in startup entrepreneurs are that they choose a business model that has a low profit. Because of this, they need to bring in considerable more amounts of revenue to make the same amount of money. The higher the profit of the business, the easier it will be to build.
Number 2: Start Local
Everyone wants to make the next viral video and make millions overnight.. but that's not practical. Start building your business in your own backyard first before trying to go national or global. Remember, a McDonalds brings in $2.7 Million a year and it probably services a few mile radius.
Number 3: 1 Marketing Outlet
As a marketer, this has been hard for me, but having too many marketing campaigns going at once will make all of them worse. Get effective at one marketing campaign until it brings in consistent results. Once you do that, build a second and go from there.
Number 4: Develop Systems
Business is just a collection of processes. Gino Wickman's "Traction" provides the outline for what processes to build. Once you have a grip on how things should run every time, it makes business less stressful and easier to run.
Number 5: DIY Paperwork
Banks and platforms like Legalzoom will try to convince you to use them to do paperwork. In reality, it's fast and inexpensive to do it on your own. Do a little research and file everything on your own vs going with an external source.
#business #businesslessons #entrepreneurship
