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10 TIPS FOR STARTING A BUSINESS

June 19, 2024
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Starting or planning to start your own business? Here's 10 important lessons I learned.

  1. You need to solve an actual problem, or fill an actual need.

You need to be able to state the problem that you are solving in less than 2 sentences, that way you truly know what it is that you have to do.
 

2. Start small (MVP) then grow tall

MVP stands for Minimum Viable Product

This is where you test your idea of your solution. It can be a basic website or prototype.

This is where you can determine, whether you are solving the problem you intended to, without breaking the bank.

MVPs should be low budget, that way its easier to iterate if you need to.

(Its all about doing small things right & finding momentum. Everything one step at a time.)

3. Know you WHY

Building a business, is not for the lighthearted.

Its really tough at times.

What gets you through the tough times?

= Purpose

Purpose & passion comes from knowing your why.

It is also what will help you make big decisions.


4. Know you customer

Do things that dont scale

Knowing your customers true desire, will assist you in building a better product that they are willing to pay for.


5. Build communities more than followings

Ill take 100 true fans vs 1000 followers  anyday.

(The FinMeUp community is incredible)

 

6. Know your financial

Failing to plan is planning to fail

Know you budgets, cash flow, revenue model, expenses, forecasts etc.

Especially budgets, because running out of cash is probably the biggest reason for failure.
 

7. Dont burn out

Its essential that you find the work-life balance as soon as possible.

I know, its extremely difficult as a founder who has lots of skin in the game (time & money), but finding that balance will help you think clearly.
 

8. Know your analytics

Analytics/data is there to assist you in making important decisions, as well as present you the areas where you need to focus.

Importang Analytics are:

  • Cost per acquisition
  • Conversion rates
  • Daily/monthly active users
  • Retention rates
  • Burn rate
  • Churn rate

Etc
 

9. Find yourself a great team 

This can make or break you, so choose carefully.

But in our case, building a team was the best decision Ive made. 
 

10. Dont give up

Buy yourself time, with enough time & purpose, youll likely succeed.

Giving up is certain failure.
 

  • Final Note

Starting a business is very challenging, but in my opinion, worst case scenario, youll learn extremlh valueable lessons.

Best case scenario, you build an incredible business, solving problems, building networks, learning lessons etc.

There were many days where Ive personally struggled finding motivation, but we just have to keep moving!
 

ITS ALL ABOUT PURPOSE!.


 


 


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